Socialism is a theoretical system where there's a significant degree of equality. As such, Venezuela is not its practice. You cannot make Venezuela a representation of something it failed to achieve. Venezuela does not reflect socialism as it is. Why? Perhaps because, more than anything else, such a utopian view couldn't be translated into reality. Socialism proposes a certain kind of an ideal state which is next to impossible to implement in the human world.
We could consider it that the failure of socialism is that it is too ideal to reify. And the failures of Venezuela and all states which attempted to seek its implementation is to miss that most fundamental point, to be so naïve as to try make a heaven on earth.
If we talk about "Soviet socialism", and there is such a branch of "development" of socialism, then this is an idea close to utopia. Close but not yet utopia. The problem of "Soviet socialism" was in a rather attractive idea (general equality, high social standards, etc.) and disgusting implementation practice. First of all, the problem of the economic direction is the idiotic system of planning the economy and managing the work of state-owned enterprises (private business is absent as a class in this model). The second problem is "you won't go far with one idea." The people did not want to "wait" but already today, well, at most tomorrow, to enjoy the fruits of socialism. But there were still no fruits, and instead of them they offered low-quality products and low incomes of the majority of the population ... Therefore, even the enthusiasts of "building socialism" very soon gave up ... And then oil became cheaper ... But if you look in the direction of the real manifestations of socialism, then it can be seen in some European countries. High social standards, guarantees, legality, education, medicine and much more that personified socialism! PS you still haven't read nonsense about communism  That's where the real utopia or heavy nonsense ... All kinds of socialism have been developed since then. I am not familiar with them. Neither am I interested. The devil is in the details. However good the intentions of socialism may be, the implementation would always be topsy-turvy. Anyway, I read Marx's Das Kapital way back in college. I even wrote papers on labor or productivity from it. I cannot remember much about it now but I am still carrying in me those which I agree. Generally, I'm in awe of how Marx held labor with very high regard to the point of calling it the actualization of man. However, again, all attempts to translate the theory into reality are sad failures. |
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It's a combination of socialism and corruption of their government and over reliance to oil that has caused this hyperinflation that they have been experiencing now and if the leaders of this country invested on infrastructures like hospitals, schools and other public infrastructure then we would've seen something different, they got too complacent that they didn't expect oil to go down in prices.
I doubt the particular form of government in Venezuela is the one primarily causing the economy and the entire country, so to speak, to crumble down. Venezuela is not even truly a socialist country. The problem, of course, is a lot more complicated than it may seem, but I guess it is mainly the government's mismanagement that led to the country's failure. Of course, too much reliance on oil is just one big failure representing mismanagement. That's basically a lack of foresight on the part of the government's experts. Venezuela is definitely a socialist country. It is run by the United Socialist Party of Venezuela, governs the economy with socialist objectives, and has nationalized private businesses in the name of socialism (and then proceeded to run those industries into the ground through cronyism and general incompetence, particularly the oil industry). Prices are set by the government in Venezuela, another classic hallmark of socialism. There is no way you can look at the government and conclude it's not socialist. Well, Venezuela is as socialist as China is a communist, which means it is only as they claim. One of the most basic tenet of socialism is that all members of the society are to fairly benefit from the proceeds of the economy. That is definitely not the case with Venezuela. Socialism was an attractive system which served as an alternative to the growing monopoly and exclusivity of a few privileged members of society during the Industrial Revolution. In essence, Venezuela is not a socialist country. It is what a failed socialism looks like. Economic equality is always the promise, it's never the outcome. That leaves Venezuela as a perfect example of a socialist state in practice. To try and argue that it's not "socialism" because it didn't achieve the impossible promise that socialists make is to ignore the fact that this is exactly what socialism looks like in the real world because it's not a workable economic model. Venezuela is the perfect example of socialism's failures because it is the quintessential socialist state. Socialism is a theoretical system where there's a significant degree of equality. As such, Venezuela is not its practice. You cannot make Venezuela a representation of something it failed to achieve. Venezuela does not reflect socialism as it is. Why? Perhaps because, more than anything else, such a utopian view couldn't be translated into reality. Socialism proposes a certain kind of an ideal state which is next to impossible to implement in the human world. We could consider it that the failure of socialism is that it is too ideal to reify. And the failures of Venezuela and all states which attempted to seek its implementation is to miss that most fundamental point, to be so naïve as to try make a heaven on earth. |
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It's a combination of socialism and corruption of their government and over reliance to oil that has caused this hyperinflation that they have been experiencing now and if the leaders of this country invested on infrastructures like hospitals, schools and other public infrastructure then we would've seen something different, they got too complacent that they didn't expect oil to go down in prices.
