Currently as we speak, bitcoin's blockchain is clogged by transactions because ORDI a shitcoin related to so called "inscriptions" creating NFT like things on-chain for bitcoin.
Are we to forget how the blocksize wars took place circa 2015 because some developers thought everything above 1MB for blocks was too much decentralization? Bitcoin lost many developers and fans due to this debacle and was set back quite a bit. We now have 4MB blocks with SegWit and a literal shitcoin riding on-chain and clogging our blocks.
This trash being inscribed on chain is going to be worthless tokens in just a few months. I can't fathom that we're standing idly by watching this all unfold. Please let's all agree that it's time to end ordinals.
Any form of NFT is a nuisance! Ordinals are no exception. I personally feel NFTs should be banned from any mainstream cryptocurrency as it only clogs the network and pushes up the transaction fees. Miners won't do anything about it because it gives them extra income. But honestly I am not sure if it can be done technically. If you are a normal bitcoin user, it's high time to completely move to LN. It's also hilarious to see some bitcoin puritans still think that Bitcoin will become "one world one currency". |
|
|
|
|
Congratulations OP!
But do not forget that your government had taxed 30% of bitcoin. So make sure to set aside 60k to pay as taxes in April 2024.
I too had used my Bitcoin profit to buy my first home. I was expected to add 20% while bank was lending me the remaining 80%. So I had sold off some of my bitcoins back in 2017 to chip in that 20%.
Bitcoin is a life changing experience if you have played it right!
|
|
|
|
500 quadrillion EURO were printed in Europe during the last 80 years but there was no inflation
500 quadrillion were printed in Europe during the last 80 years but there was no inflation, But when the Biden administration printed 3 trillion dollars, inflation occurred, despite the printing of countless euros, the euro remained at its value. Isn't this the worst joke? Isn't this the worst fraud Europe has done to the US in 80 years?
What is the source of this information? Also you are only seeing Europe fraud but cannot see United States fraud to the rest of the world! That's not surprising though! I believe this is one of the reasons why United States want to include Ukraine in NATO. They new Russia will never give access to their borders to the NATO forces as this will mean US will get interrupted access to Russian border. Isn't it the worst fraud US is doing to europe? Also what is the problem if a certain currency is able to maintain its value? Why are you saying it's a fraud? |
|
|
|
|
It seems your main issue is devaluation of your local currency. It really has nothing to do with Bitcoin investment. In your case it would have been profitable if you had invested your pension fund into Bitcoin. But that might not be the case for many others here.
The main reason for your less savings compared to USD is that the value of naira has gone down to a great extent. Also what your calling as pension fund is not really a pension fund. You are not dependent on this money. Pension fund is something which takes care of your retired life. You can still start building one by investing in Bitcoin in small amounts and averageing out the buying price.
|
|
|
|
The phrase "invest what you can afford to lose" has long been the go to advice when it comes to Bitcoin investments. In the past, it seemed to be a norm, a safety net, but it's time to reconsider its relevance.
It is still very much relevant! It all depends on your local regulations on bitcoin. You time when you have invested in Bitcoin etc. This statement is here to remind you about the risks of Bitcoin investment. But it is something you can ignore at your own risk. Today when the Bitcoin price is increasing, we are seeing a whole lot of new crowd becoming super bullish on it. But let's assume you invest at pick and then the price starts going down! Will you be at the same position with the early adopters? So Bitcoin is a risky investment and you must not gamble with whatever you have. Have patience and take a cautious approach toward Bitcoin investment. That might save you from being bankrupt. |
|
|
|
Given the increasing cost of TV subscriptions in my country like GOTV, DSTV, etc. I often find myself watching the same movies every month. Sometimes, I can't even watch them due to a lack of power supply, making me feel like I'm wasting my money. So, I've had an idea: what if I were to invest the money I usually spend on my GOtv subscription, which often goes unused, into Bitcoin? Many people pay for these subscriptions but aren't satisfied with the content. I'm just thinking out loud, but by diverting the funds from TV subscriptions into Bitcoin, I believe I could potentially achieve greater satisfaction.
The package I do is Gotv Supa which is about 6400 every month. I'm thinking of reducing my package to a lower one like Gotv Jinga which is about 2250 for the sake of the kids so they can watch their favorite cartoon and I get to save 4150 amount into Bitcoin.
What do you all think about this idea?
TV used to be known as dumd box for a reason. It doesn't help you in anything apart from wasting your time. Old people, who have already crossed their working age, it's their time to watch TV. But if you do not belong to that age group, it doesn't make sense for you to watch TV. So if you are investing into Bitcoin, it will serve a good purpose and might become very handy for the future. But when it comes to investing, do not forget other options like stocks and precious metals. They provide capital protection to some certain extent. |
|
|
|
Does such kind of rotation of holdings guarantee it's safe from hackers or scammers?
