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1721  Economy / Economics / Re: The effect of the 100 day war on Russia economically on: June 04, 2022, 02:40:33 PM
As it is, Ukraine is not just the only victim of the war even though they are the worst hit; Russia are also licking their wounds. As a result of the war, news outlets where one can read, watch or listen to news no longer have independence to be aired as they have been either blocked or shutdown.
 Hundreds of companies have pulled out of Russia in protest as a result of the invasion in Ukraine.
Russia meanwhile believe that this attack is not a war; rather a necessary operation designed to fight Nazis, Ultra nationalists and bring about peace and liberation ( what a funny way to go about it, if you ask me).
 Although the Russian economy has not collapsed under the onslaught of sanctions, but the world's largest country is now unable to import many of the goods it once did including high-tech semi conductors.
 The EU's oil embargo alone is expected to cost Moscow billions of dollars in lost export revenue. Do they have a backup plan or is this economic suicide?? https://www.bbc.com/news/live/world-europe-61656289

In my opinion, there is no back-up plan ....  

At one time, former Russian Prime Minister Dmitry Medvedev suggested that Russia is too important for other countries to remain isolated forever.  He suggested that the initially imposed economic sanctions would eventually be lifted or relaxed.  

However, this is an overly optimistic statement .... 

The oil and gas embargo, in my opinion, has disastrous consequences for the Russian economy.  Also catastrophic is the ban on the import of Western technology.  

However, all these effects have a long-term effect.

This effect will not appear immediately, but will have disastrous consequences.
Correct me if I'm wrong, but doesn't Russia selling oil to Asia count as a backup plan? I read an article claiming that Russia had over $20b in revenue from selling crude oil, which is a 50% increase just for 2022. On the other hand, Europe is suffering from immense inflation and excessive gas prices, burdening both whole nations who are forced to implement measures to tackle the excessive costs of living.
1722  Economy / Economics / Re: Countries with the most expensive fuel | Greece's case study on: June 04, 2022, 12:42:23 PM
These fuel price increases are really making the inflation much quicker and higher and it's the whole world that suffers expect for the few companies that have their main source through oil.

Damn, the ATH on the oil prices really is making our lives harder and it's a domino effect when fuel price increases. All commodities and goods are also increasing. When this war will end and things will go back easier pre-pandemic, we're just about to see the neutralization of the covid-19 due to vaccines but there's another challenge due to the war and oil price increases.
It's a vicious cycle, fueling costs increase transportation costs which are passed into products and causes the inflation we're talking about. Fueling prices keep soaring here, averaging 2.45€/liter for 95 unleaded petrol while groceries cost at least 10-15% on average.

In the meantime, despite the imposed sanctions, Russia claimed more than $20b in revenue from oil sales.
1723  Bitcoin / Bitcoin Discussion / Re: Bought anything with btc? on: June 03, 2022, 12:50:43 PM
I had used Bitcoin for online purchases in the past, mainly for digital accounts, such as Minecraft or other similar stuff, back in 2014 or 2015, not exactly sure. Since then, I haven't used Bitcoin for any purchase and solely use it for investment. That account was one of the most expensive ones ever sold, the equivalent amount of Bitcoin was valued at $1.500 when I had checked it, many months ago.
1724  Bitcoin / Bitcoin Discussion / Re: Have you saved your bitcoins in multiple wallets? on: June 02, 2022, 07:34:31 PM
I used to have my Bitcoin distributed 50:50. Half of it was stored in an exchange in order to be used for trading purposes, while the other half was stored at the online wallet I used to use. Currently, I've switched to Electrum and hold all my funds there, without actively trading. If you're planning to hold, having your Bitcoin in wallets is fine, but it's not convenient if you're a trader.
1725  Economy / Economics / Re: Countries with the most expensive fuel | Greece's case study on: June 02, 2022, 04:07:42 PM

