2. if a slot machine does not hit in 7-10 spins, consider trying a different machine. this can help you avoid getting stuck on a losing streak and losing more money.
This is one of those old gambling fallacies that constantly get circulated. Granted the game is fair, the chance of hitting a win is equal if you stay there for 10 spins or for 100 spins. Going to a new machine doesn't change that. With your advice, a gambler's chance of hitting on the 11th spin is equal to that of hitting on the first spin on a new machine. What's the point? RTP guarantees a certain payout over time. The immediate return is always unknown so there isn't a point in trying to "time" the machine's win. |
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Federal officials closed Silk Road a year later on criminal grounds and seized computers that held its transaction records. The records didn’t reveal Mr. Zhong’s caper at first. Authorities hadn’t yet mastered how to track people and groups hidden behind blockchain wallet addresses, the series of letters and numbers used to anonymously send and receive cryptocurrency. One elemental feature of the system was the privacy it gave users.
Mr. Zhong moved the stolen bitcoins from one account to another for eight years to cover his tracks. By late 2021, the red-hot crypto market had raised the value of his trove to $3.4 billion. He still lived in a modest house in Athens, Ga., and dressed in shorts and T-shirts. He also had a lake-house getaway in Gainesville, Ga., a Lamborghini sports car and a $150,000 Tesla.
In November 2021, federal agents surprised Mr. Zhong with a search warrant and found the digital keys to his crypto fortune hidden in a basement floor safe and a popcorn tin in the bathroom. Mr. Zhong, who pleaded guilty to wire fraud, is scheduled to be sentenced Friday in New York federal court, where prosecutors are seeking a prison sentence of less than two years.
Mr. Zhong’s case is one of the highest-profile examples of how federal authorities have pierced the veil of blockchain transactions. Private and government investigators can now identify wallet addresses associated with terrorists, drug traffickers, money launderers and cybercriminals, all of which were supposed to be anonymous.
Law-enforcement agencies, working with cryptocurrency exchanges and blockchain-analytics companies, have compiled data gleaned from earlier investigations, including the Silk Road case, to map the flow of cryptocurrency transactions across criminal networks worldwide. In the past two years, the U.S. has seized more than $10 billion worth of digital currency through successful prosecutions, according to the Internal Revenue Service—in essence, by following the money. Instead of subpoenas to banks or other financial institutions, investigators can look to the blockchain for an instant snapshot of the money trail.
......continue reading So this is a matter of theft and tax fraud of many millions of dollars, yet the prosecutors are only pursuing charges for wire fraud and asking for 2 years? Wonder if the guy's lawyer negotiated the time down in exchange for something valuable, whether it be information or the crypto funds he stole. Usually the feds will tack on charges and take you to trial because they have a 95% conviction rate to begin with so overcharging the defendant with crimes isn't too problematic. Certainly forces the defendant to take a plea deal. |
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i am weak at economy, is it wise decision to use credit card?
No, it is not. The build up credit score thing is another hoax. Credit cards are the product most aggressively marketed by the industry because it is the one that benefits them the most. Starting with you when you are young, financial institutions hope to have you hooked on credit for life, ideally spending beyond your means and paying interest on late fees and the like. I wouldn't say credit scores are a hoax. I don't think most people need to rely on credit cards for monthly purchases -- but loans for larger purchases are almost always necessary at some point in peoples' lives. Credit score becomes important in that regard. To your point -- all credit card companies make their money off of late fees and interest. If people aren't responsible to limit their purchases to within their means, a credit card isn't worth it. |
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Peter Schiff is being a bit hyperbolic, we actually saw USD's inflation rate drop for the 3rd consecutive month: https://www.usinflationcalculator.com/inflation/current-inflation-rates/Of course, you don't get back the purchasing power that was lost over the last year. The currency is still worth less than it was no matter how much the inflation rate returns back to zero. There's still a lot of countries that hold USD so the global economy would be disrupted if USD were to hyperinflate -- that being said, countries are dumping USD out of their reserves because the current inflation rate is already too high. Purchasing power decaying at near double digits aren't attractive, neither is a radical government that is being overly aggressive with sanctions. |
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Most reasonable people care about privacy but they don't realize how much information are weaponized against them by advertisers, government, law enforcement, etc. They'll sign up for social media apps without having any idea of what information is being datamined and permanently stored. Economic decentralization works the same way, people would much rather rely on someone, usually the government, to sustain economic activity out of ignorance to any other economic system.
