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3621  Economy / Economics / Re: Did you realize in real life how Bitcoin gave us financial freedom? on: December 16, 2021, 02:21:11 AM
I share this bank experience with you a number of times. Not only do I dislike it, I hate it very much. When they raise questions, it's as if you, their valued client, is a suspect. They're asking questions as if your money is earned through illegal means.

Anyway, we have more or less the same experience. I was also an expat. Aside from gambling, one of the earliest practical uses I had with Bitcoin is remittance. But it did not actually take away entirely all the hassles my family had to go through. There's no problem in depositing Bitcoin, sending it to my family, them converting it to fiat, and so on. The problem is that the local crypto wallet which is duly licensed by our country's central bank is requiring KYC. Not only that, upon withdrawal of the money, if through an over-the-counter transaction, the bank staff will still ask some questions.
3622  Economy / Exchanges / Re: Binance permanently shuts down Singapore operations. on: December 16, 2021, 01:48:36 AM
Please correct me if I'm wrong but I don't think Binance has a license in Singapore.
Indeed they don't have a license at the moment, but as far as I know, from hundreds of crypto exchanges in Singapore, Binance which officially issued a license from a related party this year, it can be seen here: https://www.reuters.com/markets/currencies/binance-affiliate-says-will-withdraw-singapore-licence-application-2021-12-13/
Quote
Binance's Singapore unit was one of well over 100 cryptocurrency companies to apply for a license to operate in Singapore and had been allowed do business while its license request was being processed.

Singapore issued its first licences this year, including to a unit of southeast Asia's largest bank DBS (DBSM.SI), however dozens of others have been withdrawn or rejected.

Yeah, that's exactly what it is saying, specifically that Binance does not have a license to operate really. Binance, along with other companies, are operating because they are applying for a license and the government of Singapore is benevolent enough to allow them to operate while their license applications are still in the process. However, as the article says, dozens of license applications are already rejected or withdrawn possibly for failing to meet certain regulatory requirements.

Quote
For now, not sure exactly the motivation behind Binance's current shutdown there, maybe what is said by: @Husires, it could be, but it's not certain, for now my relatives there can only follow directions first, there is no clearer information as to why this happened.

Husires has a point. That's probably the reason why Binance is withdrawing its license application, because it cannot provide what the Monetary Authority of Singapore (MAS) is asking. That's precisely the same reason why Binance also withdrew its registration application with the UK's Financial Conduct Authority (FCA). They did not cooperate. They'd rather pull out their application than have themselves closely scrutinized by the authorities.
3623  Bitcoin / Bitcoin Discussion / Re: 90% is already there, only 10% is left on: December 16, 2021, 01:23:56 AM
Bitcoin's price has always been appreciating in the larger picture despite the short term ups and downs. In addition to the depleting supply to be mined, if we take into consideration the fact that only a small percentage of the world's population is into Bitcoin, that only a handful of traditional institutions and investors are into Bitcoin, that El Salvador is the only country that have adopted it as a legal tender, and so on, it is logical to assume that the price will certainly balloon in the coming years and decades.
3624  Other / Archival / Re: Are Banks afraid of Crypto adoption? on: December 15, 2021, 03:52:28 AM
Afraid? Not necessarily. Well, maybe some, but I guess there a handful reasons why certain banks show strong disapproval of crypto. Perhaps many of these banks have yet to really explore the basics of crypto and its potential. Or perhaps the highly unregulated characteristic of crypto truly bothers them. Or since banks, being financial institutions, are rather stringent, they seem to have a distaste of the anarchist, irreversible, pseudo-anonymous nature of crypto. But, make no mistake, many of them are already joining the community.
3625  Economy / Exchanges / Re: Binance permanently shuts down Singapore operations. on: December 15, 2021, 03:19:41 AM
As far as I know, of the many Crypto exchanges in Singapore, Binance is the one that has officially received permits/licenses from various parties in Singapore, the government and banks, this year officially, but beyond the expectations that Binance decided today.

I really don't think that can happen, even though Binance is the most popular site right now in singapore, besides the government fully supports the Binance exchange.

Please correct me if I'm wrong but I don't think Binance has a license in Singapore. They are only allowed to operate by the Singaporean government pending approval of their license application. So their operation in the country does not signify a license. What is being withdrawn, therefore, in this process of Binance shutting down its Singapore operations is their license application. By withdrawing their license application, Binance is in effect losing its legal reason to operate.

This is primarily due to Singapore's rigid crypto policies. And also, this is not the first time Binance withdrew a license application.
3626  Bitcoin / Bitcoin Discussion / Re: Understanding the Ponzi Narrative on: December 15, 2021, 02:43:16 AM
In my place, there are many networking companies. One way to earn from this setup is by recruiting new members. The new members will pay a registration fee and part of that money will be earned by the recruiter. The new member will now be recruiting as well so that he/she will also earn. Do you know why this setup is not considered a Ponzi scheme? It is because they have a product to sell.

