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321
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Economy / Economics / Re: The Role of Education in Financial Literacy
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on: May 04, 2023, 05:29:01 AM
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How to Equip Yourself with Essential Knowledge to Succeed in the World of Cryptocurrency
As the world becomes increasingly digitalized, the importance of financial literacy, especially in cryptocurrency, cannot be overstated. With the rise of Bitcoin and other cryptocurrencies, it is crucial to be knowledgeable about these assets and how to invest and manage them wisely. However, the question remains: what is the role of education in financial literacy?
While some people believe that hands-on experience is the best way to learn, it cannot be denied that education in economics and finance can provide a strong foundation for success. Higher education can teach valuable skills such as critical thinking, data analysis, and risk assessment, all of which are crucial in the world of finance and investments. It can also provide theoretical knowledge that one would not otherwise acquire through everyday experiences.
On the other hand, some argue that education in finance and economics does not necessarily equate to financial literacy. They point out that many successful investors are self-taught, and that practical experience is the best teacher. Moreover, they contend that education in finance can often be expensive and not accessible to everyone.
Despite the differing opinions on the role of education in financial literacy, it is clear that individuals should seek out knowledge from a variety of sources to best equip themselves to succeed in the world of cryptocurrency. This can include following cryptocurrency news and social media, reading books and blogs on finance and investments, and seeking out practical experiences through investing and trading activities.
Doesn't matter how much you study, how many books you read, how much economics you know and how many "expert" opinions you hear and follow. The crypto market doesn't follow the traditional market. You need to trade in order to understand the market. The more you trade, the better you will be. More naturally you will understand how the crypto market works. Yeah, basic finance and economic study might help, but don't think you will become an expert in crypto market if you are good at those. |
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322
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Economy / Gambling discussion / Re: The psychology of betting.....
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on: April 29, 2023, 06:12:08 AM
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We all look for those patterns, even though such "patterns" don't really exists. It's just a human nature and a way of giving them a "hope" when they start losing. And yeah, people do think that if they bet more, they will eventually win, or if they are in a huge red streak, the next bet will more likely be a winning bet, the autospin feature is rigged (might be.. who knows...) or if you bet high, you start losing. But most of these aren't true and its all in peoples head. Everything depends on the RTP and the randomness of the result.
Yeah, I do used to hit the bet button and try to stop the wheel at the perfect combination, even though I did know that all the results are determined as soon as you hit the spin button and the spinning slots are just animations.
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323
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Economy / Trading Discussion / Re: Don't claim to be an investor if it's still like this
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on: April 29, 2023, 06:04:42 AM
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Almost 99% of investors want to deposit today, tomorrow they will become sultans. Actually it can't be like that. It could be possible that tomorrow it will be a loss and the next day it may still be a loss.
If we have lost, we have to pivot, analyze again, find out why, where did it go wrong, what is the future. Not if the loss is already screaming scam, blaming people who give "advice", following influence etc.
What we have to understand first is that there is no investment today, tomorrow you will become a sultan. Even next year or in 10 years, you will not necessarily become a sultan. Warren Buffet alone only returns 29% per year. And that means if we invest $10k, it will only be $12.9k next year, not immediately becoming sultan. Warren Buffet became a sultan because of consistent profits for decades. The key is patience, discipline and consistency in making investment decisions. Warren Buffet never loses? Of course, in 2015 Warren Buffet lost $444 million in Tesco shares.
In conclusion, it is very important to remember that losses are part of investing in bitcoin and cryptocurrencies and as investors, we must be prepared for them. Don't get caught up in negative emotions such as anger or disappointment when you experience a loss, but use it as a lesson to improve our investment strategy going forward.
You're totally right! People need to get that they can't become rich overnight. It just doesn't work like that. I've seen so many people investing in some random shitcoins, hoping that they'll strike it rich, but they end up losing everything. Crypto currencies are all about long term investment. There is no easy money here. And like you said, we got to be prepared to lose some along the way. And if you do lose, learn from it and make sure to use what you have learned to maximize your profit in the future. If the coin promises quick money, very likely it is a scam. Just invest in the top coins but only whatever you can afford to lose. |
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324
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Economy / Gambling discussion / Re: The madness of gambling addicts.
