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41
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Other / Beginners & Help / Re: Why 21 Million? Why that number?
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on: March 12, 2021, 02:53:21 PM
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Seems like voodoo to me, but it works that way. The bottom line is that Satoshi could not predict that correctly so he probably used a number that was the closest and realistic to his own calculations.
Bro you won't get 210,000 if you don't have 21 Million Bitcoin so what you posted didn't help at all IMO. You just basically explained how halving works which happens every 210,000 mined blocks so it only means mining isn't really the answer to the question why 21 Million Bitcoins exists. For all we know it is just a random number thrown in before Bitcoin is created and there might be no science involved on why they have picked that number up. |
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42
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Economy / Trading Discussion / Re: Never catch a falling knive
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on: March 10, 2021, 09:26:07 PM
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It was always obvious that people who think that bitcoin is crashing a lot and sold their coins would support others to sell as well, that has always been the case in crypto, if someone is losing money on it, they wanted others to lose on it as well. Practically that is not the case here, we have made a decent return from it but the reality is that just because we made a good return now doesn't mean that they have learned their lesson, just watch and see how people will panic sell and tell people to sell or at least not buy when the price is going low once again, and watch them regret not buying when it increases a lot.
If you didn't listen to OP and bought bitcoin when he told you not to do that, you would have been in profit right now, over 10% profit at that, so do not care anyone who says anything bad about bitcoin, always buy it as much as you can because in the end you will profit.
This post was actually created during Feb 23 where Bitcoin dropped from 54,000 to 45,000$ and then continue dropping to 43,000$ until it recovered in March 05 so this time where Bitcoin is still on a rally upwards I wouldn't say that "don't catch a falling knife" is something that the newbies should be following right now. They actually have missed a good opportunity to enter the market or add some more position just for because a lot of people though the price rally of Bitcoin was over when in fact it was not. |
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43
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Bitcoin / Project Development / Re: Cloud Mining Revamped
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on: March 10, 2021, 07:29:34 PM
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Cloud mining is a scam.Period.There's no way to make cloud mining a legit business model.
So this "cloud mining" company takes all the money of the customers and rents servers for mining purposes,while giving the customers a percentage of coins that were mined.
Sounds like a good business model,but it isn't.Most server companies don't allow crypto mining and crypto mining isn't profitable on ordinary servers.You need mining equipment and cheap electricity.You can't rent mining equipment online.
What you are describing is a Pay-Per-Click faucet,which is another waste of time and the advertisers won't be paying that high(0,2USD per click) for incentivized clicks,made by users,that aren't interested in their products and won't convert into customers.
Not all cloud mining services is a scam it's just that the scam cloud mining services have overshadowed the real ones because of their high yield potential and probably has been more popular because of the referral commissions they are having which real cloud mining services don't have, real ones really have mining rigs where they rent out there hash rate for their clients the fake ones have none and they are trying to fool you with stock photos they have seen from the internet. Also the OP doesn't seem the get the point of what cloud mining should really be as watching ads isn't really a solution here if he doesn't have any hardware to support a mining operation, his website would just be a gimmick if he actually do that. |
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44
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Bitcoin / Press / Re: 2021-02-02 FT - Bitcoin cannot replace the banks
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on: March 08, 2021, 07:15:04 PM
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Banks are centralized financial institutions and the government itself has its own central bank and these are very important for the functioning of the national economy where things are stabilized as much as possible. The volatility of Bitcoin is one factor why this is not supposed to be replacing banks. Yes, there are now many banking services that are slowly duplicated by many DeFi platforms and this is good though for now Bitcoin is not a big player in DeFi except for staking. In my view, Bitcoin is supposed to be the currency of the people while the fiat money is the currency of the government. There is no need to be replacing one another, and soon we can see these platforms and systems working hand in hand in a growing marketplace. Now, having said that, banks will be dealing with cryptocurrencies including Bitcoin too all because these banks are going where the money is and when they can sense a good level of demand they know how to make the supply available.
