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After the above two replies, I don't have much to say on the interrelationship between money printing and Bitcoin pricing. But just on the free money part, I want to add my 2 satoshis!
Let's assume you live in a society where the governmentr is providing free money to all irrespective of what you do! It's free money and do not have to work for it! Can you assume its implication??
There will be no janitor to clean up the streets, there will be no doctor to treat the patients, there will be no company to build your house, there will be no supermarkets to provide you with your regular supplies! In a nutshell the entire economy will collapse. Money will have no value as it won't help you to buy any goods or services!
That's why FED don't print money as per your wish and ship it to your home! That's why we all have to work to earn money!
Hope this helps!
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Bitcoin is a technological and financial revolution. Historically millennials are the ones who are usually tend to get attracted to new technologies. Same happened with bitcoin as well because tech-savy millennials took notice of it and started using it before anyone else! So no wonder thag the major impact was taken by the millennials at all times - whether a financial loss or a profit!
As the newer generations are becoming more tech savy than the older ones, bitcoin and related technologies will only grow,both in terms of value and adoption. There's no turning back unless something drastically unfortunate event happens!
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If institutional players are getting in even at this price range. They probably know something that others don't. I have read some leaked documents from citibank predicting that btc will reach $315 in 2021, I am not sure how legit that is but looking at all these investors I think there may be some very good reason why they're openly revealing their investment. If true, we're at the beginning stage of unstoppable bull run.
That's what I was thinking about as well. Bitcoin's price was showing a downward movement since last 2 -3 days and institutional investors are getting into Bitcoin market at this price level. They will either make out big or suffer like the common people similar to 2017. There's no denying that bitcoin investment is a risky proposition, but the corporates must have gine through a detailed technical analysis before taking such move! Let's just hope this time bitcoin doesn't take a nosedive like 2017 or early 2018! Because at the end of the day these corporates are holding people's money! |
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My question is: can bitcoin be shutdown by world government? And does bitcoin need bitcoin.org domain when calling its protocol or trying to get access to its network? Or what is the relationship between bitcoin.org and the survival of I bitcoin? Thanks
There are few ways through which bitcoin can be closed down. Let me explain them for you, 1. If one single entity or organization buys all bitcoins from the market. There will be no supply so demand will not be fulfilled. So bitcoin will die. 2. If the UN start rulling the world in Kim Jong Un's style and confiscates every single mining equipments from the miners and starts shooting people for using bitcon, then there is a possibility that bitcoin will die. Do you think these above mentioned scenarios will ever happen on earth? I believe no! So even if it is possible to technically shut down bitcoin, it won't happen in reality! |
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Completely makes sense! Because bitcoin's value is set to increase in long run because it is based on scarcity model. But if you need some urgent cash well within your borrowing limit, then it's an wise thing to do. But ensure that you get back the unit value of bitcoin once the loan is repaid. Big corporates may play a little trick here! Once you have repaid your loan, ensure you will get back the same units if bitcoin that you had collateralize whike taking the loan and not its dollar equivalent! |
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I wont make it be scam accusation for website Primedice, since I'm believe Primedice wont scam for such amount my money. I do deposit at Primedice, but I halted my intention to play gambling there, so I made a withdrawal. Then my withdrawal is "Peding" then I get a message from costumers services to solved my withdrawal. They are lock my account cause based on the suspected action, but they claim I must met wagered or I do my KYC(follows I'm already deal for T&C). I'm asking about how much wagered required? Then didnt answer(It's interesting things cause I do own my money even not claim ever bonuses or programs). So I'm decided to sent my ID(It's s*cks things to share personal but they asking for that? but I'm already deal with T&C so they are won). After many tickets or support after I'm sending my ID, they said need processed... but until 8 hours they not yet processed, they said processed shortly after their team checking my ID. I'm so confused, after they received my ID, what they do for that ID? they calling state institute to confirm that I am a legal citizen? or what? Deposit into Primedice just like put your money into prison.  Now they have my money even my personal ID Your experience is unfortunate but there are many casinos that have wagering requirements to be fulfilled before you can withdraw. So Primedice is not the only one casinos with such requirements. However, they have given you two options and you have chosen one out of them, they must honor their words now! You may want to get in touch with the below member as he claims to be an advisor of Primedice, https://bitcointalk.org/index.php?action=profile;u=81292This will probably help you to fast track the resolution! |
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Some countries have currency that has somehow over inflated value but not necessarily means they are very poor. They might have low currency exchange rate but paying thousands or hundred thousands in their currency is the norm and each paper might have such high number. It's not like everyone bringing thousands of paper money just to buy egg and honestly this kind of comparison rather pointless but still not a bad thing to point out that some countries have currency with lesser value than satoshi which is a very tiny fraction of bitcoin which kinda silly.
