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1  Economy / Economics / Re: The Role of Education in Financial Literacy on: May 04, 2023, 05:41:01 AM
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.
It's true that trading experience is crucial when it comes to understanding the cryptocurrency market. While studying economics and finance can be helpful, the cryptocurrency market is unique and often behaves differently than traditional markets.

As with any market, there are many factors that can influence the price of cryptocurrencies, including speculation, regulation, adoption, and overall market sentiment. Engaging in trading and closely monitoring market trends can help investors gain a more intuitive understanding of the mechanics of the cryptocurrency market.

That being said, it's important to approach trading with a cautious and disciplined approach, as the cryptocurrency market can be highly volatile and unpredictable.
2  Economy / Economics / The Role of Education in Financial Literacy on: May 03, 2023, 11:55:19 PM
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.
3  Economy / Economics / Re: Keeping money and keeping bitcoins? are they similar? on: May 03, 2023, 11:04:22 PM
The massive awareness to keep bitcoins for as long as possible promotes people to develop the attitude of saving, just like saving money. Do you agree with this that people who are very good at saving money become very good at keeping bitcoins when they finally start doing cryptocurrency? Or do you feel that there is no similarity between keeping bitcoins and keeping money?
There is certainly a similarity between keeping bitcoins and keeping money in the sense that both involve a mindset of long-term saving and investing, rather than short-term speculation or spending. People who are naturally inclined to save money, plan for the future, and resist the temptation of impulsive purchases may be more likely to adopt a similar approach when it comes to holding and investing in cryptocurrency like Bitcoin.

However, there are also some important differences between keeping bitcoins and keeping traditional fiat currency. Bitcoin is a decentralized and volatile asset that is not backed by any government or financial institution, and its value can fluctuate significantly over short periods of time. This means that holding and investing in Bitcoin carries a higher level of risk than traditional savings, which are generally more stable and less volatile.

Additionally, while traditional savings are often insured by government entities like the FDIC, there is no such safety net for cryptocurrency holdings. This means that individuals must take extra precautions to secure their digital wallets and protect their assets from potential theft or fraud.
4  Economy / Economics / Re: BTC Silver and Gold on: May 02, 2023, 05:54:04 PM
I am curious. How many of you also stack gold and silver in addition to BTC as a hedge for inflation?
I do not store gold and silver.

Firstly, my finances do not allow me to own them.

Secondly, they have lower investment potential than BTC.

Thirdly, they have very high value.

Meanwhile, with BTC or cryptocurrency, you only need a very small amount of money to own them.
5  Economy / Economics / Re: The Biggest Financial Regrets on: April 30, 2023, 07:02:49 PM
Please share what you believe to be the biggest risks in finance.
In my opinion, the biggest risks in finance include:

1. Not having a solid financial plan: Without a clear plan for your finances, it's easy to fall into debt, overspend, and miss out on opportunities for growth and investment. Creating a budget, setting financial goals, and seeking professional advice can help mitigate this risk.

2. Over-reliance on a single income stream: Relying on one job or income stream can be risky, as it puts you in a vulnerable position in case of job loss, economic downturns, or other unforeseen circumstances. Diversifying income streams through investments or side hustles can help reduce this risk.

3. Failing to manage debt: High levels of debt can be a major risk factor that can negatively impact financial stability and future opportunities. Managing debt through budgeting, prioritizing payments, and seeking professional help can help reduce this risk.
6  Economy / Economics / Re: Why is Inflation Happening All Over the World At Once? on: April 30, 2023, 06:03:12 PM
Almost all countries around the world are facing inflation problems. It just depends on the skill of a leader as to how he will find a way to control the price in the market from basic commodities and others.

      Every country cannot avoid it either. that is why the rate of each country's currency is different because of the inflation they face.
So if the leader of a country is careless, for sure the value of their currency will fall.
There are so many factors why inflation occurs, so it's not just the fault of the leaders who are careless or the negligence of the leaders, everything that is happening like what we are feeling today is because of the covid pandemic, all governments allocate state budgets for development and others pile on solving one problem namely covid and apparently most governments couldn't solve it with the amount of money they had at the time so they were forced to print more money to deal with it. the circulation of goods became scarce because production activities were not running which prevented money from circulating as it should be in the normal cycle but only focusing on a few needs, this also pushed up inflation.
Today there are still many governments suppressing inflation in their respective countries, including the US, which is said to be in a position to fight their very high inflation.
Governments are trying to mix the definitions so people do not blame them for what is obviously their fault, when the price of a set of products goes up there could be many reasons why this is the case, like scarcity of the product, delays on the production or the delivery, a sudden increase on the demand and so on, but those effects are temporary, inflation is an increase on the money supply and its effects are permanent as governments never make an effort to decrease the money supply once they have increase it.
I completely agree with this statement. Inflation is often falsely attributed to temporary market conditions or external factors, when in reality it is caused by an increase in the money supply by governments or central banks. This is a form of financial manipulation that can have far-reaching consequences for everyday citizens and the economy as a whole.