In a way, that's how Bitcoin goes. Bitcoin is not shelling out money for nothing at all. It is not an investment on purely nothing that promises a high ROI, which is what Ponzi really is. Buying Bitcoin means buying a currency that is decentralized, scarce, permission-less, seizure-proof, immutable, pseudo-anonymous, and so on.  
3627  Economy / Economics / Re: Dont just borrow money but for the right reason on: December 15, 2021, 02:12:14 AM
If you are recommending that people borrow money or take loans so that they could invest in metaverse projects, I completely disagree and would even go as far as considering this as a very bad financial advice.

You don't borrow money to risk on investments, whatever investment it may be, not even on Bitcoin. And Metaverse investments are far far riskier than Bitcoin.

As a matter of fact, and you could take this as a financial advice, if possible, avoid borrowing at all.
3628  Economy / Service Discussion / Re: 1XBIT campaign could be the next longest running campaign even with scam reports on: December 15, 2021, 01:49:12 AM
As to whether this campaign will be one of the longest-running campaigns on this forum or not, we cannot tell. Surely, it will depend on how much improvement this campaign gave to their platform's statistics, probably in terms of number of new users, number and amount of bets, and so on.

But the point is that however well they promote their site, for as long as the accusations are rising and remain unsolved, they couldn't reach the success they want. User experience should be their priority.
3629  Economy / Gambling discussion / Re: Warning regarding Luckywins on: December 15, 2021, 01:26:21 AM
Why is Luckywins presenting a fake Gibraltar License when their site is saying that the company "operates under Master License NV4457557 granted by the Curacao?"[1] Or did I miss something here? I was confused. Does Gibraltar not allow any casino unless it could provide a local license to operate?

Anyway, as per correctcasinos review, LuckyWins Casino is not recommended due to unclear license situation, among others.[2] So I guess there is indeed something wrong with the legality of their entire operation.


[1] https://www.luckywins.io/
[2] https://www.correctcasinos.com/luckywins-casino-review/
3630  Bitcoin / Bitcoin Discussion / Re: Bitmart to reimburse $200 million to customer on: December 15, 2021, 12:48:00 AM
Oh, yes, they will reimburse the victims just as Mt. Gox, Cryptopia, Livecoin, and other hacked centralized exchanges will also reimburse their clients of lost funds. You know the story. Well, $200 million is probably not that huge and the company could very well refund all their victims down to the last Satoshi but I do hope it will not take forever. And, surely, every single client will have to prepare their personal information to be submitted to the very exchange that failed to protect their money.
3631  Economy / Economics / Re: This what poor people need on: December 14, 2021, 12:57:31 AM
Please correct me if I'm wrong in my interpretation, but you seem to reduce poverty to the failure of individuals. The issue of poverty is rather complex so to speak. It is not even simply about a man having nothing to eat, much less about his failure to manage whatever he has-- time, wealth, and otherwise. 

From where I am writing, there are structural and systemic causes of poverty. An industrious farmer remains poor all his life despite giving his all.
3632  Bitcoin / Bitcoin Discussion / Re: I bought $271 worth of Bitcoin in late 2009 on: December 13, 2021, 02:48:17 AM
I cannot tell because 2009 is too early. Was there anybody selling Bitcoin as early as 2009? After all, Bitcoin was so easy to mine back then. Are you sure you don't have even the faintest idea of where you probably bought your Bitcoin? As far as open history is concerned, the first Bitcoin transaction in the open world took place in 2010 when Laszlo bought pizzas. The first trading where Bitcoin was assigned a USD price was also in 2010. Silk Road, probably the most popular marketplace in Bitcoin's history, came out in 2011.
3633  Economy / Economics / Re: Tonga will probably be the next country to make Bitcoin legal tender on: December 13, 2021, 01:35:06 AM
Pending the passing of the law that will hopefully make Bitcoin a legal tender of the beautiful yet isolated kingdom of Tonga, why doesn't the government just declare Bitcoin as an acceptable currency? I guess a mere executive order or something like that would be enough to make the ball rolling for this tiny country.

I think this Bitcoin-as-a-legal-tender experiment would be much easier to manage and probably faster to earn success in this very small Polynesian island nation than in El Salvador considering that Tonga is very small both in area and population.

The biggest challenge, however, would be technological and basic infrastructures that would provide the population reliable electricity and internet connection as well as the access to smart phones. This is particularly more challenging because the country is archipelagic and that several small inhabited islands are living off the grid.

Every Bitcoin adoption like this needs adjustment to pursue its legalization. If a country couldn't provide the adjustments needed, the legalization plan will surely fail. As we all know, electricity and the internet are needed to successfully adopt Bitcoin and other cryptocurrencies. However, this kind of adoption is a good sign that more countries even the small ones are willing to accept cryptocurrency for their innovation and technology development.

