What is this backup passphrase? Is it another pass phrase that can be used to unlock the original mnemonic seed phrase for your wallets? If not, what does it serves as in wallet security?
A passphrase is an extra layer of security for your wallet, it is an extra 'word' added to your seed phrase which creates another wallet and keys for you, take note that your passphrase does not have to be a 'word', you can use and add whatever you want, even characters to make it stronger and hard to brute force. So whenever you use your seed phrase without adding that passphrase you get the base wallet, but when you use your seed phrase + passphrase you get your second wallet, this set up is great for plausible deniability. So with a passphrase set, if an attacker compromises your seed phrase, they will still need the passphrase to access your funds. Take note that if you use a seed phrase + passphrase set up, you will have more backups and you have to keep them in separate locations to avoid the possibility of a single point of failure. It's also very important not to lose it as well. Most people focus way too much on the security side of things but then they forget about the issues that they have on their hands, which is remembering it, you will probably not remember it or even if you do, you may eventually forget it. While trying to secure it carefully, you may end up locking yourself out along with everyone else and that would result with something that would not be that much a profitable business. This is why I believe that we need to do a lot better, and that could end up reaching a little later than expected as well. I understand that we could do much worse but we could end up trying to do the best thing we could potentially do by saving it somewhere easy to access by us, but nobody else. |
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Biggest mistake is getting greedy. Either not cashing out on a big parlay or hedging against it and then losing, or just betting huge after big wins giving all your money back. Once you are up big its easy to think that all your bets are gonna hit and then you end up betting bigger than you normally would. This usually the biggest downfall for people, greed.
This common mistake but we can’t blame anyone experiencing this since we will not enter in gambling if we doesn’t have innate greediness on ourself. We are gambling because we want quick profit compared when we just do our job and earn on salary in monthly basis. Gambling can offer us on the spot profit which makes us greedy to even try it despite known risk. For me, It's natural to commit greediness on gambling since it can be considered as natural mistake. I believe destroying real life just because of gambling is the biggest mistake which gambler can ever have. I would say that you are wrong on that subject, not everyone gambles to get a quick profit, some people gamble because it's fun. What people do not understand that you may like to open up steam and play a game, or your ps5 or open up netflix to watch a movie, and some people just open their favorite casino and gamble. It's as simple as that and nothing more, it shouldn't really have anything different from that. I understand that it may not be that easy but we need to just realize how normal that is and not going to approach it like it's going to be something dangerous. I get that it may not be that easy to handle but we are still gambling for fun, even if it means risking a lot of money at times when you are doing it. |
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Investing in top coins isn't the best investment advice either. Top coins haven't been growing as fast as they used to for a long time. At best, you will get the same returns as investing in bitcoin. If there is not much difference, what is the point of investing in top altcoins if you can just buy bitcoin and not expose yourself to the risks inherent in altcoins like BNB or DOT?
But investing in top altcoins isn't bad idea, I think the top coins deserve to buy for investment. If they aren't growing for a few years, it is because of the bearish period. The point that people choose top altcoins is for diversification, people assume they can get good profits in top altcoins as well. Some people think altcoins have higher volatility than Bitcoin, they expect to get bigger profits in top altcoins. For what purpose? What do you want to get out of, say BNB or XRP, within 5 years? Do you really believe that these coins will generate much more profit than bitcoin? No, they won't bring you that much profit, and if they have no clear advantages over bitcoin, why would you buy them? Why? There is a point in buying altcoins only when their expected growth can greatly exceed that of bitcoin. Among the top altcoins there is no such thing. I can't talk about XRP because I dislike it, but I can see BNB being more profitable than Bitcoin in the next 5 years. I can't be sure of it though, maybe it will be or maybe it won't be and I have no idea which one it will be. But I can damn be certain that it is going to be close, it is not going to be like 50% less or something, it is going to be about the same difference at the very worst case. I get that some people prefer it that way and they want to just have diversification but I rather have a bigger return and that is why I have some of my money in BNB. Truth be told I still have most of my money in Bitcoin though, so I do not trust this prediction, I just wanted to say that it is one of the possibilities. |
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You don't consider gambling as bad but conclusion by combining the percentage of gambler suggests that gambling never have made anyone rich but instead it altered the situations of middle man into poor man. Bitcoin and gambling have lots of differences and we can't say that these are same as bitcoin investors always learn well about market trends and investigate about price chart after which they decide whether to sell or buy but gambler never search anything without query then put money and bet and rest of the things are then on good or bad future.
