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1101  Local / Others (Pilipinas) / Re: bisdak40's road to Hero on: July 30, 2023, 02:04:52 AM
Congratulations, bai!

Bakit malaki ang utang? Wala ka namang utang. Deserve mo naman talaga na magkamerit at magrank up. Di ka naman nanghingi, nakiusap, naghunt, o bumili ng merit para tumaas yung rank mo. You're very natural. Nagpost ka lang naman kung saan ka komportable. At may laman din naman yung mga post mo. Asset kang maituturing sa forum na 'to.

Hero, accomplished na. Road to legendary na. Congrats ulit, bai!
1102  Economy / Gambling discussion / Re: [ADVICE]Boy Wins $46k from Sports Bet but Can't Tell Strict Religious Parents... on: July 30, 2023, 01:49:14 AM
Only he can truly measure his parents. There are parents who are religious and who also frown on gambling but would probably set aside their stand upon knowing that a huge money is made by their son out of gambling. They will probably advice him to stop since he has already won big and rather than gamble his wins he better invest in. There are others, however, who give more weight and importance to their values that they won't compromise it for the money.

If his parents are like the former, he could open it up. But if his parents are like the latter, he better keep it as a secret.
1103  Bitcoin / Bitcoin Discussion / Re: Community research: To drink or to buy coins? on: July 30, 2023, 01:19:05 AM
Other than water, I usually only drink beer. I also drink the ever-popular Coke, of course, but I drink beer a lot more often. Nothing fancy, just the smaller, cheaper, and less strong San Miguel Pale Pilsen. It comes with 5% alcohol only. It tastes great. I used to hate it, but as I age it seems it slowly becomes the best choice.

[image snipped]

I usually buys it at $1.27. So, with Bitcoin's price at $29,371.83, it means I have to give up 23,127 bottles. If I do it, I will die without drinking it ever again. That would be such a tragic life. If that's what it takes, to hell with Bitcoin!
I'm not as fond of the alcohol as @Darker45 is, so if I were given the same choice, I would probably choose to give up that 25k bottles of Red Horse to get my hands on 1 bitcoin. I wouldn't agree with non-alcohol life is a tragic life thouugh, maybe a bit unbearable but not a tragic one imo.

I actually don't drink often. I usually just drink once or twice a week, consuming 3 or 4 small bottles each time. A cold San Miguel Pale Pilsen is a perfect company when you're into some introspection or whatever. Of course, I don't count those times when I'm with friends. With them, I usually drink more and with a stronger drink.

I'm curious, just what is Bitcoin to you? If you love your drink and you're happy having it every once in a while, why would you avoid it for the rest of your life just to attempt having 1BTC? What's 1BTC, anyway? Why would you let go of those beautiful moments drinking your cold beer in the beach, for example, or at your rooftop during sunset, or when there's an occasion?

This isn't entirely different with so many people being too hard on themselves, trying to avoid watching a movie, drinking with friends, going to a vacation, use their work leave, buying good food, and so on because they're saving for a house and lot, a car, farm for their old parents; in short, their future. What is life? Life is here and now. Your future may or may not come. Balance is the key.
1104  Bitcoin / Bitcoin Discussion / Re: Community research: To drink or to buy coins? on: July 29, 2023, 03:01:58 AM
Other than water, I usually only drink beer. I also drink the ever-popular Coke, of course, but I drink beer a lot more often. Nothing fancy, just the smaller, cheaper, and less strong San Miguel Pale Pilsen. It comes with 5% alcohol only. It tastes great. I used to hate it, but as I age it seems it slowly becomes the best choice.


https://www.pinterest.ph/pin/59954238759504058/

I usually buys it at $1.27. So, with Bitcoin's price at $29,371.83, it means I have to give up 23,127 bottles. If I do it, I will die without drinking it ever again. That would be such a tragic life. If that's what it takes, to hell with Bitcoin!
1105  Economy / Gambling / Re: Exploring the Math Behind Crash on: July 29, 2023, 02:04:42 AM
It's just amazing how a commonly accepted yet oftentimes forgotten thing is broken down into tiny pieces. Sometimes, we're so enamored or absorbed by certain gambling games that we end up believing we can make money out of them. We forget that gambling games are all designed in favor of the casino. This kind of nerdy video is a slap on our face. It's like somebody is yelling wake up right in front of us.