I think the point of this discussion is to show a basic difference between bitcoin and a government owned currency. While the government owned currency is prone to inflation risk, the cyrptocurrency like bitcoin is inflation adjusted. Bitcoin works in the basis of scarcity model where the supply of bitcoin is constantly diminishing which is not the case with the traditional fiat currencies! That's what OP mentioned - "Who know, maybe after a few years we will see famous and more powerful currencies on this list."! The basic of scarcity model is that the purchasing power of a currency following this model is set to increase while the traditional currencies that follows debt based model is set to decrease. OP Didn't mention how poor these currencies are, rather it's just a matter of purchasing power of a currency, really! |
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It just came out of my curiosity, I know I can simply do a research for this but I think it's also good to talk about it here in this forum since I think we all came here to be educated and gain more knowledge about Bitcoin and other cryptos. Aside from Africa of course, What are the other governments that has aside from legalizing Bitcoin and cryptocurrency are actually using the technology of Blockchain and Bitcoin to give their economy a bigger boost? I mean, it's a good idea to legalize it and give people the freedom but I haven't seen other governments on stepping up and making good use of crypto to actually boost the economy of their country.
If you are asking if any government is utilizing blockchain or not - then my answer is yes! I am talking about only blockchain technology here and not the cryptocurrency. In my country, a state government has started using blockchain technology to issue birth certificates. Check the link below, https://www.techcircle.in/2018/12/20/municipal-corporation-in-bengal-is-now-issuing-blockchain-based-birth-certificates/I live in a country where bitcoin is not yet legal. So for such a country, it's quite a shift! |
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Contrary to popular belief, central banks of the country are not a private institution and are directly regulated by the government. In times of recession or similar crisis, the government will lower the interest rate so as to encourage borrowings from the consumers and firms, which will in turn result in an increase in consumer's expenditure and investment expenditure by firms. This results in an increase in the GDP as both are components of it.
The commercial banks should have a lower than usual interest rates when the central bank sets the interest rates lower. There's a difference between what a central bank and a commercial bank.
Tl;dr: Central Banks do not have to necessarily make a profit. They have to sometimes align with the policies enacted by the government as a stopgap to further deterioration of the economy.
=== Yup, central bank do not make profit, they provide cheap loan to smaller banks, and the smaller banks further provide loan at higher rate to end users, the point is lower interest rate is not passed down to end user during pandemics where small bank have the privilege of even lower rate but small business are often get stuck with the same rate, the rational being to help smaller bank make profit during pandemic yet killing all other small businesses, that’s some retard decision bank has made. === The bank can’t survive with 0% interest rate?
How can small business survive with 6-10% interest rate?
How can people survive with 6-10% personal loan interest rate?
Why bank is above small business and human on interested rate privilege?
This is a major scam! Can you please tell me where you have seen this happening? Because in a country if the Cebtral Bank is providing loans to banks at zero interest rate, there is no way the Bank will charge 6% - 10% interest rate from individuals or businesses. It has to be around 2% - 3% annually! So please let me know where you have seen such disparity? Secondly, banks decide their interest rate in 2 main ways! One is MCLR and the other one is Repo Rate bases. The MCLR is decided the banks based on their cost of acquiring the capital money they are lending outside. This is usually 2% - 3% higher than the Repo rate. On the other hand, the Repo rate based loans are cheaper as they are linked to the Central bank decided rate. Usually Repo Rate based loans are offered to the customers with good credit rating and previous loan repayment history. But yes, there's no hard an fast rules about it and it's on the bank to decide! === Just give a call to locate nearest bank and they will quote you the rate near instantly, you don’t need to get out of the basement and get to know the rate, on real time, 6-10% is very conservative estimate, and most banks are reluctance to provide loan at even lower rate than advertised, they always have myriad of reasons to not provide their loan to risky business such as small business. === I am sure you didn't understand my question so let me reiterate it again! I am trying to understand in which country the Central Bank provides loan to Banks in zero interest rate while the Banks are lending that money at 6% - 10% interest rate?? I didn't want to know the interest rate that banks in my country are offering! My concern here is only about the difference here! That is not possible! The Repo rate of my country is close to 4% while my home loan interest is at 7.45% as it is linked to MCLR. This is a justified difference that banks earn usually. Hope you got my point now! |
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The bank can’t survive with 0% interest rate?
How can small business survive with 6-10% interest rate?
How can people survive with 6-10% personal loan interest rate?
Why bank is above small business and human on interested rate privilege?
