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41  Economy / Gambling discussion / Re: Casino/gambling center near an institution of learning? on: July 22, 2024, 07:37:45 AM
I would be strongly against having something like that near the institutions of learning. I understand that it may be a good way to teach people the hard lessons of being careful with your assets and as a whole, but if my child would have the temptation of going somewhere like that, I would speak with them about the effects it could have and why it's so important to think first, then do something you won't regret afterwards.

Yeah, I think it's smart to teach the kids the why. If you just say "don't do this" they will not learn and will probably just end up doing it anyway.

If you teach them the reason why they shouldn't do something, then they can learn and be able to generalize and apply that knowledge in a more broad sense.

Of course it's easier to just say "no", but most important things in life are nuanced and require a more elaborate approach.
42  Bitcoin / Bitcoin Discussion / Re: Linux Inventor Says He Doesn’t Believe in Crypto on: July 22, 2024, 07:34:44 AM
~snip~
If someone comes to you and tells you that your wife is bad and untrustworthy, you should leave her. Would you leave her when you're the one who lives with your wife and knows her better than anyone else, and you don't even know who the other person is? This sounds ridiculous, right?

Likewise, is Bitcoin good or bad, is it a scam, ponzi or not? We can research and evaluate for ourselves, why would we change our opinion just because someone is impacting us with their distorted thinking?
I don't know how long the Linux inventor has known and learned about bitcoin, but I have been involved in the market for many years and spent a lot of time researching bitcoin. I am confident in my knowledge and choices, there is no reason I should care about what others say.

In addition to that, the other person might be right... but you might be right as well, even if that seems to be impossible.

For example, someone might say "it's finally summer!", but you think that person is crazy because you are just seeing the beginning of winter.

Both are right, it just happens to be that they live on the other sides of the world.

So, basically your reality might be different to the reality of another person, and their statement might be true for them, but that doesn't mean that what they say apply to you necessarily.
43  Economy / Gambling discussion / Re: Gambling with stablecoins, Fiat, or crypto? on: July 22, 2024, 07:31:09 AM
Right now it's more practical for me to gamble with stablecoin, since Stake is paying the signature campaign through Tether currency. If I have to convert it into Bitcoin or fiat in order to gamble, it means I will be wasting some money through taxes which can be completely avoided if I just use the USDT currency. But some time ago, when they were paying through BTC currency, I prefered using Bitcoin to gamble for the same reasons stated above.

If I had to deposit money at the casino to play, I would choose Bitcoin, though. It's more convenient when playing at online casinos when compared to fiat currency, which is heavily traceable and taxable by local regulators.

I don't get the issue with taxes while converting the money you received.

In most countries receiving a payment for posting would be taxed, if you then convert it to another form of currency, say Bitcoin to USDT or whatever, then you wouldn't be paying tax again for that conversion since your cost basis is basically the same as the price. So, in reality, in terms of tax it doesn't matter if you use the same coin you received or you convert it to something else, the tax is basically the same.
44  Bitcoin / Bitcoin Discussion / Re: Is your interest in bitcoin primarily tied to its price? on: July 22, 2024, 07:27:53 AM
~snip~
Bitcoin is a public ledger, so every single transaction in Bitcoin is viewable by anybody in the world. While it's not your name, your Bitcoin address can be triangulated by chain analysis. Bitcoin is a very poor means to protect your privacy: you are much better off using a plain credit card, or bank transaction.

Meanwhile, physical cash in a sovereign currency is as anonymous as it gets.

As for digital currency, either use something like Monera, or use a mixer, or don't use a digital currency with a public ledger like Haypenny currencies for instance.

Yes, this pretty much sums it up.

Cash is king when it comes to anonymous payments.

Sure, you can still in theory trace individual bills with their serial number, but it is much more difficult than following a transaction in Bitcoin.

The thing is that Bitcoin transactions are pseudonymous, and well, that not always means it is you. It could be someone else in your behalf, or it could be your money being transferred by an exchange, etc.

It's not as simple to track down Bitcoin transactions either...
45  Bitcoin / Bitcoin Discussion / Re: Linux Inventor Says He Doesn’t Believe in Crypto on: July 18, 2024, 11:11:13 AM
~snip~
I know that many bitcoin enthusiasts are big Linux advocates. In order to stay consistent maybe they need to switch operating systems. That's what I would do

This makes no sense to me.

Why consider the point of view of the people that create the tools I use? I have no idea what the manufacturer of this keyboard thinks about Bitcoin, and I don't care. Same for whoever invented or manufactured anything else in this computer, or the desktop environment I'm using, etc.

