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Satoshi is not a prophet, this person can't predict the future of Bitcoin. So Satoshi would not be able to provide input on the matter of transaction fees, and as for the next two questions, I'm not sure if they matter. I mean, Satoshi could say yes or no, but what would that change?
If Satoshi were here, I wouldn't ask anything. I'd just thank that person for creating Bitcoin and ensuring that a community of those who care about it would continue discussing it and working on its development.
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13. Brendan Allen
12. Michael Morales
11. Chase Hooper
10. Payton Talbott
9. Amanda Ribas
8. Jonny Parsons
7. Joanderson Brito
6. Jose Johnson
5. Mick Parkin
4. Lucas Alexander
3. Ailin Perez
2. Trey Ogden
1. Rafael Estevam
NOT go the Full Distance 5
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FTX collapse was a bad event for the industry, but its impact on the price was fairly mild. Binance is in lawsuits filed by the SEC, which also isn't great, but that doesn't seem to have an impact either. So I agree with the op that Bitcoin is resilient and has been slowly recovering throughout 2023. At current pace, it may need a long time to properly recover, but the trend has been positive since the beginning of 2023.
As for the style and likelihood of AI usage, the AI analysis websites are known to be inaccurate, although I must say that I've tried googling parts of the post myself because it felt like it might have been plagiarized. Some people use AI because their knowledge of English isn't that good, and using AI is not technically plagiarism and does not mean that there is no real person with real opinions behind the account, so it's kind of a hard one.
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People pointed out that Bitcoin isn't fully accepted in Turkey and that it's actually illegal to use Bitcoin as a currency, which contrasts with the vlog experience. I've googled it, and it does seem to be prohibited to use Bitcoin as a form of payment in Turkey.
I don't speak Turkish, unfortunately, but it seems to me that the vlog is about a possibility to exchange Bitcoin for local fiat, right? That's not the same as using it as a form of payment.
Another explanation might be that it's not technically legal, but the law isn't enforced. It's like that in some countries which are a bit less formal and more chaotic. In my country, it's like that with piracy of movies and TV shows, for example. Is that illegal? Yes, absolutely. But some people don't even know it's illegal because that law is never enforced, there's zero actual risk of doing that, and the practice is very widespread.
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People don't normally ask me about Bitcoin, but I'll keep the risk of getting scammed in mind because I do agree that if a person is showing interest, we should warn that person about phishing websites, exit scams, fake giveaways, as well as about the importance of not losing access to one's wallet.
I'm sorry someone the op knows fell victim to a scam, and while it's not op's fault, it's a good lesson for the future. It's not hard to warn about the risks, and it can help reduce the number of scam victims, so I think it would be a nice rule to follow.
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It's awesome that they managed to track the vast majority of funds and somehow freeze them, but the story is still pretty scary. To me, it actually shows a risk of centralized storage because someone responsible for that storage might be targeted and forced to give up the money.
TRX is decentralized, so I guess the wallet itself was centralized? It's somewhat unclear to me how they managed to freeze the funds, and whether freezing means that they also managed to get the money back yet.
Maybe those saying it's just a publicity thing for CZ are right, a sort of success story of a centralized platform, but who knows, maybe it's genuine.
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My country is certainly low-income, and it's a very crypto-friendly country. We have tons of exchanges, major foundations accept donations in Bitcoin and a few altcoins, and there's a general roadmap to gradually adopt legislation to become a good place for crypto businesses, as well as enable usage of Bitcoin as money.
Of course, many people still use international bank transfers, but Bitcoin is quite well-known. International fees really depend on a country, and sometimes there are no fees at all, but the exchange rate isn't great, and you often can't send fiat without exchanging it.
