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761  Economy / Lending / Re: Verified Bitcoin bound request starting at 8% interest per year on: June 30, 2021, 08:53:10 PM
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In addition to this, my pseudo ytrezq along with my real identity Laël Cellier can be found in various articles through Google News. I’m also the owner of the http://archivenode.net service (you can check the whois).

First of all, any way to prove this?

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Force majeure : unlike many exchanges which disappear without final warnings, the money from Cryptopia seems to be in the right hands, however as demonstrated by the uninsured restaurants against the pandemic, nothing is impossible. So if you hear in the news Marine le Pen won the French presidential elections (someone who repeatedly promised to pass a decree criminalizing cryptocurrencies detention of all kind on day 1 of power) or that Cryptopia users will receive less than announced because of joint New Zeland war with China along with Australia or any other reason, I will only return a proportional fraction of the amount being borrowed.

So basically, this not really a loan but instead an attempt to sell equity in your claim.

A loan is a contractrual obligation that you have to fill as a borrower, no if's and but's.

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Yes, this an uncollateralized loan but I agree to give full access to my account on the CryptoPia portal and the domain name of the e‑mail as a matter of trust which would even allow you to claim my holdings on my behalf. I’m open to any questions or concerns if you are still unconvinced.

Same reason why domain names is not a valid collateral applies to this. There is a significant possibility that you can recover your claim with Cryptopia claiming that it is stolen.
762  Economy / Economics / Re: When everybody tell you take take risk with money on: June 30, 2021, 06:39:20 AM
Depends on what type of risk you're talking about here.

I personally think that the biggest risk of all is the guaranteed risk of fiat depreciation over the long term. People seem to just completely ignore the inevitibility that in the long run, all the fiat cash that they hold are going to trend towards zero by virtue of their intrinsic value.

But I would still take short term risks if I am engaging in a purchase of a productive asset, say equities, or a long term store of value like gold and bitcoin. The volatility aspect of things don't necessarily matter that much as long as you hold for the long run.
763  Economy / Service Discussion / Re: BYBIT LOCKED 12 BTCS OF MINE, WHAT DO I DO? on: June 30, 2021, 03:11:50 AM
I recently opened an account with bybit because they did not require a KYC, sent my btcs to that account and tried to withdraw USDT out, but now they're asking me for a KYC, when I asked why they said it was for security reasons that they can not disclose.. Anyone been through this!?!?



Classic bait and switch.

Nothing you can do since they can just claim that it was part of the KYC/AML T&C's all along.

You shouldn't go into any centralised exchange expecting to rely on their goodwill in keeping their track record of not requiring KYC. When it comes down to it, they will prioritise covering their own compliance requirements, or to hold onto as much customer funds as they can.
764  Economy / Economics / Re: Poor and middle class as a mentality on: June 30, 2021, 12:46:25 AM
Some people are born rich or moderately rich, some are born middle class and some are born poor or extremely poor. All these conditions come along with a set of survival guides that the parents, relatives and even teachers will pass along as a map of life. For example, in a school of a country that does not give opportunity to its people, where most of the students are poor, it is unlikely that the teachers will induce them to think big or have big dreams...more likely they will aim to keep them apart from drugs, avoid problems with the government and try to imbue some basic skill for life. The ultra-poor do not even get that - which actually may be better.

In a preppy school, where most of the students are rich-born, the conversation is quite different. Culture, life, opportunity, spirit-de-corps and class mentality are imbued in the same manner, so the kids will somehow justify in their minds that they have the right to be rich even if they have not done anything for anyone in their lives - perhaps not even for themselves - because of some Darwinian property of cosmos.

As a result, the poor and even middle class have to jump over one real barrier, their lack of funds, and more importantly, like the Elephant that learns young that he cannot break the chains and never tries again, over their own state of mind, their own prison set by the terms of those who trying to help taught them to avoid anything but doing the same that keeps them poor.


This is a very insightful read.

I do think that nurture has a much larger role in determining outcomes compared to nature. Your physcial genes likely only determine the first 10% of your success, and the next 70-80% is really what you surround yourself with from an early age. The last 10-20% is actual effort/hard work.