I don't think you need to worry about Bitcoin replacing Banks entirely since it can't literally do so. People are only talking about Bitcoin as a replacement for banks in terms of storing your wealth as well as transferring your money which if ever Bitcoin overtakes the Banks' function on this matter it won't really affect the businesses as well as your own central bank. Remember that banks have other functions as well and I doubt Bitcoin is even competing in these matter, functions such as printing money from the central banks and loans from commercial banks which Bitcoin obviously cannot do. |
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45
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Bitcoin / Bitcoin Discussion / Re: The largest companies use blockchain technology
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on: March 07, 2021, 09:19:53 PM
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Blockchain is being used by several multi-billion dollar companies just because of 2 things it either cuts their costs and improve their efficiency or they wanna earn from it or both but those are mainly the reasons why they are utilizing the blockchain technology and integrating it in their businesses as sad to say they have more uses on the blockchain technology rather than Bitcoin itself that is why you will see that there is an ongoing patent war for blockchain while Bitcoin itself is just pushing for mass adoption until now.
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46
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Bitcoin / Legal / Re: Is buying from a merchant who accepts bitcoin a taxable event?
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on: March 07, 2021, 06:43:46 PM
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Ok so suppose I buy a laptop from newegg.com and pay with bitcoin. Is newegg going to send me a 1099-K form next year (as an exchange would)? Or should I manually add it myself to the 8949 form?
@OP if you are still uneasy on paying Bitcon because there will be a pending tax liability because of it then don't worry about it. Nothing about using Bitcoin as a payment method is considered to be a taxable event since its not even income or its not even capital gains on your part since you are just using Bitcoin as what it supposed to do and that is as a means of payment. Don't be worried about any tax liability here just think about Bitcoin payment as if you are using a regular fiat currency on your transaction, there is simply no taxes for it. |
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47
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Economy / Gambling discussion / Re: 2021 NBA Season
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on: March 04, 2021, 09:12:15 PM
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Honestly Rockets look like they are at a level where they are as good as they used to be, and that is incredible. Sure having Harden seems like a bigger deal, because he is a superstar, and building around a superstar is definitely easier, however reality is that I would take this team over some of the rockets teams that existed recently, only maybe the team that took Warriors to 7 games and then lost with 27 missed threes in a row, that was incredible, but it was basically a reason why Rockets was there as well, they shot threes and get there, they shot threes and lost there.
I think this team is as good as any rockets team in the last 10 years except few years, and they have a shit ton of picks as well, albeit gave theirs away beforehand for Westbrook but they got so much more as well which is why I think it is definitely incredible.
What are you talking about? The Houston Rockets have a 13 game losing streak and it is the highest losing streak in the NBA season right now, they are currently sitting at the 14th spot in the Western Conference so I don't get why you think Houston Rockets is a good team right now. And it is getting clear by the day that Rockets might not even reach the playoffs this year even if they have John Wall and have pick up a gem in Christian Wood I don't see them getting some winning streaks that would be enough for them to reach the playoffs. |
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48
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Economy / Economics / Re: Imagine the government not printing money - "Notgeld"
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on: March 03, 2021, 07:19:46 PM
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There is a big difference between that and the current situation. Before they have to print an "emergency money" because there was a shortage for one but now there is an abundance of supply of currencies and other payment methods such as credit cards and payment processors as well as cryptocurrencies so it really doesn't apply to this scenario where Bitcoin is some kind of secondary option when the fiat currency fails. Now you are saying that this will be our protection from inflation but the truth is cryptocurrencies are never protected with inflation as long as their value is based in fiat currencies they will always be affected by inflation.
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49
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Economy / Speculation / Re: FUDs be damned - BTC moving up again
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on: March 02, 2021, 08:44:43 PM
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I think many have in mind that reaching $50k is the best option to sell, the news, the comments, some analysts say that the price will go back down to $40k- $42k, but although it is very possible, it can give a pullback and reach $60k as the first goal, this scenario is very likely considering the incredible FUD, millionaires want more bitcoin, therefore they take advantage of the FUD to buy little by little, it is a great business to buy at $40k to make a profit in $60k is not bad at all.