Ignorance is bliss.
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Quit Borrowing? Why should I quit borrowing money.
Robert Kiyosaki is using debt to earn more money. More businessmen are borrowing money on the banks so that they don't pay taxes. Why should I quit borrowing money if I know that I can earn from the money that I borrow.
After all, it all comes to where will you use the money that you borrowed. We know that there are 2 types of debt which is good, and bad. Good debt is what businessmen like Kiyosaki are doing. They are borrowing money to earn more money thru their business. On the other hand, bad debt is a type of debt where you will use that money to buy something that you just want, and it will not generate any income for you as the borrower.
There's nothing wrong in borrowing money because I'm also borrowing money just to have money to invest. I can pay it monthly so there's no problem for me. Borrowing money to invest is a good thing while borrowing money to buy things you want is a bad thing. Don't say to us that we need to "Quit Borrowing" because it all depends on the use-case of that money.
I think people that read the OP must've thought borrowing only occurs when you're short on cash and don't have means of income. Every successful company incurs some level of debt if their earning potentials are heighted as a result of incurring the debt. Having a bunch of cash around instead of investing it means you aren't growing, so it isn't inherently bad if you aren't sitting on a bunch of cash and need loans (especially if you have valuable collateral - the terms of the loan can be favorable). |
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yes indeed in gambling there is no strategy whereas gambling is just a place to have fun not a place expecting profit.
but i have one question in the sports betting section. Is arbitrage betting a strategy in gambling? or just a method to win?
yes, I fully understand that there really is no way to beat the house and that arbitrage betting is so frowned upon by bookies that led to banning of gamblers, but I consider arbitrage betting as one of the strategies in gambling that has a definite outcome. although it has to use a long time and strict precision.
Arbitrage betting isn't really a gambling strategy, it's merely taking advantage of betting odds. You're not guaranteed to find the opportunity for arbitrage betting and the gambling aspect is taken out of the equation because you're returns are guaranteed when you place the bets. Gambling inquires inherent risk and there is no risk if you know the precise return. Traditional casino games have a built in house edge so you know the return over time. The immediate return remains unknown. |
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It may seem positive to some that some banks or other financial institutions make such business decisions, but I wonder how positive it is for a client to buy Bitcoin in a bank, and leave it with the same bank for safekeeping? This type of investment actually cancels one of the fundamental principles when it comes to Bitcoin, which is that everyone should be their own bank.
However, I also see some advantages in this way of investing, which is that the client will not (hopefully) have to do additional KYC because the bank already has it, as well as the possibility that cryptocurrencies may be insured in the same way as is the case with fiat deposits. I admit that banks can make it easier for potential Bitcoin investors, but no matter how you look at it, it's wrong to buy Bitcoin and then use custodial storage.
Anyone that would purchase Bitcoin and leave it in the bank is not acting with due caution and unfortunately a lot of the people using crypto as investments don't understand that. They treat it as a mutual fund of some sort where you can leave it to the hands of the institution and that it will be waiting for them when it's time to liquidate. I'm not against banks offering users crypto directly or including it as part of a portfolio -- I'm only hoping that people understand that it's not actually their coin unless it's under their own control. |
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Privacy-preserving CBDC's seem like an interesting concept if implemented by any entity that is not the government. There's too much incentive to restrict privacy from law abiding citizens and it's directly against their interest that CBDC be anything about giving more privacy and control to citizens. I wouldn't trust them. |
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People who told me to stay at home didn't really needed to convince me though, I already love being at home, I hate going outside, I rarely go outside now, and didn't before the pandemic neither, I dislike outside, so that part was very easy, I work at home remote anyway, did so before the pandemic as well. So it was as easy of a process for me as it gets, compared to almost anyone else.