Nothing can guarantee any safety from hackers. Whatever you do, will only increase your chance of not getting hacked. Also moving from one account to another will not guarantee anything at all. The best you can do is to have two factor authentication enabled. Where every outgoing transaction will have to be validated by two factor authentication. That will provide you with the similar level of security like rotating accounts. To be honest nothing can really guarantee any safety from hacker. |
|
|
|
About one or two months ago I created my first thread about my regrets for not not getting into bitcoin on time when I was first introduced to it by my friend many years ago.
And how I have made a decision to start my bitcoin journey because I now realized I made the biggest mistake of my life back then. Before my very eyes I have seen bitcoin turn the life of people around and gave them financial freedom.
I must say the truth since I made that first post I didn't just feel relaxed. Firstly I went ahead to read the bitcoin whitepaper to have a full knowledge about what bitcoin was all about. And I was glad I read that whitepaper. After that I took some drastic actions to make my first bitcoin investment. I did something which is making everyone around angry and he complaining bitterly about that. I sold our family land and used the money to invest on bitcoin. Initially I told them I want to sell the land and use the money to travel abroad. If I had told them I wanted to invest it in bitcoin they wouldn't have allowed me sell the land. I have tried educating them about bitcoin but they were not just interested to listen to me as they are all illiterates. Now the truth has finally come out and everyone is on my neck to get back the money. I told told them I invested the money, they thought I have spent the money on women and other things. I have been abused several times but I don't care because I know the money is safe and never lost. I understand that in everything good there must be some challenges and set backs. My resolution to invest in bitcoin is final and there is nothing anybody can do about it.
Lol! You are stupid af! Like Bitcoin, land is also an excellent investment and it is also Limited in quantity. If your land is located somewhere in a remote area, that's fine. But if that parcel of land was located in an urban area, you have probably lost your chance to become a millionaire by now. Bitcoin works well in long term. So the goal of the investors is to average out the buying price. What I understand you have not done that and purchased bitcoins in bulk at a single price point. Your family members have all reasons to be mad at you! |
|
|
|
During an uncommon interview conducted by UK Prime Minister Rishi Sunak, the tech billionaire Elon Musk predicted that if AI is not regulated, there will be a time when no job will be needed. This means that AI tools would take over the entire work of men making paid jobs become reductant. He even claimed that humanoid robots might be a perfect friend for one of his sons who is having difficulty in having friends. I have always believed that regardless of how sophisticated these AI tools become, they will never replace humans. But hearing this prediction for an individual who has a full understanding of the AI sector is frightening. Elon Musk owns an AI company, xAI, that is competing with big AI firms like OpenAI, Google and Anthropic. These comments can increase the fear and anxiety workers always had that these super-computers will replace them in future. What are your thoughts regarding the statement by Elon, do you think we should take him seriously? I can't really disagree to Elon's statement. There will be many jobs that AI can't replace. But there are many jobs as well, where AI will eventually replace humans. Especially those jobs, which are repetitive in nature. For example accounting! I have personally led a team to automate the entire bank reconciliation process for a large international travel company in the past. Now that entire function of bank reconciliation is just manned by one very experienced person who check the contras thrown by the system. Which used to be a department, is now manned by only one person. So there will be many jobs that will get eventually replaced by AI in future. So I feel a strong urge to regulate AI. Elon is a visionary. I wouldn't dare to take his words lightly. |
|
|
|
The crypto market has an high level of volatility, anyone who is about to make an investment need to have a good understanding of the volatile market. Now the question is even with the volatility will you still choose crypto over fiat when it comes to making investments?
Any wise investor will never choose a single asset to invest. It's a suicide. It's always a mix of different kind of investments that includes, cryptocurrency, stocks, bonds, band deposits, precious metals etc. A mix of assets is always better than any single asset. That's very basic of investment. So even with this volatility, I do invest in cryptos as well as other assets. I do not choose only cryptocurrency for investment or only fiat. |
|
|
|
This conflict between Israel and Palestine can really lead to 3rd world war. So I would not phase out the possibility. But even if US goes to a full fledged war, I do not see an immediate action on the bitcoin holders to be honest. US gets into war without affecting its own citizens. because every political party knows, if US citizens are affected due to their government's actions abroad, they will never come back to power for the next 20 years. So no government will take such risk to seize the bitcoins from the US citizens in the name of a war. But the US government might do the same in the name of tax collection. So it's better to keep certain things a secret. At least it saves us from the bad times! |
|
|
|
So why should the people who almost always send money praise Bitcoin's irreversibility if they personally don't directly benefit from it? Should they hope that merchants will lower the prices because they won't have to deal with chargebacks?
