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Poverty essentially is the lack of capability to purchase services and products that would help sustain a livable and fulfilling life. Of course it includes the lack of money and inarguably it's the primary vector for recognizing if a person/nation is impoverished or not. Now there's also other factors to look at like financial literacy, economic status, even family member count, wherein all of these play a delicate balancing act in order to make sure one lives above the poverty line.
You make a sound point about not needing money and persisting, but if we're talking about being poor here we can't rule out contentment as a factor cause every poor person who gave up on life and stayed making ends meet just to get by will probably say at one point in their lives that they are contented, when we all know from a subjective perspective that they are living a subpar life compared to the modern standards of living.
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I'm not surprised by this news because basically some people also predict that Twitter will experience something like this because of the consequences of a shift in policy from the new owner. If Elon Musk really wants to go ahead and keep supporting Twitter - then he's probably going to be spending a lot of money in the next few years.
Considering how belligerent the guy is and his business practices, there's no doubt he'll either do something like this that will shoot the foot of his other companies, or he's just gonna pass the problem to someone else. There's been talks about it anyways, so that seems to be the most obvious answer as of now. In any case, this just goes to show how Twitter was shitty as it is now, riddled with all cryptobros, and the promise of bots being removed in the timelines of people only granted to those who paid 8 dollars per month instead of it actually being for everyone, among many other broken promises that Elon Musk made as he was appointed CEO of twitter. He lost his internet rep too and now everyone (except his meat riders) hates him lmao. What a time to be alive. |
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I guess good for them, but at the same time this is nothing new. A lot of smaller countries with relatively well-off economies like Bhutan, and just in 2021 El Salvador have invested in bitcoin and cryptocurrencies. There's just a massive potential for profit and in a national scale, with all the capacities to earn and use up money to invest in such assets, this shows great promise. Although of course, it directly correlates and is dependent on the fact that the country shouldn't have a shitty/corrupt government, otherwise all your investment green or red will definitely go to the pockets of the few. Much like what is happening in the Philippines now with their "Maharlika Funds"
So good news for bitcoin and cryptocurrency I guess, one step forward to being globally accepted in the industry most definitely.
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I don't think that's possible. Each transaction in the bitcoin network is made to have a designated and dedicated process for it. And I guess it would remain like this until the end of time, because that's what works and people pretty much have little complains about the state of the transaction handling in the network. Aside from this, from a business perspective bundling transactions to save on fees would not be sustainable as that is where you make the money as a payment processing/money transfer system, although bitcoin is more than that it has to be said.
TL;DR, you can't bundle transaction fees in the bitcoin network, nor will it be possible in the near or distant future. There's a paradigm in the system that must be kept, and that is the harmony of the transaction processing, if that were to be disrupted, bitcoin will not be in a great state.
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On February 9th, 2011 Bitcoin had a market position (price) of 1 USD.
Now, on June, 11th, 2023, the market position of Bitcoin is ~25,000 USD. But is this right? A lot of "money people" or "Bitcoin maximalists" are telling this story. But this is not true at all. Inflation corrected is around 30 to 40 percent of the ~25.000 USD. So it is basically a market position (in relation of the value of 2011) of ~12,000 USD.
This is also really good,
but it shows two things:
1. Bitcoin is FIAT-bounded, and through exchange rates, has a worse inflation rate as FIAT.
2. Nearly every aggregator and exchange which is showing Bitcoin rates not indlation corrected is scamming! (To pump FIAT in the market.)
Prove me wrong, I would love to be wrong! But I am not.
Edit:
And this is just the inflation related to Bitcoin-Fiat/good. What is about the "chain-inflation"? First Bitcoin has 21 million, first fork has 21 million, and so on - and all this Bitcoin eating from the same bowl...