Tesla is already receiving orders for their Semi, by depositing a $20.000 down payment. If I'm not mistaken, deliveries are claimed to start from 2024, according to Elon Musk. A few other companies are also said to develop, or have developed smaller trucks already, such as BYD or Daimler. It would be interesting to see what range they'll achieve, because they're way too heavy, and how fast they'll charge
I wish the whole world turns to these environment friendly vehicles - and there is no need for fuel - this OIL war has done so much damage to the world. The monopoly is not going to end and there will be no peace on the earth if the same situation continues.
Instead of the current problems with gasoline, problems with electricity will begin, that's all.
Well, Brent oil has spiked to $125/barrel, which will send prices over 10 cents per liter, surpassing €2.45/liter of unleaded 95 petrol. As you've said yourself, the situation is bound to get worse, and I'm not sure how our citizens will make ends meet, including myself. Electricity will become a huge issue in the upcoming weeks, they are already discussing to ban cars on Sundays, limit A/C usage and a few other measures that I cannot recall at the moment.

The reliance on oil has always been the easy solution but it is not the only solution. The problem is the politicians are not paid to solve problems, they are paid to politik problems. Europe has ample land, order solar panels from china and put em up like no tomorrow and watch what happens. China's factories can churn out panels pretty fast. The poorer regions could use this as a source of income for the richer regions. Solar efficiency is increasing despite the funding for solar being well below the R&D budgets for fossil fuels. There are prototypes of over 50% efficiency, the current solar cells in market are only around 15% efficient right now.

There is still sufficient time to shift from fossil fuels before reserves dry up... oh and theres a shortcut too if the earth doesent matter, just buy from the other oil producing countries, countries like the UAE have tons theyre sitting on.

All of this wont happen though... heres whats going to happen instead... largely nothing will be done to address the supply issue. Some supplies may be arranged from alternate suppliers but they will be inadequate. Fuel prices will continue rising. Daily items prices will sky rocket. In some countries the prices of groceries tripled during early days of covid and continue to rise till today.
"You will own nothing and be happy" know where that comes from?
The money printer that was turned on during COVID will continue the after effects of 'inflation'. If this does not show why FIAT is a failure i do not know what will.. This is why BTC exists and is a hedge against inflation.

EVs will not solve the problem because the problem is where does the electricity come from? Many times a major chunk of it comes from fuel...

I am optimistic that the problem of energy is addressable on a global scale without fossil fuels but skeptical that any major country has the guts to move away from fossil fuels dependence (bhutan is a good pilot case study on green energy as a major source of energy)
Solar panels are a great solution for countries with excessive sunlight, such as Greece or Italy, but no one seems to be taking advantage  of such an opportunity. As you've already mentioned, EVs are not solving anything, since the percentage of renewable energy sources is minimal, according to OurWorldinData, it was just 11% in 2019, a number which may have slightly increased.

On top of that, they are currently exceedingly expensive for the average household, but that's supposed to change in the future. Fuel continues rising, groceries as well while getting by is a lot more difficult now. On top of that, as you've also mentioned, that huge chunk of oil supply from Russia hasn't been replaced and is causing an outrage in pretty much everything.
1726  Economy / Economics / Re: Get, Save & Invest. on: June 02, 2022, 03:04:16 PM
Worlds economy is going to shit these days. I do not think that any of us will have enough time and money to make anything extra. I fear that every dollar, even cent that we get, will go towards surviving. Let’s be honest, the day we are living right now is nothing like 10 years ago, let alone 50 years ago, we are in a situation where everything sucks.

We are barely making any money at all, and we are doing horrible at this moment. People age between 20 to 40 do not have enough money to survive, they barely go by. Most of us do not even own homes, only if our family has enough to help us, that’s it. So, it is really not possible to save these days, it is getting worse each day.
Pretty much explained the whole situation, however, despite the the rising inflation and soaring living costs, I'm still managing to to put money aside, but not from my salary. Any amount I earn from signature campaigns, staking or interest from investments and microtasking is not being used for my survival, yet.

