I have noticed very well on this forum that stainless steel is good for seed phrase backup because it has high melting point which can be between 1400 to 1530 °C.
Where are you going to take your seed to? Are you going to visit a volcano with it? Going to war? You really don't need all that protection Good old paper will do just fine for 99.99% of people. Paper can last for years... I have the same paper from 2017 with my seed Steel, or titanium, or paper, whatever, you can use them if you wish. I just recommend to have a second backup of your seed somewhere else. Peradventure we enter WW3 following recent happenings, we might need something to protect our treasure from bomb  I a kind of agree with you that those protections are not really necessary; there is no need complicating things. |
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If Australia continues in the direction they are going, it will be only a matter of time before the very essence of Bitcoin is defeated in that country. From records, Australian government is fond of interfering with virtually everything... from forex brokerage to online casinos, they practically want to control how their citizens partake in anything. They do this by placing limits on how much an individual can deposit irrespective of how much the individual is worth with their reason being that the citizens are loosing more than they are winning. There was even news of them planning to ban some crypto-based casinos... I don't remember if this scaled through.
While this might seem like watching out for their citizens, if you look deeper, it is control in disguise.
I have done some reading after your post and to an extent, you are right. From my research there are two ways that Australia can go with Cryptocurrency vs. Their proposed digital money systems. Firslty, they can simply keep up with innovation, not stifle it and also maintain a level of freedom. However, Australia has the stance that cryptocurrency is competing currency...and with this ideology, their best interest seems to be that they want to eventually eliminate the Australian onramps to the ecosystem. From what I've gathered, this is something that they are aiming to do in the next 5 years, as they update their money system up to a blockchain standard. It's interesting how they portray their news and then what you find when you dig a little deeper. I will say that it does seem quote sinister to completely eliminate cryotocurrency from their country. I suppose it's one way to get rid of a superior competing currency though. I'm interested to see what happens next there... I'm glad you are able to corroborate on my earlier submission; I have been following Australian government policies for a while and I know how they subtly bring regulations that look good on the surface but with clandestine motives that is not far from control and censorship. Several companies that I know have been badly hit by such rules and those that have their headquarters there have to make changes to their conditions of service that it even affected those outside Australia. I know they will have a hard time with Bitcoin and cryptocurrency in general considering that many people are opting for DEX over CEX. Well, in the near future, many things will become clearer. |
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Did you think there is manipulation in what that happened yesterday as the price of bitcoin increased from $27500 to $30000 and decreased back no quite long to $28500? Try to always know what is going on. There was a rumour yesterday that SEC has approved spot bitcoin ETF was the reason and after people knew it was not true, the market fell back.
I am also wondering how he concluded that it was a case of manipulation. Perhaps, he does not understand how market react to news (fundamental). Manipulation is actually possible and do happen but the event of yesterday was not what I know manipulation to be; the market was just responding to a supposed positive news. If it was a manipulation, the price would have dumped so hard, far below where it started the rise. The few times I have seen something that look like market manipulation, it dumped so hard against the initial direction the impulse happened. By this, those who jumped into the initial move will be in deep red with little to no motivation to cut the huge loss. |
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Following the fake news of Bitcoin ETF approval by Cointelegraph yesterday that made Bitcoin price surge to around $30k, there was someone that jumped into the market with with over $600k only to realize it was a fake news and the market started dumping and quickly sold. Do you now that within 10 minutes he lost over $49k. These are the people that Bitcoin is risky for... they want quick profit.
This is the type of investor who only targets news to accumulate Bitcoin and there are only two risks, namely if the news is fake then he will lose because the price will immediately fall but if the news is true then he will profit from the price increase. That's what is happening currently in the market, they can make quick losses and quick profits. But I don't really like following the style of buying instantly just for quick profits because it carries a greater risk to what we have planned. I am more interested in accumulating gradually rather than aggressively because those of us who buy regularly will be more profitable at the level of buying at low prices compared to those who only refer to instant purchases when there is news. But if the buyer does not sell it immediately then he only loses in the fiat estimation, not in his Bitcoin ownership. And he can hold his Bitcoin holdings while waiting for the price to rise again. The is true definition of gambling... expensive gambling for that matter because the pain came very fast, just within 10 minutes. Imagine investing that amount when Bitcoin dumped to the $16k region and holding it till now, that would have been a massive win for him. Unfortunately he want it so fast and it ended in tears. probably he is busy now spreading all kinds of FUD about Bitcoin as a way of venting his anger. Well, the market have a way of humbling anyone that want to beat the process of growth. People forget that most of the Bitcoin millionaires are people who held for long... the time factor must be a constant to be able to maximize the opportunities offered by Bitcoin because there is no shortcut. |
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This is a wonderful one for new members as it assures them there is opportunities here. The only challenge I see here is that when a new member is fixated on the earning aspect and actively engaged in bounties, airdrop, contests and the others, there are high chances that the learning aspect will be neglected because the user will be overwhelmed. This is the reason I think the best approach will be to learn to a great extent, read through various threads of the forum and get fully acquainted with Bitcoin as well as the security aspect before becoming fully committed to the earning aspect.
