DD
MM
YYYY

CATEGORIES

PAGES

DD
MM
YYYY

spot_img

CATEGORIES

PAGES

Home Blog Page 4674

The Highs and Lows of Professional Poker

By
TI Partners
-
0

There is a lot of glamour that comes with being a professional poker player. The allure of traveling to glamorous locations, sitting in luxurious casinos and earning a fortune playing cards is hard to resist. However, the life of a professional poker player is not all glitz and glamour. There are highs and lows that come with the job, and it takes a special person to be able to handle both the good and bad times. In this article, we will take a look at the highs and lows of professional poker players’ lives.

Highs 

The most obvious high that professional poker players experience is the potential to make a great living. Professional poker players can play in tournaments or cash games and can potentially earn hundreds of thousands of dollars in a single tournament or cash game. This is especially true for professional online poker players who have access to higher stakes games and may be able to earn more money with fewer actual hours spent playing.

There is also the high of being able to work your own hours and be your own boss. When professional poker players leave the casino or log off from their online gaming session, they are in charge of how much time is spent playing and where. This can be a great feeling for those who want the freedom to work on their own terms.

Travel is another high associated with professional poker players. Being able to fly around the world to play in different tournaments and cash games is an amazing experience, especially when attending some of the most famous casinos in Las Vegas or Monte Carlo. This can also be a great way to explore the culture of different countries while simultaneously playing professional poker.

Lows 

Professional poker players can also experience some lows, such as large swings in winnings. Poker has variance, which means that professional poker players may have periods of time when they are losing money and other times where they will be winning big. This can be difficult to cope with as there is no guarantee that wins will always come. Professional poker players must also contend with long hours at the tables, tiredness, stress and boredom – all of which can take its toll over time.

One major low is that professional poker players often experience long losing streaks. This means they might go weeks or months without making any money, despite spending countless hours playing cards. Playing professional poker also requires an immense amount of discipline when it comes to managing bankrolls, as well as strict bankroll management. This means professional poker players must be able to walk away from the tables when they are losing too much money and still make a living.

Finally, professional poker players may also experience stigma from their peers as well as society in general. The fact that professional poker is often considered gambling can lead to negative connotations for those who choose it as a profession. Professional poker players must also contend with being labeled “degenerates” by some people in the public eye, which can be difficult to deal with. You can grab a poker bonus here.

Overall, poker players can experience both highs and lows on their journey towards becoming successful professional poker players. While there are potential rewards associated with the job, professional poker players must remember that it takes dedication and hard work to become successful – you aren’t going to become the next Phil Ivey but cutting corners. In addition, professional poker players must also be prepared for the potential downsides of the job, such as long losing streaks and stigmas from society. With a strong commitment to their career, professional poker players can experience the highs of a professional poker lifestyle.

The takeaway: Poker is an exciting profession with potential highs and lows that come with it. Professional poker players need to maintain discipline when it comes to managing bankrolls, have a good understanding of variance and must be prepared to experience public stigma at times. With dedication and hard work, professional poker players can enjoy lucrative rewards in this competitive industry.

FTX Collapse: IMF Calls For Protection of Consumers’ Interest And Regulation of The Crypto Industry

By
Ojukwu Emmanuel
-
0

Following the collapse of the world’s largest crypto exchange FTX, which led to the subsequent plummeting of cryptocurrencies, the International Monetary Fund (IMF) has called for the regulation of the crypto industry.

The financial agency disclosed that regulating the crypto industry was necessary to prevent financial instability and defrauding of consumers. It however disclosed that the regulation of the industry has remained a challenge for most governments across the continent.

In Africa, which is one of the fastest-growing crypto markets in the world, the IMF has proposed that this region needs better regulations, or else it can pose a serious challenge to crypto traders and investors.

The IMF had earlier warned that as crypto assets have become more mainstream, their importance in terms of potential implications for the wider economy is set to increase.

It noted that some currencies were created solely for speculation purposes or outright fraud, as the (pseudo) anonymity of these crypto assets creates data gaps for regulators which can open unwanted doors for money laundering.

Reports reveal that only one-third of countries in sub-Saharan Africa, formally regulate their crypto industry which is not encouraging, compared to the large number of traders in the region.