On the other hand, my monthly salary is not enough to get by and my bank account is slowly depleting. I don't want to use any of my Bitcoin, because I'm positive that in a few months it'll pay off.
1727  Economy / Economics / Re: Will it ever be for Belarus? on: June 02, 2022, 01:10:38 PM
I don't see a reason for Belarus to have any relations with the European Union. They have chosen their side by being allied with Russia and supporting the Ukrainian invasion and even held and supported Russian troops near the borders. First of all, their government is Russian-friendly and that would cause an outrage from Putin and secondly, I highly doubt that Belarus wants to have relations with the EU.
1728  Economy / Economics / Re: Countries with the most expensive fuel | Greece's case study on: June 02, 2022, 11:43:45 AM
So far we have talked much about expensive fuel in connection with personal transport. What about public transport in your region? Has ticked prices went up or transport companies plan to do it? So far in my country I see people, who use public transport with sort of a dominance on their faces. They have paid same ticket price when the diesel (I have diesel car, so I remember diesel prices) cost less than 1 EUR, 1 EUR, 1,50+ EUR, 2+ EUR. Public transport users so far feel quite comfortable with fuel price increase, or so far they bother about it. In my country I think the amount of public transport users is greater than those who use their own transport. But, if ticket prices doubles, I expect dissatisfied statements.
I'm in a small city which doesn't have urban public transport so I can't really tell. However, I've heard that suburban tickets have seen a small increase, but it's not an alarming one. Discussions were being made a few weeks ago to reduce the VAT percentage from 24% to 13% in bus, train tickets etc, but it hasn't been implemented yet.

Germany has significantly reduced the cost of public transport, via their monthly transportation card which is available for only 9 euros and includes suburban trains and buses.
1729  Economy / Economics / Re: Inflation hitting a 25yr old record | Predictions for the future on: June 01, 2022, 08:17:37 PM
Inflation surges to 10.7% in Greece according to Hellenic Statistical Authority (ELSTAT) in May. Eurostat claims that it's the fifth highest in the Eurozone. At the same time, Italy surpassed a 36-year-old record high for inflation, reaching 6.9%, which is considerably lower than Greece, for two countries that share quite a few similarities.

According to ELSTAT, the major price hikes have led to a reduction in consumption in supermarkets, recording a 1.3% decrease in sales in March. Concerns are being raised on whether households are going to manage the increasing living costs, with fuel costing an average of €2.35/liter of unleaded petrol, while electricity has skyrocketed, being one of the most expensive MWh in Europe, even months before the crisis started in the rest of Europe.

Sources:
https://www.ekathimerini.com/economy/1185705/prices-surge-10-7-in-may/
https://sofokleous10.gr/2022/05/31/italy-a-36-year-record-high-for-inflation/
1730  Economy / Economics / Re: Countries with the most expensive fuel | Greece's case study on: May 31, 2022, 06:19:27 PM

Tesla is already receiving orders for their Semi, by depositing a $20.000 down payment. If I'm not mistaken, deliveries are claimed to start from 2024, according to Elon Musk. A few other companies are also said to develop, or have developed smaller trucks already, such as BYD or Daimler. It would be interesting to see what range they'll achieve, because they're way too heavy, and how fast they'll charge
I wish the whole world turns to these environment friendly vehicles - and there is no need for fuel - this OIL war has done so much damage to the world. The monopoly is not going to end and there will be no peace on the earth if the same situation continues.
Instead of the current problems with gasoline, problems with electricity will begin, that's all.
Well, Brent oil has spiked to $125/barrel, which will send prices over 10 cents per liter, surpassing €2.45/liter of unleaded 95 petrol. As you've said yourself, the situation is bound to get worse, and I'm not sure how our citizens will make ends meet, including myself. Electricity will become a huge issue in the upcoming weeks, they are already discussing to ban cars on Sundays, limit A/C usage and a few other measures that I cannot recall at the moment.
1731  Other / Meta / Re: BADecker can do this ... on: May 30, 2022, 09:23:22 AM
-snip-
Don't want to get too off topic here, and I like your enthusiasm, but I would disagree strongly with the implementation of such an idea.