So if Bill Gates says he likes Bitcoin suddenly you'll use Windows 11?, again, makes no sense.
46  Bitcoin / Bitcoin Discussion / Re: Is your interest in bitcoin primarily tied to its price? on: July 18, 2024, 10:56:49 AM
When you hear words like "HODL," "HALVING," "BULL RUN," you're left in no doubt that most members of the Bitcoin community like the cryptocurrency because of the prospect or hope that it could make them rich. I know it's made early adopters rich, but shouldn't there be other reasons to learn and use Bitcoin besides price fluctuations? Was this Satoshi's motive for the invention? Is price the most important driver of your interest in Bitcoin?

Bitcoin is a game changer. Satoshi Nakamoto invented digital scarcity.

There are many interesting things about Bitcoin, covering many different topics such as finance, maths, computer science, societal impacts, etc.

Even after more than a decade of Genesis we still see new technologies and businesses being built around Bitcoin.

One of the fundamental aspects of Bitcoin is that it is decentralized. This is revolutionary.

Bitcoin allows anyone to be able to transfer money around the world, without any intermediaries, no permissions, etc.

This is at least as important (or maybe even more) as Phil Zimmermann's PGP[1], which allowed anyone to encrypt their own information, more than three decades ago.

[1]: https://en.wikipedia.org/wiki/Pretty_Good_Privacy
47  Economy / Gambling discussion / Re: Bitcoin betting on the 2024 US Presidential Election - Biden ... or ... ? on: July 18, 2024, 10:36:47 AM
~snip~
I disagree, Biden's ratings in the polls where much higher than 20%. I reckon they were 40% or higher, however, it was lower than 50%. The odds on Polymarket were very much similar also.

We can be quite certain that before the assassination attempt, Biden had a chance to win despite his old age and his dementia that was shown during the debate against Trump.

It is a bit strange but I've seen waves of support for one candidate or another in the mainstream media all around the world.

It seems like they are in control of someone and they are changing their mind.

Also strange is that you rarely hear anything about the actual presidential promises, you only hear about how bad the other candidate is.

I can almost guarantee that most people that will vote don't really have a clear idea of the projects that will be done in their candidate's term, but they will know that the other one is bad.
48  Economy / Gambling discussion / Re: Have you achieved anything from gambling on: July 18, 2024, 10:33:47 AM
~snip~
That's right, because the more often a gambler bets, of course that means the more often they allocate their money, remember that gambling is not only about the chance of winning, even if for example you are experienced, that doesn't mean it's impossible for you to experience defeat, which at any time can be quite serious. big.

This means that even if, for example, one time you managed to achieve a fairly decent win, if you compare it with the number of losses you experienced while you were gambling, it could be that the amount is the same or even the amount of loss is much greater than what you have achieved, that is very possible in gambling.

The only way is maybe yes as you said that a gambler really has to stop when they achieve a very big win, but I believe that saying it is always much easier than putting it into practice, and also not to mention that they usually always feel happy when managed to achieve a certain number of wins where in fact the number of losses they had experienced was much greater than that.

Of course, actually earning a big sum of money makes you want to continue playing, that's how the brain works, and that's how the casinos are designed.

They would try their best to keep you playing until you gamble it all back. It's how they make their money.

It takes a lot of determination to simply grab the big prize and go, and never again gamble anymore, as it is very rare that the winning event will occur again.
49  Economy / Gambling discussion / Re: Is gambling bad to the society? on: July 18, 2024, 10:31:48 AM
~snip~
A person who is addicted to gambling will not show his addiction to the outside community, but of course other people will find out for themselves whether it is from news circulating by word of mouth or indeed by seeing behavior that tends to change, those who are addicted to gambling will usually be more often spends more money than usual and of course this will attract the attention of other people, because when he gambles there are usually transactions with each other. and of course it is the fault of each individual, gambling is not completely bad but the many eyes that see and judge gambling are bad because they see many people who are addicted and experiencing the bad effects of gambling addiction.
Even though they are addicted, they will feel like there is no problem, as if everything is fine, even though in fact they are experiencing financial problems caused by gambling which has made them addicted, but this is also based on the individual's own behavior and mistakes. So even though they already know the risks, they still continue to gamble because maybe it's the desire to win that continues to drive them.

Yes, that's the thing.

For an external observer, a gambler that is addicted and another one that is just having a single game look very similar.

