Making Bitcoin a legal tender means when a person goes to purchase a commodity, instead of paying with dollar or whatever currency is being used, they pay with BTC.
Given the unstable nature of cryptocurrencies, and the untraceable nature, would you suggest it wise for countries to adopt Bitcoin as a legal tender?
Recently, El Salvador and Central African Republic announced that they have adopted Bitcoin as a legal tender.
Inflationary fiat currencies give an additional option of manipulating economy: you can borrow expensive money today and repay cheaper money tomorrow. If you make a mistake administering countries economy you can hide it by devaluation of a national currency. Using Bitcoin makes you managing economy the other way: deflationary money mean you need some other tricks, and you feel yourself more comfort with tricks you already know and used a lot. Then why would people from governments be happy with prospective of changing all the economy model? |
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... So even if an exchange is big and global it is better not to trust it with all assets you have and maximum hold what you need for everyday trading and not more than you are ready to lose.
If you throw your money into somebody else hands then you have a risk your money to lost or stolen. If we are talking about exchanges then if any amount of money you have in that exchange solely for trading within affordable amount then you should be fine as long as you keep track with the update of your exchanges of choice. As I said, if you are ready to lose all amount held in an exchange account than everything will be fine: in worst you'll lose what is not catastrophic for you, in other cases you'll have all or nearly all your assets and even have an option of earning more. But to keep in mind that every exchange can be bankrupt in theory is important anyway. |
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На днях LoyceV запросил данные о том, как часто пользователи жамкают супер бампы, theymos поделился статистикой: За последние 30 дней было 397 супер бампов от 57 пользователей на общую силу бампа в 11355, при этом общая сумма бампов (и мини, и супер бампы) 88127. За 365 дней 8850 супер бампов от 308 пользователей с общей силой 222971, а мини+супер за тот же период составили 1041245. Can you share some statistics on how often the Super bumps are used?
In the past 30 days, there have been 397 super-bumps from 57 distinct users contributing 11355 bump-power. Over the same period, the total bump-power from both mini-bumps and super-bumps was 88127. In the past 365 days, there have been 8850 super-bumps from 308 distinct users contributing 222971 bump-power. Over the same period, the total bump-power from both mini-bumps and super-bumps was 1041245. Получается, что в годовом исчислении влияние супербампов было порядка 20%, а за последний месяц осталось уже порядка 13%. Похоже, новая модель бампинга постепенно становится менее популярной, или пользователи забывают жамкать на бамп в интересных темах там, где bump есть. |
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There's likely been a lot of scam exchanges that have done worse for the space
Most of these are local exchanges. I mean the exchanges catering to people from certain country. On the contrary, a global exchange like Binance is operating at big level and there is less chance of fraud there. Let me give you an example of my country India. Here , the most popular exchange is WazirX. But there have been reports that it had also been used for some type of frauds and many times the government has seized its funds. But it is still operating and it is the most common exchange in my country. Now one day if they just run away with the funds and holdings of investors, it will be chaos and people will start blaming crypto. It is thus important not to trust exchanges blindly and keep the coins in hardware wallets. Problems with local exchanges (there were multiple examples with hundreds of millions dollars losses which hardly remember anyone outside the country) rarely attract much attention unlike some like FTX or Mt. Gox. Binance is not guaranteed from bankruptcy as any other top global crypto exchange. So even if an exchange is big and global it is better not to trust it with all assets you have and maximum hold what you need for everyday trading and not more than you are ready to lose. |
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In practice, blockchain cannot be fully decentralized. Although the technology is revolutionary and aims to solve many centralized problems, it is not perfect. If there’s no some control and regulation at all, we have to deal with such as FTX…
Blockchain can easily be fully centralized by appointing some node as a master node which and only which can approve transactions. That's why there are many projects pretending to be crypto but which are centralized and that's why are not true crypto. Fortunately Bitcoin is not built that way so direct regulation by governments is impossible and all regulations will be outside of Bitcoin's blockchain. |
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I think it is not going to be an alternative to bitcoin but more like alternative to usdt, which means that there will be a lot of people who will use it, and it will be very much liked. All these people who claim that it will hurt crypto do not know what they are talking about, if a government is doing CBDC that means they are actually promoting crypto to a point and that's a good thing.
I believe that we are going to be doing just fine and it should be something we really enjoy and promote ourselves as well. If a government accepted it and uses it, that means they are actually quite fine about crypto as well and that means we can promote crypto saying the government promotes it as well.
