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1  Other / Beginners & Help / Start preparing for the next bear run. on: February 21, 2024, 12:30:39 PM
I have observed that the rate of posts on buying Bitcoin in this bull had increased greatly. I once read that people are always attracted to invest in Bitcoin when the price is going high. We see more people buying Bitcoin because of the fear of losing out. I know that we can buy bitcoin at any price we can afford but it seems these investors are more concerned about this year's bull run.

From my little experience with the Bitcoin Investment system, the best time to buy the coin if you are targeting to make a profit in the bull run is during the bear run. The price is cheaper and you can make a good profit within the four-year circle. At this period you don't need to rush to buy because of FOMO but you can comfortably buy at your own pace using the DCA or other strategy that suits you.

My advice is that as you are targeting to sell your coins and make a profit also start planning for accumulation. If you intend to use DCA, start putting things in place on how to set aside funds periodically to buy Bitcoin. It might not be bad to start planning how to get an alternative source of income to enable you to engage in your accumulation process seamlessly. Buying Bitcoin during the bear market should be more appealing than buying when the bull run is already around the corner.
2  Economy / Gambling discussion / Another health benefit of online gambling on: February 02, 2024, 08:57:45 PM
My neighbor has tuberculosis and from the information I gathered from a reliable source, his case is so severe. He is at the lung cavitation stage of the disease and he has been advised to avoid overcrowded environments for his health and the safety of others. But my neighbor who is a responsible gambler will always visit physical betting shops. Some physical gambling shops in my area are poorly ventilated and they could be overcrowded and stuffy. Sometimes you could see that he is struggling to remain in the casino shop and such cases he would be coughing heavily. I have told him to focus on online gambling but he told me that he is more entertained in physical bet shops.

Betting with online gambling firms will shield you from contracting communicable diseases because you are all alone in a comfortable atmosphere. My neighbor's behavior has made me focus only on crypto casinos because I am scared of my health. Don't get me wrong there are many well-built and very comfortable physical casinos that offer quality services, but when you are an online gambler you will not need to worry about the health concerns of fellow gamblers.
3  Economy / Gambling discussion / Will you gamble on Bitcoin ETF approval results? on: January 05, 2024, 11:24:58 AM
A Polygon-based gambling site allows gamblers to gamble on the outcome of the spot Bitcoin ETF application by some investors. Gamblers are required to choose Yes” or “No” bets on whether the Bitcoin ETF applications will be approved or not. According to a report about $1.5 million worth of bets have been placed and bettors are patiently waiting for SEC's decision. From reports it seems that the majority of gamblers believe that the SEC will approve so the majority of them choose yes.

I know that there are diverse bets on unconventional events like Miss World, the US election and even wars. But this one is new and I just want to know if you will be comfortable betting on the spot Bitcoin ETF.
4  Economy / Gambling discussion / Should mentally unstable people be allowed to gamble? on: December 25, 2023, 07:20:50 AM
Recently I was around a physical bet shop close to my area and I observed a man who was shabbily dressed walking in the gambling house. I got into the place to observe what his intentions were. He walked straight to the gaming attendant, placed his bets in a highly coordinated manner and quietly walked out of the physical gambling house. From the way he was well organized, you will never know that he was mentally unsound apart from his dirty clothes and unkept hair and beard.

When I inquired from the attendant, she said he was a regular customer and that he usually raised money for gambling through the manual jobs he does around the area. She also told me that he has never misbehaved and acted violently in the gambling house so she was comfortable with him.

My question now is are there any moral, ethical or legal obligation to bar a person from gambling after physically observing that he is mentally unstable?
5  Bitcoin / Bitcoin Discussion / Google is preparing for Spot Bitcoin ETF on: December 12, 2023, 03:02:13 PM
In anticipation of the approval of Bitcoin ETF, Google is adjusting its guidelines for crypto-related products. Before now Google had been very strict on crypto-related advertising on the platform because of concerns for fraud and misleading promotion. However, it seems they are gradually adjusting these policies to reflect the increased mainstream or institutional adoption of Bitcoin.