If we review the trading volume it is merely for sale, which means that there is a lot of supply, when the offer is removed, the remaining path is bullish.
There might be a very few people now looking at Bitcoin thinking that it is a cheap price considering on where it is standing now. The last rally was brought by Elon Musk and Tesla making it a public knowledge that they are investing more than a billion dollars worth of cash reserve into Bitcoin and it triggered FOMO and overall market confidence for existing and new investors, now we have seen Bitcoin fall down ever since then meaning that the hype brought by Elon Musk died down already and not unless we have another FOMO similar to that I don't think we will reach new heights. |
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50
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Other / Beginners & Help / Re: The minimum liability for the forum.
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on: February 28, 2021, 08:07:12 PM
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Although I won't say it as a "liability" I think it is only proper to do so since it is technically part of a good forum etiquette that if we follow and abide rules by ourselves we must also enforce it in a way we can and that is either reporting the post or reminding the poster about the forum rules he/she is currently breaking. Tbh I don't know why his post wasn't deleted when you saw it but judging by its title and the members who have posted it I think these kinds of topics is something the is less click by people who already know that it is a waste of their time so that is maybe the reason why it only attracted some members who probably aren't aware of the forum rules as well.
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51
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Economy / Scam Accusations / Re: [Be Aware]: Fake BNB Giveaway
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on: February 26, 2021, 10:15:00 PM
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If there will be such giveaway remember that they'll be announcing it in their official website and/or social media accounts. With these giveaway website not being directly linked to their official accounts then that is a big red flag right there. I don't know why people still keep on falling for these kinds of trap since these has been around for a little while now and still you'll see a lot of people falling victim from these obvious traps. Maybe one of the reasons why is a lot of newbies are still lost and they see this as a way on how a lot of people earn crypto.
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52
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Economy / Trading Discussion / Re: What is a crypto liquidity provider?
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on: February 25, 2021, 09:28:13 PM
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What Is a Liquidity Provider?
A liquidity provider is a user who funds a liquidity pool with crypto assets she owns to facilitate trading on the platform and earn passive income on her deposit.
This definition is coming from the glossary page of coinmarketcap and basically a crypto liquidity provider is the one that just provides the cryptocurrencies as a middleman which makes a trading of cryptocurrencies possible in that platform. It's the same thing on how underwriters work on IPOs where they are the ones buying the first batch of stocks from a company who wants to be public and then putting it on the stock market so it is available for sale. If you want to know more about its definition just click on the link in the quote as CMC has a whole page for it. |
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53
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Bitcoin / Press / Re: 2021-02-21 Insider - Americans are becoming increasingly bullish on crypto
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on: February 23, 2021, 06:31:08 PM
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Well the second point for sure tells us about how the investors of crypto is showing that they are also open to spending their cryptocurrencies as a form of paymentm. I know a lot of companies have seen that there is a major interest in this area but the way I see it what is holding them back on implementing crypto payments is because the volatility of it and as well as the tax complications they will have in receiving it if they decided to hold it for a little while. This are just the possibilities on why I think companies are still not moving ahead when it comes to crypto payments but it is a good thing that some of them already have begun investing in it which opens up a big chance for the former point.
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54
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Bitcoin / Bitcoin Discussion / Re: Companies that trade with Bitcoin instead of you?
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on: February 22, 2021, 07:12:44 PM
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You are mostly looking at close-ended type of trust funds where people pool their money in on a fund for the portfolio manager to trade it to. A good example for that is CI Global Asset Management's Bitcoin Fund which was recently launched by the company early this year and their recent launch they have accumulated 72 million dollars. Looking at their NAV's historical performance you will see that they started at 10$/unit and now their unit price has more than doubled its value at 24$/unit. Now I am not saying that it is because of them having a good way of performing in the market because right now it is the bull run but for the investors who have jumped in at 10$ a piece they are currently enjoying a 166% profit from their investment. So if you are looking for a way to invest in Bitcoin indirectly trust funds are your best option. |
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55
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Economy / Gambling discussion / Re: Football Transfers Speculation, Odds and Predictions
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on: February 21, 2021, 09:25:45 PM
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Barcelona are broke, I read that they are close to bankruptcy. There is no way they will be spending big money this summer especially with the financial uncertainty in football due to covid.
