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If SEC is going after the NFT companies, they have my support! NFTs offer zero value and congests the network which pushes the transaction fees higher. Also NFT is a new way to launder money and syphon out funds. SEC has every right to protect their people.
Unlike cryptocurrency, NFT is basically a hype which only makes the owner rich. It's on the verge of dying.
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Very disappointed to see that Google has planned to allow NFT ads to their platform. I am sure they will stop it in couple of months when they will see the scams rising and people are laundering money using NFTs.
NFTs should be eradicated from the crypto market as it is dead already. It is probably the quickest death of trend I have ever seen in crypto market. Just useless and doesn't add any value.
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Indonesia, especially Jakarta is in a pollution emergency, Many say that this is caused by steam power plants where the fuel is coal. And, sadly I heard also on my social media local that this pollution is also caused by crypto-mining, I debated and rejected it opinion because crypto-mining in Indonesia is not much like other countries where their air is still clean today.
So what do you though, is crypto mining become a big problem of pollution?
Lol! These are just propaganda. It will be better if you can stay out of such things. Indonesia was never much favorable towards crypto mining and if I am not wrong, they do not have much mining facilities either. So when someone say such loose words, there's some vested interest for sure! Crypto mining surely causes pollution but that is quite less when compared to other industries and thermal power plants. Why blame crypto mining alone! |
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May I ask for the source of this data that you have presented? I would like to use it in one of my presentations for my employer. There's an ongoing debate I am having with my boss about something similar so the source will immensely help me.
Data is the new oil! The digital marketers live on the data and patterns. But corporates who hold such data usually sells it at a much higher price.
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We need to get our acts together guys. In one side we celebrate New adoptions and on the other hand we complain about network congestion. Network congestion will not go down, rather it will keep on increasing. We may see some periods are less busier than usual but that's not going to stay for long.
With adoption and new users, transaction volume increases. Then there's a madness called Ordinals which is becoming a real pain. Controlling Ordinals will bring temporary result but we need to think about a long term solution. Bitcoin network is just not capable of handling sudden spike in volume.
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What do you think? Is the endgame for ETH approaching? Will it be possible for ETH to become decentralized again? Or is it already too late? Your input will be greatly appreciated. Thank you.  I think really highly about this move. POS is making ETH accessible to everyone by removing the entry barrier. Now if you want to start Bitcoin mining, you need a huge investment. For ETH, you can use the staking pools to start mining with a bare minimum investment. So ETH is doing a great job by making cryptocurrency mining affordable and accessible to all. That's decentralisation! ETH is not going to end anytime soon! Rather it's on a path to grow. They will never go back to POS. |
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Today makes it two years since El Salvador made bitcoin a legal tender in the country. Since the adoption of bitcoin in that country. The president of the country Nayib Bukele has accumulated about 2381BTC which he has spent $101 million for the purchase with an average purchase price of $43,357. The price is down by 40% which the BTC price now worths $61 million today. Even as this is happening, the president is not compelled or pressured to sell them off, but still optimistic about the future of bitcoin and will likely love to add more to the bitcoin savings until a target 100,000 BTC by 2024 is met. Will this approach, confidence and doggedness by the president of El Salvador make other countries to follow his footsteps. No one has loved and gave much confidence in bitcoin as a government like him, and I admire and respect him for that a lot. We hope other countries leaders will follow and trail on his path.
https://bitkan.com/learn/how-much-bitcoin-does-el-salvador-own-in-2023-the-risks-16511Good things take time! The president of El-Salvador knows that and that's why he is not worried about this previous purchases. Bitcoin has a lot of potential left and we are still standing at a very nascent stage of adoption. As the adoption continues to grow, the more bitcoins are mined, the price will go on higher. But what El-Salvador can do, bigger countries can't do that easily. El-Salvador has a very limited population and it's easy to manage. So it's easier said that done. |
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We can see how traditional banking has helped in creating employment. Many people are employed in the banks. The banks and their employees are paying taxes. I read this today: CBDCs will gradually displace private banks, says Russian lawmakerIt is about a Russian lawmaker that believes CBDCs will gradually displace fiat and traditional banking. Can this be what would later happen? Traditional banking will never go obsolete! They are the pillars of the society. If banking system collapses, the social structure will also collapse. So any government will not take the risk to replace traditional banking using any means. CBDC is here to reduce the cost of the government as well as it is an exceptional surveillance tool. If fiat is replaced, it will become extremely difficult for anyone to not pay tax. There are definite benefits of using CBDC from the perspective of the government. Banking will never collapse, ever. It will go up and down but never get eradicated. |
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Yes just saw a video on how to operate UPI ATM. This is amazing and indeed India is going to become the leader in Fintech in next couple of years. UPI itself is a revolutionary initiative. Now almost 6 countries are in process of implementing this UPI infrastructure in their country including Japan which was considered the most technologically advanced nation once upon a time.
Cardless cash withdrawal was there but it needed to have the ATM of the same bank. UPI ATM will not have such requirements.
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What is fiction today, might become a reality tomorrow. Space X has already created a rocket that can be reused over and over again which may pave the way for commercial mining in other planets in future. However, any company or country mining from other planet will not flood the gold or energy market be because it will destroy the price with over supply and make the mining company unprofitable.
So even if energy and gold are found in outer space which can be mined, we commoners are not going to see any change in price.
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What do you think of this? Is this going to directly impact anything in Crypto or just they are trying to save their arse at this moment?
