Heavy criticism always go the way of the man that everyone knows gambles with his money on sports betting, poker and the likes. But I am of the school of thought that we are all gamblers because we all gamble with something in this life.
CASE STUDY
Mr Smith and Mr Scott while smoking some cigarettes, talk about a certain Mr Z who they say cannot control his addiction to gamble with his money, forgetting that they are gamblers too, gambling with their life. (lungs)
The Alcoholic saying thank God I don't smoke, I don't gamble, I don't womanise, I only drink my alcohol should not think he is any better because he is also gambling with his life (kidneys).
The man and woman who know they don't love each other, but still are having unprotected sex are gamblers too, gambling with their future.
Even the man that says he has no vices (i.e doesn't smoke, drink, womanize or gamble with money) but only has time for his video games, movies and sports games is a gambler as well, gambling with his time.
It is very true that people can have "blindspots" and can blissfully go through life without recognizing their own weaknesses. In general we as a species and the human brain are incredibly poor at correctly calculating the appropriate odds in many situations, which is made worse by arrogance and overconfidence in our own abilities. That may be why a professional poker player will always have a decent edge over enough hands, a "small" step like being able to calculate hand odds consistently and having the ability to correctly price bets in this game can wash any other players out, if they don't take the time to learn it. We must all strive to keep learning and improve ourselves each day, which can require difficult self adjustments when presented with new information. |
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On Wednesday 2 of June, the Nigerian President made a tweet which many people consider to be threat to genocide and this led to the deleting of the tweet on Friday by Twitter. To Twitter such post violates its “abusive behavior” policy and that led to deleting the post. Such post by the president was seen as reminding the southeasterns in Nigeria the anguish of the civil war between the Nigerian government (which president buhari was a commander) , and Biafra where about 3 million souls of the southeasterns were lost in 1967-70. This is the content of the Tweet“Many of those misbehaving today are too young to be aware of the destruction and loss of lives that occurred during the Nigerian Civil War,” he wrote in the now-deleted post. Those “who went through the war, will treat them in the language they understand.” It's a bit of a strange situation really, because while no leader should be able to make violent threats, if that was the entirety of the tweet then I'm not sure it even qualifies considering some of the other messages that twitter has ignored in the past. It is extremely petty for the Nigerian government to take the step of banning Twitter and shows that they are leaning towards more undemocratic ways. However that needs to be seen in the context of long term barely concealed corruption and perpetuate mismanagement of the country for the sole benefit of the elites who sit at the top. You just have to look at previous presidents and politicians who have looted hundreds of millions out of government coffers to see that they are primarily looking after themselves. Hopefully the Nigerian people will see through this shallow attempt at self preservation and deny further attempts at censorship. |
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Talking about cryptocurrencies, of course, it doesn't rule out investing or stocks, in this case, of course we have to be careful in investing because investing also contains risks. The risk here is to lose funds or other assets when the investment does not live up to expectations or even fails. Yes, it is true that we cannot invest and then only expect profits without understanding the risk of loss, but to warn of all possible losses, what steps should we take?