This is a major scam! Can you please tell me where you have seen this happening? Because in a country if the Cebtral Bank is providing loans to banks at zero interest rate, there is no way the Bank will charge 6% - 10% interest rate from individuals or businesses. It has to be around 2% - 3% annually! So please let me know where you have seen such disparity? Secondly, banks decide their interest rate in 2 main ways! One is MCLR and the other one is Repo Rate bases. The MCLR is decided the banks based on their cost of acquiring the capital money they are lending outside. This is usually 2% - 3% higher than the Repo rate. On the other hand, the Repo rate based loans are cheaper as they are linked to the Central bank decided rate. Usually Repo Rate based loans are offered to the customers with good credit rating and previous loan repayment history. But yes, there's no hard an fast rules about it and it's on the bank to decide! |
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I wonder how Macau is not a part of any of these two lists!! Macau is a country whose economy is based on gambling businesses where 40% of their GDP is delivered by gambling! But these are really land based casinos which means the numbers here show the tip of the iceberg. Due to the social taboos around the world, a lot of people don't really visit the land based casino and these group of people actually enjoys the online casinos from the comfort of their home! And it is really difficult to capture that number correctly!
Secondly, I see US is missing from the list as well! US has an entire city for gambling and it is a prime destination of gamblers and tourists from around the world. I am sure everyone wants to visit Las Vegas at least once in their life! So I seriously feel the list is flawed!
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This entire drama of discussing crypto regulation has started from 2017 when the crypto prices were sky rocketed because word leaders quickly realized that many people are managing their own money without going through the banking route. So the leaders are worried that it will be harder to control their citizens if their finances are not controlled by the government. So regulation would eventually come! There's no way we can stop it! There will be many governments who will try to ban it before realizing that it is beyond their control and eventually resort to regulation and taxing!
However, one hope is Japan because Japan is the first country to regulate and legalize bitcoin. They have indeed shared a detailed guidelines on how they are regulating it to all G7 leaders back in 2017 or 2018 meeting. So I hope G7 meeting will have some constructive discussion around crypto regulations. I know bitcoin puritans will be resisting it, but regulation is inevitable! I am not bullish about it but that's something we can't really escape!
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Let's share our thoughts on this matter.
Is there something new that we don't know but they guy does ? Is the government thinking about making it illegal ? Are they using cryptocurrencies to track people?? A lot of questions about this !? It is an well envisaged matter! That's the reason why governments around the world has implemented KYC to any legal financial businesses. The aim is to identify the people if needed! So it's no wonder that government has the ability to track you under any circumstances! So I believe what Ron is saying is correct! The government may not ban it outright but there are possibilities that government will track any out of the box transactions through a legal crypto exchange! |
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In a recent Twitter post on 5th December, MicroStrategy announced a purchase of additional 2,574 Bitcoin worth $50 million. Michael Saylor, Founder and CEO of MicroStrategy, confirmed the purchase. With Bitcoin surpassing its ATH previously, this news does not come as a surprise. MicroStrategy is a business intelligence firm based out of the United States. It has continuously shown a bullish attitude towards the crypto king, Bitcoin. For more detail article link is given below :- https://bitcoinworld.co.in/microstrategy-strengthens-its-bitcoin-game-invests-addition-50m-in-btc/If I am not mistaken, this is the 3rd phase of purchasing bitcoin for them! Microstrategy is taking a huge risk as they are pouring a lot of money into bitcoin! It can either fetch them a lot of profit or can land them in a mess! Time will tell what would that be! But considering the volatility, it's a huge risk for an organization! But such kind of purchase will certainly strengthen the bitcoin ecosystem as more liquidity will flow into it! Good for us! |
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I hope most of you already known about this matter that Indian government wants income tax from bitcoin holder. Its means now indian income tax authority charge tax from all bitcoin or altcoin holder. If you have to work on crypto from india you have to pay tax. Now what do you think is it fair or not? Is others irregulated country make crypto legal by also taking tax.what do you is this possible? Source: https://www.coindesk.com/india-plans-to-tax-income-from-bitcoin-investments-reportI would say it's a good and necessary step! Because bitcoin doesn't have a legal definition in India and this step from income tax department may help in getting that legal things done for our betterment. At the end of the day, government wants revenue. So if Indian government sees that the tax income from cryptocurrencies is good enough, there may be a possibility of a positive policy around cryptos. Right now, the legality around crypto doesn't exist in India. This may help to fast-track that most awaited legal matters for us! |
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What do you mean by Alegal? Sorry, I haven't heard that word and don't know the meaning of it! I assume, it shows the favorability of bitcoin legalization through this word.
In this case, the map may be correct! However, if that's not the case, then this map is bound to be incorrect! We can think about the legality of bitcoin only when the lawbook of that country has a definition of bitcoin to it! I am sure, a lot of countries doesn't have that kind of legal definition around bitcoin/cryptocurrency. If that can be considered, the map would look pretty much red or yellow!
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It's more of a trick to attract foreign travelers into the gambling industry within Japan. It wouldn't benefit the gambling industry in general apart from some additional footfall from the foreign nationals. Also considering that Japan has already legalized bitcoin, it might also benefit cryptocurrency a little. But I personally don't think it ia a major reform!
But yes, let's wait for the full announcement and I hope someone will be kind enought to provide us with a little summary of the announcement in English!
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