I can imagine Khaby Lame with his popular gesture showing the codes to everybody who think they can outsmart casinos.
1106  Economy / Economics / Re: Europe have one big problem the euro currency on: July 29, 2023, 01:36:41 AM
Well, all fiat currencies are problems. They just differ in degrees. They're all slowly crumbling down. They basically share the same doctrine. The euro is relatively younger, though. And while you are criticizing it as one big problem, if we compare the euro with other fiat currencies in the world, it's actually doing much better. Even if some member countries of EU itself don't like the euro and even prefer to use another currency, the euro actually remains widely used. It's the second most used currency in the world.
1107  Other / Beginners & Help / Re: que regarding BTC on: July 29, 2023, 01:04:24 AM
The Lightning network doesn't add a feature on the Bitcoin network because it is a separate network. Also, there are transactions within the Lightning network. However, these transactions are outside the Bitcoin network. They don't need block confirmation. These transactions don't reflect on the Bitcoin blockchain. The only transactions that will reflect on the Bitcoin network is when you fund or open your Lightning channel and when you close it. So if you open your channel and deposit 1BTC, that's recorded on the Bitcoin blockchain. Succeeding transactions on the Lightning network won't be recorded on the Bitcoin network. When you close your channel and you're left with 0.01BTC, that's the one that will be recorded on-chain.

Im getting you right until you said that 0.01BTC will be left after closing a channel that was filled with 1BTC. Would you be able to break this for a noob like me?

It's like this. Let's say your mother is the Bitcoin network and she's giving you $100. You can buy whatever you want with it but you will have to return the change or whatever is left at the end of the day. You are the Lightning channel. After you received the money from your mother, you went out, bought a cup of coffee, a sandwich, watched a movie, ate at a restaurant, and so on. At the end of the day, you went home and only $10 is left of the $100. You returned the $10 to your mom as agreed.

What's only registered to your mom, or what she only knows, is that she gave you $100 and you returned $10. Those are the only transactions that are on-chain and are registered on the Bitcoin blockchain. The rest of the transactions, those that happened between you and the others, she didn't know. All of them happened in another network which is the Lightning network. You receiving the $100 and returning the $10 is the opening and closing of the channel, respectively.
1108  Bitcoin / Bitcoin Discussion / Re: Days you need to work your ass at minimum wage for a BTC, by country on: July 28, 2023, 12:15:28 PM
I don't know where you got these data, but in the Philippines, the latest standard minimum wage is ₱570 to ₱610.

Yes but you know the wage law isn't very well enforced... I know people who get paid far less than that. Some only make ₱2000 per month, which is currently $36.38.

Yes, of course, I know that very well. We can actually expound this discussion a bit to include certain discrepancies and other harsh realities on the ground, but since OP is simply talking about the minimum wage, then those are the official numbers. This discussion is, after all, basically theoretical.

You've been in the country for quite a while. You must have observed how laws and policies here are oftentimes mere hollow letters.
1109  Other / Beginners & Help / Re: Little knowledge and understanding navigating bitcoin transaction fees - Help me on: July 28, 2023, 04:29:32 AM
How do i know the right transaction fee?

Check the mempool.

Quote
Is there a way to minimize transaction fee?

  • Choose a wallet that allows you to personalize transaction fees.
  • Use the Lightning network.
  • Use Native SegWit or Bech32 addresses, those that start with bc1.
  • Choose the right timing when making transactions. Consult the mempool first.
  • Decrease the size of your transaction by consolidating your UTXOs.

Quote
What are the factors that can influence these transaction fees?

  • There's a high demand for block space. People are willing to pay high fees in the competition.
  • Your transaction size.
  • The network is congested.
  • You're using a legacy address.

Quote
Where can i track the recent bitcoin transaction fees rate?

Check the mempool.
1110  Economy / Gambling discussion / Re: Top 5 Things to Consider When Choosing an Online Casino on: July 28, 2023, 03:21:37 AM
To a certain extent, license may not really mean so much. Curacao license is as cheap and easy to get as a coconut. If you have a problem with a casino, will you be able to file a suit against it in Curacao? How many shady casinos are there that are licensed?

In terms of security, there's not much guarantee either. The moment you deposit your funds from a wallet under your control to a casino, that's already letting go of your funds' security.

So it will minimize the risk if you choose casinos with long and more or less clean track record.

I mean look at freebitco.in. Afaik it has no license and has been operating under a good reputation for so long now.