Just a little point of disagreement. Not even the small ones but especially the small ones. And I am not only referring to land area or population, I am referring to small economies especially. Those that are disadvantaged by the global fiat system. Those that are not attended to by the global financial institutions. These are the discriminated countries where most citizens are deprived of banking services, preyed upon by traditional money transmitters, and who are the receiving end of intolerable inflation rates.
3634  Bitcoin / Bitcoin Discussion / Re: Do you even want all your BTC to be anonymous. on: December 12, 2021, 03:26:39 AM
If I were to answer your question, it wouldn't be on the basis of tax. I am living in a developing country where tax laws are archaic and are not implemented as they are. Tax policies here couldn't keep up with the times. So tax authorities fail not only to monitor the citizens' actual income but also to collect their due taxes. Having said that, you could have as many Bitcoin as you want without paying a single centavo for tax and would continue to live the rest of your life without worrying that the tax bureau would one day knock on your door.

So while I would want much of my BTC to be anonymous, it would be because of safety reasons.
3635  Economy / Gambling / Re: Comparison between bitsler and stake on: December 12, 2021, 02:06:43 AM
I don't know whether you're only having a beef with Bitsler or you're simply promoting Stake in a poor manner. Either way, they are two different platforms offering different features in different ways. It's actually nice to compare and contrast two crypto casinos provided it is objective. Yours apparently is just branding one the bad casino and the other the good casino.

At the end of the day, both casinos have their own fair share of accusations and complaints. Neither one of them have fully satisfied all their clients.

I advise you to play on the stake site
it is the only one who will give you so much

Well, both are casinos. Both are gambling platforms. In other words, both of them are designed to take money from you. Neither of them are designed to give. They're both designed to receive. The more you lose, the more they're happy.
3636  Economy / Economics / Re: The Danger of Local Economy. on: December 12, 2021, 01:15:43 AM

We have adopted USD as auxiliar currency, that is a fact and it is the reason we have been able to slow down the inflation here.

On the other hand, I must say that cryptocurrency, even though it has not taken over completely the economy of my country it has indeed gain a big amount of adoption, mainly because we have been mistreated by services like Paypal for years, and the fact it makes easier to conceal our savings from bad people or even send money anywhere.

Nowadays, here even the most common USD wallets offer crypto options so even if people do not much about Bitcoin or crypto they have at least been exposed to it to some degree.

In my city for example, there is a candy shop which accepts BTC, a department shop which also does so and stablecoins are being used much as payment method. Caracas (our capital city) is a place where one could live on crypto.

Any questions about how crypto is doing here, I am glad to respond.

It's nice to hear from somebody who has really experienced things first hand.

So, indeed, there is crypto adoption in Venezuela although not as wide as crypto publications might seem to portray. In other words, fiat still rules the country, although not anymore the local Venezuelan Bolivar.

By the way, how do these shops accepting Bitcoin, like the candy and the department shops that you mentioned, manage the fluctuating Bitcoin fees? Is the Lightning Network being used there already?
3637  Bitcoin / Bitcoin Discussion / Re: FUDS started against Bitcoin as asusual on: December 11, 2021, 03:41:02 AM
I'm afraid you cannot actually eliminate FUD, negative comments, other criticisms against Bitcoin. There are just so many reasons why they are there in the first place. For one, some parties are interested to intentionally pull down Bitcoin's price so that they could stack more Bitcoin from cheap offers. Others are simply threatened by Bitcoin's existence that's why they are bad-mouthing Bitcoin. There are also others who are simply not informed about what Bitcoin really is and that they can only speak of Bitcoin as far as half-baked social media information is concerned.
3638  Economy / Economics / Re: The Danger of Local Economy. on: December 11, 2021, 01:41:24 AM
Do you have any more reliable information that would somehow support this claim? Other than this Facebook page, is this information somehow corroborated by more credible sources?

Anyway, it is not illogical if the IMF perceives that cryptocurrencies, I mean Bitcoin, could indeed displace local currencies of developing countries in the future. For one, these local currencies are weak. But such displacement does not mean the country is consequently placed in a disadvantageous position. It could be otherwise. As a matter of fact, it is the developing country itself that would fully embrace the use of Bitcoin alongside fiat even if that could mean the demise of their fiat.
3639  Bitcoin / Bitcoin Discussion / Re: What is the single worst piece of advice you ever received relative to Bitcoin? on: December 11, 2021, 01:10:15 AM
I cannot tell which one was the worst. I can remember I was advised to use Binance as my wallet because of their Secure Asset Fund for Users (SAFU). It is a sort of an insurance fund which could be used to refund users should there be any hack or something which would affect the users' funds. Of course, such feature was nice but it never was a wise advice.

The rest of the bad advice that I got was trading related. A call is given to sell or buy because the bear months are coming, correction is expected, the ghost month is approaching, and so on. Many of them wrong calls. As usual.
3640  Bitcoin / Bitcoin Discussion / Re: Bitcoin Whale bought $150 million worth of Bitcoins during the dip. on: December 10, 2021, 01:21:07 PM
That's what whales do. Every time they smell fear in the Bitcoin market, they invest. Every time they detect that spaghetti hands are dumping, they are quick to release cash and purchase cheap Bitcoins in huge amounts. Whether they are institutions or individual investors, they are really taking advantage of the discounted Bitcoin. Most often, the retail investors are the ones who offer these whales Bitcoin at a bargain price.
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