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Needless to say, the name of the thread is somewhat misleading because it doesn't really account for the world economy in general and merely focuses on Bitcoin vs fiat and on inflation. But hey, if we're doing a simple version, I'd say it's actually even simpler. You can buy Bitcoin, at any point, and just wait out whatever comes next until you end up with profits. Inflation, the Fed, wars don't matter. Bitcoin has shown its resilience in light of different global challenges like the pandemic, the Russo-Ukrainian war, the Israel-Hamas war. It seems capable of bouncing back, it's just a matter of time.
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Digital literacy is very important, as long as it strongly includes the development of skills to analyse information that you encounter online.
I think that what the list doesn't account for is a background in humanities. Knowing tech and being able to use it efficiently is great, but it's really important to accompany it with an ethical component to account for biases and make sure that we're not moving toward a technological dystopia, where there's no privacy, there are lots of harmful technologies, and people are less free than they were before.
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Huh, I actually thought that this information about Hamas and cryptos was correct, although it didn't really sway me from Bitcoin in any way because money is always used for all sorts of purposes and taking it out on Bitcoin is an association fallacy.
I see that WSJ has actually published multiple articles claiming that cryptos were/are used by Hamas terrorists. It's sad that it seems they didn't follow up to account for potential inaccuracy of information (but I don't know for sure because of the paywall).
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If a person, as the op mentions, wants to make short-term gains, I agree that something more than Bitcoin is probably required. One might find a stablecoin useful for a trading pair with Bitcoin, for example. Also, while the op says that Bitcoin's price fluctuates a lot short-term, I actually think it probably doesn't fluctuate enough to profit from daily fluctuations. Fluctuations are good for trading, and Bitcoin can stay fairly stable for a while, unlike some altcoins.
That being said, I don't think that diversification reduces the overall risk. While it seems reasonable in theory, I think it's wrong in practice, simply because altcoins are riskier than Bitcoin, so diluting Bitcoin with altcoins makes the overall risk higher.
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According to recent data, there are around 220 million Bitcoin users. In a world of 8 billion people, that's just 2.75%. So the vast majority of people in the world have zero Bitcoin, and even those who have very modest amounts are in this small minority of less than 3%. And I'm sure that out of those who have some BTC, the majority don't have as mush as 0.1, so yeah, it's already an extraordinary amount by all reasonable calculations. When spending a lot of time on this forum, the bubble of people who largely own Bitcoin and care about it can be misleading, as it might seem that most people own BTC and many own big amounts.
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The idea of not looking at the price tag probably comes from the basics, such as going to buy groceries or going shopping. If you're on a budget, you pay attention how much you spend, so that you can have enough money to buy stuff tomorrow and the day after that. If you're rich, you don't really have to do that, you can just grab whatever you like without caring about the price. But that doesn't mean that this is what all rich people do or what people should aspire to do. I think that prices matter because they can be an indicator of the quality of a product (if it's way too cheap, stay away from it), and reasonability of spending money on something.
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Rug pull is a specific investment term, and it means that there's a team/company suddenly withdrawing support/selling their assets, so it's centred on the idea of someone who's doing it, in a specific case. There have been some exit scams over the years, and there have been projects that genuinely failed, but what is the op referring to, specifically?
Who pulled the rug, and how did that impact the market? Bitcoin went to ATH during the pandemic, so how is that consistent with the idea of being rugpulled during the pandemic? And why is the op talking about how to get out of it unharmed? If it's the bearish crypto market, that will gradually fix itself, but there's no malicious intent involved anyway.