Don't know what bitcoin you're using, but from my experience bitcoin since 2011 has remained Deflationary. It has retained and even increased upon its initial value if we'll use the 2011 value of bitcoin as a standard. It's not fiat-bounded, as bitcoin could persist without the support of the dollar or any other currency for that matter. In some countries it's even being used as a substitute for the dollar or their national currency. So it seems to me that all your claims about bitcoin have been wrong. Idk about that bro, might wanna check your maths instead of trolling people here? Might wanna check the charts before supposing stuff? |
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You're not playing chance with Crypto, that's one thing. It's cyclical, there's profit to be made if you learn the fundamentals of trading and how to manage your portfolio, and there are other things that you can do in order to amp your chances of getting profits. Gambling on the other hand is just linear, you don't need to learn anything besides the mechanics of the game, and moreso, you don't have to be good at it too. You basically just have to be knowledgeable enough, and you can hit the casino but that doesn't necessarily equate to winning more, especially with games of chance. Skill doesn't equate to profit whereas in trading and in crypto, it does.
Don't get us wrong, just because we take risks doesn't mean we're gamblers right here, we take calculated risks (although some degens don't lmao) and yield the profits when does risks turn out to be well-meaning. That's basically it.
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Hi guys
What do you think about the situation around Binance?
Rumor has it that one of the largest crypto exchanges will soon cease to exist
Binance and Coinbase are the only two crypto exchanges that qualify
Binance has already left the Canadian market and is close to leaving the US market
Both are facing lawsuits and claims
-Regards
Source? Rumors is useless if there’s no valid source or reasonable explanation on why will it happened in the future. The SEC case against these 2 giant crypto exchange doesn’t affect the business outside the IS. Maybe they will be not allowed to operate in US but they have the rest of the world as customers since US doesn’t represent the whole crypto community. My point on this situation is everything will be fine soon. Ripple is battling SEC for many years without any huge impact on their company. They are still operating freely. Binance and Coinbase are larger than XRP so I believe they will manage to live another day against SEC. SEC's just going ham against exchanges these past few years and it's enough to make someone skeptical about the longevity of these CEXs. So the "rumor" as you put it is well-warranted considering the situation and the implications it brings. In any case, I do believe as you said that this maneuver by the SEC will be enough to erase Binance out of the map. The exchange just had so much relevance and well-received supporters, as well as a fool-proof failsafe that allows it to linger in the industry for as long as it likes. Although I myself believe that CZ has done nothing wrong to rile the SEC's anger right here, it's still a testimony in itself that the US will do whatever it wants to antagonize anything and everything that stands against capitalism and the little paradise it built for its wealthiest. A true testament to the depravity and utter lack of morals that these people have from the get-go. |
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Hi on the Bingx copytrading platform there is a trader with 3068 trades won and only 1 trade lost. He only trades long and with only x2 leverage.
Does anyone know what strategy he uses and why he only trades long and how he gets those results? I understand he uses a bot?
Short answer: No Long answer: He may have used a bot to call the shots for him which is what a lot of people in this industry do anyway so nothing new, plus why would you want to read his strategy and learn it by heart if a. You don't know the guy and have no ways of ever getting in touch with him to ask what he does to win so much and lose so little. b. If the copytrading of that platform really works? A little counterproductive don't you think? Plus I think I cracked his code. You said he only trades long, most hot coins in the market yield profits if you hold long anyway, especially when it comes to the upper echelons of cryptocurrency like bitcoin and ethereum. Are you sure he's not trading those coins? |
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There are different approaches and varying degrees of flexibility or restrictions that can be applied in the development of a protocol like Bitcoin. Bitcoin's protocol development involved finding a balance between flexibility and rules to maintain the security, integrity, and consensus of the network. It is a complex task to meet diverse use cases while ensuring the network remains robust and resilient. Regarding the Taproot upgrade and its impact on space requirements, Taproot is primarily focused on improving the privacy, scalability, and flexibility of Bitcoin transactions. Although Taproot introduces new codes and features, it is designed to be backward compatible, meaning it does not significantly increase the capacity requirements for individual instances. The aim is to provide more efficient transaction processing while minimizing the impact on the size of the blockchain.