Merit is already treated by many as a "I like this/I agree with this" button rather than a "This is a constructive post/This adds to the topic at hand, regardless of whether or not I agree with it" button. A de-merit button would be treated the same, with many users using it on posts they do not like or disagree with, rather than posts which are simply spam, zero value, etc. There is no doubt people would use de-merit against users who accuse them of something, give them red trust, or simply disagree with them. I also have no doubt that there would be merit circles who would conspire to heavily de-merit users they do not like.

Having such a set up essentially turns us in to an echo chamber like Reddit, where the most popular opinions are the most visible, regardless of whether or not they are actually correct.

We already have (multiple) rules against this sort of behavior from BADecker. We just need to actually enforce them.
Couldn't have said it better myself, I understand the reason why de-merit could possibly be a solution, however, it won't be treated correctly, which is entirely understandable for the reasons o_e_l_e_o mentioned. On top of that, it could potentially be abused from higher tier members to lower ranked ones that may not like or agree with, resulting in a bullying situation, something we're certainly not striving for.

My two cents, moderate sections with controversial subjects, such as Politics & Society, handle any reports made fair and rightfully, without taking advantage of the moderator position (another user already volunteered to do it), encourage more self-moderated threads to avoid BADeckers, as an effort for thread creators to avoid spam and shitposting, not to enforce their opinion. It's totally fine by me to have an opposite opinion about Covid-19 or anything else, however, I can show numerous examples of BADecker and a few other users who share similar characteristics with him, trashing my threads.
1732  Economy / Economics / Re: World has just ten weeks' worth of wheat left after Ukraine war on: May 29, 2022, 08:21:12 PM
Amazing how that one country alone is being relied on for wheat by several countries and that it not being able to export could cause unrest in these. Also starkly reminds us of how interconnected our countries has become that many are no longer able to feed themselves efficiently.

If does come to a no-more-wheat scenario, there's really no choice but to eat something else. When our country started having rice shortages a few decades ago, people ended up having to eat more sweet potato and cassava. So maybe less pita and more pilaf for the Middle Easterners, for example. Tortilla ain't that bad either.
The issue isn't just the shortage of wheat, it's that the whole world has been disrupted due to the war, while it's rumored to last till the end of the year. Till then, it could even be possible to face fuel and electricity shortages. Fuel has skyrocketed and inflation is soaring, while the Eurozone is discussing to ban vehicles on certain days, regulate A/C usage or even reduce the speed limit, in an attempt to reduce oil and CNG usage. 
1733  Economy / Economics / Re: Should we embrace a cashless policy?? on: May 29, 2022, 05:48:19 PM
I've seen countries with excessive inflation adopting such techniques in order to avoid carrying hundreds of bills just to spend a few dollars worth of items (see Venezuela's case). I've also resorted into not carrying too much cash on me and mostly use my cards (either credit or debit). However, I'm rarely using them for small amounts of a few euros.

Approximately a month ago, I was in Poland for vacation and was dumbfounded seeing smaller vendors owning wireless terminals, accepting payments as small as a few cents, without any issues.

Honestly, I like not having to hold cash for transactions, in Poland, I didn't even spend a single euro which wasn't with card.

Thats contactless card payments, From the diagram below its worldwide.

https://suitsmecard.com/blog/contactless-limits-around-the-world

~snip~

With this form of payment its makes using credit and debit cards very convenient for us
to use but all the transactions can be traced. I see it here all the time, cash is being used less
and less.