It's not only a mentality, but also the networks and connections that you form. It shouldn't surprise anyone that the world is incredibly nepotistic.
765  Economy / Speculation / Re: Repeating the price cycle every 4 years on: June 29, 2021, 10:02:40 AM
History does tend to repeat itself in cycles, eh?

It shouldn't come as a surprise to anyone that we do operate in 4-year cycles. The current cycle is likely at its tail end by the looks of it as markets have cooled off significantly and FOMO has been replaced by a substantial amount of fear.

Long term investors should not fret whatsoever. I can say with relative certainty that with the current developments around DeFi in general, BTC will be central to that movement and will play a major role come the next bull market in another 4 years time.
766  Economy / Gambling discussion / Re: It takes years to build a reputation and seconds to break it on: June 29, 2021, 05:25:58 AM
For a business to build a reputation, it takes a lot of money and time to be invested to achieve this through marketing, brand awareness and all other activities.

But my question is why would they risk all they have invested to a few players by scamming them? I for one know the forum will side with the player that have been allegedly being scammed in most cases but how do casino's/bookies  protect themselves if not terms and conditions?

If people buy reviews to paint a picture of a good standing business,  what would stop the competition from buying people to tarnish a competitors reputation to have an advantage in the business?

I think that there is a significant misconception here.

When there is virtually no legal repercussions, exit scamming casinos can gross their founders significantly more than if the site was continued to be run legitimately. That's just the plain reality of it, unfortunately. Even dooglus has mentioned this before in one post of his ages ago.

You shouldn't just count on reputation, as important as it is, as a gauge for how much you trust a casino/sportsbook. Also think about whether you have any tangible sources of recourse if anything does go awry.
767  Bitcoin / Legal / Re: Russia to Allow Cryptocurrencies for “Contractual” Payments on: June 29, 2021, 02:37:29 AM
This is actually huge in terms of the legal recognition that BTC is receiving.

People talk about crypto potentially becoming legal tender all the time, but this is the closest that it's going to get. As long as people can use BTC voluntarily as a means of payment, grassroot adoption can occur at a massive scale.

We don't necessarily need regulators to actively embrace BTC for it to succeed - as long as reasonable regulations are made and no draconian restrictions are imposed, Bitcoin will find a way to thrive.
768  Economy / Economics / Re: African regulators warn cryptocurrencies may not be legitimate on: June 29, 2021, 02:09:16 AM
I haven't yet heard of a single regulator that has endorsed BTC, apart from perhaps El Salvador.

But you're absolutely right. They should be embracing BTC for the fact that it is able to hedge against the hyperinflation that is so rampant within countries in Africa historically.

But there is absolutely a conflict of interest between the central bank/authorities and the decentralisation that crypto brings to the table. Not surprising whatsoever that such a statement was made.
769  Economy / Gambling discussion / Re: How does on-line compete with the VIP experience on: June 29, 2021, 01:07:35 AM
Op, why do you think that VIPs aren't treated any better online as they get treated at physical casinos? There are higher rakebacks, some also provide lossbacks, higher bonuses, much better affiliate commission slabs, etc.

Many online casinos take care of their customers by allocating official managers to make those VIPs understand everything with ease. VIPs are also provided with contact numbers and online (social media) contacts of that manager to call them during given times and have any query resolved that arises in their mind. All that we get here, except there is one thing we don't get here to make us feel very much comfortable as a VIP gambler and that's those girls who come and sit near us in physical casinos to distract us. Wink

Exactly.

I think that online VIP perks are a lot more tangible compared to the gimmicky stuff that you can get in Vegas casinos. I would certainly not care for the person butler service or live entertainment tickets - I would rather get a fixed percentage of my losses back so that I'm better off over the long run.

But there are people out there who enjoy the glamour and attention that they get at physical casinos, which is why they will remain in business in the foreseeable future.
770  Economy / Gambling discussion / Re: Terms and condition a must read before signing up any online gambling site on: June 29, 2021, 12:58:29 AM
I think more important than any T&C's are the reputation of the casino in question.