Stable coins are not true crypto also and I suppose that they are even more risky than fiat currencies. So there are some negative sides both of stable coins and of CBDC. Problems with understanding a difference between true crypto (decentralized) and centralized imitations of true crypto (stable coins, CBDC and much more) is already a negative impact of popularized by governments CBDC. |
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~snip~
DEX is not the same as p2p as the transaction goes through a smart contract of an exchange. So problems could be mainly in case if a corrupted smart contract. Swap exchanges accumulate trading pairs provided by users so tokens for a trader are held by exchange. But I'm sure we'll see some new decisions for even better service. I don't know which, may be they are not invented yet, but we are still in the very beginning.
At the end of the day a DEX is just a bunch of P2P transaction. It's two people transacting directly between them. In one case the transaction is more automated, but it's very similar as there's no central authority in between them. If we talk about an idea than yes. But if we talk about how can we trust a third party, a stranger in a p2p, than there is a difference: in one case we need to trust a stranger in another — to trust a code of DEX. But in the case of CEX you'll need to trust a third party anyway... Absolutely true, each person must bear responsibility for their money on their own. I spoke with several people to understand why it is so important for them to save coins on the exchange, the answers were amazing. Someone really believes that it is safe and in case of theft believes that the exchange will reimburse them for everything, and someone thinks that this is important, otherwise he will not have time to buy or sell which coin at the best price if he keeps it in his wallet, very strange decisions.
If they understand how risky it is, than it is just a question of which risks are suitable for them. For instance traders always have some assets in their exchange account but there is a difference between having some assets there and understanding risks — and having everything there and being under a delusion that exchange account could be a safe place for that. |
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Yes, Bitcoin is the future on money and even the central banks see this, which is why their cbdc is on the horizon. As Bitcoin is decentralized, there is really no way to kill it unless we the people as a collective whole decide it is dead and don't use it or mine it- this isn't happening.
CBDC is an additional money control over all citizens funds. So making a competing system for Bitcoin is not the main purpose why central banks are starting to issue CBDC, it is much worse. If now a central bank needs go get info from commercial banks and organisations (control on a 2nd level) with CBDC it will have a direct control. And while CBDC is centralized it will have an option of doing anything with anybody's money. That's why Bitcoin as an alternative is so important. |
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Still won't give any effect to bitcoin, believe me. Again, CBDC is fiat, what do you want fiat to do other than make it a means of payment? You want to make it an investment? Impossible. Then why should we be afraid of CBDC?
I repeat, CBDC's just a means of daily payment, to buy burgers, tacos, Pepsi, pay rent, etc.
Some governments promote CBDC as a better and safer crypto so there will be some impact as decent number of potential Bitcoin users will not learn about it enough to start using. In another hand using digital money will give an experience of doing so and motivate some others for learning more and to know about Bitcoin what is an impact also. May be impact will be not too big but some impact will be. But yes, CBDC is just another form of fiat, I totally agree. |
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Австралийский 7 news в преддверии праздников отмечает, что в праздничные дни статистически мошенники становятся более активными. При этом в группе наибольшего риска находятся люди в возрасте старше 65 лет. Также они отмечают, что из потерь от мошеннических действий в 2022 году у австралийцев в полумиллиарда долларов на криптомошенников пришлось 300 миллионов (больше половины). Повод перед праздниками напомнить своим старшим товарищам и родственникам основные правила криптобезопасности. Среди основных мошеннических схем с криптоуклоном 7 news приводит шесть: - Криптоинвестирование (под предлогом инвестирования в выгодные криптопроекты выманиваются средства, с которыми мошенник просто сбегает).
- «Памп и дамп» (мошенник рекламирует резко растущий шлаковый токен, который сливает сразу же, как только его начинают активно скупать обманутые).
- Романтические обманы (под видом романтических онлайн-отношений мошенники втираются в доверие и либо просто выманивают деньги в криптовалютах напрямую, либо предлагают их инвестировать через них в выгодные проекты).
- Фишинг (всегда и везде остерегайтесь сомнительных ссылок, не переходите по ссылкам из электронной почты).
- Понци, пирамиды (слишком выгодные проценты всегда сомнительны).
- Майнинговые обманы (мошенники продают токены якобы для майнинга и имитируют его процесс, но по факту просто выманивают деньги под несуществующие проекты).