When governments increase the money supply, it devalues the currency, which can lead to rising prices for goods and services. This erodes the purchasing power of people's savings and can hurt low-income individuals the most as they struggle to afford basic necessities.

Governments and central banks may use inflation as a tool to stimulate the economy or pay off debts, but it comes at a cost. It can lead to economic instability and even hyperinflation in extreme cases.
7  Economy / Economics / Re: Concers About Going in Business with a Friend on: April 30, 2023, 05:39:37 PM
Many years ago, I heard the story of a man whose business partner did dirty. They were business partners for almost 5 years and the suddenly the business partner left with company's money. Even after several years, this man didn't recovered. He ended up sounding it as a warning to his kids never to go into business with anyone. The trust was destroyed and never recovered. This is just one of those sad stories.

On the other hand, there are many success stories of friends who went into business together and succeeded to together. If you have ever gone into business with a friend, what were your biggest concerns and how did work through it.
Going into business with a friend can be a fantastic experience, but it can also bring unique challenges and potential risks. The biggest concern is the possibility of damaging the friendship if things don't work out, especially when there are conflicting opinions or misunderstandings about the business.

To mitigate these risks, it's important to have open and honest communication from the start. This means defining roles and expectations clearly, developing a detailed business plan, and discussing how to handle disagreements in a respectful and constructive manner.

It's also essential to separate personal and business issues as much as possible. Having a clear separation between the two can minimize the emotional impact if there are disagreements or financial difficulties.
8  Economy / Economics / Re: Does a side job/business improve your finanical stability ? on: April 30, 2023, 04:51:14 PM

To make a living, we must work. In uncertain days like now facing the global economic downturn, a stable job with high income becomes a scarcity. A side job or business seems like more necessary than ever, which can minimize the risks of losing your current job, ending up pennyless. However, a side job/business also takes time and efforts and can never be attained whenever we need it. What did you do or will you do in order to ensure your finanical stability despite all unfavorable circumstances ?
In uncertain economic times like the present, it's crucial to have a plan for ensuring financial stability. One way to do this is by diversifying income streams, which can include having a stable day job while also developing a side business or freelancing gig.

By having a side gig, you can create an additional source of income that can supplement your main income and provide a safety net in case the main source of income is disrupted. It's also important to develop relevant skill sets and stay current with industry trends to make yourself more marketable.

Another way to ensure financial stability is by building an emergency fund. This can be done by setting aside a portion of one's income in a savings account or other low-risk investment. Having an emergency fund can help cover expenses in case of sudden job loss or other unforeseen circumstances.
9  Economy / Economics / Re: Which do you prefer on: April 30, 2023, 04:26:39 PM
Working as a civil servants have always been my thing, I work from Monday to Friday which to me is normal, I feel proud doing it until I started trading bitcoin.

Trading started making me see things differently, because I no longer wait for my monthly salary, now I earn money daily and week, due to the kind of large amount of money I make in trading I fell out of love for my civil service job, because the money is small  but it is still a decent salary.

Note: in trading I earn base on performance, but even though the market is too bad, I still earn a decent amount of money out of it in a month base on my level in trading.

My question is guys which do you prefer, a steady monthly salary which you know that no matter what, it must come once the month ends or a business/ trading/ any other thing which you can do that you earn base on performance and you have the capacity to earn ten fold of what a civil servants might earn if you are good at it, but there is also a possibility that you may have a bad day in the office which you may even incurred some loss.

Which do you prefer an why.
It's a personal choice when it comes to deciding between a steady monthly salary and a business/trading where earnings are based on performance. Both have advantages and disadvantages, and some people may prefer one over the other.

A steady monthly salary provides stability, which can be very reassuring. You can plan your finances accordingly and have a consistent source of income, which is important for people with financial responsibilities like family or debts. Additionally, a monthly salary may come with benefits like health insurance, paid time off, and retirement plans.