The fact of the matter is that T&C's are simply theoretical constructs that have no real implication in real life. Most crypto casinos have very similar T&C's when it comes to KYC & AML regulations, but the way enforce these rules are what decides their usability to someone who isn't willing to provide this information.

If a casino has a history of cherrypicking pedantic details in their T&C's, it's best to avoid them altogether. Whereas I'd trust sites like Bitsler and Justdice to not ask for KYC even if it is in their T&Cs.
771  Economy / Speculation / Re: What Effects Did the Tether Reserves Breakdown Have on Bitcoin and The Market? on: June 29, 2021, 12:04:13 AM
But this is scary for the stablecoin industry. Holders of these tokens need to understand that they are getting ripped off - being paid 0 interest and allowing Tether to nonetheless conduct fractional reserve.
bbc.reporter is right when he questioned how do the reserves of other stablecoin brands look like. Tether has been in the spotlight for years, but they are not the only ones that do business in dubious ways. I wonder what would happen if other stablecoins had to release similar reports about their financial assets, and what impact that would have on the market?

Indeed. I'm definitely not just talking about USDT here.

All of the stablecoins are or will enter a mode of fractional reserve sooner or later. Don't forget that Tether started out being fully backed 100% with USD reserves and nothing else - but transitioned quickly to investing with the funds when they realised people would use their service regardless as they have established themselves in the marketplace.

The stablecoin market is doomed, imo, and the fact that so many aspects of DeFi is dependent on this does not help whatsoever.
772  Economy / Economics / Re: Permanent residence in El Salvador for crypto entrepreneurs on: June 28, 2021, 10:54:18 PM
This really shows the commitment of El Salvador in BTC. I like it.

Even though others may think that this is a cheap scheme to get overseas investors funds, ask yourself, isn't that precisely what every single advanced nation is currently doing through their significant investor immigration packages? The requirements for those are usually even higher, I know one in my home country that requires an investment of $5 million AUD in local investments for your applicaiton to be even considered.

With the ongoing airdrop and this initiative, it will be a matter of time before grassroot bitcoin adoption skyrockets in El Salvador.
773  Economy / Gambling / Re: Pragmatic play slots not available in my region on: June 27, 2021, 03:05:08 AM
Hi, I love slots and I play slots whenever I have a chance to but as much as I love playing slots I don't really earn much in them. Nostly the good games are not available in my region and it really sucks. Can someone explain why they don't give access to games with great payout to people from other regions? I find it quite unfair.

Unfortunately, it's up to the legislators in your country to decide that. It's not really up to pragmatic play, they're simply complying with the rules that politicians set out.

If you really want to play and you are willing to take a chance, then use a VPN.

But, don't do this if the casino you play on has a track record of blocking accounts/suspending withdrawals for accounts that use VPNs. But I personally find that sites like Roobet generally work just fine under a VPN/proxy.
774  Economy / Gambling / Re: Dice Crypto Calculator on: June 27, 2021, 01:56:17 AM
Cheers for the calculator. But there are a few caveats.

I remember the days when I also religiously believed that as long as I have a bankroll that survives 20 reds on a given strategy, I'd be able to make sustainable long term money on dice sites with little to no risk.

But that's obviously false - no matter how many reds you are prepared for, your EV is negative for each roll you undertake. And in fact, the more bankroll you put in in the first place to cushion your reds, the more likely you are to lose a larger amount of funds.

I highly suggest not taking this calculator/autobet strategies that you may derive from the calculator as any more than entertainment.
775  Economy / Collectibles / Re: Anywhere to buy cheap silver? on: June 27, 2021, 01:11:12 AM
It seems like that physical silver premiums have absolutely skyrocketed.

APMEX is now selling their Buffalo rounds for $30/oz which is around $4 above spot per round. ASE's are even crazier at $37 or so everywhere I look.

1) Any particular reason for the rise in silver premiums?
2) Is there anywhere that you can still get physical silver for a price close to spot?

Thanks!

The obvious answer would be that retail demand for silver rounds is outpacing the supply.  While there isn't currently a shortage of silver, most silver is held in giant bars that have to be melted down and minted by mints to sell to retail buyers.  The process of getting them from industrial bars to retail rounds isn't keeping up with buyers of the retail rounds which is causing price increases by retailers to maintain inventory.  I think it's likely a short term problem, at least at the moment.