isn't the beauty of Bitcoin in its simplicity? Its core principles, its resilience, its immutability? Let's mull over Taproot a bit. Sure, it brings improvements to privacy and scalability, which sound like unicorns and rainbows. But isn't there a chance it might actually complicate things further? Are we just making Bitcoin's transaction processing fancier without addressing the elephant in the room – the ever-growing size of the blockchain? And let's not forget, Bitcoin was built to be decentralized. But with these upgrades, are we making it more complicated, potentially requiring more advanced systems to participate? Could we end up centralizing what is fundamentally decentralized? That's something to scratch our heads about! Simplicity is beauty but live thrives in complexity. The whole industry surrounding bitcoin has been this way ever since and even though bitcoin's resilience stands as a statement against this cascade of multiple projects and networks all with their own thingamabobs and varying levels of complexity in framework and in function, bitcoin still needs to catch up every now and again if it doesn't want to become a novelty coin when the future arrives. Plus we're in the IT world adjacent, this world thrives in ever-improving and advancing technology to new heights and feats, to let bitcoin stagnate just because "it's better being simple than making things even more complicated in the name of progress" is not going to spell great for it in the long run. It needs that change-up every now and again as much as we hate to admit. Ordinals may be the sign that we're looking for, as let's face it, we only ever saw bitcoin as a means to either transfer money, or as a store of value we can also use at the same time to rake in profits. We didn't see the potential it could provide when it tries to go par with the rest of the industry, which is the reason why we're having problems like this now. |
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Three years ago I made a paper wallet using an online generator and my public key is 1MXb3vY5sCC2rB2bD2rusQjxEyYUDEKcHT. I stored my private keys locked in a Keepass password manager (with a very long and strong password) and made sure it's different than my primary general Bitwarden password generator. I just checked my balance 2 days ago and realized it's all missing since 11/25/2022. Any advice how to get my money back? I feel like reporting or even trying to sue Sarkis Sarkissian (new owner of the bitcoinpaperwallet) would cost me even more headaches and waste of time since not guaranteed that I will get my money back. Do you happen to know any success stories or any recommendations on what I should do?
Thanks in advance.
There's no way virtually at this point, the site you just visited and entrusted your bitcoins with is a known scam and people have fallen for it in the past, much to no avail. You might wanna sit this one out and find other ways to earn that 2.03 bitcoins back because well, since there's been a few months of inactivity on your part no doubt the coins have already changed hands multiple times, may even be untraceable now at this point. Moving forward, do not entrust your money or your coins on anything that can be connected over the internet, even if it promises security, only transact specific amounts you would need and don't pull your whole investment out, and ultimately, invest on a hard wallet that is not connected to the internet to make sure that your coins are safe. Let this be a lesson, and I know it's a really expensive one, but I gotta set your expectations here in regards to earning your BTC2.03 back from these scammers, which is nigh-impossible since they jump-shipped a while ago if I'm not mistaken. |
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He's not a minor anymore? He can earn his own dime? He can stand to move out if his father decides to kick him out if they learn about him investing in bitcoin? If your answer is yes, then he can stand to invest in bitcoin. I hate it when relatives and close family members stick their nose in everything including the way I work my money, so my usual solution to these kinds of problem is to outright cut them off entirely because the toxicity will only start and compound from there. They wouldn't stop snooping on everything, giving you unsolicited advice that is also backhanded at the same time for no fucking reason, until it's you who'll really decide to move out cause the toxicity is just too much for you to bear. This is also why I don't tell anyone what I do. Just keeps you from the trouble of letting people know and them throwing in advice that you didn't ask them for, plus stuff that you don't even want from them.
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The noble art of crypto trading - where you become BFFs with your screen, praying for green digits to trounce the red. But if you're aiming for nonstop profits in this cuckoo crypto cosmos, you gotta be gutsy and welcome the wild. Who knows, maybe your next fat payday comes from investing in the hot new altcoin - or betting your life's moolah on rock-paper-scissors with a chimp.