The journey may be different when connecting gambling with investing in bitcoin, because no one wants to bet just by relying on luck. Bitcoin has a much more rational concept and road map, where there are times when repeated cycles will take us to the next stage of achieving ATH, gambling does not have such a concept and road map, so it completely relies on luck. I agree with your statement, that gambling is very unlikely to make someone richer and even if there is, perhaps only a small group has a much stronger financial level. Yes true, the fact that bitcoin is the rational one when compared with something may cause some people feel like that's a refreshing thing, but that's also true. I believe that we are going to end up with something that is much larger if we are careful and we could just consider gambling is pure loss. I understand that "some" people may have made some profit with it, but the reality is that we are not going to make a profit with it, and we are going to be pretty unlucky about it as well. So, when people end up with something that is wrong, that doesn't mean that they were always wrong, that just means that they got lucky or unlucky based on what happened. This is why it should be important to realize that bitcoin is far superior because it doesn't depend on luck. |
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Plenty of countries in Africa are poor yet filled with tremendous amounts of resources.
South Africa was pillaged fiscally for over 100 years.
from google:
"In 1871 the English entrepreneur Cecil Rhodes bought a claim to the De Beers mine and, with this as a financial base, eventually bought up most of the diamond mines in southern Africa. In 1888 he incorporated De Beers Consolidated Mines, Ltd."
They used Apartheid to rule the black people until 1994. so
1994
1871
123 years of ripping off South Africa and 1994 to 2023 is 29 more years and one could argue the people do not get their fair share of diamonds or gold.
This is one of many African countries that still get ripped off.
It would be naïve to think that they stopped at 1994, that was the point up until they used their official power, now they are using their unofficial power, slavery ended in USA 150+ years ago, do you really think blacks have the same rights even today? Let alone 20-30 years after it ended? I can easily tell you that 30 years after apartheid ended, the whites did not started to be equals to blacks there, and in this case it was the whites that came in there, and they are still abusing Africa a lot. This isn't even just about certain nations, all of west still take all the resources from Africa and makes the profit while paying them peanuts. The moment Africa says no, and uses their own resources, they will be much better. |
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If you believe in luck in trading, why not believe more in technical analysis.
Technical analysis increases the chances of predicting the price chart right, it also boost your profit since it's much better rather than just simply deciding a random trade and hoping for a big profit, that would give you only frustration and depression leading to a much more difficult situation in your trading career.
Yes, that's right, technical analysis for me personally is to describe analysis and see opportunities at a certain point as a means of weighing before making a decision, and so far it works even though what we produce from technical analysis and the reality of market movements is a little different, but basically we can look at benchmarks for increases and decreases within a certain period of time. And this is more precisely very useful for those who make short-term investments or trades. In other words, you don't just buy and hope to make a profit with a blind eye to market movements. That is sort of true, I mean you have to do all those type of stuff to keep it going otherwise it's not going to make any sense, all those numbers and charts and indicators would be useless if we didn't use them properly so you are doing a great job. However, you have to also realize that it's not going to be all that different and should be doing something that could win something on the long run. I personally do not believe that it would be terrible, we could maybe try to look at it different ways sometimes, because even though TA is a great way to see how it goes, news are not that terrible neither because while it looks one day on TA, a news could make it go the other way around. So always be open for other stuff too. |
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Do you think decentralized domain names are still a thing? Decentralized domain name is not a thing anymore. There have been many developers who were replicating decentralized domain as copy cat business. Everything is fine without domain. There's no urgency in using domain. It's pretty much the same like NFT. The era for NFT already done. NFT may be dead soon. I believe that it is "still a thing" in the sense that it exists but also not really a thing that people are really caring about. So if we are talking about existing then yeah it is a thing but not really seeing too many people actually using it. Not that many people care enough to spend money on getting one, the ones who did already bought some and it has been done ever since. I have seen too many people being hyped about it when it first came out, but then slowly overtime it became a lot less interesting and that caused it to be a bit more bland. That's of course with every hype, it becomes very much liked at the start but then slowly it got a lot carried away with time and should be considered a bit different. |
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The speculative element to the ETF story is already played out, I think its in the price. If it were to occur theres a slight positive from that, maybe we beat some prior resistance level. What really needs to happen is an actual greater level of buying or a wider audience perhaps, then you have larger demand vs same supply and price must then rise.
My general thoughts is BTC rises on actual greater usage, ETF holdings arent usage as such its just a way to follow price in another way. The ETF will have a charge for the holding, so yield is negative to holders.
Im only truly bullish on wider population of users and people who do use BTC, we already got enough speculative elements in BTC price action. It'll happen but its slower then all these price jumps people drool over.
