With the release of more negative news from China, the price of Bitcoin fell to its price level of two weeks at $ 32,000. This time, it is reported that one of the largest state-owned banks in China has banned its customers from dealing with any crypto assets. The Agricultural Bank of China said in a statement on June 21 that its customers were barred from doing any business with cryptocurrencies. It is worth noting that the Agricultural Bank of China is generally one of the largest banks in the world. Customer accounts will be blocked immediately if any interaction with Bitcoin and other crypto assets is discovered. The bank also intends to report all suspicious transactions to the relevant authorities "in a timely manner". Thus, the world's most populous country continues to deal with digital currencies. As previously reported, the country officially banned BTC at its borders nearly a decade ago, but it always likes to reiterate its position on a regular basis. The crypto currency community believes that China is more focused on dealing with digital currencies this time around because of the launch of the digital yuan, which will be quite different from the decentralized nature of bitcoin. It is worth noting that the Agricultural Bank of China is actually working on the national digital currency and has conducted several experiments to launch it. However, today's statement from the giant bank immediately affected the cryptocurrency market. Within hours, Bitcoin fell more than $ 2,000 to a two-week low of $ 32,300. In the 24-hour timeframe, the price of Bitcoin dropped by approximately $ 4,000. With the significant double-digit price declines of Ramzars, the situation of Altcoins has worsened. It should also be noted that, according to a Twitter user, the bank apparently deleted the warning shortly after it was issued. The Agricultural Bank of China will issue a statement stating that the accounts of any customer dealing with cryptocurrencies will be closed. Fifteen minutes later, they appear to have deleted the statement Source: https://cryptopotato.com/bitcoin-dumps-to-32k-as-chinas-third-largest-bank-announced-a-ban-on-crypto-usage/Reason why am not worried about it : 1. We saw what happened in the past there was a massive unrest amongst the crypto users but soon enough bitcoins recovered 2. People are buying at such a low price end especially companies like microstrategy they literally brought a lot more that one could encompass so I believe the price will be right up in few months. 3. This ban would mean eventually china would get out of the news because usually there is always a matter about the government banning mining and overtaking the hashrate etc...this way they won't be able to influence the market more ! (But ofc only if they decide to go with the ban ) Think about other countries accepting Bitcoins as a legal currency! Do not let such negative new affect you. |
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Throw away all your social media that are screaming about the beginning of a bear market. Subscribe to the MicroStrategy news channel. Today this is one of the companies that know what many do not know. She is constantly only increasing her Bitcoin holdings, and Michael Saylor has no disappointments with Bitcoin.  Do not read the negative, just leave Bitcoin for a long time, you will not be the loser. I do think that highs and lows are part of the game and if you are really willing to make a sacrifice and move forth , you need to hold for a long time and forget about the bear market for a while. See if there was a price burst then ofcourse the people are going to sell which will indeed decrease the price for a while but if you're going to leave bitcoins for such small matters then you should test out your patience somewhere else. The Volatility is actually beneficial! You can buy more at low and something that guided me though the low times was "you do not loose until you do not encash" which was indeed gold for me. Do not worry much ! If it went down people will ofc buy, the change in the price might take time but it will happen eventually , even check the past year's success it will all add up ! Just hold. |
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In the weaker societies there are things that encompasses the value of cash itself. There is more probelms honestly. There are mafias etc.. therefore both ways you would have to suffer thoroughly.
Inflation is something that is definately needed in small amounts. It's healthy for the society but inflation now a days have drastically changed due to probelms like the COVID.
There are places where your Month's salary will just get you a toilet paper, there are places where a dollar will buy you a three time meal.
It's something that is global and at the same time experienced differently according to your living conditions and financial stability. At the same time undoubtedly it is only good when accompanied with increase in prices of salary too , which is not usually seen. Then the poor man succumbs to the society and everything goes bad.
