Now you have $100,000 in your account, pure savings, and you don't need this amount of money to cover your daily expenses. Obviously it's good/free money to use at will. Let's say if you deposit the money into a bank and the annual interst rate is 3%, you will get a steady interest income year by year. If you use this money to buy Bitcoin, let's say the BTC drops to $17,000, you'll buy less than 6 Bitcoins. In the long run, what would you do with this money ? And why ?
Investment is always the way to go if we want maximum profit. Besides the bank interest cannot compensate to the deflation of value of money so it is wise to look for an investment that has a higher return. Looking at the option, investing in Bitcoin would be the better action to choose. If we look at the percentage growth of Bitcoin, it beats the 3% annual interest offered by bank and in addition we still have the access to the fund if we save Bitcoin in our own wallet. Profit aside, I believe it is always better to have control over our money. If we put our money in bank we lost our control. The bank then have the power over our money. But in Bitcoin , if we invest in it and keep it in our wallet, we have a 100% access and control to our fund 24/7 which we don't have if we put our money to the bank. |
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Would it be possible for a small nation to fork bitcoin, in an effort to recreate the early glory days of mining (low difficulty era) for its residents. It is definitely possible to fork Bitcoin but then it will be called an altcoin once it is forked. Many altcoins had been created by forking Bitcoin, they are created by an independent developer, what more with a country that has much bigger funding of course they can easily fork Bitcoin. Which could in turn produce prosperity and wealth, somewhat out of thin air, in a deflationary capacity. It depends on how the nation of El Salvador market their altcoin. If they pre-mined it and produce gazillion of coins and sell it to the people around the world, then it is possible to create wealth, I don't know about the prosperity though since prosperity isn't just a simple thing as having a much bigger fund since funds can be stolen by corrupt officials. Perhaps it is possible for small nations like El Salvador to recreate and even build upon this success. It is very possible but the only challenge is how they can make other country to invest in their forked Bitcoin. |
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Is web 3 a misunderstanding word for some gambling crypto projects? I've come across few gambling / crypto projects that claimed to be a web 3.0 online casino and other but they still ask for KYC.
The definition of web 3.0 had everything to do with decentralization, block chain technology and token based economics as per what Wikipedia illustrated so why is identity/ verification integrated?
Is this just a misunderstanding of what web 3 actually is? Or it's a way to attract people/users to make them think that their platform is more advanced?.
Don't be confused between Web3 and Web 3.0 they are fundamentally different[1]. As stated by that article, "web3 is blockchain based whereas web 3.0 is semantic web which means it is a common framework that allows user to reuse and share data across different enterprises, applications, and communities." In addition, blockchain based doesn't necessary need to be decentralized. There are centralized blockchain so it wouldn't be a surprised if some Gambling Casino platform that claim to be web3 integrated asks for KYC.
[1] https://productcoalition.com/web3-versus-web-3-0-the-basic-concepts-and-differences-e25f7f05ca33 |
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I have asked this question to chatGPT and he told me: It is not for me to say whether or not Bitcoin is Islamic. Different scholars may have different opinions on the matter. In general, though, Islamic financial law has certain principles and guidelines that must be followed, such as the prohibition of riba (usury or interest). It is up to individual Muslims and Islamic scholars to determine whether or not Bitcoin is compliant with these principles and guidelines. I guess like this big artificial brains over here said, only muslims can decide if bitcoin is islamic. If the majority of the muslims say, bitcoin is islamic, then bitcoin would become islamic. Right now I don't think that's the case but in the future, who knows? When things get entangled with religion or politics, it become messy. I hope to separate financial system with religion and politics. Let Bitcoin be Bitcoin and do its natural function. It was created not because of any religion but because it wanted to solve financial problem specifically transaction when dealing with financial institution. As far as I know, it wasn't created because of any religious principle. |