It will definitely yield negative to the holder because they will start with minus directly due to the charge, but it could still see people end up buying more, people who didn't buy due to lack of ETF may end up buying, and all those companies that people use, will end up buying bitcoin to back that up, or at leas they should. This means that it would help them help us grow bigger in bitcoin price. Would it make it 100k? I wouldn't know, it is an unknown number and we can't really pinpoint exact price and how much it will be. However, I can say that it will do fine, and that's the important part, if it can be better than what it is today, that means it's a good thing for the market. I welcome everything that is good for the market. |
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This could also happen because Brazil already has many world-class stars and players in its country. That's what makes children in Brazil dream of becoming great footballers. They can idolize players from their own country. And because these great players also come from Favella, it is a motivation for other children. Second, Brazil and football are like one unit. Just like the US with basketball. In Brazil, limited space and economic conditions make football the only sport that can be played by everyone.
It is not just the case with Brazil. Football is like the religion in the entire Latin American region, from Mexico in the North to Argentina and Chile in the South. In the US, that is not the case. They have more popular leagues such as the NBA, NFL, MLB and NHL. The local football league (MLS) is not that popular when compared with the other leagues. So it is not very surprising that US lags behind Latin American teams such as Brazil and Argentina, when it comes to football. Economic conditions in Latin America also favor football. You just need a ball, that costs as little as $5. It looks like it is getting better though. Even before Messi joined, they had some world cup experience if you look at it, and that means they are doing fine, and I am guessing that they are going to keep doing fine for a while longer as well. That means that we are going to see them grow, and with Messi now coming, and probably staying there after he retires as well, he should be bringing some new love for it. We have seen women soccer be a lot more popular, so male counterpart is just on the rise and could do better. Doesn't mean that it could get anywhere near NFL, that's the most popular sport of all time there, and will never be passed by any other sport, but it could still be liked a bit more than what it is right now. |
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Interesting but what would be more interesting would be to know for sure if you really are a trader and also one of the few who earn money in the long term, because what you have written can be done by gathering information on the internet and some experience in trading but without being a consistent winner like the vast majority. Seeing the few posts that you have written in this section since you registered and that in none of them you talk about specific trades or put charts, I think it is the latter.
Is there a technicality you need to fall under for you to be considered a trader? As far as I know as long you have made consistent trades or have traded for the most part of your investment journey you can be considered a trader right then and there. Gathering knowledge is just part of the process, it's not the result itself, simply earning or doing a single trade doesn't make you a trader either since I bet everyone here has made a single trade at least once in their life and they don't go telling everyone they trade crypto. Just as long as you're in this industry for the sole purpose of earning money through trading currencies, you're considered a trader, no other technicality or rules to follow to be recognized by everyone. I don't think it's as important as a lot of you guys are trying to portray especially when the very topic is all about the Psychology of trading I do agree that if you trade, as long as you are trading, you are a trader. There isn't anything else that is required to be considered a trader, the meaning of trader is literally someone who trades that's it. Not everyone may deal with a lot of money, not everyone may make thousand trades per day, nor maybe even make a profit while trading but as long as they trade, that makes them a trader. I personally do not trade all that much, maybe I am a bad example because I do not consider myself a trader because I also hold long term majority of my investments, but if I wanted to call myself a trader, I would be able to say that because I trade at least few times a week and that should be more than enough to be a trader. |
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the thing with new altcoin its still in phase of trial and error, you are literally investing in something unproven whether their product gonna success.
therefore you will put your money at stake here, but the thing is if they do succeed your capital would be multipled many folds, unlike investing in already established coin, thats why many are interested.
Yeah, these trial and error part should be done with little amount of money and not a lot. If you keep investing into something a lot bigger then we are not going to end up with anything that would be profitable or smart. I believe that if you put too much money into stuff that are new and untested, you are going to end up with a lot of loss as well. So that is why it is smarter to end up with something that would make you profit when you have the money for it, so do not put a lot of your money into them. The amount can change, for me 50 dollars would be smart, nothing more, but for a whale it could be smart to put 5k, because he has 1+ million dollars, so 5k is nothing for them, but never put more than 1% into something that is risky. |
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Debt is caused by many things and this is done because there is no choice that a country can take or it could be that it is pursuing a infrastructure development and others but along the way it experiences obstacles because it is unable to pay. There are several countries that are currently experiencing bankruptcy because they owe too much to other countries and debt problems are becoming a big problem for several countries at the moment, especially if the country does not have a steady source of income from various existing sectors. Countries that do not have income from natural resources, industry or other sectors will actually have difficulty borrowing money from other countries because they cannot afford to pay high interest rates.