I'm afraid you're wrong. I think Freebitco.in is a licensed casino. Anybody please correct me, but I think Freebitco.in has a license from Costa Rica.
1111  Other / Beginners & Help / Re: que regarding BTC on: July 28, 2023, 02:21:20 AM
The Lightning network doesn't add a feature on the Bitcoin network because it is a separate network. Also, there are transactions within the Lightning network. However, these transactions are outside the Bitcoin network. They don't need block confirmation. These transactions don't reflect on the Bitcoin blockchain. The only transactions that will reflect on the Bitcoin network is when you fund or open your Lightning channel and when you close it. So if you open your channel and deposit 1BTC, that's recorded on the Bitcoin blockchain. Succeeding transactions on the Lightning network won't be recorded on the Bitcoin network. When you close your channel and you're left with 0.01BTC, that's the one that will be recorded on-chain.
1112  Economy / Economics / Re: The gloomy light called subsidy. on: July 28, 2023, 01:35:10 AM
In general, I'm not a huge fan of subsidies. Subsidies might be necessary in some instances, but I think it should be considered as the last resort. To a certain extent, a government that has limited resources but is all too willing to provide subsidies left and right is an incompetent and lazy government. It's a government that's not creative or innovative enough, a government that doesn't study, analyze, and look for other ways and means to improve certain conditions. Subsidies are dole-outs. They're a band-aid solution. They're not sustainable. Money put into subsidy is most often money that is wasted.
I am not satisfied with the fact that the money for subsidies is wasted. If social services are well developed in the country and any citizen can apply for help, then this reduces crime in the country. And for low-income families, this is one way to survive in a difficult situation.

My point is, you can't address every problem with a subsidy. Subsidy is necessary in certain aspects, but it can't be a permanent solution. If the government's response is merely subsidy, such government is not working. It's not diving into the root cause of the problem.

I once created a thread here about the price of onions in my country reaching as high as $13 a kilo. As expected, the word subsidy surfaced. I don't agree it's necessary. Why is it expensive to begin with? Perhaps there is a need to create a strong agricultural program for onion farmers. Perhaps there is a need to bring down prices of fertilizers. Again, not by way of subsidy but something else more permanent. Perhaps there is an urgent call to courageously confront cartels and hoarders and smugglers. Or perhaps there is a need to craft policies in relation to the handling of agricultural products.

I mean there must be a number of ways to confront a problem other than simply providing subsidy. Subsidy will indeed bring down the prices almost instantly. That will appease the public. That will give the administration a good face in the media. But will it last?
1113  Bitcoin / Bitcoin Discussion / Re: RFK Jr Says He Purchased Bitcoin For His Kids on: July 28, 2023, 01:00:00 AM
It's not free advertisement because the man is courting the people for support. As well as donations, of course. By clearly speaking out his stand in favor of Bitcoin, he's certainly hoping that the community that is also in support of Bitcoin will rally behind him. This is elections season.

Anyway, quite similar to mk4's question, why "as a collectible" when Kennedy Jr. has probably not even once called Bitcoin as a collectible? He called Bitcoin the "perfect base currency," an "exercise in democracy," and others but not as something to be merely collected.

How many Bitcoiners are US citizens? Several million? Not a big enough number to win the elections, if you ask me.
I remember that in the 2020 US presidential elections, another candidate from the Democratic party was pro-Bitcoin, but he got a ridiculously low amount of support. I even forgot his name. Stating that you are pro-Bitcoin doesn't mean anything. What if a republican candidate also declares, that he supports Bitcoin? I think that Ron DeSantis also made some public statements in favor of Bitcoin/crypto.
Most crypto supporters are right wing libertarians, so I doubt that they will support a left wing liberal/socialist candidate.

I don't know how many Bitcoin supporters in the US. But does it have to be several million for candidates to try to win their votes? Does Kennedy Jr. court the support of the Bitcoin community because it will make him win?

Anyway, accordingly, "about 46 million Americans (roughly 22% of the adult population) own a share of Bitcoin."[1] I don't know whether this is true or not but my point is, in an election season, all communities, big and small, suddenly matter. Candidates utter sweet words in front of everybody: Asian Americans, Hispanics, black Americans, senior citizens, LGBT, gun owners, farmers, American Indians, Catholics, war veterans, baseball fans, Bitcoin supporters, and so on.