Nothing to think of this really! It's a very normal process of any cash rich corporates. When they need money, they float bonds and when they have money, they buy those bonds back to save on interest. Because it makes no sense for a corporate to kept the bonds unpaid because they have to pay back interest on it. I don't think crypto market is going to be impacted in any way due to this bond buy back. Rather it's a positive thing that a cryptocurrency related company has done good business to pay off their debt. |
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Privacy is important when it comes to Cryptocurrency, so why do exchanges like Bitget require KYC (Know Your Customer) for all users, even those who only want to get airdrops? I thought KYC should be for those transacting many Bitcoins, Is it really necessary for everyone?
Centralized exchanges are registered businesses. So they have to follow a certain level of compliance in order to operate. All over the world, KYC is a mandatory compliance for a business operating in financial field. Also it is very important to comply with the local and international anti-money laundering law. That's why every centralized exchanges have made KYC compulsory. If you want to avoid KYC, use DEX or swap services. There are multiple options available. |
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I personally work with 17 Chinese colleagues who are doing the same job since last 18 years without changing the company and with only one promotion. They are afraid of changing jobs as there's not much opportunities available outside the metro cities and it's extremely costly to live in metro cities. Do not believe things coming out of China glorifying themselves.
Thanks for the verification as I was also confused to read this because from pat few days I have reading that China is facing some severe financial problems like deflation, no buying of things. And people of there are trying hard to sell there products which are in abundant form. Yuan will slowly lose its value. And still OP was saying the GDP of China has improved in compared to Canada or some other country. He might having this discussion from some another angle but things are really not so go there roo because where inflation could put the financial status of a country at risk there deflation also has bad impact and it could effect the import and export plus selling will be lesser then before. GDP calculation and market cap calculation are same things and means very little. For example - A country has 999 residents living in poverty and one billionaire. So as per the GDP calculation, their per capita income is 1 million. Similarly, a cryptocurrency has 1000 units in the market and one unit got sold at 1 million. The market cap of that cryptocurrency becomes 1 billion. Both are flawed! |
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These numbers are manipulated! The main aim of the communist party is to maintain a great image of China infront of the world. But the reality is very different that what you are seeing here. A good read: https://www.cfr.org/article/chinas-homegrown-crisisI personally work with 17 Chinese colleagues who are doing the same job since last 18 years without changing the company and with only one promotion. They are afraid of changing jobs as there's not much opportunities available outside the metro cities and it's extremely costly to live in metro cities. Do not believe things coming out of China glorifying themselves. |
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I've seen amounts written in words like 1BTC 1 BTC but not like BTC1 BTC 1 so that's easy.
I'm asking if the best place for symbol's at the beginning or end of amounts. I've seen both styles. If you're writing amounts where's the best place supposed to be BTC1.23456789 or 1.23456789BTC. Which way do you prefer using the Bitcoin symbol.
Bitcoin symbol should not be placed before the amount as it is not a fiat currency. By general convention, the fiat currency symbols are placed before the amount but that's where Bitcoin can be different. As of now, there is no specific rule for placing Bitcoin symbol but if there's a rule to be made, I will definitely go ahead with after the amount. Bitcoin is not fiat and it should not follow the general rules followed for fiat currencies. |
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For countries with high inflation rate, I would definitely prefer to hold USD, EUR or Gold. Stablecoins will not be my obvious choice because they are not decentralised. So my obvious choice for stablecoin will be Bitcoin and ETH and nothing else.
Ideally, people should not hold stablecoins as an investment or for capital protection. Gold is a way better choice than stablecoins for these reasons. Even Silver is better than stablecoins in reality.
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It's a flawed survey and the size of the sample is not enough for a country with close to 90 million population. While it's good to see the growing interest from the people to adopt cryptocurrency because of the sky high inflation. But I believe if the inflation keeps on increasing, a lot more people will eventually become interested in cryptocurrency and alternatives like Gold and Silve. It's a net positive news!
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Very valid statement it is! But I see more bad in that compared to the good. It's like the real world wealth distribution inequality. That shouldn't have happened with Bitcoin at least. With such large holdings of Bitcoin, these entities do hold the power to manipulate the market at any point of time.
Even the government can step in and cease their holdings if any time the government wants to disrupt the crypto market. Really concerning!
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"Lao authorities said that cryptocurrency mining operations have failed to repay mounting debts."
Well, if that's the actual case then we can't blame the government really! Electricity is a commodity which requires money to produce. So if the mining companies are failing to pay their bills, the government has taken the correct course of action. Crypto mining operations across the world needs to be self-reliant when it comes to electricity. Otherwise it's a huge risk as we are seeing here. |
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What if there is no crypto bull run for next 10 years ? Will you give up all your investments and get out of crypto because of this ? Or do you you have even more broader horizon and can wait longer to see the next bull run ?
Personally, I am very much positive with bitcoin future but we should also be prepared for all situations. Nothing can be guarantee in present times and we must also be prepared for worst situations.
There's two sides to this story. Let's assume we do not see any bull run for next 10 years, but we do not see any bear run as well. Which means the price of Bitcoin will stabilize. That will be great for Bitcoin because then Bitcoin will be used for transactions and not for investments. It will create adoption opportunities for the merchants. Price stabilization is a very important thing for transactions. An unstable currency is not a great mode of payment, but when it stabilizes, then a lot of merchants will consider it as a mode of payment. Now if we see a bear mode in the market and the price starts dropping, that will create panic among most of the investors which may not end well. But then you will see a lot of other people jumping into the bandwagon to buy cheap Bitcoin. So it's almost impossible to say what will happen but these are two sides of the story I just tried to explain. |
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