From January 2024 Google will allow adverts on financial products that allow investors to trade shares in trusts holding large pools of digital currency known as "Cryptocurrency Coin Trusts". With this change in policy crypto coin trusts could run ads on Google provided they register with the SEC. This subtle adjustment of ads policy is an indication that they are preparing for Spot Bitcoin ETF.
6  Economy / Gambling discussion / Do you believe in psychic betting? on: November 22, 2023, 06:11:31 PM
Psychic betting is placing bets based on the prediction of individuals or even animals because of the belief that they possess supernatural power to accurately determine the outcome of a bet. There is the true story of Fatih Ozcan[1] who helped his boss Hayati Kucukkoylu to win a $1.7 million lottery through the power of dreams. He claimed that he received the revelation about the Euro Millions tickets from his dreams. There is also Paul the Psychic Octopus [2] who is known to predict international football games correctly. He even predicted correctly that Spain would win the  2010 FIFA World Cup. Some persons also believe in the gambling predictions of religious leaders [3] to place bets. Some people believe that lunatics are possessed by some supernatural powers so they also depend on them for predictions.

Do you take these Psychic predictions seriously?

7  Economy / Gambling discussion / Meta's no ads subscription and gambling disorder. on: November 07, 2023, 07:28:55 AM
Before now it was impossible to avoid advertisment on Facebook and Instagram.This has made it impossible for gamblers to avoid advert even when they have used control the ads options. Now Meta is giving users in the EU, EEA and Switzerland the choice to pay a monthly subscription to use Facebook and Instagram  without any ads. This special account can come for as high as €9.99/month on the web or €12.99/month on iOS and Android. Users can get this account this month and enjoy the package  

Although the subscription fees is high to some low income nations but I think it can held to reduce gambling disorderly behaviour. Some gamers are triggered to gamble uncontrollable because of advertisment so this package will help them gamble responsibly. According to a study carried out by Sheffield and Glasgow universities the more people are exposed to betting advertisment the more likely they are to gamble and the greater the risk of them developing a disorder. This package is also helpful because it will make gamblers avoid adverts from many scam casinos that are using these social media as platforms which will also reduce gambling disorder.

What are your thoughts?
8  Economy / Economics / AI will put an end to work, says Elon Musk on: November 03, 2023, 03:28:19 PM
During an uncommon interview conducted by UK Prime Minister Rishi Sunak, the tech billionaire Elon Musk predicted that if AI is not regulated, there will be a time when no job will be needed. This means that AI tools would take over the entire work of men making paid jobs become reductant. He even claimed that humanoid robots might be a perfect friend for one of his sons who is having difficulty in having friends. I have always believed that regardless of how sophisticated these AI tools become, they will never replace humans. But hearing this prediction for an individual who has a full understanding of the AI sector is frightening. Elon Musk owns an AI company, xAI, that is competing with big AI firms like OpenAI, Google and Anthropic.

These comments can increase the fear and anxiety workers always had that these super-computers will replace them in future. What are your thoughts regarding the statement by Elon, do you think we should take him seriously?
9  Bitcoin / Bitcoin Discussion / Will Spot Bitcoin ETF also favor the SEC? on: October 31, 2023, 09:33:43 AM
The news about spot Bitcoin ETF approval has been making rounds in the news recently. And it has brought so much hope that next year will be a profitable one for Bitcoiners. I have a feeling that the SEC will approve it next year because approving the ETF will also favor the SEC in some ways. It will promote centralization of the Bitcoin system which will make the sector very easy to regulate. It will be easier for this regulatory body to control the space through various policies targeted at these institutional investors.

I suspect that the reason why the SEC is delaying the approval is because they have not made enough regulatory policies to control the sector but they have intensified actions to make these laws. The clampdown on mixer services is one of the strategies of the SEC to make the Bitcoin space more centralized. And who knows if the next target might be decentralized exchanges.