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There is no doubt that integrating blockchain into our education curriculum will help the spread of Bitcoin knowledge vis-a-vis the penetration and adoption of Bitcoin. But I don't see this happening in Nigeria anytime soon. The best that can happen now is to adopt state level approach since each of the states manages their educational boards up to secondary schools.
We can raise proposals to our various state governments outlining the need and importance of blockchain technology and Bitcoin. I saw a post where one of our local board member @ibaba sent such proposal to Nasarawa State Governor. I think such moves can be encouraged across various states of the federation, I am confident one or two of them will surely implement that and others will join when they see the successes.
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Most of the grown up people do not live with parents. At such, the parents are not aware about the interests and habits of individuals. Do you parents know that you gamble ? What was their first reaction towards your gambling habit ?
Gambling is not supposed to be for kinds. Many casinos and gambling companies do not allow children to register or use their services. Consequently, anyone up to the age of gambling is supposed to be able to make his decisions with little to no interference from parents or anyone. If it is just my parents knowing that I am into gambling, they do and not that they really have any way to interfere as I'm independent and can take my decisions. |
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On the risk aspect of Bitcoin, history have shown that the greatest risk in Bitcoin is buying and expecting profits so quickly which is also the same thing as impatience. Those who give Bitcoin time, like they would with other investment portfolios such as real estate, have always come out successful and happy with their decision because they have seen their investment increase even in multiples. This is the reality with Bitcoin and I do not see that changing anytime soon, unless, like you said, nothing is assured.
Fortunately, most of the discussions here have been focused on how to minimize the risk as well as the impact it can have on investors of Bitcoin. This is the reason the DCA method have enjoyed the support and approval of many participants in this discussion. The reason being that the DCA method allows one to invest amount that will not have significant impact on his finances per time and repeated at regular interval. One fine addition that was made was the discussion on emergency fund provision that will take away any financial pressure that might make one to sell unprepared. So, I think with this in place, the risk of unplanned liquidation, which is the major risk I see in Bitcoin, have been taken care of.
Yes bitcoin is indeed a risky investment, but it is true what you say the risk can be minimized in certain ways and with good planning, and here we get a lot of valuable lessons about what we can do and what we can avoid, and I'm sure many people here have opened their eyes to this bitcoin investment, especially for beginners who are still confused about what they should do. Not only talking about bitcoin investment we talk about here, but indirectly we also discuss others, such as how to manage finances, which ones should be the top priority and so on. To be honest, you are over-emphasizing the risk involved in Bitcoin even when I have made effort to explain how it is not as much as being presented and how it could be mitigated. A little check of the history of Bitcoin will show that those who dwell in the mindset of how risky Bitcoin is are those who see this journey as gambling in that they just believe they can buy and sell and make huge profit overnight. Following the fake news of Bitcoin ETF approval by Cointelegraph yesterday that made Bitcoin price surge to around $30k, there was someone that jumped into the market with with over $600k only to realize it was a fake news and the market started dumping and quickly sold. Do you now that within 10 minutes he lost over $49k. These are the people that Bitcoin is risky for... they want quick profit. Our discussion here is all about long term HODL and this is a minimal risk approach. |
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Will you leave gambling if your future wife/husband tells you to do this ?
I feel it belong to habits that should be discussed before getting married because there are some ladies that do not feel comfortable with gambling in any form. So it is better this is discussed and settled before the marriage so it does not become a challenge during the marriage. If these issue is address before marriage, maybe the lady confirm she does not have problem with moderate gambling, then there will be no issue. Perhaps people change and if the spouse change in the course of the marriage and decided she is no more comfortable with my gambling, then I will surely adjust because peace of the family is very important. |
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-snip-
I don't seem to agree with you on this. This is pure advertisement that is understood in the cooperate world. There is always a disclaimer that goes with every product and services and that exonerate the promoters of such products and services as their job is limited to creating the awareness/publicity with the burden of authentication and verification on the targeted users and the regulators. As much as you have a valid point when it comes to cooperate marketing and the alike, unfortunately the only reason these disclaimers are put out there is for all to see and to protect themselves from any legal battles that can come from consumers after use & something goes wrong.. which is different when compared to our crypto products and services as self awareness of crypto products is advised via DYOR, besides they say ignorance is no excuse. Well, I do not really see much divergence between what I said with your position on this matter because the sometimes-unwritten DYOR caveat of the crypto space is akin to the various disclaimers in conventional advertisements. Therefore, signature campaigns are no exception because they are also advertisement.