It was this line of thinking that prompted extended shutdowns in the first place. It was dangerous. The government faced no pushback on their draconian restrictions because most people were perfectly fine with staying home. When everyone is forced to stay home, or incentivized to not work through social stimulus welfare checks, the productivity plummets and takes the economy down with it. Any primary student could've foreseen this. Not all industries were able to cope with remote work. Seems like a lot of people got used to staying lockdown that they were not ready to push the government into regaining those freedoms. Setting aside the civil liberties issue, it causes irreversible economic damage. The GDP we lost over 2020-2021 is permanent. Do you think it was worth it? |
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I think I understand that the BTC blockchain can't be corrupted, because it would be too difficult to do. But can't the 99% be exploited the 1% that own 99% of BTC? BTC is a transfer of wealth to a different system. Won't the 1% be able to exploit the 99%? Capitalism centralizes wealth
Tks!
The top earners will always generate the vast majority of income in a free market. Bitcoin doesn't have anything to do with that. If there's exploitation by the 1%, that's an indictment of the political system, not the economic system. The political system comes first and will always dictate the economic system, not the other way around. Bitcoin doesn't cause wealth inequality nor does it inherently solve wealth inequality. Free market capitalism solves wealth inequality. You could solve wealth inequality in a Bitcoin economy under communism and everybody would still suffer despite crypto currency. |
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Albert Edwards, a self proclaimed "global strategist" or just an outright socialist opining on economic matters in which he will conflate his own political opinions in place of objective economic principles. "Greedflation" is a myth. 2020-2021 saw trillions of dollars of new currency injected into the economy causing demand to rise. With demand rising and limited supply, prices will go up. And we know that because the producers price index dramatically rose in 2020 following the COVID spending spree and lockdowns of almost every major economy in the world: https://fred.stlouisfed.org/series/PPIACOFor "greedflation" to actually exist, it would require there to be a large disconnect between the cost of raw materials and the final end sale price to the consumer. Even the ratio of raw material costs and final sale price would not be an accurate reflection of "greed" because it's possible for company to make the same amount of profit if the cost to manufacture/sell goods increases. Most of 2020-2021, the government would subsidize unemployment so it created an artificial labor shortage, only compounding the problem. You might ask yourself why it was that corporations became greedy in 2021 oppose to any other year. Surely it could not be because of incompetent government spending/money printing. Albert Edwards is deflecting government recklessness and targeting capitalism as if it was capitalism that dictated COVID policy. Lockdowns are and social welfare states are anti-capitalistic. |
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I really do not think it so. You see criminals always want a situation where by they would commit a crime and go Scott free without any trace which was why the increase in digital or cyber crime became something else since bitcoin supports anonymous transaction. Now casinos back then wanted a way where by people could patronize them without any trace of their identity hence their resolve to accepting bitcoin which made it popular amongst the gamblers and there was the major breakthrough bitcoin got them and it started to blossom and gradually because the talk of time. See OP, I am meant to understand that there are some scenarios in life that is needed so as to facilitate a process. However, bitcoin was able to passthrough this process so as to get that popular amongst the gamblers and firm there it was well known amongst them.
See OP, I have come to realize that most times, there are some certain things that do not really scale through when things are done the right way or the right process to get things done but when it goes through the iron furnace, the heat of the fire makes that something get the relevant desires. I just assume this that it was that way.
First of all bitcoin doesn't support anonymous transaction, you can follow it, so if someone steals from somewhere, usually that's tracked, even through mixers if it's a bad mixer as well, so it's a trouble. I have to say that it's not going to be a bit of a simple situation, it's a big deal and I think it's obvious that fiat is used a lot more no matter what. Even if you "think" crypto is better for criminals to use, that doesn't change the reality that fiat is used a lot more, and I mean thousands of times more. Which is why you can't, or anyone else can't attack bitcoin or any crypto because it can be used in crimes, since fiat has been used so far anyway. No one is in good faith arguing that Bitcoin is more complicit in criminal activity. I've quite literally only see government officials use this argument. Not even the private entities that were victim of crypto scams will blame Bitcoin for their loss. Almost always its lack of cyber security or human negligence. Interestingly enough, Bitcoin is the easiest asset to track compared to paper cash, presumably why the government is so interested in limiting its use and push digitalized tokens instead. Criminals don't use legitimate accounts to store money, they'll launder under the guise of legitimate investments/assets. |
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Accepting that this chart is in fact accurate (I wouldn't have reason to doubt it, most countries are dumping USD at record rates) -- If USD stabilizes again, it's possible banks might up their USD reserves again so I'm cautious to call this a significant turning point. These institutions rely on having currency reserves because it makes business more efficient -- they accept inflation to be the price of doing businesses if they can grow the funds at a rate that outpaces inflation. Having near double digit inflation rates for currency that's sitting and decaying isn't worth keeping anymore.