So while societies are unknown to themselves adopting a cashless environment the vast majority
dont realise what they are giving up by abandoning cash and less realise the autonomy Bitcoin offers.

While I'm not fond of having my transactions traced, it's pretty much inevitable, thus, I don't actually bother. Nowadays, all our moves can be traced due to digitalisation. Our phones is one of the most traceable tools, which even tracks and keeps a record of your location history. We're not living in the 80s anymore, whether we like it or not, we can't keep everything private anymore.
1734  Economy / Economics / Re: Should we embrace a cashless policy?? on: May 29, 2022, 03:17:15 PM
I've seen countries with excessive inflation adopting such techniques in order to avoid carrying hundreds of bills just to spend a few dollars worth of items (see Venezuela's case). I've also resorted into not carrying too much cash on me and mostly use my cards (either credit or debit). However, I'm rarely using them for small amounts of a few euros.

Approximately a month ago, I was in Poland for vacation and was dumbfounded seeing smaller vendors owning wireless terminals, accepting payments as small as a few cents, without any issues.

Honestly, I like not having to hold cash for transactions, in Poland, I didn't even spend a single euro which wasn't with card.
1735  Other / Meta / Re: BADecker can do this ... on: May 29, 2022, 02:17:03 PM
If I remember correctly, I had reported a few of his posts in the past, but to no avail. He'd ruin any threads I made regarding Covid or similar, along with the other conspiracy theorist, Tash. I don't really bother if you have a different opinion than mine, but constantly posting gibberish and spamming my threads is annoying to say the least. Because of these two users, I had locked a topic of mine due to the spam it had accumulated, just by those two. From now on, I'll resort to creating self-moderated threads, a feature I had completely forgotten about.
1736  Bitcoin / Bitcoin Discussion / Re: At what age did you start learning about bitcoin? on: May 29, 2022, 12:35:54 PM
It's not that uncommon for older generations to not embrace technology, thus, it's understandable that a decent chunk of them won't accept something that is beyond their cognitive boundaries. The adoption will be a tedious procedure which won't occur day by day, it will take years to develop. Let me also point out that a decent amount of people over 40 or 50 years old aren't even capable of using online banking services, or practically anything that has transformed into the digital world.

You're right, there isn't a one way solution to this issue, but only to wait it out.

The younger generation is more adaptable to a rapidly changing world, before the speed of life was different. Now updates are constantly coming, new models of gadgets are coming out and a person must adapt to innovations very quickly. Older people cannot reorganize in a new way, it is difficult for them. In a few decades, the older generation will be very advanced and I hope they will be able to adapt just as easily to all the innovations that will appear.
The generation after 1990-2000 was born during the most major technological advances. Personally, I knew how to use a computer from an extremely young age, and was exposed to the internet (dial up connections) since elementary school. To be honest, it's totally understandable that we're more understanding and capable of adapting to new technologies that constantly emerge.

Jet Cash who is 80 years old according to other posters, could be an exception of a highly intelligent individual. It's only reasonable to say that the majority of other 80 year olds aren't capable of that, not necessarily because of their intelligence levels but due to the way and they were raised.
1737  Bitcoin / Bitcoin Discussion / Re: At what age did you start learning about bitcoin? on: May 29, 2022, 10:29:28 AM
Shower thought on a person's age, learning Bitcoin, and accepting Bitcoin. Because most of the "older people", especially in government, reject it, then I usually ask myself, "how much longer must Bitcoin run to accepted by the no-coiners"?

I believe I was asking the wrong question. There is NO "solution", other than let the older generation die and be replaced by a younger generation more willing to accept Bitcoin, OR who might already be HODLing Bitcoin.
It's not that uncommon for older generations to not embrace technology, thus, it's understandable that a decent chunk of them won't accept something that is beyond their cognitive boundaries. The adoption will be a tedious procedure which won't occur day by day, it will take years to develop. Let me also point out that a decent amount of people over 40 or 50 years old aren't even capable of using online banking services, or practically anything that has transformed into the digital world.