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 As the title stated the third interview[1] of Coffeezilla to SBF has come to fruition when he made SBF to accidentally admit fraud by saying that all funds are stored in a single "bucket". The client who do not agree with any marginal trading or hedge funds and that was promised to have 1:1 reserve cannot withdraw and the fund is nowhere to be found. Altcoin Daily had made video[2] compilation and explanation how SBF admit fraud during the third interview of Coffeezilla to SBF. Here is the Altcoin Daily's video timestamp[2] Timestamps: 0:00 - SBF has been denying FRAUD for weeks! 1:56 - SBF know about FTX co-mingled funds? 3:54 - SBF Finally Admits to FRAUD? 4:09 - Caroline has been talking 4:43 - SBF Finally Admits to FRAUD (pt1) 6:16 - SBF Finally Admits to FRAUD (pt2) 8:57 - SBF Finally Admits to FRAUD (pt3) 10:28 - SBF Finally Admits to FRAUD (pt4) 12:00 - Was FTX always committing fraud? 12:18 - SBF admits FTX user asset UI was fake. Coffeezila's Full Video 3rd Interview on SBF[1] Here is the timestamp copy the third interview of Coffeezilla to SBF[1] 0:00 Intro 0:18 Background to the Call 1:05 The Plan 2:12 Failure 1 - New York Times 4:30 Failure 2 - George Stephanopoulos 7:06 Failure 3 - Coffeezilla 8:38 Lessons Learned = The NEW Strategy 9:33 3rd Sam Bankman Fried Call Begins 10:04 Were you treating client assets differently? 10:31 Focus on Client Assets Only 10:51 Sam Tries to Deflect to Alameda 11:26 Can You Explain What That Means? 11:40 Separate Legal Agreement 12:05 Let's Focus Only on the Assets that Terms of Service Applied to 12:29 Sam Cites Billions of Withdrawals 13:32 Is there 1:1 Assets for Customers Who Didn't Agree to Margin? 14:19 Sam Finally Explains "Fungibility" of Funds During Bankruptcy 15:41 There Are No Buckets 16:38 During Collapse We May Have Allowed Withdrawals 17:27 You Can't Treat Everyone Equally 17:51 You Monopolized The Discussion Coffeezilla, Stop Grandstanding 18:40 My Reaction to Sam's Blowup 19:15 I Got What I Was Looking For 20:13 Analogy to Traditional Finance 21:08 Everyone was Subject to the Same Risk 22:31 Did I Monopolize Sam's Time?
It is really a great job done by Coffeezilla in strategically making SBF indirectly admit that FTX is committing fraud to its client when he made SBF stated the fungibility of Funds during the bankruptcy and that funds of different risk level are stored in the same wallet, that action does not comply with the Terms and agreement of FTX to their client thus showing FTX has been committing fraud since the beginning. The two video is a good watch and it is great to see how Coffeezilla exposed SBF of the fraud he is denying for weeks.
[1] https://www.youtube.com/watch?v=4o_jPzBZSIo[2] https://www.youtube.com/watch?v=SCW89n9ooRY |
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I really prefer to gamble with online casino site than visiting a physical casino house, but we all know that it's always fun to gamble in a physical casino house, you meet new people and everyone will have fun. I don't really visit physical casino house frequently, but whenever I visit I always make sure I gamble with just little amount because I know am being watched by people.
After winning in a physical casino house, you can be tracked and you can be attacked, sometimes you don't have to win, if people noticed you gamble with huge amount, you can tracked to your house and they will look for a day to attack you at home, because they believe for you to be gambling with huge amount them you are having money.
But if you gamble online, nobody knows you, nobody knows the amount you win or lose, if you don't tell anyone nobody will know about it, everything is kept secret and personal that's why most people prefer online gambling sites.
But don’t be so confident with online gambling because you can still be tracked if the online site becomes hacked and that all your personal information have been disclosed. That will certainly put you in danger too. But the crime rate is lower than physical casinos as you can be really attacked there once other people noticed that you’re a high roller in casinos. So as much as we should be careful in online casinos, the more we should be extra mindful in physical casinos. Everything has risk, but between the two, land based casino and online casino, I'd rather risk my online identity than risk my physical body to some unexpected physical attack. At least in an online identity risk, your body does not get harmed unlike when someone attacked you out of nowhere that may cause your life to be in danger. There is nothing more important than life itself. So I think that it is better to face the risk online then to face a life threatening risk in physical casinos. But of course, it is always best to have a counter measure regarding these kinds of risk. So we better educate ourselves on how to prevent these kinds of risk. |
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Bitcoin price is displaying some stability above $17,000 as it is holding these levels despite the bearish attempts to drag the price lower. As the trend remains largely incremental, the token is believed to maintain a steep upswing to regain its price. Will it reach or cross above $20,000 in Q1 2023? Fundamentally, I don't think it can reach $20k+ in the first quarter of the 2023. Please take note that the market is still in a bearish sentiment. We all know that in bearish sentiment everything is harder to surge because it can be countered by a single bad news. Looking forward for a better price in 2023 is a good thing but we should also consider the condition of the market. Right now, we are still in the grasp of the Fiasco of FTX even though we have a good news about Brazil accepting Bitcoin as mode of payment, but the effect of such law won't reflect asap because it has to be signed by the President and be implemented which I think that the law hasn't been signed by the president yet. |
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Bnb had been doing good this 2022. And CZ is also doing great with regards to the FTX fiasco. He even assure his clients that there is no need to worry on their customer funds because they have them covered by reserve 1:1 and make it verifiable via Proof of Reserves which can be accessed by any Binance exchange users.