In Nigeria, reports reveal that Africa’s most populous nation ranks as the world’s second-largest Bitcoin trader after the U.S. The growth in crypto adoption in Nigeria is increasing despite the lack of recognition of crypto as a legitimate means of exchange by the Central bank.

With the recent collapse of the FTX, it has left a lot of Nigerians that traded on the platform reeling in losses. A Nigerian cryptocurrency trader and investor revealed that a lot of Nigerians that traded with the platform have been left with nothing following the collapse of FTX.

In his words, “A lot of Nigerians were trading and also saving money on the platform. I once used the platform. Most Nigerian youths keep BTC, USDT, and Ethereum there just like Binance. Now, it has crashed and all is gone.

“I have a friend that works with them. He is FTX senior marketer in Africa and earns 2.3 million Naira monthly. The sad part is that he gets his salary through FTX wallet and does not save in naira. “So he stores most of his salaries there and now the platform has crashed and his seven months’ salary is gone”.

Also, Nigerian Web3 startup Nestcoin was forced to lay off part of its workforce, after the one-year-old startup disclosed it used the FTX platform as a custodian to store a significant proportion of its investment, which saw the collapse of its asset, noting that it necessitated the firm to downsize its workforce to be able to manage its operational expenses.

Reports also reveal that six platforms have been affected in Nigeria and more than 15 across the rest of the continent.

Many African central banks have previously warned their citizens against the use and trade of crypto, but they have continued to ignore and trade on different exchange platforms in the hope of high returns.

Following the FTX collapse, African businesses that had started accepting crypto payments have halted the processes, due to recent upheavals ravaging the industry.

Sources reveal that before the FTX collapse, it managed to acquire over 100,000 customers in Africa. In addition to trading on the platform, these customers used FTX to convert their local currencies to dollars and gain yield on savings.

For the past two years, FTX built a considerable following among the crypto community in Africa by capitalizing on the continent’s unstable banking access and rapid adoption of cryptocurrency (mostly via remittance use cases).

However, with its collapse, the FTX bankruptcy filings state that it owes money to over a million people and businesses after it was discovered that the CEO Sam Bankman-Fried (SBF) used billions of dollars from customer money to prop up Alameda Research.

As he currently undergoes criminal investigation, this event will spur regulatory changes for crypto across various markets. 

Genesis Exchange Needs $500M In Emergency Funding

By
Paul Ugbede Godwin
-
0

Genesis Crypto Exchange, purportedly needs $500mm to $1bn in emergency financing or will face bankruptcy. Genesis, likely already lost more money than it ever earned thanks to the 3AC bankruptcy and FTX – Alameda Implosion but DCG absorbed the $1.2bn bankruptcy claim in return for a promissory backstop in Q2.

DCG – the parent company of Genesis, currently has debt in excess of assets and limited liquidity, BUT it also has Grayscale, which produces $250-300mm per year in fees, and whose AUM is locked.

DCG, is the one who will collect presumably $1.2B from 3AC bankruptcy which will be used to pay the loan they took from Genesis to “buy” aka “absorb” the 3AC “asset” to shore up genesis balance sheet.

Gemini,Tweeted on measures they are exploring to navigate the situation, their fears is presumably Users will remove funds regardless to the cold storage-Proof of Reserves held 1:1. They are trying to position a soft landing.

Let’s hope it gets figured out or they may be the next Exchange to wind up, I hope I’m wrong but, I’m not buying Gemini’s statements, they are stalling because they actually don’t have solutions, and probably don’t have the assets they should to honor customer withdrawals. IRA Financial Trust filed a suit alleging Gemini Trust of Security Failures in June.

 IRA Financial Trust (IRA), a leading platform for self-directed retirement and pension accounts, has filed a lawsuit against Gemini Trust Company (Gemini), a cryptocurrency exchange and custodian, following a February 2022 theft of $36 million of crypto assets in Gemini’s custody belonging to customers’ retirement accounts.

Gemini Trust Company was founded and is owned by Cameron and Tyler Winklevoss.

IRA Financial Trust has been working to find resolution for its impacted customers since this incident occurred and is pledging to use the proceeds from the lawsuit to reimburse IRA Financial customers impacted by the February 8, 2022, incident.

As stated in the complaint, the lawsuit, IRA Financial Trust v. Gemini Trust Company, LLC, alleges that the Gemini cryptocurrency exchange platform did not have proper safeguards in place to protect customer crypto assets. The lawsuit also claims that Gemini failed to freeze accounts within a sufficient timeframe immediately following the incident, allowing the criminals to continue moving funds out of customers’ accounts on the Gemini exchange after IRA notified Gemini.