I doubt the particular form of government in Venezuela is the one primarily causing the economy and the entire country, so to speak, to crumble down. Venezuela is not even truly a socialist country. The problem, of course, is a lot more complicated than it may seem, but I guess it is mainly the government's mismanagement that led to the country's failure. Of course, too much reliance on oil is just one big failure representing mismanagement. That's basically a lack of foresight on the part of the government's experts. Venezuela is definitely a socialist country. It is run by the United Socialist Party of Venezuela, governs the economy with socialist objectives, and has nationalized private businesses in the name of socialism (and then proceeded to run those industries into the ground through cronyism and general incompetence, particularly the oil industry). Prices are set by the government in Venezuela, another classic hallmark of socialism. There is no way you can look at the government and conclude it's not socialist. Well, Venezuela is as socialist as China is a communist, which means it is only as they claim. One of the most basic tenet of socialism is that all members of the society are to fairly benefit from the proceeds of the economy. That is definitely not the case with Venezuela. Socialism was an attractive system which served as an alternative to the growing monopoly and exclusivity of a few privileged members of society during the Industrial Revolution. In essence, Venezuela is not a socialist country. It is what a failed socialism looks like. |
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In Cuba, however, Bitcoin is not to be declared as a legal tender, along with other cryptocurrencies. They will only be accepted as alternative means of payment.
So it pretty much like saying Cuba is giving the green light for cryptocurrency. Well this is so much better than declaring it as a legal tender. Honestly I'd prefer this over declaring it as the legal tender because if more countries declare it as legal tender then it is the same as posing danger to bitcoin. Some country like the US and Europe might even start banning bitcoin to an extreme extent at some point because of this It could be possible especially in the case of Cuba and other countries that are under embargos and other economic sanctions from the US. After all, Bitcoin somehow provides the citizens of these countries a way to circumvent some of these sanctions. But I don't think we should be worrying about Bitcoin getting banned. It cannot be banned. And attempts to ban it would only make its fundamental arguments more valid. I guess government attempts to stifle Bitcoin would only make it stronger. |
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A person who is skilled enough to be able to steal more than $600 million worth of cryptocurrency should not be risking one's life and freedom for the sake of money.
The hacker must have what it takes to get a decent job and steady source of income. He/she must not be in bad need of money. So why should he/she be courting a complicated and even dangerous life?
In fact, with this alone, he/she is already offered half a million as a reward and even a chief security advisor position.
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Oh, so this heart-wrenching story has now reached this forum. I think every newbie should read this. Lessons learned as hard as this shouldn't go to waste.
Anyway, I'd say the man risked too much. While trading is not for everyone really, he could have tread lightly on it. By it I mean he should have avoided margin trading. If I remember it correctly, he didn't mention how much leverage he used but I reckon it's high enough that a movement from $50,000 to $47,000 was enough for all his and his wife's 2.1BTC to get wiped out.
I also think his overconfidence of Bitcoin killed him. Whatever happened to stop loss? $3,000 is already 6% of $50,000. Stop loss should have already taken effect the moment the price shed 2%.