Everyone has to learn through their own mistakes, or ideally through learning not to repeat the mistakes of others in this world. Most people work very hard to build up any savings they have and want their money to be kept at the least risk possible. One of the best ways to eliminate risk is through diversification and it requires having a strategy at the outset. While I don't think it applies in the same way to cryptocurrency, you can look at the stock market for an example of managing risk. If you own one stock, then you have extremely high risk and could lose all your money if that company goes bust, however if you own 40+ stocks then the risk drops substantially. You would also need to be diversified across sectors and not have too much in one company. E.g. maximum of 5% in any single company and a max of 10-15% in any one sector. There must be similar ways to operate in the cryptocurrency world or you may need to think outside the box in how to make a reasonable profit at minimal risk. |
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I'm just curious.... Or didn't sell 60k bitcoin? or 50k or 40k we all gotta learn our lessons  Hedge funds and investment managers working for billionaires were all involved. They could read the way the wind was blowing, were able to sell it to their clients who have so much money that they don't care if they lose a few million when they had the chance to make back many times that. The alternative is letting your money sit in a bank which is losing money to the inflation rate, so if they are diversified and this small portion of their money is able to help their average up by one or two percentage it can make a huge difference. There were also a lot of small scale investors who simply got caught up in the hype and end up riding the waves made by the whales beneath the surface. I would say feel sorry for the small scale investor but they are often led by greed and do not have the long term patience that is critical to decent performance over years. |
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Ok, so we have seen several large companies being targeted by hackers and then ransomware being used to extort money from these companies. The latest being one of the largest meat suppliers in the world ==> https://www.bbc.com/news/world-us-canada-57318965The hackers will then demand Crypto currency payments to "unlock" the Cyber attack for these people to continue with their business. Now, most of the previous Cyber attacks have received little or no media attention.. but things have changed and these hackers are now targeting large companies and these hacks are getting a lot of media attention.  Cyber attacks linked to Crypto payments will ultimately lead to a "blanket ban" of all Crypto currencies, because this is giving the regulatory authorities the ammunition they want to ban Crypto currencies. I will not be surprised if these hacks are government sanctioned attacks (Russia) to enable governments to instantiate these bans. (Now they have a perfect excuse to do it)  Unfortunately an "anonymous" and no reversible asset with a wide pool of users to disguise it is basically ripe for this sort of abuse. I can only see it getting worse and it could really be the thing that will tarnish cryptocurrencies reputation forever. If you start to associate large scale criminal activity, that is primarily benefiting lawless and undemocratic nations, with Bitcoin because hackers are attacking companies each week - then it will start to draw even heavier regulation. We saw that sometimes it is actually causing mass harm to wide sections of the public like with the pipeline hack (where a ransom was paid yet the damage was still present) driving up fuel prices and causing great economic difficulties. Politicians simply won't be able to stand by doing nothing to counter it. |
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Wang Yongli, Former Vice President of Bank of China: Countries that lack sovereign currencies will not succeed in using cryptocurrencies as legal tender.
Wang Yongli, former vice president of Bank of China and chief economist of Shenzhen Neptunus Group, pointed out in an interview. Some countries lacking a sovereign currency lack the most basic understanding of currency, and use fully decentralized digital encrypted assets such as Bitcoin as legal tender. The economic and social operations will be severely disrupted due to its own price fluctuations. The country has no means of control and can only go to destruction on its own.
I think his statement is unreasonable.
In the past ten years, China has said that Bitcoin is only used as a personal investment, without large institutions or government endorsements. After large institutions began to invest in Bitcoin, they said that Bitcoin is a Ponzi scheme, a playground for capitalists. When some countries recognized it as legal tender, they used the lack of sovereign currency as an excuse to ignore the facts. I very much look forward to what new excuses the Chinese government will have when more and more sovereign countries in the world use Bitcoin as legal currency.
I am a Chinese, but if the country loses a key strategic opportunity in the era of digital currency pre-emptive due to the nonsense of a certain person, these historical and national sinners will surely be stinking for thousands of years.
I have zero faith in the words that come out of any Chinese official - whether in is government or private enterprise. Frankly the government in China has made it clear there is very little distinction between public and private enterprise - CCP officials reside in every large company, having substantial control of it if politics get involved in any way. Current sentiment by the Chinese government (aka the few rich elites sitting at the top) is that Bitcoin is damaging China's reputation due to the dirty fuels used by their mining operations, so they are talking badly about it at any opportunity. The Chinese government is one of the most manipulative in the world when it comes to the Yuan, they would eventually love it to become the premier reserve currency of the world in place of the Dollar - except nobody trusts them so they have to resort to maximizing trading benefits with it. China sees other countries choosing new currencies as a threat to their future ambitions, but instead of becoming a more desirable country they choose the path of oppression due to Xi Jinping's policies. |
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Often times in my country, i have visited a sports betting shop to place my bet, and each time before I am about to do so, i always look out to the other service booths where bettings are received for other other individuals placing their bets as well.
Each time, i notice that out of the five service booths in this sports betting shop, it is common to see two or sometimes three individuals out of the five occupying the service booths always bow their head and mutter some words solemnly, a prayer i suppose.