If the question is why countries are capable of paying off debts but don't do it, perhaps it is because the form of government is corrupt and creates a much worse system for the country. A good government will make efforts to settle debts with other countries and if they are able to pay it is unlikely they will not do so.
That's usually a bit bad planning if they are getting to bankruptcy levels, look at USA, they are a huge country with a huge deficit and they are still fine about it. I understand that it is not going to be that easy to print more money right away for them, but they did and I am sure they will again so that means if you can plan according to your own nations power and affordability, then you are going to be fine. Not everyone will be as big as USA, but it is possible for ALL nations to be as big as them overtime, would require decades, but a right ruler would get debt that would be payable enough to use that debt for something that can make them more profit, which allows them to grow, and then get bigger debt, and grow even more and so forth and be like USA eventually. |
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When the price is not good enough then you don't have to sell as no one forces you. But this is a market that we need to take advantage whenever we're in profit.
Don't make any decisions when there's no need to. I can't quite remember who said this but I've heard this before and this has a great impact in life. The same rule should be followed while investing. Setting a target and staying true to it is the key to becoming successful at any investment (Not guaranteed tho. Every investment carries risk). Set a target and work hard till the target is reached. Not only in crypto investment but in all investments. When there are no significant profits to make, wait, and do nothing. When you don't have to make a decision, then why bother? That will only lead to emotional influence. And it investment, we don't want that. This is a great way to avoid getting emotional. We should all learn to do nothing when it is not needed to do anything. Definitely something that should be echoed enough to make everyone know about it. In the end we are talking about a situation that is legit a fun one and definitely something that can be considered true. People should be able to set their own goal, and work towards that and not get greedy and just keep at it as long as they possibly could. That would make them lose as much money as they normally would and it would be a smart decision if they end up holding it out until their strategy works. I know that it's going to be a tough one but if we end up dealing with it carefully then we are going to end up with something that could result with a profit that could help everyone at the same time. |
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Choosing speculation that has good analysis is a good strategy for investing in Bitcoin, but it would be better if we stuck to the plan we have set because if we choose the wrong speculation this will certainly be very detrimental to us. You are right, we also need to make adjustments on several occasions so that we can get profits in investing.
In as much as I may be against ops suggestions on none reliance on speculations to make market decisions, it may also lead to some verifiable progress in some form, because I'm as much as we may not rely on all the speculations that may be suggested to us on this board, we can still also rely on a few number of them who have some indept data and analysis that are provable on the long run. More also we have to do some form of data sampling before we buy into any analysis of the market since bitcoin have a provenable long history of not following the same pattern all the time. When you see one, you are not entirely sure if it is a good one or a fake one. If you think it is a good one and it turns out to be a terrible then you lose money, if you think it is terrible and it turns to be good, the worst that could happen is missing a profit chance. When you compare "losing money" vs "not making money", people would prefer not making money, in one you are still holding the same amount, in the other you are losing more than you bargained for. This is why it is quite important to realize that you are going to end up making a profit if you are careful about it and that should be an alright situation without a doubt, I have been in favor of that forever. |
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Now there is news that microstrategy has bought some bitcoins again. Strangely enough, but usually after such news there is a drop in price. I don't know if we should expect a repeat of this story now, but it seems to me that we will see a fall ahead one way or another. There will be a halving soon and people will need to be scared to buy coins as cheaply as possible.
I still think that it's a bullish news that they bought some more. If a company has over 100k+ bitcoins and their bitcoins worth that much money then it means they know what they are doing. I mean they are super rich and they are buying, if someone with billions of dollars risking all that money for bitcoin, then I am sure that it's a good sign and the price should be fine. People should have hyped this news and take the price to 30k if you ask me but they didn't and that's their decision, I can't say much about it. I get that it's going to be tough to handle but we can still do it if we are careful. I know that it's going to take some time but if we are careful then we are going to be doing fine in the end. |
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I have been thinking and trying to analyze what is really causing the high cost of food in Nigeria, I came to realize that monopoly is the major factors, Nigeria government are the enablers. How can one person be the sole major distributor, government should welcome competition in the business sector, every business person should be allowed to produce.