I've got a wee bit o' shine that I could potentially help you out with if you're looking to buy some silver closer to spot.  PM me with how much you want and if you aren't trying to grab too much of my stack I may be willing to help you out.  Smiley

That is definitely an interesting way to see it.

The local coin dealers here are jacking up prices on ASE's even more because I presume it's harder to import stuff from overseas whilst the pandemic is still a thing. With silver prices up from sub-$20 levels it's a tough time to accumulate.

I'm probably good for now in terms of purchasing more, was asking moreso out of curiosity as I thought there was something severely wrong about the silver markets that I couldn't find. Thanks for all the replies!
776  Economy / Gambling discussion / Re: Crypto Gambling Licenses - What they actually mean on: June 27, 2021, 12:50:04 AM
There are actually quite a lot of casinos in the cryptospace that are obviously completely untrustworthy and have a disgusting track record, yet have licenses and drawing people in that way.

This is really well put by OP - licenses mean absolutely zero. Nothing. Nada.

The countries you can get licenses from are so lax with their rules that it's shows you absolutely nothing. And the countries where licenses are strict and actually mean something never hand out licenses to crypto casinos.

There have been plenty of legitimate dice sites without a gaming license too - PD in the early days and JD are good examples.
777  Economy / Gambling discussion / Re: A word of warning before playing on BitStarz casino on: June 27, 2021, 12:33:06 AM
This is one of the reasons why I absolutely hate bonuses in any sort of casino. They simply try all they can to crawl out of having to pay for the bonus.

The terms and conditions are usually very tough for no obvious reason. This is especially true for maximum bet sizes that they enforce arbitrarily with no consistency whatsoever, and use that as a reason to not pay out big bonus winners.

They also seemed to pull the KYC/AML card earlier on, which you complied with so they had to find some sort of other excuse. Certainly shady plays that I would question their reputation over.
778  Economy / Collectibles / Anywhere to buy cheap silver? on: June 26, 2021, 08:37:24 PM
It seems like that physical silver premiums have absolutely skyrocketed.

APMEX is now selling their Buffalo rounds for $30/oz which is around $4 above spot per round. ASE's are even crazier at $37 or so everywhere I look.

1) Any particular reason for the rise in silver premiums?
2) Is there anywhere that you can still get physical silver for a price close to spot?

Thanks!
779  Economy / Gambling discussion / Re: My evolution to playing on Bitcoin casinos on: June 26, 2021, 08:24:24 PM
You don't just want to trust that a casino is "honestly fair". You want it to be provably fair, in the sense that you are able to verify every roll that you undertake to be legitimate.

I think that another underrated trait of a good casino to play on is one that is not too tight about the KYC/AML requirements. Even if they are regulated, casinos can use certain KYC/AML requirements against you and hold your funds hostage while you conduct them.

Cloudbet comes to mind as a great counterexample. You do not want to play at a casino that can freeze your account at any given moment and ask for a ridiculous amount of documentation.
780  Economy / Speculation / Re: how many more times should you fall for the same FUD before you learn? on: June 23, 2021, 09:07:41 AM
we have seen the same FUD that has been spread over the past month for the past years too. they don't even change the contents or make any new effort, it is all the same and yet people react to it the same exact way by handing over their bitcoins to whales.

i am wondering how many more times are we going to see the same "China banned bitcoin" FUD before people stop reacting to it?
or is the market cursed and for the next 100 years we are going to see China ban bitcoin every year and people panic sell Cheesy how many times can a country ban bitcoin anyways?

For sure.

Unfortunately, the reason why people are still panicking over this type of news is that they have been so heavily levered up during the run-up to the bull market peak that they are now forced to unwind some of these positions.

Essentially, people are playing with money that they never could afford to lose in the first place, which is obviously a big no-go in investing. I have heard so many of my friends and acquaintances talk about absurd amounts that they have dropped on cryptocoins that they just think "sound cool". When you don't even understand what you're buying into, there is no way that you are able to hold onto that investment no matter how strong the fundamentals are.
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