Понятно, как мы в этой теме неоднократно говорили, что это не все возможные варианты. И канал 7 news вполне здраво рекомендует не инвестировать никуда, если не разобрались в проекте полностью и тщательно; не делиться своими персональными данными онлайн или по телефону; если возникает хоть малейшее сомнение, лучше не торопиться, а детально и внимательно изучить проект, в который думаете проинвестировать. |
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Although this thing has been discussed many times, it turns out there are still many people who believe that CBDC is a cryptocurrency; even worse, they believe CBDC will affect the Bitcoin price. Nonsense.
CBDC is your paper money but transferred to digital form, the system is still centralized. And that thing will never enter into a crypto exchange as a crypto coin or token. CBDC will go into the exchange as money like you guys are used to today.
But lots of coins are just masking under true crypto and are centralized in fact or partly centralized. So it is always important to keep in mind that only decentralized decisions could be true crypto, not only when you are faced with CBDC. Of course CBDC is not true crypto, but formally it is a currency which uses cryptography for emission... non true crypto, but... So IMO we should be always on our's guard, and look not only on a formal part but on a content part at the first. |
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I don't really think that a majority can be professionals in any field, in investments also. So for good results in some area like El Salvador it is not mandatory that all and everyone become investors. People can use Bitcoin for some exact needs or even not use it and still have some benefits of its adoption. But when there is a positive trend it impacts in a positive way on El Salvador because people remember that El Salvador was first, because it has some Bitcoin programs, it is a popular destination for Bitcoin tourism etc.
El Salvador legalizes Bitcoin not only as an investment asset in the future, but so far after one year of legalizing Bitcoin, tourist visits have increased quite drastically due to the legalization of Bitcoin transactions. Reported from Cointelegraph the first half of 2022 more than 82% increasing of tourism visited El Savador impact with Bitcoin legalize. Tourists get good service with all aspects already implementing payments using bitcoin in El Savador, I think first destination why Bukele want to legal Bitcoin as currency transaction there because want to development with exploring tourist attraction there. May be so. I guess he expects new investments in El Salvador's economy as well. New options for investing using Bitcoin has some additional attractiveness. Lower commissions for transactions from labor migrants to their families is another important aspect (many Salvadorians are working in other countries and financial services like WU transfers are not so cheap to use, better to use Bitcoin). Lack of bank services for significant number of Salvadorians is a reason also, now they have some same decisions with Bitcoin and Chivo Wallet. And I'm sure there are much more positive ideas which could be realized with Bitcoin in El Salvador. |
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DEX is developing day by day, it is true that there has been progress recently but inadequacies are still many. Honestly, to provide services like CEX, I would say never DEX can do. I've never traded P2P on any DEX, but I wonder how they can prevent scams if they don't control the users. If you trade on centralized exchange, once scam happens, exchange will lock your account and force you to verify your identity but that can't happen on DEX. I am curious.
DEX is not the same as p2p as the transaction goes through a smart contract of an exchange. So problems could be mainly in case if a corrupted smart contract. Swap exchanges accumulate trading pairs provided by users so tokens for a trader are held by exchange. But I'm sure we'll see some new decisions for even better service. I don't know which, may be they are not invented yet, but we are still in the very beginning. |
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Any type of currency or even Bitcoin will be forgotten for some time before people would start to use it again if we are going to survive the nuclear war if it ever happens in the future (let's hope not).
Since currencies were popular from the earliest times I doubt that idea of money will become unuseful even in case of a global catastrophe. Bitcoin can be too complicated for usage and existing fiat currencies too insignificant but something like money cowry will be used anyway as it is very convenient to have a unified equivalent. |
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But for naysayers and doubters, they'll think that it's a dumb thing for a president to do.
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It is risky but I'm sure he knew that. Crypto is still high risky. But if to do all correctly the benefits can be fabulous also. And we all hope El Salvador will succeed in this path. we know that people are still learning about Bitcoin in El Salvador which is going to take sometimes for the citizens to understand how Bitcoin works. We don't need to rush it or castigate the president for his actions but the major problem the country will need to understand is that Bitcoin is volatile and the price can change within seconds make holders to make loses or gains if they decided to sell their holdings at that spot. I believe with time people will understand the big investment opportunity that one has as a Bitcoin investor.