On the other hand, a business or trading can present an opportunity to earn more money, and your earnings are often based on your performance. If you are successful, you can earn ten times what you might earn as a civil servant. But this opportunity also comes with risks as there may be bad days that could result in losses.

Ultimately, it depends on an individual's risk appetite, financial goals, and priorities. Some people may prefer the stability of a monthly salary, while others may find the potential earnings of a business or trading more appealing. It's essential to weigh the pros and cons carefully before making a decision.
10  Economy / Economics / Re: Saving is Wasting? on: April 30, 2023, 04:10:23 PM
Savings won't make you reach but it's needy to get you there, if you are running a business you need to save up to improve your business in the future, if you are earning less money you need to save some money and have enough, you will be able to make a good decision using the money someday, e.g invest the money on a start-up business or invest the money in stock or Bitcoin.

Saving is not a waste, old people used savings to take good care of their families, I know that's a long time and that was when life was very easy, today savings will get you somewhere but it's not going to get you rich.
I completely agree that savings are a crucial part of financial planning, especially when it comes to managing a business or personal finances. Saving money can allow individuals to have a safety net in case of unexpected events or expenses, and it can also enable them to invest in future opportunities like a start-up business or the stock market.

While savings may not make someone rich overnight, they do provide a solid foundation for long-term financial stability and growth. It's essential to make savings a part of our overall financial strategy and regularly allocate a portion of our income to savings.
11  Economy / Economics / Re: New currency from BRICS countries on: April 30, 2023, 04:01:32 PM
Couple of hours ago there is in news on Twitter saying BRICS countries (Brazil, Russia, India, China, South Africa) are developing a new currency. It was mentioned by State Duma Deputy Chairmen btw.

As I can see all these things to manipulate BTC right? What are your thoughts about this?
This is an interesting news story, but its accuracy is questionable. All of these "news" items are designed to influence the price of Bitcoin or the cryptocurrency market.

In my personal opinion, this news is not worth paying attention to. If you believe in Bitcoin or cryptocurrency, just hold onto your investments and don't worry about short-term news.
12  Economy / Economics / Re: Try to save money while you still can, will you ? on: April 30, 2023, 03:41:34 PM

Well, the inflation in my country now is not extremely high but has already damaged the economy. The cost of living is increasing and does not seem to stop. Last week one of my friends lost his job after working in the same company for a decade. His life abruptly changed, putting him in a place where he could not support his family. If you were him, how would you survive this tough time ? As a friend, I am trying to help him as much as I can and meanwhile, I am planning to save more money to prepare for the unexpected challenges in my life. What about you ?
If I were in your friend's shoes, I would explore various avenues to support my family. This may include looking for new job opportunities, starting a business on the side, reskilling or acquiring new skills to enhance employability, cutting down on expenses, or seeking financial assistance from family and friends.

As a friend, you are doing the right thing by supporting and helping him as much as you can. You can also provide emotional support by listening and offering words of encouragement during this tough time.

Additionally, it's wise to prepare for the unexpected challenges in life by saving more money and investing in assets that can provide protection against inflation. It's always better to be proactive and prepared than to wait for things to happen and then react.
13  Economy / Economics / Re: Food Crisis - Improved, Worsen or still the same in your country (No Change)? on: April 29, 2023, 06:06:32 PM
I believe that addressing the issue of food crisis requires a collaborative effort among countries worldwide, and it is crucial to work towards sustainable solutions that ensure food security for everyone.

This can include measures like investing in research and development, supporting farmers, promoting sustainable agricultural practices, and ensuring access to affordable food for everyone.
14  Economy / Economics / Re: Benefit from Higher Education? on: April 29, 2023, 04:55:30 PM
I wonder if higher education will help for entrepreneurship?
I am more interested in how much theory will help in this, because during a long study we do not get practice, this will be possible only when we start doing business, until that moment we will not be able to know how much it will help us.

This can help us if we need a license, but in some cases it can be obtained without a higher education.

Statistically, 95% of entrepreneurs have a bachelor's degree or higher and I wonder, for those of you who are involved in entrepreneurship, how useful was higher education for you?
The fact that 95% of entrepreneurs have at least a bachelor's degree does not necessarily demonstrate the usefulness of higher education in their success. Rather, it may reflect their traits such as dedication, perseverance, and the skill set developed in the pursuit of a degree that translate well into the entrepreneurship world.
15  Economy / Economics / Re: Without government job we can survive on: April 29, 2023, 04:20:19 PM
There is no way the government can provide direct jobs to everyone, the role of the government is to provide a conducive environment for businesses to strive, Maintain law and order that ensures a stable business environment, regulate and oversee industries to promote competition and prevent monopolies, provide essential public goods such as infrastructure, education, and healthcare that may not be profitable for private businesses to provide and also intervene in the market to address market failures.