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India is the world's 5th economy, but it's nearly 6 times smaller than China in terms of GDP. The Global South needs investments, and India can surely offer some of that, but nowhere near what China can offer, simply because the Chinese economy is so much bigger. That being said, India is gaining more influence, and it's possible that China's becoming less interested in the Global South right now, which helps India's cause. It is also obviously a better option for the Western world, considering that India is troubled, but a democracy, whereas China is a very authoritarian regime. If anything, I think India has a better chance of exercising political influence in that region, than economic influence, when it comes to rivalry with China. |
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I'm not sure Ark Invest is a strong and reputable voice when it comes to financial management, simply because it's been going down by a lot for a while. It had $50 billion worth of assets under managements in 2021, but that went down to $16 billion in 2022, and the current estimate is less than $7 billion (all according to Wikipedia). BlackRock is certainly one of the giants, and it does seem to have a strong interest in Bitcoin, but another giant, Goldman Sachs, seems more sceptical. So perhaps there is an increased interest in Bitcoin, but it's not 'the choice of investors'. |
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Bitcoin is still a young currency, but, considering that it doesn't really have any agency of its own, I'm not sure how relevant comparison to human development is. Bitcoin is what people make of it, it doesn't do anything itself, so if we are treating it as immature, I suppose it kind of makes it so, but that's on us, not on Bitcoin. It remains to be seen whether Bitcoin will ever get stable in terms of the price and stop having long bearish and short bullish phases. Perhaps we should just accept it instead of expecting it to 'grow up'.
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Perhaps it depends on a country and is also a matter of time, but that wouldn't work in my country. First of all, Bitcoin can't be used directly to pay for goods and services, not in most places. Meanwhile, cash or card payments are fairly simple and direct. But let's assume that Bitcoin becomes widely accepted before the pensions are getting paid in Bitcoin. There's still a huge problem that pensioners are of solid age, many of them don't use the Internet, smartphones, or any technologies beyond a TV, radio, and a very simple phone. So they would be annoyed and in opposition to dealing with a volatile digital currency, as it goes way beyond the digital literacy of most pensioners in my country.
What can be done instead, however, is pension fund investing into Bitcoin long-term to ensure higher pensions, but in my country, the pension fund isn't based on investments at all, not yet.
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I want to know about the cost of living and average income in each country. Can I ask that here?
For comparison, may I ask how much a standard meal in your country costs for one meal? what is the standard food menu? What is the average monthly and annual income in your country? Please those who answer can use calculations in USD
Note: I don't need the tables issued by the government because they are usually different from the reality on the ground
There are websites that can help get the general idea based on inputs of people who have actually lived in various countries and cities. I've used Numbeo for that multiple times, both just for fun and when planning to relocate somewhere. I think the prices are fairly accurate, but estimated monthly costs are not, they are way higher than people can normally afford. Based on personal experience, drinks and a couple of main courses cost around $25. If you shop for food, $550 is enough for food for two people per month (but of course it's pretty subjective and depends a lot on what sort of things you buy). I can't tell you the prices for one person because I don't live alone, and prices for two people are normally lower than for one because you can buy bigger packs of things, cook meals for two, etc. As for average monthly income after taxes, it's around $550 per person. |
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There has been several occasions of people saying buy and hold without consedring the negative effect it has impacted on many people live. Lets take for instance, when bitcoin was at ATH of about $69k somany people bought at same price expecting it to hit $100k and above while some baugh at the price when it was 40, 50, $60k conservatively. When it was going down to even $20k people keep on holding. Now it's about 2 years since bitcoin fell and never meet up with the price they baught. And they are hoping it comes back after losing huge amount of money. New investors are are taking advages of it while the old investors are regretting.
So I sudjest sometimes if the market is going down beyond bearable measures, there is need to swap your BTC to USDT to keep your capital safe in other to buy back when it is going up to avoid loosing some huge amount of money.
So what's your sudjestion on this.
The main mistake here is buying at or near an ATH, not hodling afterwards. People often make this mistake, and it is unfortunate that they do. It's just that Bitcoin gets way more attention when it's on the bull run, and FOMO is a big feeling that can motivate serious errors of judgement. So, instead of buying at ATH, a person can simply wait for a lengthy bear market to make an investment. But if someone has already bought Bitcoin at ATH, I think it's better to keep hodling till Bitcoin finally recovers and gets even higher (but be prepared that it can take several years) than to sell at a loss. |
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