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I went about 4 years ago to Paraguay.. there is a restaurant there that time they accepted the payment with Bitcoin.. dont know if they are accepting nowadays.
if countries legally accept BTC. Then maybe the next time will be the real uptrend
I think the restaurant will definitely be still accepting Bitcoins! They did make bitcoins an official currency after El Salvador. I think this might just start a chain reaction and more countries might accept bitcoins on a bigger basis. - We will sure see uptrends if more people start accepting Bitcoins and countries make it a legal currency, but at the same time this will enlist it as a centralized currency. But there might be cases where the nominal price might attract more people. Excessive hike in price might take a downturn causing probelms due to Volatility. I think soon enough we will be seeing more countries joining this trend and hopefully they let bitcoins stay decentralized at least till an extent. |
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There's nothing we can do even if we do oppose the idea and we do all know that when it comes to Cannabis or something that do relates with some addiction would always be having a bad image on most peoples eyes but not on some parts of the world as if these things turns out to be legalized and theres nothing we can do about it and its clear as day on what they are trying to emphasize on having this kind of lounge and of course making yourself loose while you do play because you would really be out of your right mind when you are high.  Ofcourse, this is something that should be taken into consideration, I know that some people might think Cannabis is safe and it does not cause any probelms but at the same time this could lead to other issues, what I am more worried about is how the adrenaline level will shoot up and people might go to the casino and ask them debt to gamble which never is a good news !! At the same time they can have some rules example:- allowing people to only play if they are not High. LOL but then what will be the benefit of it for them. It will definitely attract more people!! It's all + for them , we will definitely see many YouTube videos about the brawls happening all over once it's all settled. |
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Noob here. Even if some places accept Bitcoin, the price is still quoted in dollars? Bitcoin's value per say is in US dollars, a fiat currency subject to inflation. If we remove the value based on the dollar, then is the price of Bitcoin just based on supply and demand?
I also hear people like Cathie Woods and analysts at JP Morgan say Bitcoin will reach $500k or $140k respectively. I understand for stocks you can look at financial statements and make valuation models to calculate target prices, but for Bitcoin, is the value based on the scalability of network?
I think the whole idea of expressing any value in terms of BTC to USD comparison is just to make people understand it better. You can see the same idea behind the gambling sites using USD in the same way, sometimes even if people are using it for a long time it is indeed difficult for them to do conversions. I think the value of bitcoins is dependent on the people and the market acceptance. At the same time I do think that the governmental authorities do play a big role in it too. The services , transactions there is a lot more to it. The Demand and Supply can be taken as a simplistic basic model but it's very complex so as how the bitcoins have successfully integrated themselves with the whole economy, making it not only more diverse but also more evolved day by day. It's much like stocks but the value depends on people, not a particular Centralized company. |
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Apparently according to a recent news the Gambling Casinos in Vegas are going to allow Cannabis Lounges. In Nevada it's not restricted if you do it in your own house. https://www.gamblingnews.com/news/vegas-nightlife-gets-more-colorful-with-cannabis-lounges/ What do you think about it ? - I do think that this is a step taken by both casinos and the government to ensure that people loose more, so that they do not care about what they are doing and at the end both the casinos and the government will make more money this way. I surely think that this might not be the way to go, alcoholic drinks are served in the casinos for a reason. I do think that this might be a "happy news" for most people but at the same time you should realize that this is something that will drastically reduce your chances of winning. |
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Unfortunately that's not exactly true.
Recently due to mining farms being controlled by few powerful individuals and the whole system of Whales there is a huge wave of Centralization in the system. The governmental bodies are also taking their share and what it was in the past and what it is right now have significantly changed.
Even though you might want to see bitcoins as a force of nature or something. It is a purely man made system, which is still despite such nuisances way above the current Centralized system. I do think the real question here is " How can we expect it to maintain the decentralization with mass adoption?"
Then only will your ideal system be true.
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What do you think of an AutoDeduct System of a Gambling Platform? Says you just connect your wallet like for example on a Dice Game, then it will just roll itself everytime it sees some funds on your wallet whatever coins it was until you are left with Zero ( Funds withdrawn or Funds gets Zero?)
I just have think of this as LOTTO ( site : lotto.finance) is implementing this, and one way to get out of that is to either wrapped the tokens or bridge it on another chain, do you think its reasonable not to have a stop button to exclude your address once you don't want it anymore?