Big questions - Do spiritual beings get involved or influence gambling results in the favour of those who pray to them?
Have you ever prayed before placing a bet (gambling)?
Did it work?
If you believe it does work, examine this scenerio.
If we both worship and serve same god, and we place our bets on the same games, in a manner that our bets are opposites, and we both say a solemn prayer to this our god before casting our bets, Who will this god favour?
You might as well chuck a coin in a "lucky" water fountain or throw some salt over your shoulder, as making a prayer is a predictable yet meaningless waste of time. It is reserved for people who do not want to appreciate the simple mathematical odds that are inherent in almost every bet accepted by another party. Bookmakers for example were not made into huge companies by paying out a lot of winning bets, they make large profits because they analyse odds and statistics which over time will give them a useful picture of outcomes. The irony with praying is greed being heavily frowned upon in religious texts yet these people are usually looking for self enrichment above all others. It never worked, it is just a coincidence if you happen to select the correct outcome which will be formed by a certain chain of events. |
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I posted regarding this before back in 2018. Many said couldn't be done but i followed the methodology and the picks religiously and here we are. Spreadsheet shows all the picks in the log sheet and the dashboard shows the summary. Settings sheet has details on the money management. https://docs.google.com/spreadsheets/d/15CSvrT3osJos4P-Fni102v5fvZqaqm8Q/edit#gid=644533306 Only obstacle that you will run into is you will make enemies with books and majority of the books will limit your and shut you down. If you cannot get accounts in pinnacle and betcris/bookmaker you wont be able to get far as million. While it is definitely possible to beat the sportsbook with enough skill and dedication, just like there is a miracle few who can accurately intuit what the stock market will do. I congratulate you if these results are true, but they should definitely be approached with skepticism because there is no way to tell if this is fact or fiction. Logically you have to think that the sportbooks put a lot of effort into gathering statistics that will beat the average player over the long term, that is the primary job of gambling companies - to be better at picking outcomes so they can make a profit. The final sentence you put into the article makes me think it is a rather elaborate ruse to drum up business because you have some connection there, also - I find it strange you randomly come along 6 months after your final bet to showcase it here? If you're so good at it, why would you stop doing it at the end of 2020? |
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Assest manager Ruffer Investment company has sold a portion of its investment while keeping a risk-free long position on the cryptocurrency. Ruffer Investment Company has sold $750 million worth of cryptocurrency after the value of its initial investment skyrocketed over the past few months, according to The Telegraph.A biggest congratulations from our bitcoin community to ruffer for made this amazing profit. The London-based firm manages £20.3 billion ($27.3 billion) in assets and allocated 2.5% of its Multi Strategies Fund to Bitcoin in November 2020. I hope everyone share your thoughts on this news.... For more information visit here: It's worth remembering that each time you see a new story like this, it is all about profit-taking for these investment funds - the most likely people to have lost money will be the average investor. As they were buying what the big guys were offloading. You can bet a large part of the evaporation between the peak at $65k and the current $30-$35k value was the result of many funds/companies running while they still had a profit left to take. If you allow them they will keep repeating the cycle because they are the masters of pump'n'dump - as is witnessed by them still claiming to be long on cryptocurrency. It might not be bitcoin next time but a lot of buyers are getting taken for a ride and they hold on when they wise money is fleeing. |
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Developed countries see the potential of digital or bitcoin as something important and needs to be developed, so that the potential of youth to develop is much more possible, especially since existing resources can be used properly.
considering the increasingly advanced era, the greater the opportunity to be used to meet daily needs, even if we focus, the income in bitcoin will be far from sufficient.
while developing countries often view something new as unimportant, considering that the resources they have are very minimal, as a result developing countries are often left behind in the digital world, especially bitcoin itself.
not to mention the rules made by the government are very unlikely to allow the existing resources to wrestle this world, even if there are very few people involved and willing to follow the rules of bitcoin itself.
difficult patterns will be a reason not to want to start trying, plus there are no resources that can access bitcoin with the complexity and rules that apply.