So I think BNB coin has a huge possibility to hit $300 or even surpass it a bit.
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So many times we see people who were financially bouyant and stable reduced to nothing in the society,is it because they failed to strategise well?or could it be that they no longer put in the much effort they put before that got them to the level they were?what can actually be the cause of the downfall of someone who was already stable financially?
I believe these people become complacent and lazy of updating themselves or dig more information before deciding to invest or to keep their investment. Since they had proven their strategy to be good, they failed to reconsider everything. One good example is SBF, he said he is well versed with risk management and let us believe that is true. He admit that he become too confident and "trusting" and never take his time to look at the FTX situation which he admit that he should be. So laziness is also another factor why a rich investor become a nobody in no time. |
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Of course, Bitcoin won't become a fiat currency. Why would you think it develops into that? Bitcoin was created in reaction to the fiat currency which is what a currency shouldn't be. Bitcoin was the solution to all the failures of fiat. So you are saying that the failure of fiat currency is the meddling of the financial institution in a transaction? We all know that Bitcoin is created to enable cheaper person to person borderless electronic transfers without the need for financial institution approval. That is according to the Bitcoin whitepaper. Well, today, Bitcoin is both an asset and a currency. It is being accepted by businesses all over the world, and people are spending Bitcoin to pay for goods and services. With its anti-inflationary design, however, it is also being treated as an asset, a way to store inter-generational wealth. Not only anti-inflationary but a deflationary design that makes Bitcoin rarer as more people lost their wallet private key. As to governments not liking Bitcoin, it is understandable, of course. However, since they cannot stop it anyway, it doesn't matter.
Government hate anything they can't control so Bitcoin being decentralized is one of those that government doesn't want to get involved with originally, but with the promising possible profit from that young industry, government are forced to regulate instead of banning Bitcoin. With all of these things, still Bitcoin will not become the world currency because the government will not approve it. |
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We all know poker doesn’t require to be lucky as much as it requires you to be skilled to win, and even though we poker is still considered as gambling. I wish to know if these games such as FPS which you can put for example in a room of 10 players everyone puts 5 dollars and the winner takes the whole 50 dollars, Are considered as gambling.
Analyzing the scenario and comparing it with the definition of gambling. gam·bling ˈgam-b(ə-)liŋ : the practice or activity of betting : the practice of risking money or other stakes in a game or bet. 10 players bet or stake $5 prize pool $50 This is definitely a gambling because every one put a stake in order to get the pooled money. The difference from the tournament is that, in tournament the reward does not come from the stake of individual players. There may be an entrance fee but players are not betting against each other to get the reward. They are competing to win the prize. I wouldn't call it gambling. That's a tournament, a competition. If it was considered gambling, bloody hell the entirety of the eSports scene would be considered one, the only difference is the prize pool was brought about by various investors instead (afaik). No matter how small the entirety of it is, as long as there's a prize pool, a game based on skill (>99% skill, <1 luck), and players, that's a competition.
If the risk of "losing" money was taken into account, a lot of small-scale tournaments ask for players to pay an entry fee of sorts (based from my experience), but I still wouldn't call that gambling, it's still a tournament. I'd only ever consider an activity as "gambling" if it had that instance of "randomness", bringing luck into the play, and said luck being the majority of the cause for the win/lose. Most competitive types of sports wouldn't really be considered as one, most of them are strategy/skill based.
Not because it is a skill based it isn't considered as gambling. As long as every individual has bet engagement, it is considered as gambling. Tournament without gambling is way different, but of course a gambling can be integrated to tournament. |
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We don't know what's the point of all this after 20 years, Pacquiao's legacy will forever remain intact he earned it he worked for it
Hussein in his interview admits that he is a Pacquiao and he did not blame Pacquiao for what happened the issue is on Padilla, I don't think is a loophole in Pacquiao's greatness, Hussein just needs to forgive Padilla there are politics and cheating in boxing we just have to look on the Horn - Pacquiao match, but Pacquiao takes the fight as it is without blaming anyone.