Institutional investment in bitcoin will lead to an increase in the price of the currency which is good news to investors. But do you think the SEC will also benefit from the approval of Spot Bitcoin ETF?
10  Bitcoin / Bitcoin Discussion / Keeping or recovering seed phrases during or after a natural disaster. on: September 13, 2023, 07:22:31 AM
The increase in the rate of natural disasters such as earthquakes, flooding, wildfires, etc. has got me thinking of how safe my seed phrase is when I store it physically. The recent wildfire in the US nearly destroyed the entire town of Lahaina, Hawaii. The recent earthquake in Morocco almost wiped out the entire region of Marrakesh. In Libya, the flooding devastated the entire city of Derna.

I have learned in this forum that it is not safe to keep or save your seed phrase online, on the phone, or on the computer. We are also advised not to keep them with third parties because they can be stolen or accessed by anybody. Rather it is better to write them down and keep them in different safe locations. Another option is to write it on fireproof and waterproof material like steel and keep it safe.

My problem is that these natural disasters happen without warning signs. Recently we just woke up to see that our entire neighborhood has been flooded because of the collapse of a dam in the neighboring country. The earthquake in Turkey, Syria, and Morocco,  and the flood in Libya were impromptu and everyone was only concerned about saving lives and nobody cared about personal belongings like seed phrases. The destruction caused by these disasters is so widespread that it could destroy all the safe places where you safely kept your seed phrase. Recovering these seed phrases saved on disaster-proof materials after a natural disaster is somehow difficult because recovering them with machines like escalators and other earth-moving machines will be close to impossible. In the case of flooding, these materials would have been washed away into rivers or sea.  

I know that the security of our wallet is very important that is why it should be personal. I have heard of saving encrypted seed phrases in the cloud or online personal files. I know this is also risky but is there any means of saving my seed phrase safe from these natural disasters? That could atleast give a Bitcoiner access to a wallet after the loss of seed phrases during or after natural disasters.
11  Economy / Economics / Another Coup in Africa: What is the economic effect? on: August 30, 2023, 10:29:40 AM
Just early this morning some group of soldiers in Gabon declared that they had overthrown the democratically elected government in Gabon, Africa. President Ali Bongo Ondimba has been placed under house arrest and there are also celebrations on the streets of the capital  Libreville.

Some observers believe that these coups in these former French colonies like the Central African Republic, Mali, Burkina Faso, and Niger is to reduce France's economic influence in Africa. Gabon has the largest manganese mine in the world and it is controlled by the French mining group Eramet. Manganese is a major raw material used to produce steel and batteries. The company that employs about 8,000 workers has suspended its operation due to this coup. There have also been concerns about the continuity of uranium mining by French-based Orano after the coup in Niger. Niger supplies about controlled 15% of France’s uranium needs.

The argument from the citizens of these African countries is that France is only concerned about exploiting raw materials and doesn't care about the development of the local economy. Others are also stimulating  that these coups are sponsored by some external forces that want to replace France. What is the economic effect of the coup in Gabon on the global economy?
12  Other / Beginners & Help / Promoting P2P transactions through Bitcoin Community on: August 09, 2023, 08:24:02 AM
Bitcoin was designed for P2P transactions or P2P payments. The initial plan of the creator was to transfer funds without middlemen such as exchanges. Currently, there have been arguments by some users that exchanges have become an essential part of Bitcoin transactions because of their high liquidity. Some business owners have complained that they need to use exchanges because fiat is needed for them to restock their stores. So exchanges provide a fast means of changing their coins to fiat.

For Bitcoiners to avoid these exchanges and use Bitcoin as designed, building a strong Bitcoin community will be a good option. This community should include trustworthy members that can engage in P2P transactions at will. These communities should be open to members that are trustworthy and committed to promoting the privacy and decentralization of Bitcoin.

From my observation, three issues might arise, which are trust, liquidity, and privacy. Let me give my little view of how these challenges can be handled.

Trust: Trust between the two parties involved in this P2P transaction might be an issue. I know trustworthy people are scarce but this doesn't dispute the fact that there are people that can be trusted. Using trusted individuals as escrow might be a good option. These trusted members can serve as the link between members if there is any form of distrust among members. But members that trust each other don't need escrow.