You're right, there isn't a one way solution to this issue, but only to wait it out.
1738  Alternate cryptocurrencies / Altcoin Discussion / Re: Tether loses 10 billion dollars on: May 28, 2022, 08:29:22 PM
doesn't matter if the reserved fund that's pegged for the USDT is still there and not algorithmic, since it's real backed up with real money then even if there is someone withdrawing more USDT it will definitely be fine.
Unlike algorithmic UST that could get shaken if the market condition become bad and at the same time there is massive selling for the UST because it is an algorithmic that relies heavily in various instruments like other cryptocurrencies.

That's right, While there is still a risk to holding USDT, USDT is not a UST. USDT is backed by the dollar and a few days ago Tether also released the results of its audit for the first quarter with total assets amounting to $82 billion while a circulating capitalization of $74 billion.

Before the collapse of the UST, there were also warnings that the algorithmic stablecoin was unsustainable and would be very risky as it depends on the price movements of bitcoin and other altcoins.
Yeah, it's highly unlikely for USDT to simply fail like that. However, I do understand the people's frustration after the depegging of UST. It's normal for people to panic under such situations. A few weeks ago, just a few days after Luna's crash, USDT also fell below $1 and Twitter went crazy with people panicking. To be honest, I regret not spending a few hundred of dollars, it was an easy 5% profit.
1739  Economy / Economics / Re: Countries with the most expensive fuel | Greece's case study on: May 28, 2022, 03:34:26 PM
Its funny to see some of the members are suggesting EVs to deal with the increase in fuel price but running car isn't the only thing we get affected whenever the price of fuel increase. Increase of fuel price affect every consumer goods which affects the living cost even contribute to the further increase of inflation when the market is already down due to economic crash all over the world. Finding the alternative source is long term and need bigger change in the current infrastructure so government has to stop spending the taxes for their defence and start spending it in the more useful ways. How many of you agree with it?
I love the concept of electric cars, however, I believe that they're a still at a relatively early stage of development, which makes it hard to be widely adopted. If I were to buy one with a decent battery autonomy, I'd have to spend more than $40.000-$50.000. We can hardly afford to pay the extravagant fuel prices, let alone buy an expensive brand-new car. In the future perhaps, when the prices drop to more feasible levels, I'm pretty sure they'll be a number one option for most consumers.
Again we only talk about the electric cars but this isn't end with the cars alone, I am talking about moving the goods from ship to truck, even we are in the development of electric trucks but what about moving the billion tonnes of cargo across all over the world.
Tesla is already receiving orders for their Semi, by depositing a $20.000 down payment. If I'm not mistaken, deliveries are claimed to start from 2024, according to Elon Musk. A few other companies are also said to develop, or have developed smaller trucks already, such as BYD or Daimler. It would be interesting to see what range they'll achieve, because they're way too heavy, and how fast they'll charge
1740  Bitcoin / Bitcoin Discussion / Re: So my portfolio is down %70...too late to pull back now I guess on: May 28, 2022, 01:36:46 PM
I have been there several times before .... and if I panicked I would have lost a LOT of money. I bought bitcoins when it was $300+ and also when it was $21000 .....and then it went down with almost 60%! If I sold... I would have kicked myself into a Mental institution, because shortly after that.... the price increased with 800%..  Grin

If you use Bitcoin as a "Commodity" or an investment option.... you should look at it as a long-term investment. It is not some "Get Rich Quick" scheme, where you come in and quickly take huge profits.  Roll Eyes
As someone who also panics during such periods, I've decided to not resort to any Altcoin purchases and stick to holding Bitcoin. I'm considering it as a long-term investment, thus, I've stopped worrying. Trading and especially dealing with Altcoins was causing me anxiety during periods of recession, that's why I decided to stick to Bitcoin.
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