The eldest daughter of Carlos Padilla, stated that his father's statement were misunderstood, but I think it is not for her to interpret what his father has stated. It is clear that Padilla stated that they cheated Hussein by making the count delay longer and by stopping the fight regardless of Hussein being able to continue or not. But looking at the video, I do not think there is any cheating that happened. As stated on the earlier reply, there is no 10 seconds knockdown count rule. The rule is 10 count knockdown and not 10 sec. count knockdown, it is up to the referee on how long he will count till 10. The stoppage is already due, the cut of Hussein is too deep that it can result in a permanent damage if the fight continues. Manny Pacquiao is right, they did not cheat, but they were favored. besides the statement of Carlos Padilla of extending the count to 18 seconds is wrong. Check the video from Bitcoinpanther reply |
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I can't access the site, I get an error message, but as far as I can see it's the same requirement that the banks make. It's like WTF that they won't serve you funds won at another casino. I guess it's all AML policy. But come on, if I have to provide all the documentation to be able to bet at Stake, they're not going to see me there, with all the options there are where you can deposit, bet and that's it.
quoting what is written on the link: provided by @OP in case some have problem accessing the site Acceptable documents for source of funds
Written by Marko
Updated over a week ago
Please note that the compliance team reserves the rights to request any document they might need.
You can use one of the following documents to verify your source of funds:
Salary ( You will need to send us a recent bank statement indicating receipt of your salary or original of your payslip )
Sales of shared or other investments / liquidation of investment portfolio / bonds ( You will need to send us a bank statement clearly showing receipt of funds and investment company name or interest on bonds received )
Sale of property ( You will need to send us a copy of the contract of sale and a bank statement showing the proceeds of the sale )
Inheritance ( You will need to send us a copy of the deceased's will, and a bank statement showing the received funds, along with your current balance )
Company sale ( You will need to send us a letter detailing company sale signed by a licensed solicitor or regulated accountant on letter-headed paper )
A Gift from a family member or close relative ( You will need to send us a donor's letter explaining the reason for the gift and the source of their wealth. Also, we will require certified identification documents from donor )
Winning the Lottery ( You will need to send us a receipt of winnings and documentation e.g. bank statement showing the origin of the funds initially deposited )
Divorce settlement ( You will need to send us a divorce settlement agreement and bank statement clearly showing receipt of funds )
Loan ( You will need to send us an executed copy of the loan agreement and a bank statement showing the received funds along with your current balance )
Mining ( You will need to send us a ledger of the amount of cryptocurrency mined, as well as a wallet address and transaction hash to which the mined cryptocurrency was delivered )
Your source of funds document must meet the following requirements:
Please upload an original photo or a PDF file of the documents, screenshots will not be accepted
All documents must be issued within the last 6 months and need to be in Latin international format
Shows your full name and address
Shows the name of issuing entity and date of issue
The whole sheet of paper is visible in the photo
winning funds from another casino is not acceptable I can't find anywhere on the written requirements that funds from another casino is not accepted. I think this fall under the variation of lottery winnings where you need to send a copy of the source of fund you used in betting or wagering before you win the amount. I believe there are variations that fall under those categories. I believe the casino is flexible in verifying your source of fund as long as you can establish where your fund is coming from. Like for example, if you are a part of a signature campaign, it is under the salary category wherein you need to present documents that shows that your fund comes from advertising a certain casino or company. |
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There is a negative relationship between the monetary system and the growth, and adoption of cryptocurrency especially bitcoin. That is as the monetary of fiat system of a country gets worse the adoption of Bitcoin increases. As you may have guessed countries like El Salvador and the Central Africa Republic that adopted bitcoin as a legal tender already has a failing monetary or Fiat system that is irredeemable. Furthermore, in countries where even though bitcoin hasn't been adopted as a legal tender we see an increase in investment in Bitcoin by most of her citizens because in these countries their Fiat or monetary system is already failing or being devalued. So citizens see Bitcoin as the only rescue for their are personal finances or wealth. What do you think?