Liquidity: As the members of the community keep growing its liquidity level will keep increasing. This suggestion might be complicated but it might not be a bad idea if the community has a fiat capital or fund that members can access if there is nobody wants to buy bitcoin at the particular time. Trustworthy Administrators or escrows can simply exchange members' Bitcoin with fiat from the community funds and their Bitcoin transferred to the community escrow wallet. But the amount is these funds shouldn't be too high because it can breed greed.

Privacy: Members do not need to know each other physically to run this community. Members in large communities like Bitcointalk can decide to form smaller communities. The reason is that it will be easy to identify trustworthy members if you are aware of their reputation. There are some members in this forum that I will be willing to join the community where they serve as sectors or administrators because they are trustworthy.

These are my thoughts, I might also be wrong.
13  Economy / Economics / Population: Economic strength or weakness on: July 19, 2023, 11:06:08 AM
We have had different analyses about the implication of population on the economy of a nation. Some economists will argue that the reason for the underdevelopment of most countries is because of overpopulation. Hence they are advised to cut down the population through diverse means like birth control and so on. In other countries, economists are also predicting economic woes because of underpopulation. These nations have been advised to increase the birth rate through diverse means. Some nations are giving citizens diverse welfare packages to increase the number of children they have. Some are encouraging immigration to fill the gaps created by the labor shortages.

A close look at this situation shows that many of these overpopulated nations mostly in Africa and Asia are underdeveloped. While these underpopulated nations are economically buoyant. I think the reason for the poverty of these developing nations is not the population but bad governance and the inability to maximize and distribute available resources equally.  We cannot deny the fact that these overpopulated nations are economically important to these developed nations in terms of human resources. And they contribute immensely to the development of these first-world nations in terms of cheap labour.

How do you think these developed nations will fill vacancies in their nations and get cheap labor if the population of these developing nations is reduced?
14  Local / Nigeria (Naija) / Africa needs peace in Ukraine and Russia. on: June 14, 2023, 09:24:39 AM
Most African nations depend on Ukraine and Russia for many things. Economically these two nations supply most of the raw materials and finished products that help the economies of the continent. Africa suffered at the beginning of the invasion because most raw materials like wheat led to the high cost of bread. Academically the continent relies so much on Russia and Ukraine. Before the Russian invasion of Ukraine about 26,500 Africans were studying in Ukraine and many of them became dropouts. Many students that would have studied in Russia are not going because of security and diplomatic concerns. This is denying Africans the opportunity to access quality education. Politically it is affecting the continent because it is dividing us among the Western and Eastern blocs. Some of them have criticized the war while others have been silent.

Recently six African countries have scheduled to visit Russia and Ukraine in an attempt to seek peace. They are aware that this war is affecting the continent negatively and that the war should end. We know many more powerful nations have tried to end this war but failed, I am just praying that South Africa, Zambia, Senegal, the Republic of Congo, Uganda, and Egypt might find a way to end this war.
15  Economy / Economics / Is poverty a lack of money? on: June 14, 2023, 08:14:10 AM
I see poverty as the inability to provide what you need. So when people assume that poverty is when you don't have money I don't agree. Now what if you have all you need and you don't require money to buy anything, are you poor? Some people live in communities where everyone lives agrarian life. They have all they need because everything they need to survive is available. Food is on the farm, water available and everybody is happy. Although it was hard during the Covid-19 lockdown many people lived without money. I have also seen many people leaving cities and moving to rural areas to live a natural life.

In summary when you have everything you need to survive and you don't need money, are you poor?
16  Bitcoin / Mining / Come and mine Bitcoin in Africa. on: April 08, 2023, 01:14:08 PM
I want to apologize for writing about an area of Bitcoin that I know little about. From what I have gathered so far Bitcoin miners are attracted to places that have constant but cheap electricity supply, favorable government policies, security, less pollution, and accessible quality infrastructures. Cheap and uninterrupted power supply increases the chances of making profit, friendly government policies and security determine the longevity of the business, clean and green environment reduces the effect of mining emissions and quality infrastructures make the miners and their families live good lives in a particular location. All African nations might not have these qualities but some possess them. I want to state a few reasons why miners should consider Africa.