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the news is overflowing in the net at the moment ... cuba is supposed to be the next country after el salvador to accept Bitcoin and other cryptocurrencies as an official legal tender.   El Salvador will be accepting Bitcoin and Bitcoin alone as a legal tender. There is no other cryptocurrency that is to be elevated to that level. In Cuba, however, Bitcoin is not to be declared as a legal tender, along with other cryptocurrencies. They will only be accepted as alternative means of payment. The only legal tender remains to be the Cuban peso. In other words, goods and services are to be priced with the units of the Cuban peso and not in Satoshis, mBTC, BTC, ETH, and so on. |
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I am hoping no less than the best for you, but I also hope you've went through careful research and analysis before finally deciding to get into this very risky undertaking.
Personally, though, this thing is not my cup of tea. A daily interest out of a 3.8% APR from my money kept in a centralized exchange is something that would never entice me. That is too small a reward in exchange for too high a risk. Not worthy at all.
Using your example, do you seriously think that risking $500,000 in order to gain a mere $17,000 annually is good enough?
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Bitcoin does not have a fault of any kind, but that is not enough for it to be embraced by countries. By design, Bitcoin seems incompatible with the requisites of any government. Bitcoin presents itself as an alternative payment system with its own native currency. The problem with this is that it is completely free from government's control. Moreover, it is decentralized and, issued by an unknown and private entity, no one could be held answerable for it. Furthermore, the rules couldn't be bent in any direction the government may wish. It is, after all, hard-coded in the system. But, hopefully, by popular demand and adoption it could become a legal alternative. Well, it starts to happen.
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When you started using Exodus, were you asked to sign up? I guess not. You were not creating an account with the wallet. You were not asked for any information such as name, email, phone number, and so on. There's no reason why Exodus would know your age.
Exodus is non-custodial. You are given full control of your funds with your mnemonic phrase. However, as others have already pointed out, since it is close-source, we cannot tell whether the control of your funds is solely yours.
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It is my impression that Binance is less responsible when it comes to dealing with local regulators face to face. They seem to act as if they're global and, therefore, does not care much about what's going on locally. They seem to think as if they're bigger than local regulatory demands.
As regards Binance's attempt to register in the UK, I think they've already withdrawn their application as early as May. Please correct me if I'm wrong, but I think they're not anymore seeking FCA approval. They seem to be nonchalant about it, satisfied with the fact that despite not getting the nod from the FCA, they can still and are still offering crypto trading to UK citizens, although apparently there's a backlash from the banks and payment systems, which must be quite unexpected to them.
Following these developments, significant increases were observed in other platforms such as Bitstamp, Kraken, Gemini, and others.
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Tesla may or may not accept Bitcoin soon, but it definitely will one day. But who cares about Tesla not accepting Bitcoin? Do you think Bitcoin's growth would be stalled simply because Tesla is not accepting it as an alternative form of payment? Of course, not. On the other hand, do you think Tesla would remain stubborn in not accepting Bitcoin if there is a significant demand for it or if Bitcoin becomes widely used as alternative payment?
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Surely you can just ignore them, that is, if you didn't participate on them. If you did, just make sure you didn't provide anything to them, not any amount nor any information. If you are attracted to airdrops, even if they aren't attractive at all, I advise that you create a specific wallet for them. Give them a separate unused address as well. If you can, just stay away from all of them. 99% of them are no good and there's a ton of new airdrops every single day. It is next to impossible to thoroughly screen them.
Airdropped tokens and coins don't speak much. So I advise that you go directly to the project itself and make sure the contract address of the airdropped tokens is exactly the same address indicated in their official whitepaper or website.
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A state-backed crypto wallet is certainly undesirable but without any policy that compels Salvadoran people to only use such wallet, I guess it is not that bad at all. Regardless, here's a state who is pushing forward something which is indeed for the welfare of its people. Bitcoin is no government-issued currency. Neither is it under the control of any of its agencies and branches. Despite all of this, however, the government is still making sure its people could make use of all its features.
I could say this is a victory of El Salvador and its people!