Okay, that last one might be a tad extra. But the takeaway? To rock the crypto trading scene, think outside the box and gamble. And hey, maybe you'll be the one chortling your way to the bank - or at least your piggy bank. So, inhale deeply, hug the chaos, and remember: change is the only constant in crypto trading. And that's the thrilling - and horrifying - crux of it all. But c'mon, life's all about taking a leap, right? As the legendary philosopher Shia LaBeouf (or was it Nike?) proclaimed, "Just do it.
Love how poetic you made this lmao, and for the record, they both said Just do it. Shia's just a little more iconic if you'll ask me. I'd agree with you, trading is already more of a gamble than a craft, only that you know the ins and outs and you can very much predict with sometimes pinpoint accuracy which coins/assets will pump and which won't. So to go a little ham/extra on gambling and taking risks at least to me isn't going to be a big problem. So yeah, be brave and take on as much risks as you could because more often than not, the riskier trades yield the biggest sums. With that being said, I'd like to throw in a piece of advice myself, just at least to make sure that you stay grounded when you're trading—Know your limits. Going extra and crazy is great and all, but sometimes being a little more calm and collected pays too! especially if you're trying to trade something massive and risky you know. Gauge yourself, check if you could tank the loss and if you could recuperate it in the fastest amount of time possible, and then push for it, or don't, depending on the outcome. |
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Had to chop the title so it really sucks but I can't do better right now!  With everyone focused on the debt of the US, the freezing Europeans, yeah lol, there is some really bad news on the horizon and for all sides in this game. If a slowdown in the Western world could be explained by jumping energy prices last year, prices that have since gone down to 2013 levels when it comes to pipe gas, in China manufacturing is dropping right after the reopening, at a continuous pace and despite the downturn in both raw materials and energy prices, copper, coal, iron, steel, wheat, everything is sliding with the PMI alongside. So, to not be biased and using only the English version of the mouthpiece of the Chinese government: China’s factory activity growth falters in March due to weaker demand, slowing productionChina’s factory activity dipped in April on weak demand as bumpy post-Covid economic recovery continueChina’s official manufacturing purchasing managers’ index (PMI) fell to 48.8 in May from 49.2 in AprilAnd things get worse, remember this is Chinese information, so take it with a grain of salt since it might be far worse: Youth unemployment has become one of Beijing’s biggest economic headaches amid its recovery efforts, and in April, 20.4 per cent of China’s 16-24 age group were unemployed, up from 19.6 per cent in March. So no manufacturing so now jobs for the not qualified, no jobs for the young ones that have finished college, which is a different area, and this can lead only to one direction. If the economic slowdown is present everywhere, China and the Western World, manufacturing is affected on all continents there is only one culprit in sight, and that is demand destruction, and with this, there is a chance we might end in a deflation period if things don't change. There is simply no demand, and with no demand, there are two choices, prices going down, which means obvious deflation, or bankruptcies which I doubt anyone is that stupid to do before trying the first solution, but the first choice is pretty hard to do when you just had an influx of free money and the rate rises have not yet started to be serious enough. There is an interesting piece on this from Forbes: https://www.forbes.com/sites/greatspeculations/2023/05/13/more-proof-deflation-is-the-future/of course, it's just an opinion and I will from the start warn you it's a bit speculative even with the data presented but it ends with the same warning as many others on the incoming deflation, although their take on what to do and what next is really not my cup of tea. Now, slowly turning from this to Bitcoin. Bitcoin was mainly designed as a p2p way of exchanging and transmitting value, due to its limited supply it turned into a way of safekeeping your wealth and further down the line evolved into an investment! Now, assuming all the required stars align and we really head into a deflationary period for fiat currencies, how will the price of Bitcoin react, since this is the only thing that can be affected by the economy, the rest, the p2p payments, the cold storage, the be your own bank will for sure not be affected, but lately those are of less interest and the focus is on the price most of the time. For sure, Bitcoin has the required advantage to erase all fears, that is adoption, unlike other commodities it can still attract users, and since I don't really believe those hundreds of millions of users quoted by most sources right now I can safely bet in my mind an x10 adoption rate would be