The difference happens inside their brains, one of them is able to stop playing and go home whereas the other one stays all night gambling until their money runs out.
50  Economy / Gambling discussion / Re: FIFA World Cup 2026 :Canada/Mexico/United States: Discussion Thread on: July 18, 2024, 10:30:25 AM
~snip~
Well.. this might have been the story 2-3 decades ago, but now the situation has changed significantly. Economic growth during the last one decade or so has been really good and people living in extreme poverty has gone down steeply. Football is still one of the avenues for the poor in favelas to get out of poverty. But it is no longer the "only" avenue. In general, this means that the importance of football for individual Brazilians has gone down. It is a means of entertainment now, and no longer a serious career option.
~snip~

That's a very interesting graph.

Indeed things have changed for the better in the last couple of decades for Brazil, and yes, these days there are other ways of making money other than playing football.

I think as you mention, it is still a valid path, but simply there are more ways to do it these days.

Specially online, there are many ways to create things and make money online, even with a smartphone only.
51  Economy / Gambling discussion / Re: Casino/gambling center near an institution of learning? on: July 18, 2024, 10:27:25 AM
~snip~
Gambling is a game of choice as no one is being forced to engage in gambling so no matter where a gambling hall is located or situated, any one that will engage in gambling will do so. Gambling is the latest trend now as you can hardly meet people who are not into gambling especially people in their youth age. Everyone want a way to make quick money and only few people gamble for fun as a lot of people gamble with the aim of making money from it. Most gamblers are even students that are practically getting involved in gambling activities if they can win and sort out some of their fees they are meant to pay for their studies so I see nothing bad in a gambling hall being close to an institution of learning.

It really depends on the people that you hang out with.

Some people gamble, others don't.

Many people assume that whoever surrounds them is basically the same as everyone else.

In reality people are very different.
52  Economy / Gambling discussion / Re: FIFA World Cup 2026 :Canada/Mexico/United States: Discussion Thread on: July 17, 2024, 01:25:06 PM
~snip~
I think it's very difficult for Brazil to surprise us again, especially with this generation of players... what happens is that children and young people no longer want to play football... 20, 25 years ago it was common to see people playing football in the streets, children receiving footballs as gifts for their birthdays and Christmas... nowadays they ask for cell phones and tablets. I believe that the internet killed many good potential players of the future. This is a worrying type of addiction that is affecting people at an increasingly younger age.

I am not too sure about that, if you are a young player in Brazil, and you are in the poor areas there, you have nothing to look forward to.

Rivaldo for example had so many issues growing up but he still managed to become a massive star.

The thing is that in Brazil, and other third world countries soccer is your ticket out of poverty. Literally.

You don't have to become the next super star, but if you are an OK Brazilian player, you will be able to secure an OK career.

It's not what most people in the US or other first world countries think though.
53  Economy / Gambling discussion / Re: Gambling with stablecoins, Fiat, or crypto? on: July 17, 2024, 01:21:27 PM
The title says it all. Which currency do you prefer to use when betting? Is it stablecoins, good-old Fiat, or traditional cryptocurrencies such as Bitcoin or Ethereum?

Personally, I like to gamble with crypto not only because it's "KYC-free", but also because it represents freedom. The only downside is market volatility. Stablecoins always have their value pegged to Fiat (usually the USD), but they're too centralized and often lack investor protections or guarantees of any  kind. And then there's the choice of Fiat, but most (if not all) casinos or gambling sites require you to reveal your personal ID (KYC) to use them. In some countries it's even illegal to gamble online. So crypto for me, is the true winner here.

How about you? Grin

The thing is that fiat doesn't have a future, really.

Most central banks hope for a 2% devaluation.

If you just keep your money in Bitcoin, you will not get that kind of devaluation over long periods of time
54  Economy / Gambling discussion / Re: Have you achieved anything from gambling on: July 17, 2024, 01:20:14 PM
By the way, I wonder how much longer he can play, because one day there will be so few players in poker that there will be only professionals who will squeeze each other out.
playing for 15 years must mean he is not that young anymore i would assume he is nearing retirement age

but even if he isn't there are still many who play poker there are even games online that i am sure he could earn from if he wishes to continue doing so i am just amused that he managed to make gambling such a stable income

The thing is that the more you play, the more you get closer to the average odds, which are not really that great for the gambler.

So, in reality, if you want to win, you need to quit when you have won more than what you have lost so far.

And I mean so far in your life, because some people are happy to receive $100 after they put in $1000.
55  Economy / Gambling discussion / Re: Tennis League All Thread on: July 17, 2024, 01:18:41 PM
~snip~
I actually predicted the dawn of Djokovic this season. Too lazy to look for my older posts to prove it.  Tongue

But yeah, I was even surprised to see 37yo Serb in the final. He got an easy draw: Rune is not in his best condition, Musetti was clearly mentally not ready to face Nole and I'm not even mentioning the first two rounds... So in a way, he should be happy he was able to reach another GS final.  