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Of course, I agree. To a poor, it doesn't hurt if he/she is to explore all possible options out there in the wide crypto market. Provided he/she has a lot of available time, he/she could explore NFTs.
DeFi tokens are an option but if it entails too high a risk, I'd rather not stake what little I have for it.
Play to earn games are an emerging trend in crypto. I acknowledge its useful role to play among those who want to grab the opportunity to earn. There's so much to discover in this particular area. There are those games which require initial capital but there are also those which do not. This trend is still at its earlier stage. A lot could actually gain from it.
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But this is by no means surprising. I think that if you look at past history, exchanges that are able to generate a ridiculous amount of profits in a short period of time are generally quite manipulative and aren't the most transparent with their practices. Most especially with margin trading. Leverage is a perfect tool for predators. With the position of binance in the market, I am certain that they will really be put under microscope. But with their resources, I believe they have topnotch lawyers also to address these issues. I don't think they will just sit and wait those allegations. With their reputation, a lot of crypto users are really depending on their services, so I hope, they will not fail us. I strongly believe, they can surpass all these legal battles.
Binance must be doing something to save their neck. That's certain. We shouldn't be worried about it. As a matter of fact, we can see not just regulatory compliance but also a little extra with the company's decision to reduce daily withdrawal limit to a mere 0.06 BTC and a compulsory intermediate verification for everyone. However, more than surpassing all these legal battles, I hope Binance's unfair practices would be uncovered if there are any. That would compel them to shape up into a fairer exchange. |
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ESports is already popular and I assume eSports betting odds are available in all major betting platforms. I used to bet heavily on eSports and I didn't find it hard to look for odds in top crypto betting sites like Sportsbet, Nitrogen, Cloudbet, and so on. Especially Dota II, it's very popular and has the largest prize pool in all of eSports history, surpassing $40 million in the upcoming TI 10 in Romania.
It's just that eSports is highly niche-based. It cannot be compared to the likes of soccer, basketball, tennis, and other sports.
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I hope the government of Nigeria has been made aware of this so that they will realize that they are actually not in a good position to partially ban the cryptocurrency in the country.
Bitcoin is designed for P2P transactions. And as an antagonist of Bitcoin, Nigeria is actually fulfilling the goal of Bitcoin. The government could remain adamant in the face of what appears to be a futile action against Bitcoin or acknowledge it as a rising technology and start regulating and taxing related transactions with financial institutions.
they should have just legalised the crypto-exchange business, at least get the tax from these platforms. because with p2p, they are not getting anything. i guess, they will realised it soon about the repercussion of their strict approach towards crypto. crypto users will always find a way how to encash their money. Exactly. After all, if they are monitoring the figures, they should have already been enlightened that they cannot kill cryptocurrency. And the government shouldn't be unfriendly toward a neutral technology which they couldn't kill. They'd rather legalize and milk it. In a continent where fiat currencies are fast depreciating and where remittance plays a major role, crypto is a blessing indeed. It keeps the value of the African people's savings over time, if not increase it, and provides them a cheaper and faster way to transact globally. |
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I hope the government of Nigeria has been made aware of this so that they will realize that they are actually not in a good position to partially ban the cryptocurrency in the country.
Bitcoin is designed for P2P transactions. And as an antagonist of Bitcoin, Nigeria is actually fulfilling the goal of Bitcoin. The government could remain adamant in the face of what appears to be a futile action against Bitcoin or acknowledge it as a rising technology and start regulating and taxing related transactions with financial institutions.
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I am not a fan of absolute decentralization. Neither am I a fan of anarchy. And I believe that with human beings, there will always be a kind of central authority or government. So when a government collapses, even if a certain degree of anarchy will follow, it is definitely temporary. It's just a matter of time before a sort of a central power will surface.
Anyway, as regards economics, any government cannot just create a kind of direction if all control is taken away. The entire government would end up inutile. So while it may be prone to abuse, I guess it is equally absurd to deprive the government of any control.
Absolute freedom is not to be desired.
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