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on: April 29, 2023, 05:27:01 AM
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That's some crazy story! Kidnapping his own granddaughter just for gambling money? It's really scary how far some people can go when they're addicted. Like, common sense just goes out the window when you no longer have any money with you. But not going to lie, I have heard crazier stories like how someone literally faked his own death buy burning someone else or something similar (can't actually remember but did happen). We all have to remember to gamble responsibly and that gambling is just for fun, a source of entertainment.
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325
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Economy / Gambling / Re: This guy gave a whole prototype of "how live roulette scam us"
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on: April 29, 2023, 05:18:58 AM
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It's not impossible but it sounds pretty complex to be honest. One thing that always bugged me is the camera angles, they're kind a fishy sometimes and no one would notice if they do something behind the frame. Especially if its a live card game or wheel spinning games (there might be someone or something behind the wheel that can stop the wheel when they want). Live casinos already got a ton of users and they're making profits in the long run, right? So why would they risk their reputation for some small-time scams? Doesn't make much sense to me. I think they're more focused on keeping their players happy and coming back. Scamming their own customers is just s bad business. If you are still concerned but want to play roulette, then play those that are provide inhouse games because they provably fiar and you can verify the bets if they were rigged or not.
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326
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Bitcoin / Bitcoin Discussion / Re: Advise to a friend
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on: April 29, 2023, 05:05:09 AM
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I think you should be careful with giving investment advice, especially to someone who is working two jobs and might need that money for something important. While Bitcoin is a great investment opportunity, it's also a high-risk investment and there's no guarantee of making a profit in the short run, unless he is willing to hold his coins for years and years. But if your friend does have some extra money lying around that he doesn't need for anything important, maybe he could consider investing a small portion of it into Bitcoin, but don't suggest him to go all in. And definitely steer him away from buying any more shitcoins. Tell him to donate the money instead of investing in those shitcoins. You should be glad you didn't suggest him to invest in bitcoin 2 years ago. What he would have now would be half of what he had investing and would be indirectly blaming you for his losses.
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327
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Economy / Economics / Re: What class of an investor are you?
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on: April 28, 2023, 05:54:43 PM
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If i had to choose from one of the classes you mentioned, I would have chosen myself as a "research investor". I believe it is the best to thoroughly investigate and understand\the investment before making a decision. The worst would be the ponzi scheme investing. It is just a quick route to lose all your money and to prove your stupidity. It's never a sustainable or reliable way to grow wealth. Being a research investor might mean that I take longer to make decisions, but it also means I'm less likely to be caught in a scam or make a bad investment. In the long run, taking the time to research and make decisions based on the risk-reward ratio is the best way to grow wealth and minimize the risk.
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328
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Alternate cryptocurrencies / Altcoin Discussion / Re: Is ETH the King of Altcoins ?
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on: April 28, 2023, 06:21:51 AM
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ETH is indeed one of the most successful altcoins out there, I wouldn't go so far as to call it the "King of Altcoins" (In fact, none of the crypto currencies are the "King"). There are many other altcoins out there that has some very good potential, and it's always changing and will keep on changing. One thing that we consider the best today, might be outdated and worst the next day. So better keep an eye on the other altcoins out there, instead of just looking at ETH and missing some great opportunity. ETH is top second currently based on marketcap and its popularity as a smart contract platform is certainly impressive. I do think it is a great investment option, but don't go all in on ETH.
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329
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Economy / Gambling discussion / Re: Can i make 100 $ daily from online casinos
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on: April 28, 2023, 02:40:35 AM
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It's been awhile I try daily to make profit
Stake casino mostly mines
But it take back profit.. I have 2k balance.. is there method
To get 100 $ per day
Sorry to break it to you, but it's highly unlikely that you can make $100 daily from online casinos. Gambling is always a game of chance and there are no guarantees of making a profit. While it may be possible to win big sometimes, it's also just as likely to lose big. Having a balance of $2k doesn't mean you'll be able to make a consistent $100 daily. Even if you do make such profit, if you keep on playing, eventually you will lose to the casino since in the long run, the house always wins. The casinos have an house advantage. BE realistic. Gambling should always be done for entertainment purposes only and the "profits" should be seen as an option reward for playing in a casino. |
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330
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Bitcoin / Bitcoin Discussion / Re: Maybe I should wait before owning my bitcoin
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on: April 27, 2023, 05:38:33 AM
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Yeah, I think it is always wise to wait before buying your Bitcoin. By "wait", I mean being ready and understanding everything before jumping in with your money. It's always better to be safe than sorry, especially when it comes to money investment. Tradingview is actually a good platform to read the charts, and though I haven't read the guides, I am sure it would be of some use/help. Still better to follow multiple legit source than to stick with one source. Always remember that it's important to have a carefully planned strategy when investing in crypto, and always take the time to study the market and charts if you want to invest successfully.Remember to do your own research and make informed decisions based on what you learned. Not on what others told you.