In the real world disclaimers are used to protect a company directly using its products to convey the message,but with our model of signatures, each user acts an an independent agency contracted to be engaged in the marketing side of a business...tbh there is a difference between the two. I understand the difference quite well and there is no denying the fact that it is not logical to punish those who wear signature of a company that turn out to be scam in the future. I have seen posts of one or two casinos accused of scam in the gambling section. Those were companies that ran signature campaigns and were promoted by users of this forum. Will it be fine to punish the users that wore the signature of those companies? Your guess is as good as mine. Nevertheless, this does not mean I am suggesting we become complacent in choosing the products and services to promote. Even human conscience requires we also do well to check the authenticity of what we promote for the sake of our reputation and general good of the public. |
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I believe before wearing a signature, one must have the idea of what they are promoting if it is in line with their perspective or ideology so as not to get entangled in the process of promoting a project.as that should be enough reasons to get your
account flagged in this system.
I don't seem to agree with you on this. This is pure advertisement that is understood in the cooperate world. There is always a disclaimer that goes with every product and services and that exonerate the promoters of such products and services as their job is limited to creating the awareness/publicity with the burden of authentication and verification on the targeted users and the regulators. For alcoholic drinks, you will see statements like "drink responsibly", "not for sale to children under 18 years". Even casinos, drugs and others have their caveats. Have you seen any radio or television station being punished for allowing adverts of substances or foods that are later banned or prohibited? It does not happen as the burden of authentication and approval is with the users and regulators. Therefore, signature campaigns are no exception because they are also advertisement. |
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People have different objectives and targets. Some people will sell all with the hope that it will pull back for them to buy again. While some people will sell just a fraction of their their portfolio to take their capital and some profits then leave the rest. However, there are many people that will not sell in the entire bull market... these are the people that have long term vision and will hodl against all odds. They are financially stable and have other ways of paying their bills.
In all, it is an individual thing and depends entirely on your plans.
There is nothing wrong with enjoying the accumulated results from a bearish market and harvesting them in a bullish market, people have different tastes in making their choices, I agree with you.they for example M. Saylor, by holding bitcoin for the long term they will definitely have sufficient income in their daily lives, for example, let's take the example of 4 years ago, at the beginning of January 2019 the price of bitcoin was around $5000. Of course, if one day we can no longer find that price, I personally will only sell it according to my needs. To become rich with Bitcoin, you need extra patience (example like Davinci Jaremie) This is exact mindset I have... buying to hold for long and selling only base on needs. I have confidence in Bitcoin and I consider it a safer way to preserve my funds against inflation and risk. Even though many people will say Bitcoin is risky, I feel the greater part of that risk is for people planning to hold for short term and then sell for a profit. Bitcoin actually require more time and patience than many people are willing to give. |
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I was actually amazed at how market can react vigorously to news. This point to what is expected next year if the ETF is approved, followed by the halving. Bitcoin skeptics will be proven wrong once again. Indeed, exciting times are ahead for Bitcoin.
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People have different objectives and targets. Some people will sell all with the hope that it will pull back for them to buy again. While some people will sell just a fraction of their their portfolio to take their capital and some profits then leave the rest. However, there are many people that will not sell in the entire bull market... these are the people that have long term vision and will hodl against all odds. They are financially stable and have other ways of paying their bills.
In all, it is an individual thing and depends entirely on your plans.
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Everyone knows quite well that bitcoin investment or even other cryptocurrencies investment is all about risk, and it's obvious that a risk takers always have an opportunity to accelerate, so bitcoin investment is not investment of dependent or assurance, because it with falling and rising or fluctuating, so whosoever investment in bitcoin need to know the advantages and the disadvantages of bitcoin because of the price rotation which is never be constant or been in one particular price since the existence of bitcoin, A risk is what is involved in bitcoin investment and that's while it's acknowledging to invest in bitcoin with a spare money
On the risk aspect of Bitcoin, history have shown that the greatest risk in Bitcoin is buying and expecting profits so quickly which is also the same thing as impatience. Those who give Bitcoin time, like they would with other investment portfolios such as real estate, have always come out successful and happy with their decision because they have seen their investment increase even in multiples. This is the reality with Bitcoin and I do not see that changing anytime soon, unless, like you said, nothing is assured. Fortunately, most of the discussions here have been focused on how to minimize the risk as well as the impact it can have on investors of Bitcoin. This is the reason the DCA method have enjoyed the support and approval of many participants in this discussion. The reason being that the DCA method allows one to invest amount that will not have significant impact on his finances per time and repeated at regular interval. One fine addition that was made was the discussion on emergency fund provision that will take away any financial pressure that might make one to sell unprepared. So, I think with this in place, the risk of unplanned liquidation, which is the major risk I see in Bitcoin, have been taken care of. |
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Does it mean Singapore is friendly to cryptocurrency? Is there a chance Bitcoin can be legalised there? Nevertheless these approvals are good news for us in the Bitcoin community... my question is just to gauge the level of Bitcoin penetration there.