doable at any time from the current moment. But, the question is, will it happen in this short span with enough traction? So, to make this long story short, two simple opinions: - do you believe we're heading to deflation? - how do you think the price of BTC will be influenced if we do so? One man's misfortune is another's profit. In this case at least, if things do go for the shitter in the PRC, this may drive investors to find other countries to put their money on since production's not going well for the Superpower of Asia. (which I think is still an aftermath of the shitty stuff they did to their workers during and after the COVID-19 pandemic, not paying them, sometimes even locking their workers inside the factory so they can't go home, all that nasty stuff) Add to this the fact that they are having population problems because of the one-child policy finally biting them back in the asses, and the housing crisis as most housing developers default on their loans, China is definitely not having their greatest year, they may still put a facade that they're doing relatively fine, but the people know the truth. As for bitcoin, I don't think there will be huge correlation in price between the two, bitcoin may increase in value but it's certainly going to be for other reasons. Same as with deflation, the USD will remain in this sorry state if nothing was done about the National Debt. So while this misfortune that befell China may urge investors and other business entities to switch over to countries, they still couldn't choose US because well, that country's suffering too. |
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I mentioned somewhere that my closest friend has been unemployed for over a year due to the devastating collapse of his line of business and and his wife's sickness. Last time we met was a month ago and he was depressed in certain ways which worried me a lot. I called him to see if he was fine last Sunday and he told me he was looking for jobs and the next day he would go to several interviews. I was glad to hear that. Last night I called to follow up and he said the interviews were not going well. I aksed why. He told me that nowadays most companies are not doing well, barely making even actually. The interviewers would just say the job is not entitled to any insurance or benefits, what they can offer is a very low base salary and the commission part would be subject to how many sales the employee can bring to their company. My friend was not willing to take any of them because he has a family to feed and his wife's condition is unstable which could need a lot of money for surgery at any time. I understand him and am trying my best to help him find a high-pay job.
My friend's story sends me a signal: no matter how much I earn right now, try to keep my job and souce of income stable. I am also a family man and have responsibilities. Anything bad can also happen to me so I have to be prepared to the unforseen problems, although I am doing fine now. Make hay while the sun shines. If you have any advice for my friend, please let me know. Thank you.
I applaud you for being a great friend and helping your bro out there in ways that you can, even if it's just listening to his problem and helping him actually land a good-paying job, but at the same time given the economic situation I would say that it's going to be really hard for you guys to find a job that he's looking for. What I could suggest is looking for other forms of employment like a side-hustle, or financing his dead business back to operation and use the profits they will yield in time to actually support and fund an emergency savings account for his wife, since that's his main concern right now. In any case, if you do guys were able to find a high-paying job I would seriously congratulate you, but just because there's little to none of this around doesn't necessarily mean that your friend has no options. Time to look inward and be very curious this time. |
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It's risky, and in my opinion isn't really something that you're in for the profits (unless you're some bitcoin millionaire/billionaire and you can just throw a couple thousand dollars willy-nilly to strangers you met on the internet, granted they have proof of identity or whatever you're asking) but something that you're doing because you wanted to help. I've seen a lot of people in this forum be scammed by people who aren't paying up on what they owe, tons of red flags ensued as you would've guessed. Is this something that they would be willingly doing, all because they wanted the profits? No. They did this because they saw that people needed bitcoin every now and again, and banked on the faith that these people are decent human beings who knows how to pay up debts when the due date comes. It's a risk they are willing to take, and along with it the measly rewards from helping people.
Bitcoin holding for profit is still king, some say you'd have to make your money work or else it's going to die out but in the case of bitcoin, if you don't know shit about the industry it's best to just watch it grow in fiat.