Humanitarian Grounds: If Bitcoin miners focus only on profit taking, Africa might be the least continent to consider to locate your mining firm. But if your goal is to make a profit and also help to improve the standard of living of Africans, then it is the best location. Africa needs help because of so many negative factors. Like the case of Gridless a company that started a bitcoin mining project by tapping into 50 kilowatts (kW) clean, stranded and excess hydro energy in Malawi. This Bitcoin mine has brought economic empowerment and job opportunities and 1,600 households connected to this mine have constant power supply. Another company SustainSolar, Earth Wind and Power and INENSUS saw the opportunity to use what would have been otherwise wasted energy to support crypto mining and in the process generate electricity to process high-value agricultural crops such as vanilla and BEC in rural Uganda; and yield many socio-economic benefits for the surrounding farming community.

Friendly Government Policies: Only four African countries have absolutely banned Bitcoin operation in their jurisdiction which includes Morrocco , Tunisia, Egypt, and Algeria. Some African nations don’t have any laws that prevent or approve mining activities. Many countries in Africa will be willing to welcome miners because they desperately need revenue from the tax.  So, mining activities will be welcomed in Africa as long as you pay your tax.

Relatively cheap electricity: African countries are among the nations that have cheap electricity costs. According to Statista a firm that analyses the power consumption of countries, out of 30 nations that have the cheapest power four African countries made the list which includes Rwanda (8th), Kenya (15th), South Africa (15th), and Nigeria (27th). Africa has a lot of sunlight to power solar, many rivers or water bodies for hydroelectric power, and several abandoned power projects that can be revamped.
Security: Africa has always been a continent characterized by wars and political conflicts. In some of these nations, there is a high rate of crime. But this narrative is changing because many African nations are become politically stated and security friendly. African nations might not be among the first twenty safest countries but their rating has consistently improved Mauritius is the 28th safest country in the world, Ghana is the 40th, Gambia 45th and Botswanan 48th.

Infrastructures: Some African nations are investing heavily in infrastructural development. An example is Seychelles , a tropical island in the East of Africa which 100% of the population has access to electricity while 98% has unhindered access to drinking water. The country has 247 internet service providers and with the lowest population in Africa, the country still has 14 airports spread across its many cities. It has good roads, a quality health system, and well-planned cities. Other countries like Mauritius , Ghana, South Africa and São Tomé and Príncipe all have basic facilities that will be of great interest to bitcoin miners.

Friendly people: 80% of Western experts and local business leaders interviewed by How we made it in Africa confirmed that the best thing about the African country in which they operate is the people, along with its geographical beauty. According to the InterNations report, East African country received the highest marks for friendliness. More than 57% of experts in Uganda gave ‘general friendliness’ the best possible rating (the global average was 26%) and not a single respondent ranked this factor negatively. African love foreigners and treat them with love and respect. It will not be bad for some interested bitcoin miners to marry Africans because they are wonderful people.

As I said before, Africa might not be a perfect place to mine bitcoin but it could be a place to consider because things are changing for the better and we also need the support of bitcoin miners.
17  Other / Politics & Society / Who is losing? Finland joins NATO. on: April 04, 2023, 07:15:34 PM
One of the reasons Russia gave for invading Ukraine was that they want to stop the expansion of NATO along the Russian border. But today Finland which shares about 1,340km borderline with Russia has formally joined NATO. Kremlin feels that the acceptance of Finland into NATO is against the security and national interest of Russia. And in a few months, Sweden might be the next member of NATO which will indeed be a blow to the aspiration of Russia to push NATO far from its borders.