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Firstly what is the word store of value;store of value is something that maintain its worth both in the present and the future.Money is a type of assets in an economy that you can use to buy goods and services from other people or businesses.One of the functions of money in an economy is that it's serves as a store of value.
A store of value is something people use to transfer purchasing power from the present to the future.
While money is an asset that can store value, and also Gold and silver for example, acts as store of value.
Since money is accepted as a store of value, trade is much more efficient.When an individual or business accepts money in exchange for a goods and services, the seller can store the money in a bank account and retrieve it later in the future.
What's the point that you're making? That paper money has value? I'm sure we could look at the global economy over the last hundreds of years to recognize that paper currency has value. It's not that anyone is challenging that. You may mention where that value comes from, though. The value of any currency originates from the government. The paper within itself is inherently worthless. In fact, you could have millions of units of currency and have the net worth of zero if you don't find someone that holds the currency attributable to the same value you do. Gold and silver at least have some inherent value so they're not comparable but they're often lumped together with currency. |
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You could grab any inflation chart of just about any currency in the world and point to the systematic reduction in spending power if you wanted to convince a person why Bitcoin might be a prudent investment. Bitcoin's outpaced any other asset for investment purposes over the years but its main utility is as a currency -- that'd be my pitch, at least.
People seem to be surprised when you put inflation into perspective and translate it into real world consumer good price increases. They seemingly are also unaware that it's any centralized currency will be designed to inflate at some degree by the central banks to promote circulation. It wouldn't be so bad if the currency inflation rate was locked in by design, but it's not, so that means instability.
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I think this will pass as passed before actually now the USA economy is facing some difficulties due to bankruptcies of Banks plus elections are coming and we all know in the timespan of elections every political leader try to do everything right to win voters trust and to do that leaders has to make favorable changes just like the senator of bay city in USA tried to make her Anti Crypto army to fight crypto industry and she showed great hostility against crypto market but did not go as planned. because her points and purpose was unclear to some extent
What i think is, these loophole of DeFi market are the main drawback of crypto market, if these are dealt with great rules and regulations then the overall, behavior of market will improve in the hearts of traditional peoples who have not step into this world till now. No doubt, these AML policy could cause great impact on BTC but until BTC is based on POW protocol, its safe and sound.
The U.S. government is in desperate need of tax revenue but they're afraid of the political ramifications of raising taxes. So they'll hire more IRS agents and look for other ways to raise revenue. Rich people have the funds to hire professionals to find those loopholes for them. The middle class have no remedy. So when the middle class use Bitcoin through decentralized trading avenues, the U.S. government wouldn't resist keeping their nose out of it. Once again, they use the normal scapegoats of "criminals and scammers" as an excuse to ram down more regulation which target law abiding citizens first. |
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Jerome Powell 2% goal in danger
Interest rate hikes are the biggest threat to the U.S. economy at this point. Some other factors you mentioned play a role and would slow down the recovery, but Powell made it clear that he's willing to ramp up interest rates aggressively and will concede economic growth in order to stop 40 year high inflation rates. The strategy of incremental increases didn't work for over a year. I suppose there was no other way after having spent trillions of dollars in 2020-2021. Once spent, the money stays in the economy forever. |
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The best time to invest is when you're young because the money grows over time. Life expectancy is only going up and even countries that provide their seniors can't keep up with the costs so they're cutting benefits and leaving them on their own to live in destitute.
Bitcoin would be a prudent investment but I'd also diversify in other investments in case crypto doesn't give you the return you're expecting. Retirement age is anywhere from 60-70, plan for a minimum of 15-20 years. Anyone younger could need to up that range.
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