I personally do not see irreversiblity as an issue in bitcoin ecosystem. Unless an ecosystem is centralised, this is always going to be the case. But it might be an issue for an average Joe who are new to this domain. Also it gives rise to the hackers as there's no way for the funds to get seized unless they are caught by the police or enforcement agencies. Rather I see this as a feature that gives confidence especially to the merchants. There's no denying that it has downside as well but that's how the world is. Every system has a downside and a positive side. No system is fair. |
|
|
|
|
Majority of the altcoins are fake but not all. Some altcoins are created by corporates with vision and capabilities. But majority of the tokens and altcoins are nonsense. The top 10 cryptocurrencies in CMC might have some use, but rest are just gambling.
I personally hold millions of dead tokens. If these tokens had ever reached to it's promised price, I would have become a billionaire by now.
|
|
|
|
|
I am not sure what sad you are seeing here! Safemoon is a shitcoin like thousand other shitcoins in the market which brings in zero utility and zero innovation. It is a typical shitcoin where only the creators gets rich and typically becomes an exit scam.
Cryptocurrency in general does not suffer bad reputation due to such incidents. Rather cryptocurrency market should feel a sense of getting a clean up. It should renew the reputation of cryptocurrency in front of the public eye. We do not need coins like safemoon exist in the market.
|
|
|
|
|
RIP to those people who had thought crypto transactions through a centralized exchange won't attract taxes. Well such kind of risks will always be there if you are using a centralised crypto exchange. Doesn't matter if it is a company from United States or from Honolulu Island. As long as these two countries have data sharing agreement, you are screwed.
Kraken is a legal entity in United States. So they are bound to share the data to IRS or to any other government agency. All the best!
|
|
|
|
For my own opinion as Bitcoin becomes more widely used, it will bekre secure and safe for user information privacy. I think scalability will be more focus because can only handle limited transaction per second.
Scalability is a big issue that is not yet solved since inception. There is definitely lightening network available but it is a side chain. So it cannot be claimed as a part of Bitcoin network. If we want to have global adoption of Bitcoin payment system scalability is something we need to solve sooner than later. I personally believe the best feature of Bitcoin is its privacy. That is why a lot of people use Bitcoin apart from the investor group. But unless scalability issue is resolved the Bitcoin network will struggle to accommodate ever increasing number of transactions. |
|
|
|
|
This is a great example of Blockchain application in real world. Everything that has a chain of linked communications, can be benefited greatly from Blockchain architecture. It's great that big corporates have started noticing that benefit and started implementation. This will reduce cost for the company as less number of human intervention will needed in the purchase requisition process. Good development! Thanks for sharing!
|
|
|
|
What is your one memory related to Bitcoin that you want to forget? It can be anything like some sort of scam happening to you or some other type of loss.
Lol! A lot of memories I want to forget! Back in 2015, 16, 17, I had sold a lot of bitcoins at dirt cheap price compared to today's price. At least 6 Bitcoins I had sold back in those days at throw away price. I really regret those decisions. If I had kept those Bitcoins with me, I would have become a rich man today. I didn't face a lot of scam in my life as I do my own research. But selling out bitcoin in early days, I could have seriously avoided. |
|
|
|
I've seen many blog posts describing bitcoin as a ponzi scheme, but looking at the current inflation of fiat it now looks like a Ponzi. Don't know who is the beneficiary in this kind of fiat Ponzi. The earlier generation had enough to buy with few amounts that can't buy anything reasonable today. I also saw Elon in a tweet saying or calling fiat a Ponzi scheme. People suffer to get fiat and lose it on high food prices and products. In a Ponzi, everyone end up losing money, same with fiat. A good number of people around me complain of not being able to purchase product with a fair sum of money they feel is big.
Neither fiat nor bitcoin is ponzi. People will say multiple things but that doesn't make it true. I remember back in 2014 one of the big politicians in my country claimed Bitcoin as a ponzi scheme in the parliament. Such kind of statements come from ignorance and no knowledge. Fiat money is not ponzi either. Without Fiat how would you derive the value of a cryptocurrency? Without Fiat how would you conduct the local businesses? |
|
|
|
|
Well slowly all other countries will start imposing tax on Bitcoin. But it will be very interesting to see how they are going to track it. Surely they cannot impose taxes on Bitcoin transactions, rather they will try to track any conversion into Fiat through the banking channel. That's how other countries are texting cryptocurrency.
But one good thing is going to happen, probably after a structured framework a lot of merchants might become interested in accepting Bitcoin payment. But we are yet to see this.
|
|
|
|
|
Show Posts