There is an auto-bet system in things like Crash on various platforms, but if I remember correctly it does not do you any good. I tried it twice and then never did it again. The probability of you winning in such games is not only random but it is also analytical. For me I would not appreciate such a thing. It will make you loose 100%. It won't even stop if you tripled your money, the inherit probelm is that it's more convenient for the gambling companies but not for individual users. I want to know if someone did bet in auto-bet system in crash and dice. For me it did not work at all. You should be engaged in Gambling if you are here for fun and if you are here for the money you should be careful while spending both options do not go well with the system. |
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Apparently, match fixing is not something new even in the fight between Mayweather and Logan I have my doubts. It's something that you know but you ignore. That's how the mafia makes money even in cricket (a very popular sports among South Asians and British ) there is fixing at some level , not particularly international but club level. But who cares.
There are very less people who talk about such stuff openly, I would definitely watch it , + in most countries match fixing gives you a direct ticket to jail so be aware of the fraudulent people who might give you points on that and do not engage in such stuff.
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I do not think that there will be various difficulties regarding the kids not able to mine Bitcoins years afterwards! See everything has a time limit and things change for sure, but we have to understand that if you just take away the "finite supply" then will be the moment that you will be moving towards fiat, as opposed to what you said.
I believe a finite supply will help you implement more positive things, it will undoubtedly create a space for updates which we do need if Bitcoins have to stay in business for this long.
For me the reason for entering bitcoins was much related to a way to get self employed and to expand my horizons. I was able to learn a lot in just few years, to understand politics, to get up to date with every news out there , to meet some amazing people here on the forum which helped me a lot !! For me it was this whole community. Fiat gains are for the rich and the middle class with savings. Bitcoins is actually very informative and can even be taken as an experiment about " if the governmental and Centralized bodies are much needed for the society as they show them to be" , well I guess not ! We need a system where both Centralized and the decentralized systems stay well together in a ideally mutualistic society.
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Not entirely but if you are very much sufficient and you are able to analyze the market considering the Volatility, this makes you much more secure in this market. The general impact is more unpredictable and therefore you have to understand that bitcoins will not 100% save you from the inflation, IT CAN for sure but you have to wait for the right moment. For example people who encashed after the big crash back in 2018 suffered huge losses and if they would have waited for 2021 then it would have been much different. You need *patience*.
It might be misleading to tell someone that "bitcoins will save you from the inflation" it would be right to say "bitcoins can save you from the inflation if you play your cards right"
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Hello i want know a simple and easy wallets (and trust) to used only in gambling sites, then i will use that to sent the withdraws for my main electrum wallet .
Can anyone help me? a very simple ,and trust walet only for deposit and receive from gambling without issues because gambling moviments,like coinbase do.
Tnaks in adv
Try and use Samourai , I have not encountered any problems with that , but then again you have to mention if you belong to a country where it's banned. If it is indeed banned and you are trying to hide your gambling transactions then you better not do it. I understand that it's possible but it is not worth so much trouble. Plus in many countries there are rules where you will be inside the jail for 10 years, if you do engaging in such things, at the same time I did have probelms with some banks with the money being encashed from a gambling site so I just changed the bank account. I've never heard of a wallet that can be directly used only for one particular site, isn't there already a wallet on gambling sites that automatically accepts balances? If you don't want to use your electrum wallet directly with that site, then you need to create a duplicate that's only for that site. You only need to specialize in one electrum wallet. and your core electrum wallet do not interact directly. At least you can use this method.
Yes indirectly skipping might just make the transaction cost more ! Causing more problems for you. |
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At the same time there are many other problems, the banks are mostly controlled by government and other powerful individuals and for them an unregulated system like bitcoins and other cryptocurrencies is a threat. It's already killing their long line of rich hierarchy.
Who said fiat is not volatile ? When you talk about a developing country, you will understand how Volatility is normal in their currencies it might not be as intense in cryptocurrencies but it is there therefore it is not a big deal, but the honest thing is "acceptance of cryptocurrencies"
Laws are changing !
They are changing according to the benefits the government will get from cryptocurrencies. I don't see any county saying no to the tax coming from "online casinos".
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We all know that off-line casinos tend to take very good care of their most valued clients, that is, those who spend large sums and are more or less loyal to an specific place. Freebies, guest experience managers at their service and any other amusement they fancy. On-line is much more difficult in that sense and sometimes I also wonder what can be done for a more personalised experience on these.
It may not be possible to reach the same level as the physical casinos, but what would you like to have on these that would make you feel better treated?