They will not be able to even make any profit from Messi's possible transfer this summer as teams can sign him without any transfer fee. I really wonder what they will do if they lose Messi because they will probably have much bigger problems if they can't prevent Messi from leaving. It's won't be the end for Barcelona if ever that happens. Yeah they might fall of the table but they will still be competitive assuming that they still keep all their players on contract and only Messi will be leaving, they still have a lot of good players left in the team like Griezman and De Jong which as compared to other players from any La Liga teams is more than above average in terms of skill. If Barcelona will find a way not to hurt with their roster I think they can make it through next season financially. |
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56
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Bitcoin / Legal / Re: Russian Government Passes Draft Bill on Bitcoin Taxation
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on: February 21, 2021, 07:06:01 PM
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That's if the legislative branch is leaning towards passing the bill which means mostly the changes will be on the rates implied for the taxes as well as other minor parts such as the definitions and other rules and regulations. But if they are leaning towards to declining the bill then simply it won't even pass to the final reading at all and the other course of action for them is to create a bill about banning or restricting the crypto industry even further. For me I think the former is better to think about since a taxation regulation for cryptocurrencies is a inevitable thing to happen especially considering that other countries have passed similar laws when it comes to it earlier compared to where Russia is now.
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57
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Economy / Economics / Re: How billions in pandemic aid was swindled by con artists and crime syndicates
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on: February 19, 2021, 09:40:27 PM
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I wonder if state finances utilizing a blockchain based, public ledger, could cut down on rampant fraud and abuse of state revenues.
From how I see things this isn't a problem regarding the government's system but a problem with the identity theft happening from the US so I don't think having a blockchain solution can fix all of this when they have created a fraud that can cover something else aside from benefits that they can get from the government. Identity theft can be used in several ways from stolen credit cards to sim swapping and other ways which you can fool any business with a stolen identity. Yeah they can add a blockchain technology in their system but if they want to solve the whole problem then they must focus on identity theft as well. |
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58
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Bitcoin / Project Development / Re: How to execute bitcoin transactions in a decentralized way?
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on: February 19, 2021, 07:48:59 PM
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Other than what others have mentioned already I came to a news about Twitter disabling you to post a Tweet when you include a Bitcoin address on your Tweet so I guess this is not a good option for your project. I won't also recommend you posting a QR code for a payment request because if someone reported your QR code for being a BTC address then chances are your account will be blocked. Also I don't have any Twitter account so I don't have any way of confirming if this is still the case or it is just a temporary ban for addresses given by the recent Twitter hack. |
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59
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Economy / Gambling discussion / Re: 2021 NBA Season
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on: February 18, 2021, 07:11:57 PM
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And the Portland TrailBlazers continues to roll with the win against Zion's team.
They have the 2nd largest win streak in the league at 6. Congratulations to another win, this team is still a good even without CJ, but maybe during the playoffs they'll not win like what they are doing now.
Bro don't forget to mention about Nurkic and Zach Collins missing out several games as well for the Blazers yet to my surprise they are keeping up in the Western Conference being the 4th best team in that conference. They won all of their last 6 games without the full force of their lineup and that is something that I think Damian Lillard is used to having ever since Aldrige left the team Lillard still manages to win some games and adjust to the situation that is only during the regular season but when the playoffs come their effort isn't always enough. |
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60
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Other / Beginners & Help / Re: About my wallet!
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on: February 17, 2021, 07:50:13 PM
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I am not familiar with trustwallet but with their given information on how you will cash out your cryptocurrecy it looks like they don't have an in-app way on how you can withdraw/liquidate your cryptocurrency. Basically what they are trying to tell you in their page is that you need to cash out your crypto in other ways suchs as P2P or in an exchange and do the liquidation in their platform. So if you are asking if there is an internal method in trustwallet the answer is there is none and you need another person or service for your to cash out your cryptocurrencies. |
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