Do you think Russia made the right decision to attack Ukraine because it wants to protect its borders?
18  Bitcoin / Bitcoin Discussion / Reasons why I might consider selling my Bitcoin. on: March 28, 2023, 05:56:00 AM
I have been in this forum for some time now and becoming a bitcoin trader didn't interest me. I have been attracted to the idea of keeping my coins for a long time and selling it when it reaches my target. I have decided not to sell any of my coins until the bull run season no matter the pressure from any corner. But recently, I was just reasoning about my bitcoin holding because where a man's treasure is where his mind will be when a question dropped into my mind; What can make you sell your bitcoin? I thought about it and I came up with these few points.

Health Issues: Health is wealth, which means without health a man is not wealthy. If there is any sickness that needs money for me or any member of the family to seek medical help, I might decide to sell some of my bitcoin holding to cover the bills. It is only the living that can enjoy the benefit of any investment.

Loss of source of income: A loss of a job or business might force me to sell some of my holdings if I exhaust all my savings. I and my family needs to be alive to enjoy our investment, so we need food and other basic needs to survive. it will be painful but it will be better than begging or taking loans.    

Business opportunity: Many people in my country are migrating to developed to seek better employment opportunities. Many of them are cheaply selling their properties and businesses. If I have the opportunity to buy a cheap house or business, I might decide to sell some of my bitcoin because the profit from the business will help me to buy more bitcoin in the future. House rent is expensive in my country and it is really taking a large chunk of my income. If I own a house, my house rent can be used to buy more bitcoin.

Unfavorable government policies: If the government of my country decides to ban the holding or use of bitcoin, I might be forced to dispose of them. I will not want to be hiding from law enforcement agencies or risk being arrested. I don't wish this to happen but if it does, I will have to take that hard and painful decision.

Migration: My earnings only permit me to save a little amount that I use to invest in Bitcoin. If I have an opportunity to secure a higher-paying job in another country ad I have to finance the travel with part of my bitcoin holding, I might sell some. I higher paying job means more investment in bitcoin.

Higher Education or Skills: If there is an opening for promotion in my organization and it requires getting a higher degree or specialized skills, I might consider selling part of my holdings. This is because such a promotion or job bring higher financial reward which can enable me to buy more coins.

 In summary, there are just two broad reasons that will make me sell my coins, first emergencies such as sickness and loss of a source of income, and better opportunities that will give me more financial backup to buy more bitcoin.

19  Economy / Economics / If they have the solution, why are banks still failing? on: March 11, 2023, 04:11:58 AM
The stock of Silicon Valley Bank, one of the biggest banks in the US collapsed to 65% before trading was halted. This is the largest bank failure since the 2008 financial crisis.
The bank's parent failed to get a buyer making the California Department of Financial Protection and Innovation close Silicon Valley Bank and appointed the Federal Deposit Insurance Corporation as receiver. Customers were scared and began to pull out their funds to avoid unforeseen circumstances.

Economists are warning that the fall of SIVB might spread and have a bad effect on the entire banking sector. The shares of many banks in the US and Europe dropped because of this incident.  According to Reuter U.S. banks have lost over $100 billion stock market value in two days, with European banks losing around another $50 billion in value.

I have always seen bad news about the cryptocurrency industry making headlines in national and international newspapers. The government and bankers criticize the industry and portray the banks as the only remedy to the financial problems of the world. SVB recorded six straight quarterly losses, why didn't these financial gurus fix the bank? Yet they claim to be the only solution.
20  Other / Politics & Society / Sam Bankman-Fried bribed politicians for favor. on: February 23, 2023, 05:58:07 PM
Sam Bankman-Fried now faces a total of 12 criminal charges because 4 more charges have been added. His current charge is that he conspired with two of his former FTX executives to donate tens of millions of dollars to influence US politicians to pass laws favorable to the company.

Federal prosecutors claimed that SBF donated to both Democrats and Republicans to ensure that he will be favored no matter who wins the elections. It is unfortunate how politicians receive funds from corrupt businessmen without considering the consequences of their actions on the people. They are in these political positions for selfish reasons. I am sure these bribes affected their regulatory functions, which made SBF run FTX like his family business.

The receivers of this donation should be compelled to return these funds because they can be used to pay some people that lost money in FTX.
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