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331
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Bitcoin / Bitcoin Discussion / Re: Crypto (btc) is not for the weak
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on: April 27, 2023, 05:21:00 AM
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Crypto is for everyone, whether a person is weak or stronger doesn't matter. Even the weaker person can be successful, when they have the patience to win the market. Most of the time the small volume holders and the beginners into the market have the weak mind, because they haven't experienced much about the market as well as have big dreams about turning rich through the investment. The reality is different and the same all of the sudden gives disappointment. Some used to experience surprise and they turn positive further whereas the failed one turns negative, such scenario shouldn't happen. Better learning and they need to stay atleast for few months time then weaker minds too understands well about the market.
Nah, I don't agree with you on this. Don't force bitcoin on every person in the world. Crypto and especially Bitcoin is NOT for everyone, especially those who can't afford to take the risk. The crypto market is highly volatile and a person who can't afford to lose money should not invest in it. It's not just about having patience, it's about being mentally and financially prepared for the ups and downs of the market. Investing in crypto is not also for beginners with big dreams of turning rich overnight. It's for people who have a good understanding of the market and are willing to take risks but understanding what they are doing and everything is calculated. It's better to educate yourself thoroughly before investing in crypto, rather than just jumping in with high expectations I would say. |
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332
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Economy / Gambling discussion / Re: Do you agree with ChatGPT on the club that might win the premier League?
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on: April 22, 2023, 04:43:30 AM
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Yeah, no, I don't agree with the AI on who might win. The AI's can never accurately predict who is going to win. It is impossible. Maybe they can "guess" who might win based on data's they have been trained, but those data aren't always up to date, so you might receive inaccurate predictions. While AI might be able to analyze data and provide some insights, there are many unpredictable factors that come into play in sports. And sometimes those AI hallucinates. They will make up their own results and reasons (like they will say they won a match against a team they never played in 2018) based on "games" that they have made up. Those 3 clubs and their reasons, I wouldn't take it too seriously.
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333
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Economy / Gambling / Re: Without money, does it still qualify as gambling?
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on: April 22, 2023, 01:34:37 AM
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Have you heard of Superpicks on DSTV? where you can make predictions and win money without staking your money?
if you have not, check it out.-snip-
My question is can it still be called gambling if it is not played with money?
Nah, that's not gambling (didn't check the link though. If it is a gambling site, probably just a way to lure/attract users to their site). I'd say that if you're not wagering any money, it doesn't really qualify as "gambling". The main characteristic of gambling is risking something of value (usually money) for a chance to win something big. If you're just making predictions without without using any money, then the risk element isn't really there, so you aren't gambling anything. If you lose the prediction, you don't lose anything. Superpick sounds like game where if you predict something right, you win something as a reward/prize. Its not a gambling site. |
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334
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Economy / Gambling discussion / Re: Can Chat GTP destroy poker on-line gambling???
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on: April 21, 2023, 09:12:03 PM
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I don't think ChatGPT or any AI would completely destroy/takeover online poker. Sure, AI can be trained to play poker really well, but there are a couple of things to consider. First, poker's not just about the cards or the math, it's also about reading people and bluffing. Now that's one thing the AI's doesn't understand and also something they "can't" do. I doubt ayn AI would be able to mimic human "emotions"/"Bluffs". AI might be able to handle the numbers, but it's gonna have a hard time with those human elements. And then most of the online platforms are well equipped to counter/find out those bots. There are already trained bots, but they go get caught very easily.
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335
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Alternate cryptocurrencies / Altcoin Discussion / Re: Will crypto banks replace traditional banks soon
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on: April 21, 2023, 12:08:49 PM
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That is some unrealistic prediction to be honest. I don't think crypto banks will replace traditional banks anytime soon. Maybe after two or three decades, but not yet. Most people still rely on good old fiat currency, and lots of people are still hesitant to jump into the crypto world. Crypto currencies got its own set of problems too, like scalability and fees. Just imagine if everyone started using Bitcoin – the network would be swamped, and the fees would go through the roof! I would say, it still got a long way to go before it can truly takeover and replace traditional banking. But yeah, in next few years, we might be seeing crypto and banks being used parallelly.