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Following a military coup in 2021, resistance groups in Myanmar are in need of an alternative financial solution like Bitcoin. Bitcoin could serve as a better alternative for those in Myanmar who are being cut off from traditional banking services or fear currency devaluation. Research conducted by the Bitcoin Myanmar Initiative shows that, while the value of the kyat has fallen by over 35% since the military coup, the price of bitcoin has doubled in the same period. Prior to the coup, the price of 1 BTC was approximately 500 million kyat, but it is hovering around 1 billion kyat on Binance’s peer-to-peer exchange as of this writing. "We believe that the adoption of bitcoin and other digital currencies in Myanmar will be a gradual process, given the current economic environment and the fragile risk tolerance of the majority of people," a representative of the Bitcoin Myanmar Initiative told me. "However, we see the potential for growth due to the country's previous experiences with technology leapfrogging. With a smartphone penetration rate of 78% and only 36% of the population having a bank account, many people in Myanmar are looking for an alternative to traditional banking. By promoting a form of currency that no one can control, we aim to help people reclaim their property rights in a digital way and unleash themselves from the military regime's monetary policy. We believe that it's just a matter of time before more people in Myanmar recognize the benefits of Bitcoin." https://bitcoinmagazine.com/culture/how-bitcoin-can-save-political-dissidents-in-myanmar?utm_source=carrot&utm_medium=partner&utm_campaign=carrot_share Given the fact that they are literally refugees stuck in their own country, they couldn't really force this change even if they did it gradually. Best thing they could do to make this thing happen is to gather all of their people, have them use bitcoin in secret so as to not rouse suspicion from their government, and then have them also use kyat at the same time, since actually crashing your own currency for a decentralized one, no matter how bad your government is will still be a death wish. Something of the likes has been done in the past, especially by the Philippines during the Japanese Occupation during WW2, so the validity and viability of such strategy is tested, and will work even more since in the past all they had is fiat money they hid under their beds, pillows and floorboards, whilst with bitcoin they can do this without getting traced or anything. |
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In an attempt to discredit and disdain Bitcoin once again, 'Black Swan' author Nassim Taleb, ended declaring Bitcoin isn't useful for the 'bad guys' (thieves), due to its transparency and traceability nature which is visible in a public blockchain at anytime, which can't be forged or adulterated. So much angry against Bitcoin put one of the strongest arguments of the critics in contradiction. Now they have to decide, is Bitcoin bad because it helps thieves, or is it good because it can't benefit thieves?  'Black Swan' Author Destroys Bitcoin (BTC): 'Cult-Like, Useless, and Dangerous'
In a scathing critique of the crypto industry, Nassim Taleb, the renowned author of "Black Swan," launched a blistering attack on Bitcoin (BTC), dismissing it as a useless and dangerous phenomenon, reports Business Insider. Speaking at the Bloomberg Invest conference, Taleb denounced Bitcoin, asserting that it offered no haven and failed to serve even the purpose of money launderers. He debunked the notion that Bitcoin facilitated money laundering, arguing that its traceability made it unsuitable for such illicit activities. They are already running out of all slanders and negative things to say about bitcoin they are literally going back now and retorted/reused all their previous statements just to say something. Plus I'm not really going to take an options trader's word for it they literally lie as easy as they breathe (Though I think that was well-established now). Funny stuff. Just a while ago I saw a post about bitcoin being racist, pretty sure they'll throw that sometime in the future when things become stale for them again. They may get an audience from the people who are still skeptical about bitcoin, as well as those who have already made their minds up when it comes to investing in the cryptocurrency giant. But make no mistake, the money's not from the people who get in this industry, it's from the people who build in it. This is not a Ponzi scheme. |
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I mean, let them. Are you willing to get incarcerated for bitcoin? Do you think fighting for bitcoin's rights to be accessed by the people will get you some sort of Edward Snowden type of fame? No. So in that regard, don't risk anything that may put you in the bad side of the law. Is it important that we let everyone know of bitcoin and its wonders as early as now? I don't think so. Thing is, a smear campaign only works if the people you're telling it to are already using that product. With Bitcoin being the center of this slander, presumably not a lot of people will catch the drift of this campaign. More so, this will just become a fleeting memory to many, especially when a new All-Time-High happens, or a bull run for that matter.