You really have to remember that people are living much different lifestyles between developing and developed countries. In some developed countries the state provides a safety net for everything - it can give you free medical services, it has the ability to support more high paying jobs and it has institutions that can generally keep criminal behavior in check. In developing countries every day can be a fight for survival, where you have to hussle and hope you do not get sick, where free leisure time is a rare commodity, electricity & power can fluctuate and money is hard to keep. Unless you appreciate these differences then you should not pass judgement on them for being skeptical about new technology - trust/honesty is hard to build and takes a long time when it is in low supply in your surroundings. |
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BTC price in dollars all the time in one corner of TV and on the front page of national newspapers and on the hourly radio news.
It feels a bit gimmicky really, maybe the President is looting all the riches from the country while pretending that Bitcoin is somehow a savior. Apparently the current President is quite young and popular, but how many times have we seen those sort of people turn into dictators when enough power comes to their heads. Latching on to a cryptocurrency might produce a few short term favorable headlines, but it does very little to change the underlying poor economic state of the country. People need jobs before they can accrue enough money to save and they need things like stable internet access before they can reliably hold bitcoin, maybe the politicians should focus on these basics before trying to get all techy. |
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I thought a lot about Bitcoin recently and all the arguments against it are BS. That is why I got into it.
But then recently an argument came to my mind which I think is the best argument against Bitcoin ever and nobody ever came up with it before me.
Bitcoin will fail because it is deflationary.
"What the hell??" you may be asking yourself. "That is Bitcoin's biggest advantage!".
Nope... The problem is this: The rich and really powerful people NEED a system that is inflationary because that will continuously increase their share of that system. And that is how it works with the US Dollar. As new US Dollar is printed the Dollar loses value which on first glance makes it look like an unattractive system because you are continuously losing your share of the system. But the truth is that the more money you have the easier you can get more of it and thus as more money is printed the share of the rich people increases because your share decreases faster than theirs.
So if the Bitcoin is unattractive to the elite - and it is - then why would they adopt it? Why would big corporations adopt a system that was designed for "us, the people"? Why would they invest into a system that is already mostly owned by somebody other than themselves. Nobody who has power has an interest in Bitcoin. And why should simple people like you and me win against the powerful elite?
Imagine you were a Bitcoin whale and a different coin became big. Would you immediately invest in that other system? No! You want YOUR coins to be valuable. Not the coins of another system in which you have no weight. And the same applies to the elite. They do not want to move into a system that does not favor them over everyone else when they are currently invested in a system that does.
Sure Bitcoin will exist and it will continue to work as a store of value for people like us. But it will never be adopted by the economy and it will never reach prices such as $10 million per Bitcoin. For this to happen Bitcoin would need to be used by everybody.
Building on what you have said there is another element that will actually sap away the power of bitcoin over time. Let's say that there is a fixed amount of 21 million bitcoin, the expected maximum to ever be created. Over time dust is left in various wallets, people die without anyone knowing they held bitcoin amounts and all sorts of mishaps occur that results in chunks of that 21 million bitcoin never becoming available again. Good for the bitcoin price getting pushed higher short term but bad for the actual usability as a currency as availability is constantly shrinking. Next you have billionaires buying up large amounts simply because they can and they have so much money being created around them that sinking it into a fixed access has insignificant impact on their future finances. Again, the pool of funds for everyone else shrinks, these megarich have no need to sell. Next you have companies like Paypal coming in and buying up huge volumes, but then locking it away internally without any ability to transact directly with external wallets - it's trapped inside their ecosystem. All of this is forever sapping away how useful Bitcoin will be in the future because the denominations get smaller and smaller. Who wants 0.01 BTC when you can have 10,000,000 of RandomCoin that has better prospects for actual functional and commercial usage? |
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"Airdrops" at the beginning were a novel idea to get new coins noticed, but like anything over time it has lost value and been converted into a clickbait type trigger. Ultimately unless an altcoin has an original idea behind it, then all the functionality has likely been covered by an existing coin and it is simply being released to enrich the original "creators". While the original purpose might have been to gain traction and attract miners, it has now become the latest way to pump'n'dump trash. Things like advertising on social media in return for bounties is very much similar to how a pyramid scheme is designed to expand - get existing people to do hard work for pennies while the biggest whales take away huge sums then dump for the next project. |
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I think I am addicted to buying Bitcoin. I buy only little by little but this is too addictive. I still have some cash but that money is being spent on buying Bitcoin every day. Do you think this is wise or should I stop for few days?