I don't really think that a majority can be professionals in any field, in investments also. So for good results in some area like El Salvador it is not mandatory that all and everyone become investors. People can use Bitcoin for some exact needs or even not use it and still have some benefits of its adoption. But when there is a positive trend it impacts in a positive way on El Salvador because people remember that El Salvador was first, because it has some Bitcoin programs, it is a popular destination for Bitcoin tourism etc. |
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It is true to never leave money on exchanges centralized at the end of the day, as your money can disappear at any time but there is no denying that exchanges are extremely important. Like it or not, we will never get rid of it completely, without the exchange, the market will never grow. We would be in a lot of trouble without the exchange, I don't know what I would do to survive in the market if I didn't use the exchange because I am a trader.
In awaiting while DEXes will be developed enough to replace CEXes. Even now some trading can be done on DEX and modern DEXes are faster and easier than first ones. I'm sure we'll see some new generations of decentralized decisions for trading in not too distant future. And as for now we just need to consider risks every time our coins is not in our non custodial wallet. |
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Bitcoin will survive, but not many people will use it. In times of war, the first thing that comes into mind are life necessities such as food, water, and shelter. Money is out of the picture. You can bet a nuclear disaster would reduce the number of nodes on the BTC blockchain (effectively making it less secure against external attacks). I suppose we're close to seeing a full-scale nuclear war (WW3?), especially when Putin have been threating Ukraine to use nuclear weapons against it (although he has soften its stance lately). It's a dangerous world we're living today, where anything can happen in a blink of an eye. We should enjoy Bitcoin while it lasts. Who knows how many years (or months) do we have left before the whole human race goes extinct because of a large-scale nuclear war? Just my opinion  Current state of affairs is definitely not so inspiring but I doubt that a total nuclear war is going to be: there are many safety systems aimed to prevent this. What we are worried about at the moment is a local usage of nuclear arms and effects from it. And it is really terrifying. Hope this will never happen. So nuclear war can be not only total (hope none will happen) and effects on Bitcoin will differ basing on the problem. In the worst case humanity will be gone but some copies of Bitcoin will be saved and so Bitcoin can even see out all humanity. It will lost its utility but still will exist. |
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This will probably not be the last case, especially now when it happens very often with different projects and exchanges. Many exchanges are now trying to audit following the binance example, to show users that these exchanges are safe, but these are just attempts to keep these users. In fact, many, realizing all the danger, are trying to withdraw their funds from centralized exchanges.
Oh, when we talk about audits of some companies I always remember Bernard Madoff's story: I'm sure that for years of his Ponzi scheme there were multiple audits of his company! It looked really safe. But now we know that it was never safe and if was fraud for tens of years! Even if an exchange looks really safe remember that you risk your money, your own money trusting a third party when you can just keep money at a personal non custodial wallet. Everyone weighs their own risks, but IMO they should keep in mind that there is nothing safe for 100%. |
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... Вот вам и рубль по 65 копеек  ... Вспоминается приписываемая Михаилу Евграфовичу цитата: «Это еще ничего, что в Европе за наш рубль дают один полтинник, будет хуже, если за наш рубль станут давать в морду». Так что рубль по 65 копеек ещё не так и плохо, всё-таки на 15 копеек больше, чем полтораста лет назад. Хотя пока что, как говорят, гэп между покупкой и продажей наличного доллара в банках всё-таки меньше, чем 35%. Однако на общем фоне данных о существенном падении экономики практически во всех гражданских отраслях, вполне логичным выглядит, что люди, которые наблюдают за реальным положением вещей, а не за телевизором, стараются искать активы, в которых можно будет попытаться сохранить какие-то капиталы в долгосрочной перспективе (это к замечанию о ликвидности в статье: да, золото имеет относительно низкую ликвидность, зато сравнительно стабильно на длинной перспективе), пока рубль ещё по 65 копеек. P.S. Я понимаю, что 65 копеек имелось в виду в другом смысле, но очень уж в кассу вышло.  |
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Yeah, he's most likely won't.
He'll just ignore that thing as he's a president that has a lot of things to do and with his recent announcement through his twitter account. That's another surprising move from him.
While I've seen a lot of people mocking him and his style of investing because he's the president, here he goes proving that he truly believes on bitcoin and its future.
After he tied the fate of El Salvador with Bitcoin even a little he is very interested in Bitcoins future and further adoption around the globe. Positive Bitcoin news are good for Bitcoin, for El Salvador and for his own endorsement inside the country. FUD can be bad for all of that as well. So ignoring some stupid things is a good behavior pattern. |
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