The government's role is significant because  they even negotiate trade agreements and promote international trade for businesses, I think they should keep encouraging innovation and entrepreneurship so as to increase the number of small businesses which are the backbone of the job market
The truth is that things have changed and there are now very few job opportunities in government organizations. The only option is to figure out what you want to do, either by starting a business or learning a lucrative skill, as waiting for the government feels like a waste of time in some places where the jobs are sold and if you are not lucky, you won't get one. The number of graduates and the population have increased as well.

I believe that investing in businesses like infrastructure, e.t.c., requires significant capital to build. When you want to start a business, you should make sure that the product has a high level of demand as well as a modest starting capital, and you should also factor in potential losses.
With the decreasing number of job opportunities in government organizations and the increasing number of graduates and population, it is essential to think creatively and take a proactive approach to achieve one's economic goals. One way to do this is by starting a business or learning a lucrative skill, as waiting for the government to provide opportunities may not be practical or fruitful.

When starting a business, it is crucial to consider several factors like potential demand, modest starting capital, and possible losses. However, it is also important to think long-term and consider the potential for growth and profitability in the future. For example, investing in infrastructure or developing new technologies may require significant capital initially but can yield significant returns in the future.
16  Economy / Economics / Re: Replacement? on: April 28, 2023, 06:59:38 PM
I have been seeing the progress of cryptocurrency these past few years, and I've been thinking, will it definitely be a replacement for physical money and use crypto as a primary transactions in our everyday life?
While the idea of using cryptocurrency as the primary means of transaction in our everyday life seems possible, there are still some barriers that need to be addressed for this to become a reality. One of the main concerns is the level of security and regulation in the industry, as the decentralized nature of cryptocurrency makes it attractive to hackers and cybercriminals.

Additionally, widespread adoption of cryptocurrency would require a change in mindset and infrastructure, as the current financial system is built around physical money. Despite these challenges, there are many who believe that cryptocurrency will continue to grow and eventually become a viable alternative to traditional currencies. Only time will tell how this will play out ultimately.
17  Economy / Economics / Re: marry rich: marry fiat rich or crypto rich, which is better? on: April 25, 2023, 02:07:38 PM
In life you have to be rich of something, or nobody want to marry to you, and have build a family with you, you would be foreveralone, and the media would constantly mogging you over and over again for being foreveralone to remain you. And your mum would constantly tell you if you don't get married nobody would take care of you when your aged. Nobody would make a tomb for you, and when you died you would go to afterlife with empty stomach and would suffer straving too in the afterlife. That must be a lot of hurt! ouch!

So back to question. which is preferred? Married to fiat rich or crypto rich? Although crypto can be created at the comfort of your basement, also the value would plummet quickly to near zero too. Do you think in your life, you would ever see someone marry to crypto rich? btw recent news about ftx being rejected to sponsor a superstar due to it is unregistered tell me marry crypto rich might be a distance dream. Also there would be only 21m bitcoin existed, only 21m couples would be able to married rich. When there is billions of population, a lot of couples may not marry rich, due to unequal distribution, some of the crypto super rich would married hundreds of thousand more.
I strongly disagree with the idea that being rich in material possessions or currency is a requirement for finding love and building a family. While financial stability can certainly be important in a relationship, it is not the only factor that determines whether or not someone is a good partner or spouse.

Furthermore, the idea that someone would be "foreveralone" or suffer in the afterlife because they are not financially wealthy is not only untrue, but also harmful and perpetuates harmful societal norms and expectations.

As for the question of whether it is better to marry someone who is fiat rich or crypto rich, I believe that financial wealth should not be the sole determining factor in a relationship. It is important to consider other factors such as compatibility, shared values, and mutual respect and support.
18  Economy / Economics / Re: Saving is Wasting? on: April 24, 2023, 01:06:02 PM
Being a student is so hard nowadays. I've been spending a lot for school requirements and different activities related to education. I'm stuck with this saying "SAVING IS WASTING", thinking that with the little amount of money I have, should I put it on an investment or should I just save it for my future expenses or emergencies. I'm also living in a country in which there are limited side hustles I could do to earn extra for investment, so I'm troubled somehow.
There are several solutions that could help you address this issue:

1. Look for part-time jobs or freelance work: Even if there are limited side hustles in your country, there may still be opportunities to earn extra money through part-time jobs or freelance work. Consider offering your skills or services online, or look for part-time work in your local community.