I have an addiction too, but it is an addiction to buying shares in different companies. You should be careful pouring all your money into Bitcoin because it is currently in a bear market and nobody really knows how far it will drop. If you're only doing it with "fun money" and disposal income then it may do you no harm, however a true investor will diversify their money to reduce the risk of catastrophic harm. Some people go the whole nine yards - sticking money in everything from whiskey, jewelry, paintings, precious metals, bonds, stocks and property. You'll get varying rates of return from all these options, but they have a long legacy compared to the relatively short history of bitcoin. Just be careful with putting all your eggs in one basket as they saying goes. |
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I was just wondering if anybody's selling a similar product on the market currently, or saw a few in the past, likee how much could it worth?
It does nothing really special, you give the match to it(currently it's through telegram but other's can be done easily) and it makes the bet.
Been using it for a while, without any account issue, so I'm safe to say its kinda safe haha.
I'm confused what sort of benefit such software could give you? Does it somehow compare bets within the market - looking for mispriced opportunities or ways you can place a covered bet? I would steer of downloading any piece of software recommended here because it could compromise your PC (and cryptocurrency) in all sorts of ways. Nor should anyone take recommendations from you on what to download, sometimes scammers use reverse psychology like this to hook in interested and naive targets. You've not stated a single help it offers over placing a bet manually and even state "It does nothing really special", so why would you need it? |
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Carlitos Rejala announces “important project” involving Bitcoin and PayPal in Paraguay. The Congressman says Paraguay needs to adapt to innovation and new technologies. He wrote in him Twitter "El verdadero to the moon #btc & #paypal" , translation: "the true to the moon" He announces it one day after El Salvador become the first country to make Bitcoin Legal Tender. Would it be a domino effect? Will other countries adopt Bitcoin in their projects too? In my opinion, only some undeveloped countries will adopt Bitcoin in their projects as a way to protect themselves from the instability of their national coins. Developed Countries will resist and will attack hardly Bitcoin, once it would limit their influence on monetary policy. Rejala Tweet: https://twitter.com/carlitosrejala/status/1401712725886132224While it is a nice gimmicky news grabbing headline, Bitcoin is not really an effective place for the average person in these countries to store money. There have been some accusations that the leader of El Salvador is becoming more authoritarian in his governance style, so things like this may just be a distraction while he consolidates power behind the scenes. There are lots of alternatives out there which have much greater circulation, lower fees and will be more useful as a cryptocurrency. Whether you like it or not, central banks need some sort of control over their currency otherwise outside forces can dictate their economic policies. |
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1. Gambling in fact has many negative externalities. If someone gets addicted, the likelihood is much higher to be depressed. Depression is factor, which leads to high costs for the society.
2. Gambling addiction leads to economic costs because of crime actions. Other market actors have to increase their security standards, which means higher costs.
3. Many gambling addicts go as a consequence to jail. Jail means EXTREMELY high costs to society.
What are your thoughts on this topic?