[1] https://explodingtopics.com/blog/blockchain-stats
1114  Bitcoin / Bitcoin Discussion / Re: RFK Jr Says He Purchased Bitcoin For His Kids on: July 27, 2023, 04:05:46 AM
It's not free advertisement because the man is courting the people for support. As well as donations, of course. By clearly speaking out his stand in favor of Bitcoin, he's certainly hoping that the community that is also in support of Bitcoin will rally behind him. This is elections season.

Anyway, quite similar to mk4's question, why "as a collectible" when Kennedy Jr. has probably not even once called Bitcoin as a collectible? He called Bitcoin the "perfect base currency," an "exercise in democracy," and others but not as something to be merely collected.
1115  Economy / Gambling discussion / Re: [Boxing] Inoue vs Tapales for Unified Super Bantamweight Title on: July 27, 2023, 02:49:15 AM
Well, Tapales has the chance, but I doubt he will be able to dethrone Inoue. Regardless, however, this is the fight of his life. This is already a huge achievement for him. To be given the chance to face Naoya and, more importantly, to become the unified champion, is a big opportunity he couldn't afford to miss. He should be giving his all not just during the fight but even during the training. Defeating Naoya and unifying the belts mean a lot.

Agree, this is a tough one for our compatriot but the fight itself is already a win for Tapales as seldom a Filipino boxer will be on this kind of stage, biggest fight of his life and for sure the biggest payday as of date. The good thing about Filipino boxers when up against the world and nobody expected him to win, it will give them the motivation and often they rise to the occasion and shock the whole world when the final bell rung.

Well, we can only hope so.

Yeah, I agree that we seem to take motivation from being the underdog and when nobody is expecting anything from us. It's like a huge amount of baggage is taken off if we have nothing to lose or if we're going against the world.

Anyway, it's probably expected that this fight will be held in Japan. Naoya very seldom fights outside of his home country. But Tapales isn't a stranger to fighting in Japan and against Japanese fighters. If I'm not mistaken, Naoya is his 5th Japanese opponent and this is also his 5th time fighting there. So it's probably not a huge factor for him to once again fight against a Japanese opponent in his home court.
1116  Other / Beginners & Help / Re: Active members are promoting Bitcoin mixers, betting or casino. Lmao. on: July 27, 2023, 02:15:56 AM
-snip-
Was hoping for more discussions on the technology and its possibilities.
It's actually added in the profile attribute, not included in their post content. If you are bothered by that display, I suggest you change some settings (I don't know if these settings are available for low rank users):
Go to Look and Layout Preferences > enable "Don't show users' avatars." and "Don't show users' signatures."

Problem solved.

Good suggestion!

In addition, OP, if you are kind of annoyed with all the discussions about anything else outside the Bitcoin technology, then don't go to sections and boards where topics such as basketball or boxing or bounties or trading or even politics are discussed.

If this isn't enough, then, like noorman0, I suggest that you try changing some settings yourself. Manually ignore the boards you don't wish to explore. I'm also not sure if this is available to newbies, but try to go to your profile, proceed to Modify Profile, and click on Ignore Boards Preferences. You can even ignore all of them except Development & Technical Discussion, Mining, Bitcoin Technical Support, and Project Development.

This forum will be a paradise this way. No signatures shown, no avatars, no discussions outside the Bitcoin technology.
1117  Economy / Service Discussion / Re: How about decentralized community blockchain marketplaces without escrow? on: July 27, 2023, 01:30:50 AM
I'm afraid it's not really marketplace insolvency that's the problem. The problem is inconvenience to sellers. However, they cannot entirely remove it because it's the direct result of the solution to another problem. You have to take note that Bitcoin transactions are irreversible. Once the buyer sends the payment and the transaction is already confirmed, there's no way he/she can reverse it as soon as he/she got the wrong, defective, or substandard goods. This is the reason why there has to be some kind of party that ensures the safety and security of everybody.

I understand that you've been a pioneer international seller on Ebay and Amazon, and you're trying to find a solution to a problem you've been dealing with. However, much bigger than your problem when it comes to E-commerce in general is the low quality or sub-standard goods. It's a much larger problem and it's being addressed by the escrow system.

Yes the marketplace operator would help filter out bad actors from even being able to list in the first place and being an arbitrator should disputes arise.

Then you're not talking of a decentralized peer-to-peer marketplace.