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I will say that none of these three investments are bad, each has its own special worth. For example, if we talk about gold, it is acceptable almost everywhere in the world, plus the volatility in its price is low. And it has been used for ages and its prize is always going up. And the difference between Gold and Bitcoin is that it is a digital cryptocurrency which has become very popular nowadays as well as a medium to earn good profits. Although it has a side of risk and that is it is highly volatile coin, profit can be earned by investing here but you need to have enough knowledge in that case. On the other hand, I would say that buying land is also a good way to secure your funds because as far as I have seen land prices never go down. But you should think about the future and then invest here because there may be risks here because where you are buying the land is what is the natural location of these things. So the decision is your what you can effort and also what you wanna do now.
All 3 are good and potential investments but most people will choose bitcoin. The reason is simply because it is more volatile and has a higher chance of generating returns than the other two assets. Those who deliberately say that gold and real estate are not worth investing in are people who do not have the money to invest in them, they hope that their little capital combined with bitcoin can generate big profits for them. I know bitcoin has many other useful features but profit is the top reason when people compare and choose 1 out of 3. In addition to what you have stated above, you can start investing in Bitcoin with as low as $10 and allow this to grow over time unlike gold and other assets that this amount is insignificant. The advantages of Bitcoin is numerous, not forgetting the comfort, accessibility and convenience it offers. You can practically start and monitor your investment in Bitcoin from the comfort of your home without requiring any third party. Like you said, Bitcoin can give huge returns over a short period of time unlike other investment portfolios that takes so much time to yield profits even at a very slow rate... it has happened in the past and it can still happen again. |
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Australia have always been an interesting country to watch when it comes to the regulations of cryptocurrency. It's good to see that a western country is not trying to stifle growth or innovation, but is trying to protect its consumers. Of course we all prefer complete freedom, though it does seem like they are at least trying to keep the scales somewhat balanced.
If Australia continues in the direction they are going, it will be only a matter of time before the very essence of Bitcoin is defeated in that country. From records, Australian government is fond of interfering with virtually everything... from forex brokerage to online casinos, they practically want to control how their citizens partake in anything. They do this by placing limits on how much an individual can deposit irrespective of how much the individual is worth with their reason being that the citizens are loosing more than they are winning. There was even news of them planning to ban some crypto-based casinos... I don't remember if this scaled through. While this might seem like watching out for their citizens, if you look deeper, it is control in disguise. |
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I have noticed this before but I never paid attention. At some point, I wanted to delete the numbers to just leave it at 'always stay logged in' but I couldn't. I don't know if 3153600 minutes is such a long time that I have never been logged out for days going to months. Perhaps, my account have always remained logged in that is why I never really noticed the difference.
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Investing in bitcoin is good, but not at all time. You have to know exactly when you are making the investment, and the situation of things, to avoid loosing part or all your investment. If it is convincing someone of the positive investment in bitcoin, that is not a guarantee, as anything can happen. For me, anything investment has to be on the basis of personal decision of the person concerned to avoid blame or bad outcome.
There is never a wrong time to invest in Bitcoin. If you have actually taken time to study where we are coming from and where we are going to, you will know the potential of Bitcoin. Bitcoin have proven to be a good investment option for those who are not eager for quick gains so it requires time just like every other investment. As for loosing money in Bitcoin, are you of the opinion that the price of Bitcoin will come to zero or crash so hard? I will recommend you learn various techniques of Bitcoin accumulation while developing a long term perspective. That is the way to making the most of Bitcoin. One notable way is the DCA method which you can learn through these links: https://dcabtc.com/?sd=2021-07-01&sda=custom&f=weekly&d=3_years&ac=10000&c=truehttps://bitcointalk.org/index.php?topic=5349270.0https://bitcointalk.org/index.php?topic=5349270.msg62762953#msg62762953 |
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