It seems that in countries with effective laws, regulations and enforcement that it is possible for venues that allow gambling to operate without too much harm to the vast majority of society. There will always be people who push the limits and spiral out of control, but they will find ways to do that if gambling exists or not. As long as it is seen as fun and people are educated enough to understand that mathematically they will never beat the house in the long term, then it should be allowed. However, the authorities will always need to stay vigilant because it can attract criminals in various forms - from conmen to organized mafias. In countries that have poor legal frameworks and weak institutions it is probably advisable to avoid allowing gambling, because the vast flows of money are easy to abuse and can seed corruption in all sorts of places. |
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The have been a tax proposal recently announced which according to the officials will impact the overall situation of Ukraine. Few things to consider here : The Scientific and Expert Management Committee of the Parliament argued the latest tax proposal on gambling would impact budgetsThe proposal set a flat 10% tax rate for all gambling verticals and removes plans for license fees hikeThe committee outlined a number of factors influencing gambling tax rate policy and not justifying reducing the tax burden on operators If you do think that 10% is a huge amount I do think you have to read the full article where they state that for them it was a sum between 10-30% . For the government a 10% tax proposal is honestly low. But according to the experts this might reduce the consumption. The companies might soon find them in a bind. The license fee is also supposed to hike which will cause probelms for the new companies. For the already established one's it might be a bad news nothing else but the government will soon see lower people interested in establishing their own companies. I do think the government is trying to compensate for covid and at the same time there are some probelms with Russia right now therefore they are trying to play safe and earn some money. What do you think ? https://www.gamblingnews.com/news/gambling-tax-proposal-may-impact-ukraine-state-and-local-budgets/ It seems like a fairly good idea with the tax amount being low but possibly required to draw in gambling institutions from other locations. The key thing with Ukraine is it has suffered corruption for so many decades that any new law has to be kept as simple as possible with transparency being the number one aim. When corruption becomes so deeply ingrained in a society, to destroy it you will upset a lot of people even though the average citizen will be much better off long term if it is designed well enough. I can only hope the politicians have the courage to see through the reforms, because there will be a lot of dirty money throwing all sorts of tricks to keep the current situation. Best of luck to Ukraine and any country that is trying to better themselves through honest, scientific and expert led reforms. |
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Hello community, I want to start a topic that I think is interesting for the immediate future of cryptocurrency investors, the inflation. One of the consequences of the global pandemic we are experiencing seems almost certain to be the injection of money into the world's economies at levels never seen before. This will undoubtedly lead to an increase in inflation. I leave you the link ( https://www.docdroid.net/H1fuimX/the-great-monetary-inflation-pdf) to a paper by a very well known and knowledgeable on the subject that talks about the performance of Central Banks and different ways to protect our assets against possible inflation. In my opinion there are very coherent things that are worth knowing. It is true that I personally disagree on some points but in general, I think it will be useful for everyone. Here is an image of the ways to protect our assets that Mr. Tudor Jones talks about in his article:  I think you might find it interesting and helpful. I hope you find it useful and give your opinion on the subject. As with any great investing advice we have to be mindful at all times that what has worked in the past will not necessarily be the same in the future. Take bonds for instance, for many decades they have been providing a solid return that has generally beaten inflation by a nice margin, however that has collapsed in the current low interest rate environment and lots of money poured out because the returns are shockingly low. Oil (the paper makes reference to commodity) also went negative for a period last year when people were paying for others to take it off their hands because storage capacity was maxed out everywhere, that was unthinkable until it happened. Cryptocurrency is providing another asset class, however it is most useful to the super rich (and potentially criminal money launderers) at it's current valuation levels because it is allowing them - as the paper says - to move vast amounts. For all it's positives, it is going to ultimately come under more and more scrutiny by governments in order to track illicit money flows. The best hedge against inflation is likely to be profit generating companies, with the most stable in the Americas/Europe and a few other locations. |
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To conclude, the illusory truth effect, together with the tricks of fancy name and fake quantity data, created the illusion of the existence of a thing called Bitcoin. For that reason, people thought that the whole thing differs from classical Ponzi or pyramid schemes, where nothing exists to pay off the existing members, and thus, a constant influx of new members is required. But, as it turns out, exactly this is the case with Bitcoin scheme. Nobody can be paid off from blockchain membership because nothing exists behind the fancy name and quantity data. That is why a constant influx of new members is required to pay the existing ones off. All schemes where the existing members can be paid off only from the inputs of new members, eventually come to a turning point after which they collapse. Bitcoin scheme, and all crypto schemes for that matter, will come to this point as well. It is just a matter of time.
For someone who likes to write a lot it is amazing how you come to such a bizarre, illogical and detached conclusion. You seem to have conflated the price that people have associated with the item and your clear inability to see how the blockchain fundamentally operates. While the price of Bitcoin/cryptocurrency might be highly overvalued, that in itself does not make the mechanism "illusory" as you suggest. Money is nothing except an agreed form of value exchange and Bitcoin solves exactly the same problem. All the things that you have described can be applied to any fiat currency (since it was detached from the gold standard) yet people use it every day for the purpose intended. |
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