Maybe it is not about reducing the price of goods but more about increasing the purchasing power globally? Look at Switzerland, they are one of the most expensive nations in the world, but they are earning as much as the yare spending, sure there must be some poor people there too, but they are making insane amount of salary compared to rest of the world, which means that even a minimum wage worker there, even someone who other nations "deem" bad and low income stuff, can buy whatever they want globally. Look at Norway, look at Japan, all these nations make a lot of money even though their expenses could be huge, that means it is not about reducing the price of goods, let them be expensive if you have to, but make people richer. |
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OP, I commend you on this. You took a bold step by putting to test your convinction and faith in Bitcoin by investing in it. That's what every Bitcoin fan should do. They've to at least own a bit of it in their own private wallet. That way, they've a basic knowledge and feel of what Bitcoin is. It's like a man who tells everyone that he's a carpenter but doesn't have a single couch at home. Let's even see it the other way round, the knowledge is the theory while the investment part is the practical. Both should go hand in hand to give a better result and increase success rate.
I agree, I did this many years ago but I agree with it as well. I feel like it's obvious that we are not doing anything that would be smart to handle all these kind of stuff, it just doesn't make sense to handle it any differently. I really hope that people could make it change a bit more and we could see some changes on the long term, but for the time being I believe that we are going to end up with a result that would be a lot better if we follow where our heart takes us. Bitcoin is an amazing asset and having some of it couldn't hurt you if the money you are putting in is not some money that you will need. Some people put in their salary, that's a wrong move, do not make that type of investments at all. |
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Clean energy bitcoin mining such as solar or wind power is now far more prevalent than in previous years probably due to the constant FUD & criticism by MSM. We even now have El Salvador using volcanic energy to mine. Clean energy mining aims to reduce the environmental impact of cryptocurrency mining which traditionally relied on fossil fuels which contributes to carbon emissions. Clean energy bitcoin mining helps mitigate the ecological footprint of the cryptocurrency industry making it more sustainable & aligned with the global transition towards renewable energy. By utilising clean energy sources it promotes a greener future & supports the development of sustainable technologies.
Russia has the 2nd place in the world in mining, but for mining it mainly uses electricity from hydroelectric power stations. Everyone believes that hydropower is safe electricity and its production does not emit harmful pollutants into the air, but the construction of powerful hydroelectric power plants has other negative environmental and social consequences. They basically calculate how much negative you get from building it, and how much cleaner you get after you built it. To make it simpler, if you end up with 100 negative at first but then 500 clean with hydro, versus no 100 negative at first with coal, but then 500 negative and no clean afterwards, that means that hydro is still better. Yes, it doesn't require any bad pollution when you first start coal mining or oil drilling, but afterwards every single day is negative, whereas hydro requires a much higher pollution rate before you start, but you can cleaner and cleaner eventually just be pure clean thanks to hydro. Well, that's at least the hope, maybe sometimes it fails, but that's what the aim is all about all around the world anywhere people do hydro powerplants. |
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It is quite possible that this will happen, only I think that all this should happen in 2024 - 2025, I also mean Black Rock, and this will be possible not only due to the approval of the ETF, I assume that at some point, regarding bitcoin, there will be a lot of positive news coming, this will mark the beginning of the bull market and then bitcoin will reach 100k and possibly even exceed this price.
If Bitcoin will get to a hundred thousand dollars by 2024 -2025 I don't think ETF would be the reason. If Bitcoin price spikes up before the next halving then ETF might be the reason but I doubt that. It might take the price higher a little bit not not as high as a new all-time high. A very significant bull run might be all it would do What I'm looking forward to is the next halving, that's why I believe Bitcoin might get to $100k after the halving. I have my reservations about that though but if I bring overly optimistic that's my prediction. ETF will definitely not be the reason at all, lol. We are already doing big bull runs without ETF so far, look at 2014, look at 2017 and look at the recent 2021, none of that had any ETF and all of them made the ATH become higher and higher. The latest was 68k, which means that even a 50% increase from that would be nearing 100k anyway, and should be considered quite possible, I mean having just 50% higher ATH is nothing at all, normally it is much larger increase than that. I believe that we are going to end up with something that would be quite profitable to hold bitcoin until that period, and it will be 100k, and we do not need any ETF at all to have something like that, it should be normal and not a big deal. |
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good luck with using tether everyone. you're going to need it if this thing depegs.  I do not know if the problem will rise from within USDT itself and Tether as a company, or if it will be just governments doing something about them, but I am sure that there will be an issue for them in the future. Nobody should be able to just print a fake thing and say "this is pegged to 1 dollar" and convince enough people to get tens of billions of dollars. That is literally what this is all about, they give you some digital code, that says that it's pegged to 1 dollar, and you should trust them about it. This isn't like any other cryptocurrency, you have to trust a company for this, no other is like that, when you buy bitcoin you know the risks, but when you buy USDT you have to trust Tether is legit. So it could result with some issues in the future. |
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