P.S. I wonder if they're checking if he's clean. Did you notice him taking that pill in the 3rd set?  Roll Eyes

The joker is always in a good place in my mind. He is really a fantastic player, maybe a bit controversial?, but that's based on the Australian media.

I don't know, based on the tennis itself, he is a solid player and I think he should win a couple of more titles before he retires.
56  Economy / Gambling discussion / Re: Bitcoin betting on the 2024 US Presidential Election - Biden ... or ... ? on: July 17, 2024, 01:16:36 PM
~snip~
Even if you call Donald Trump crazy, he was the former president of the United States and he can return to the white house after winning the next election. His popularity may increase after this incident and it is normal. Either way you take it, the incident could have resulted in his death, which is certainly not normal.

Donald Trump is clearly a valid option to be a candidate, as he was a former president.

And the latest events, with him dodging a bullet makes him a hero somewhat to some people.

So, we will see what happens in the election, but so far I think Donald Trump seems to be the most popular candidate today.
57  Economy / Gambling discussion / Re: Have you achieved anything from gambling on: July 16, 2024, 09:57:18 AM
~snip~
I like dice and similar types of gambling. It may not have a long-lasting exciting effect, but this is one of the most honest gambling videos in my opinion, like roulette, for example.
Because the gambler immediately sees what his chances of winning are, unlike slots or blackjack. I understand that all this is individual, but if I’m in a physical casino, I’ll just start with dice.

If I remember correctly, the odds of winning against the casino are always against the gambler, but certain games are better than others.

Some of the best ones are blackjack and specially craps. Craps seemed to be the one having the best odds for the gambler.

It's also the most fun at least for me.
58  Economy / Gambling discussion / Re: Is gambling bad to the society? on: July 16, 2024, 09:55:26 AM
~snip~
The fact that gambling brings benefits in the form of taxes and a variety of entertainment are just some positive factors, but if you look at all this from above, then these are small advantages, while many develop a severe addiction that they have to fight, possibly for the rest of their lives. because it might come back again. Therefore, if we talk about society in general and whether it is good or bad, then I will not find a definite answer. Perhaps if you imagine the balance, the bad ones may outweigh, but not by a large number.

What benefits are received in terms of taxes when gambling?

I guess it depends on the country, but assuming you don't pay taxes on earning, then it's just fair enough as the expected return is negative. Might as well get something out of that risky venture.

On the flipside, you cannot claim any losses for capital tax, so there's that as well, which is the most probable outcome anyway.

If you lose money in an investment you can claim a capital loss and balance it out with a win, also a benefit for taxes.
59  Economy / Gambling discussion / Re: Rich or poor gambler, who should risk more? on: July 16, 2024, 09:52:00 AM
But I think that poor and rich get identically excited when they win. The only difference is in their session duration. They risk identically as odds are the same, get identical amount of fun, but when poor looses his budget, rich can continue gambling. That is the trick of gambling, it must be identical for everyone. Everyone only gamble with the amount they can afford.

Even though the rich person might have a budget of 100X the budget of a poor person, if they bet in that same proportion, then both rich and poor will end up broke at the same time.

They have the same odds, so they will end up in the same place in the end.

Of course if the rich person bets the same amount as the poor person, the rich person can continue gambling after they lost the same amount, but that's not a fair comparison.
60  Economy / Gambling discussion / Re: The real winning of gambling is withdrawals on: July 16, 2024, 09:49:07 AM
~snip~
In gambling, I don’t like it when people go through the negative path because one thing I know about gambling is that, nothing is certain and anyone can win just as anyone can also make losses because in the world gambling, nothing is certain or guaranteed as all we do is nothing but predictions and even fixed games can also not come through at times maybe from a slightest mistake.

Everyone with their mentality and just as our faces are different, so are our level of assimilations and we don’t have to blame anyone for  what they choose to believe at any point in time and the ability to make withdrawals is paramount and it take actual commitment to be able to withdrawals.

True, anyone can win and anyone can lose, there's no difference in who's playing, the odds are the same.

But, there is a difference in terms of expected return. If a gambler continues gambling multiple times, it is more probable that they will lose money compared to someone that only gambled once (or never gambled).

This is because the expected return is negative, so for every time you gamble, the closer the probability of the gambler to lose it all.

This is just math, a small number, say, 0.1, multiplied by itself is even lower: 0.1 * 0.1 = 0.01
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