I beg to disagree, I believe the relationship between Monetary system and Bitcoin should be commensalism wherein Bitcoin can benefit from worsening financial system while not harming its entirety. Bitcoin is not created to replace fiat currency nor compete with it. Bitcoin is created as an alternative to fiat currency. For those who wanted frictionless transfers without third party finance system. Further more. Bitcoin is not the solution for poverty nor it serve as relief to people that has financial problem. Bitcoin isn't created to save the world from poverty. It is created to have smooth financial transfer without boundaries, without trusting a financial institution to process the transaction and have irreversible cheaper inter-country transfers. |
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the biggest problem with ATLAS is there is no incentive to buy it, you buy their ships off them with USDC, sure the secondary market has ATLAS ships but most ships are bought in USDC.
then these ships make ATLAS rewards and people buy the resources with the ATLAS it generates, after they sell the excess ATLAS.
it means they just get ATLAS and bought in with USDC so its just a negative on the ATLAS token.
its a big problem in move2earn and play2earn they build these ecosystems that just don't have driving forces to actually earn.
this is actually a problem I spent a long time thinking about and started my own project to solve
I see the same game as this, selling their NFT via USDC and reward the holder with their native token. I think this is a simple milking the investors process. The current market price rally is probably one of the antiques of the project developer to hype the project and sell more ships that can make more money. Actually the systemin is no other than a Ponzi scheme. Just watch how this project collapse when the community become huge enough so that new comer cannot sustain the price. The incident I am talking about happened to Axie Infinity, so I don't think this game will be an exemption. |
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Possibly, but Davis thinks that Ryan Garcia is taking illegal drugs since he saw that Ryan Garcia's built is somehow different. But well, we will know that once a drug test is done on both boxer. Or it was like some kind of excuse that when Ryan beat him, he will say that he is all juice?  Ryan responded that he doesn't even take vitamins. I think the way he saw how Ryan is well built gave him some worries lol. So he thinks that Ryan is into something. |
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One thing is sure here.
For those society who take advantage of Bitcoin and its technology, Bitcoin will be important because of the several opportunities it can give. It can open up a new company that will take advantage of Bitcoin potentials, a possible job opening if these start-up company starts hiring employee. Bitcoin will also help in tax revenue since these company have to pay for their tax, same goes with the employee.
But for those society who ignore Bitcoin, I believe Bitcoin isn't important to them because they are able to continue their living even without Bitcoin.
In short the importance of Bitcoin depends on the kind of society we are talking about.
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For you how was your own reaction/expression in your first time of purchasing and owning bitcoins, was it so different? I would love to know!
I acted normally, I am not that excited since I think the purchase will not change my life. Though the feeling is somehow fulfilling since I am able to get fraction of Bitcoin into my wallet. I think I feel way happier when I successfully installed electrum to my pc system and be able to generate address where I can put the BTC I planned to buy. |
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In an pictorial representation of the growth chart of a big number of cryptocurrencies available in the market it is possible to see the progress of bitcoin. This shows how good is bitcoin against the rest of the altcoins. There is regular growth even when the market suffers unexpected crash. It also shows how the market of Bitcoin dictates the trend of cryptocurrency market. If Bitcoin plummet, almost everything in the market plummet. Same goes when the bitcoin market surge. Bitcoin is termed to be the king, because it is the reference upon which the entire empire is being constructed. If bitcoin haven't existed, there shouldn't be the word altcoins.
It is termed king because of its dominant of the market. And if Bitcoin is not created, I do not think altcoin will cease to exist, since if Bitcoin isn't created, there will be another form of currency that will be created in order to limit the financial institutions meddling. |
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Is it possible that he has not been charged with a criminal offense yet? With all these cases of wasting clients' money, bankrupting the organization, I thought he would be imprisoned, or at least he would be banned from traveling, or he would try to hide from public appearances. When you have parents who has connections at the top, you might get away with things like this. His mother Barbara Fried has connection to the democratic party and having fundraising organization that caters to the party and his dad Joseph Bankman who had connection with top executives where he was able to source funds easily for his son and his political connection and when you have those combinations none of the media will not chastise him and might get away with frauds like these  . Not only parents, SBF already gain favor of lots of influential politician due to his political donations. We might see someone being pinned on this case, and it looks like she is the girlfriend of SBF and CEO of Alameda. I feel sorry for this lady because I think it is all SBF's plan or someone powerful that is working behind the scene and the girl is just a figurehead of the company without any authority at all. |
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