So what should you do? Don't stress about it.
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6 months ago, my savings went down because of the FTX debacle. I've never used FTX, I've never been a customer of this company, but my savings are in BTC, and because of that failure, BTC's value went down, and so went my savings.
Today, bis repetita. I've never used Binance. I've never been a customer of this company, but because the SEC sues Binance, BTC is down, and so are my savings, so I have a message to all bitcoiners out there.
Exchanges and BTC are 2 different things. One exchange going down doesn't mean BTC must follow.
Binance will disappear? I don't give a damn.
Everything has its place. There are people who believe so much in exchanges to take care of their assets security more than they think they can do for themselves, and as such, most people save their coins on centralized exchanges with hope and believe that they are the best option. Which is the worst idea anyone can have. A true Bitcoiner knows the value and benefits of self-custodial. The price of Bitcoin always goes down based on the level of fudz, which is a cause against Bitcoin. The Bitcoin price is not controlled by anyone, but most times it can be manipulated, since the case of the SEC coming after Binance CEO is enough reason for non-believers to start panic selling, which can cause a drastic price dump, but this can only be temporary and not a permanent price. But you shouldn't be considering your savings gone until you have sold them out entirely. So long as you still hold your coin, there is a higher chance and possibility of regaining everything that you have calculated to have lost when the bull market comes. That's why we are always advised to hodl strong in a bearish market and never to sell under panic. I don't think it's about these people believing in the fact that Binance will secure their assets better than they could, I mean this is a CEX that gets hacked and robbed from almost every year by the millions, I don't think it's going to scream "security" anywhere, although you're right, there's a good amount of people in this industry who thinks that Binance will take care of their assets. Although going back, that is not what I think is the reason why. Bitcoin as it stands today's accessible through multiple channels, but it would be stupid and dishonest to say that Binance and Centralized Exchanges aren't a way for these people to get into crypto and start their cryptocurrency journey. It's been like that for years, and the recent barring of Binance and the legal implications it carries with it just spells "we can't use bitcoin anymore" to people who were introduced to cryptocurrency by Binance. And it being a major player in the industry too, makes a lot of people lose confidence in the industry, hence the drop in valuation. You could say that OP is right, people are giving too much importance over exchanges, but that attention is warranted and deserved, as they played a great part in introducing regular people into this industry too, especially in the 2019-2023 mark. |
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There are bad debts and there are good debts. Bad debts- loaning money to buy a car that won't be used for business ( Uber, Bolt). Loaning money to buy a pair of shoes, clothes, a piece of furniture etc.
Good debts - loaning money to purchase something that would appreciate in value over time. Real estate, precious metals, commodities etc.
They say poor people have bad debts and rich people have good debts.
One of the popular pieces of advice you'd hear in the Bitcoin space is to never borrow to invest in it.
Despite the volatility, our hope is that Bitcoin will appreciate in value.
Would you classify borrowing money to invest in Bitcoin as good debt or bad debt?
This topic has been worn down countless times, although it is a very welcome one as it talks about the difference between what poor people use debts for vs what the rich people would use their debts out of. Simply put, if you've read Rich Dad Poor Dad by Robert Kiyosaki, you'd be well informed that poor people go on debt for liabilities, while rich people go on debt for assets. Poor people take loans and buys stuff that would make them look rich, cars, better house, phones, the latest gadgets and clothes, all that stuff. And when the rainy day comes, they don't have money left for themselves, they're forced to either take out another loan or sell these purchased items which have already diminished in value, and then the cycle continues. Rich People on the other hand, buys stuff that would make them really rich. properties, commodities, stocks, bonds, anything that appreciates in value, a Rich man would buy it. Now, the magic happens when they take out a loan, as they are essentially making the bank pay for their capital, to make them profit. They take out these massive loans not to buy the latest gadgets and all that, but to buy multiple points of profit that they will then use to pay off the debts they owe the bank, and then from there they basically start smooth sailing. |
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