The lawsuit further outlines Gemini’s alleged lack of transparency with its cybersecurity protocols—noting the Gemini Cryptocurrency Exchange platform’s API was designed with only a single point of failure, as stated in the complaint.

Bob Loukas stated;

If Genesis goes down hard, then some serious “Old Crypto” money will be lost. On top of FTX (newer money). Massive wounds. Then the regulatory hammer will come 2023.

I, reckon there’ll be a huge crash down probably due to Genesis going down hard, then an immediate v shape back up (say BTC from $15k -> $6k -> $20k). Then another big dump (prob catalyst will be draconian regulations).

Luka Martin tweeted, the question is not just how much money they need, but also what obligations are potential investors inheriting, interpret it as $500M just keeps the lights on for now, but who knows for sure since communication is so poor.

Doubt people will collectively agree on bailing out Genesis. The Constitution “purchase” worked cause it was fun, and a community was built around it. It was true decentralization for a good cause, DeFi communities don’t forget. They will fund a more honest company instead.

Twitter CEO Elon Musk Suggests Granting Amnesty to Suspended Accounts

By
Ojukwu Emmanuel
-
0

Twitter’s CEO Elon Musk has made a new poll on Twitter, asking users if amnesty should be granted to suspended accounts that have not in any way broken the law.

The Tweet reads, “Should Twitter offer a general amnesty to suspended accounts, provided that they have not broken the law or engaged in egregious spam?”

As of the time of writing this publication, 72% of users voted yes, while 28% voted no.

This new poll comes the same week after Musk had earlier launched a controversial poll on the platform, asking users if former U.S President Donald Trump should be reinstated back on the bird app.

Surprisingly, on the final results of the poll, 52% voted yes, while 48% voted no, which Musk did not hesitate to reinstate back the account of the former U.S. president. “The People have spoken, Trump will be reinstated”, he tweeted.

Trump had earlier stated that he won’t return to Twitter even if his account was reinstated, as he prefers his platform, Truth Social.

“I am staying on Truth. I like it better, I like the way it works, I like Elon, but I’m staying on Truth,” he said.

Trump’s reinstatement was followed by widespread criticisms, while many conservatives lauded Musk’s decision, several other folks kicked against it arguing that the former president’s Twitter presence poses a threat to democracy.

Recall that Trump was banned from the platform following the chaos carried out by his supporters in the U.S. Capitol on Jan 6, 2021.

After a close review of Tweets from Trump’s account and the context around them, and how they were received and interpreted on and off Twitter, this spurred Twitter to permanently suspend his account due to the risk of further incitement of violence. 

Following Musk’s acquisition of Twitter, he has also reinstated the accounts of other public figures who were suspended after posting controversial speeches on the platform.

Personalities such as Kanye West, who tweeted anti-semitic tweets directed at the Jewish people, Canadian psychologist Jordan Peterson who was suspended after misgendering a transgender actor, Andrew Tate, who tweeted that women who have been sexually assaulted bear some responsibility, and Rep. Marjorie Taylor Greene (R-GA), who was suspended for violating Twitter’s Covid-19 misinformation policy.

The reinstatement of these accounts is not surprising, as Musk before his takeover disclosed his support for free speech. However, weeks after, Musk backtracked on his free speech statements, stating that he wanted to unlock Twitter’s “tremendous potential” to advance free speech.

He tweeted “Twitter cannot become a free-for-all hellscape, where anything can be said with no consequences!”

Musk who has called himself a “free speech absolutist”, resorted to firing the company engineers who publicly criticized him.

50% Black Friday for Tekedia Institute Alumni

By
Ndubuisi Ekekwe
-
0

Tekedia Institute alumni (Tekedia Mini-MBA, Tekedia Practice, Tekedia Startup Masterclass, Tekedia Industries, etc), you always have a 50% discount in all returning programs. Today, we’re just reminding you about that deal. Go to all programs, and pay 50% as usual. All programs are here 

1...4,6734,6744,675...7,969Page 4,674 of 7,969

© Tekedia. All rights reserved.

Term & Privacy

© Tekedia. All rights reserved.

Term & Privacy