And what could the arbiter do when the payment is already made? Will you implement KYC or something else to make sure sellers could be held accountable in case of disputes?
1118  Economy / Gambling discussion / Re: [Boxing] Inoue vs Tapales for Unified Super Bantamweight Title - November on: July 27, 2023, 12:46:04 AM
Well, Tapales has the chance, but I doubt he will be able to dethrone Inoue. Regardless, however, this is the fight of his life. This is already a huge achievement for him. To be given the chance to face Naoya and, more importantly, to become the unified champion, is a big opportunity he couldn't afford to miss. He should be giving his all not just during the fight but even during the training. Defeating Naoya and unifying the belts mean a lot.

It will be an uphill climb for Tapales for sure. Naoya, on the other hand, will be fighting against somebody who is probably easier than Fulton. He's well prepared for this. As early as now, the odds are heavily in favor of Naoya. 1/10 to 1/12 for Naoya. That's extremely low. That's 1.08 to 1.1. Tapales has 6/1 to 13/2; that's 7.0 to 7.5.
1119  Bitcoin / Bitcoin Discussion / Re: BlackRock: “The optimal BTC allocation is a large 84.9%” on: July 27, 2023, 12:15:47 AM
Anyway, the subject is misleading. You should correct it lest it be misunderstood as a mega-bullish stand of BlackRock. This actually isn't BlackRock's opinion or view. This is simply the personal view of the three authors who happened to be working with BlackRock. But this study is not in any way sanctioned by BlackRock itself.

I'm not sure I'd even call it the personal view of the authors. If you read the paper, the number quoted by OP (and various crypto-news outlets) is not even the conclusion. It's just the cherry picked result of one of two mathematical asset allocation models being applied to Bitcoin. The other model they apply, Cumulative Prospect Theory, comes to a slightly different conclusion:

In order to obtain finite solutions, we change the mean of BTC in the normal regime to correspond to a loss of 90%. That is, we set exp(𝜇2) = 0.1, or 𝜇2 = −2.303. We also change the probability of the bliss regime to 𝑝 = 0.001, with the same mean, 𝜇1, and standard deviation, 𝜎1, of the BTC bliss regime as the empirical estimate reported in Exhibit 3. This distribution has the same extreme right-hand tail payoff as the original process, but it occurs with a much smaller probability, 𝑝 = 0.001, versus the empirical estimate of 𝑝 = 0.036. Even with this tiny probability, the optimal BTC holding is 9.5% holding the 28-72 equity-bond portfolio fixed in pro-rata allocations. Exhibit 7, Panel B plots the CPT utility function for the three-asset BTC-equities-bonds portfolio. The maximum utlity corresponds to the optimal BTC holding of 9.5%, with the equity and bond holdings being held in the same 28-72 pro-rata allocation for the remaining 90.5% of the portfolio.

TL;DR: The authors apply two models, one resulting in a BTC allocation of 84.9% and a risk averse one, resulting in a BTC allocation of 9.5%. The latter one is not newsworthy nowadays, so of course everyone is only focusing on the bigger number.

(even 9.5% percent would still be huge, mind you)

I tried reading the entire paper but because of my very limited comprehension capacity of the technicalities the authors were talking about, I decided not to continue.

I assume those who cherry-picked didn't also thoroughly understand the paper. They spread the cherry-picked lines, nonetheless. OP is one of them. There are many others in social media who did the same. Even those who I think are capable of separating the wheat from the chaff are equally irresponsible for spreading it. 

Worse, they are putting words in BlackRock's mouth. This isn't BlacRock's opinion. This is not a study done by BlackRock. BlackRock has nothing to do with it. Those who started spreading this fake news are just using the huge brand to create a baseless FOMO.
1120  Economy / Economics / Re: Helpful mineral resources on: July 26, 2023, 04:17:35 AM
Simply said, this is it. Although in reality this may not be as simple as this. It's probably a bit complicated really. But the fact remains that Africans are mostly exploited by foreign companies and more powerful countries for centuries already. Sadly, many leaders in the continent are all too willing to be complicit in the subjugation of the African people for their own personal benefit.

I risk sounding like a believer of conspiracy theories, but I kind of agree that there is this ulterior desire to keep the African people from becoming truly independent and empowered because that would then deprive the external powers of control over vast amount of resources. For what then is the ultimate reason that for centuries the African continent remains poor despite having "40 percent of the world's gold," "90 percent of its chromium and platinum," "largest reserves of cobalt, diamonds, platinum and uranium," "65 per cent of the world's arable land," and "ten percent of the planet's internal renewable fresh water source"?[1]


[1] https://www.unep.org/regions/africa/our-work-africa
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