In most of the casinos the VIP members do get amazing customer service and when we are talking about the casinos who are working online, I do think that for the VIP members they definitely get some benefits like : participating in various draws, VIP club , discounts, cash backs etc ... Which is equivalent to the casino players giving you free coffee or drink 🍷, sometimes free stay at the hotel . I think the cash back is more than enough in theory but when we talk about the treatment it is for sure amazing in both the online and the offline casinos but would surely feel more royal in an offline one. But then again I am not a VIP in any casino thus I do not think I can evaluate the whole experience, is someone who is a VIP answer this question ⁉️ |
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I completely understand where you are coming from , recently I have also seen a rise in number of companies and even groups who encourage people to take loans in bitcoins also ! It's not just companies ! They are targeting individuals to trade in bitcoins. Then they calculate their debt and apparently this is a great idea for most people but when the whole thing is volatile, unfortunately many people are never able to get up from that depts.
If we were to analyze those individuals and not just big corporations regarding the loans , the number would be much more adverse.
But then again mining bitcoins and printing money they are a lot different. Bitcoins is not like paper money on fiat therefore in this instance I can see both benefits and negative effects.
But am strongly against the opinion that "loans will make you rich "
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For me the rules might be :
1. Do not believe anyone regarding predictions
2. Do not buy when the price is climbing
3. Remember that you only loose when you encash
4. Do not get influenced by people on Twitter or anywhere for that matter
5. Do not trust small Altcoins
6. Always keep track of the news
7. Always make sure that you have your alarms set for price updates in the market
8. Do not trade for other people , like your family members , friends etc .
Other than that I do think there are no rules in the market, you learn on the way and try and make the best of it.
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Well first of all regarding the part about worrying about the carbon emissions, we need to worry about them for sure ! I do think that we cannot just be biased towards bitcoins what we can say is :
The miners have to change their tactics , they have to engage in mining in such a way that they do not harm the environment at the same time.
There are actually plenty of ways that they can go forth, using renewable sources of energy is not only more cost efficient in the longer run but at the same time you enjoy more governmental benefits too.
Elon Musk is not entirely wrong but the guy just did that as a market stunt to buy while it drops low and to make profit when it progressively increases.
He could have gone forth a different way , which he eventually did for sure. Telling people how Tesla will against start engaging with bitcoins and how they are going to discuss the green mining.
Being environment friendly is never a negative thing, undoubtedly we would have to evolve eventually.
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Does this mean I'm supposed to hold Dr. Fauci 100% accountable for every negative aspect of COVID-19.
And that china is 100% innocent for everything that happened? Will Dr. Fauci wind up being a COVID scapegoat.
I'm interested to see australia's reaction to this. They were one of the biggest proponents of investigating COVID's origins. Which led to china being offended & retaliating with economic measures. Which australia in turn retaliated against china. There was an australia vs china trade war brewing over this. It will be interesting to see whether they can resolve this case, simply by info dumping Dr. Fauci's role in it.
Still I do not get how the first case was reported in China and not in America, how did they make it look like that the virus emerged from China and why did the Chinese government had to kill the whistle blower ?? These things do not make sense. If it did originate in America, the state would have been much worse and I do personally believe that it's a pandemic and it does not matter where it originated from, what matters is how the world is going to handle it. Be it Wuhan lab or be it some big businessman, the end product is a "pandemic" which essentially have to be fought together. I loved the case when India needed help and literally everyone ! Be it China and be it Pakistan was helping. How Ukraine helped USA through their planes, how when the situation was bad in Italy literally! Doctors from everywhere around the world were getting deployed ! Not soilders but doctors !! Why can't we just take this example and create a world peace where we won't have to blame everyone and pin point the probelms rather everyone can work together to solve it. |
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It's not always about boosting their economic situation but it's also about the growth and the possibilities that they will miss out on if they won't have good usage regarding cryptocurrencies.
I do think you can take example of Elon musk only. He is again working towards adopting Bitcoins and saying how they only sold 10% etc. Even they have realized that the world is becoming Bitcoin friendly for a reason. They will miss out on a lot ! It's better to give Bitcoins a chance.
What Tanzania did was very thoughtful. It is a small country in need of many more reforms and great ideas, Bitcoins is one of them ! They can also use solar power to do mining just like how El Salvador is using volcanic power here.
The more governments will accept Bitcoins , the stronger it will become overtime.
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