2. Start small with investments: If you have a little bit of extra money, consider starting small with investments. Look for low-risk options such as savings accounts or certificates of deposit, or consider investing in a low-cost index fund.

3. Focus on building an emergency fund: If you're not sure whether to invest or save your money, consider focusing on building an emergency fund. This will give you a financial cushion in case of unexpected expenses or emergencies.
19  Economy / Economics / Re: it's so risky! on: April 24, 2023, 12:52:26 PM
I don't invest money easily in any asset because of fear of losing that money. i think of investing 80% of total savings.
do taking risk is important or not?

please quote all question and answer it's very helpful for me and others.

It is all risky. Not investing itself is risky. Disregarding the opportunity to make money is risky. If you're unwilling to take and accept risks, then you won't allow yourself to make great returns. 

I would say, don't risk it all. Start small. Then over the course of time make it bigger. Gradually. Invest the first 20% of your savings, then increase it as you progress your understanding and make yourself comfortable with the market. Do not rush. It's your funds after all so you are in control. It's normal to be fearful, but it is not when you limit yourself because of your fear.


as what most people would say that there are some opportunities that could be acquired outside your comfort zone, that is what it literally means. taking risks is necessary sometimes since you cannot move forward in life if you won't be able to do that. the problem is sometime there are people who doesn't think twice when it comes to risks and just literally jump forward into the fray without hesitation. in life also there are things we call "calculated risks" and that describe into something that is decided through so many simulations before risking.
As you take calculated risks, you are also taking statistical guesses. It's all maths, numbers, and probabilities. No emotions at all. Because in face of financial risks and oppotunities, you must not be fearful or greedy. You should be a able to rational, logical, and be able to create high quality decisions.
for you to be a man, you should take risks. If you do not take any risks then it is simply means that you are wasting the opportunity that have given to you. People think that investing is risky without knowing that their 9-5 job is more risky than it. Think about it, you are spending your time for other business and it takes away your freedom not only financial but also the time freedom because there are certain rules and regulation that you should follow.

The rich people do not have people above them, they are the one who creates their own rules that's why they have freedome not only financially but also time freedom. Instead of focusing on 9-5 job, it is better if you will make an investment or create a business that can help you generate income. Is that risky? of course it is but it has less risk than applying and staying on 9-5 job. Pick your thing, you want to become rich or if you want to stay broke?
when i was 15 i was given a chance to fully develop my own spending habits and manage my own finances, and one thing i have learned through that is why our parents wants us to finish our studies and find a decent job to have a stable source of income. the main reason for that is survival, once you have a decent job you can say that you are good to go in life, but the problem comes after being stagnant on that kind of mentality. often times when employees have decent job to depend, they remained stuck on that position as long as they are productive and can still work, and that's what prevents them from taking risk since it is also understandable from their perspective leaving their jobs just to jump to something not so sure. the funny thing is that even if we deny this fact, most risk takers are literally not contented on where they are currently in life. we also know that it isn't a bad thing to be selfish sometimes and  be greedy as long as we do it in moderation which some risk takers took it too far.
I agree with your observation that having a stable source of income is important for survival, and that many people become complacent and hesitant to take risks once they have achieved that stability.

However, I don't necessarily agree that risk takers are not contented with their current situation. In fact, many risk takers are motivated by a desire for growth and improvement, and are willing to take calculated risks in order to achieve their goals.

It's true that some risk takers may become greedy and take things too far, but this is not necessarily a characteristic of all risk takers.
20  Alternate cryptocurrencies / Speculation (Altcoins) / Re: Is it advisable to invest on Solana? on: April 23, 2023, 08:35:22 PM
Hello buddies, I am considering buying Solana coins and holding for a very long time. I want to know if this is a good idea before forging ahead to buy it.

Thanks for your responses.
My opinion is that you can buy and hold it. Currently, SOL is ranked 10th on Coinmarketcap.

https://coinmarketcap.com/currencies/solana/

The collapse of the FTX exchange has caused the price of SOL to drop, but there is still a chance for it to grow again.

When you hold SOL, you should research and participate in SOL NFTs to increase the amount of SOL.
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