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336
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Economy / Speculation / Re: Bitcoin is going down.
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on: April 21, 2023, 12:00:55 PM
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I think I get what you are trying to say here but the thing with Bitcoin and the crypto market in general is that it's pretty unpredictable, and trying to time the market can be quite challenging and difficult. A lot of people invest in Bitcoin for the long term. For them, short-term price drops aren't that big of a deal. Some even see these dips as chances to buy more. As for waiting for the FED to cut rates, that's just one signal. You might see the exact opposite happening to what you have predicted And remember, crypto currencies are global currencies. FED doing something might cause a short term effect, but in the long term, the price should remain unaffected. Crypto can surprise even the experts, so it's better to have a balanced approach like dollar-cost averaging. It'll help you ride the ups and downs without freaking out too much. Remember, investing is a personal thing. Stay informed, do your research, and make decisions based on your own risk tolerance and goals.
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337
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Economy / Trading Discussion / Re: Trading Bitcoin in 1 Minute charts
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on: April 21, 2023, 02:51:57 AM
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The 1-minute time frame, it's a bit of a mixed opinion for people. Some people like the adrenaline rush of super short-term trading and can make huge profit within a short period of time, but it can be pretty risky. The more risk they take, the more profit they make. The because 1-minute charts tend to have a lot of up's and downs, and it's difficult to find solid trends or patterns in such a short time frame. So, you might end up getting whipped by the price fluctuations, and that's not what you want. But some people do manage to make quick profit from those up and downs. A lot of traders actually prefer longer time frames, like 15-minute, 1-hour, or even daily charts. It's way easier to spot reliable trends and make better-informed decisions when you're not in the middle of the ups and downs. In the end, it is up to what people want and how much risk they are willing to take.
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338
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Bitcoin / Bitcoin Discussion / Re: The fall of crypto influencers.
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on: April 20, 2023, 05:15:26 AM
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It's stupid how some people still trust these so called influencers blindly, right? No one shouldn't be basing their investments on what these influencers say. A lot of them are paid to shill, which means they make bank by promoting projects, and not always with our best interests in mind. Sometimes, they might just be in it for the money, not because they genuinely believe in a project. And let's be real, how many of them are actual experts? Most of them don't even know what they're talking about, and at the end of the day, it's about their own gains, not ours. So yeah, I'm with you on hoping for the fall of influencers. As more people get educated about crypto, it'll hopefully lead to fewer people following these hype machines. But hey, there might always be a handful of dumb people looking for shortcuts through influencers and no matter how much you explain them they won't listen to you.
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339
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Economy / Speculation / Re: Good time to invest in BTC?
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on: April 20, 2023, 05:07:57 AM
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Here's the thing about waiting for the "perfect" time to invest in BTC – you keep waiting, you end up missing out on some great opportunities. Predicting the price of BTC is like trying to catch a slippery fish with bare hands, it's just really hard to do.
Instead of waiting for that "dip", how about considering investing whenever you're able to, as long as you're cool with holding onto your investment and can afford to lose the money if things go south? That way, you're still being able to invest in crypto currencies without losing any chances. Just remember, always do your own research and don't invest more than you can afford to lose.
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340
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Economy / Gambling discussion / Re: Martingale strategy in casinos
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on: April 19, 2023, 10:39:08 PM
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Strategies... Why are people so obssessed with strategies to beat the casino? I get that Martingale strategy might seem like a good idea at first, where it is almost impossible to lose your money, but let's be real, it's got some serious flaws. The more losing streak, the higher you will be risking to recover your loss which will end up wiping you. The main thing here is, the casino always has a house edge, which means in the long run, the odds are stacked against you, no matter what strategy you're using.
The Martingale strategy only works if you've got an infinite balance, which, let's face it, most of us don't. At some point, you might hit a losing streak and run out of cash before you can recover your losses. So, yeah, I'd say it's better to just play for fun and not rely on a strategy like Martingale. Just enjoy the games, and remember that the house always wins in the end!
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