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    Bitcoin Daily Discussion, December 26, 2017

    December 26, 2017

    Bitcoin Daily Discussion, December 26, 2017

    Daily Discussion, December 26, 2017

    Posted: 26 Dec 2017 02:00 AM PST

    Please utilize this sticky thread for all general Bitcoin discussions! If you see posts on the front page or /r/Bitcoin/new which are better suited for this daily discussion thread, please help out by directing the OP to this thread instead. Thank you!

    Daily threads are fast paced! If you don't get an answer to your question, you can try phrasing it differently or commenting again tomorrow.

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    submitted by /u/rBitcoinMod
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    Day 4: I will repost this guide daily until available solutions like SegWit & order batching are mass adopted, the mempool is empty once again, and transaction fees are low. ARE YOU PART OF THE SOLUTION? News: Unconfirmed TX's @ 174K, more exchanges adding SegWit, Core prioritizes SegWit GUI

    Posted: 26 Dec 2017 01:55 AM PST

    NOTE Just a daily repost because original OP Bastiat seems to be offline (due to holidays I guess). However, this is quite important as I see much misinformation on which exchanges use segwit or not.
    Please upvote for awareness.

    BACKGROUND

    Subhan Nadeem has pointed out that:

    If every transaction in the Bitcoin network was a SegWit transaction today, blocks would contain up to 8,000 transactions, and the 138,000 unconfirmed transaction backlog would disappear instantly. Transaction fees would be almost non-existent once again.

    A few thousand bitcoin users from /r/Bitcoin switching to making their next transactions SegWit transactions will help take pressure off the network now, and together we can encourage exchanges/wallets to rapidly deploy SegWit for everyone ASAP. Let's make it happen. You can help by taking one or more of the action steps below.

    ACTION STEPS

    1. If your favorite wallet has not yet implemented SegWit, kindly ask them to do so immediately. In the meantime start using a wallet that has already implemented SegWit.
    2. If your favorite exchange has not yet implemented SegWit, try to avoid making any further purchases of bitcoin at that exchange and politely inform them that if they do not enable SegWit within 30-days they will lose your business. Sign-up for an account at a SegWit deployed/ready exchange now and initiate the verification process so you'll be ready to bail
    3. Help educate newcomers to bitcoin about the transaction issue, steer them towards SegWit wallets from day one, and encourage them to avoid ever purchasing bitcoin through non-SegWit ready exchanges that are harming bitcoin

    IMPORTANT NOTE: The mempool is currently overflowing. If you are a long-term holder and really have no reason to move your bitcoins at this time, wait until the mempool starts to clear and transaction fees go down before moving your bitcoins to a SegWit address or SegWit friendly exchange

    SELECTED TOP EXCHANGES BY SEGWIT & BATCHING STATUS

    Exchange Segwit Status Batching Status
    Binance ? NOT READY Yes
    Bitfinex Ready ?
    Bitonic Ready ?
    Bitstamp Deployed Yes
    Bittrex ? Yes
    Coinbase/GDAX NOT READY No
    Gemini Ready No
    HitBTC Ready Deployed Yes
    Huboi ? ?
    Kraken Ready Yes
    LocalBitcoins Ready ?
    OKEx ? ?
    Poloniex ? Yes
    QuadrigaCX Deployed Yes
    Shapeshift Deployed No

    Source 1(https://web.archive.org/web/20171212214514/https://bitcoincore.org/en/SegWit_adoption/)

    Source 2

    WALLETS

    Make sure you have a SegWit capable wallet installed and ready to use for your next bitcoin transaction

    SegWit Enabled Wallets Wallet Type
    Ledger Nano S Hardware
    Trezor Hardware
    Electrum Desktop
    Armory Desktop
    Edge iOS
    GreenAddress iOS
    BitWallet iOS
    Samourai Android
    GreenBits Android
    Electrum Android

    TODAY's NEWS/DEVELOPMENTS/VICTORIES

    MEMPOOL/SEGWIT STATISTICS

    FAQs

    If I'm a HODLer, will it help to send my BTC to a SegWit address now?

    • No, just get ready now so that your NEXT transaction will be to a SegWit wallet. Avoid burdening the network with any unneccessary transactions for now.

    Can you please tell me how to move my bitcoins to SegWit address in Bitcoin core wallet? Does the sender or receiver matter?

    • The Bitcoin core wallet does not yet have a GUI for its SegWit functionality. Download Electrum v3.0.3 to generate a SegWit address.

      A transaction between two SegWit addresses is a SegWit transaction.

      A transaction sent from a SegWit address to a non-SegWit address is a SegWit transaction.

      A transaction sent from a non-SegWit address to a SegWit address is NOT a SegWit transaction. You can send a SegWit Tx if the sending address is a SegWit address.

      Source

    What wallet are you using to "batch your sends"? And how can I do that?

    • Using Electrum, the "Tools" menu option: "Pay to many".

      Just enter your receive addresses and the amounts for each, and you can send multiple transactions for nearly the price of one.

    Why doesn't the Core Wallet yet support SegWit?

    • The Core Wallet supports SegWit, but its GUI doesn't. The next update will likely have GUI support built-in

    Why isn't a large exchange like Coinbase SegWit ready & deployed when much smaller exchanges already are? Why do they default to high fees? Where is the leadership there?

    SEGWIT BLOG GUIDES

    PREVIOUS DAY'S THREADS

    There's lots of excellent info in the comments of the previous threads:

    submitted by /u/psycongoroo
    [link] [comments]

    The Pirate Bay gets it

    Posted: 25 Dec 2017 08:37 AM PST

    Lightning Network Release Candidate 1 OUT!

    Posted: 25 Dec 2017 09:40 PM PST

    How to HODL : Just lost a million dollars in bitcoin, didn't blink an eye

    Posted: 25 Dec 2017 12:44 PM PST

    This is a throwaway account for obvious reasons.

    I've recently seen some posts about people getting mortgages on their house to buy bitcoin, then losing a bunch of money in a recent price correction, and get rekt.

    I don't know if these stories are true or not, but I think we can all agree such behavior is pretty irresponsible.

    However, it got me thinking. During the most recent market correction in bitcoin I saw my net worth plunge by a million dollars in a matter of days.

    And I didn't even worry for a moment.

    Which got me thinking, maybe not everyone has this insight because they don't have a million dollars worth of bitcoin to even lose; on paper or not.

    The main point I wanted to make is this.

    If you invested say $10,000 in bitcoin. And that's all of your extra money in the world. And it was really hard to come by. And if you experience a major market correction, and see your investment drop to say $5,000, it can freak you the heck out.

    It can cause you emotional pain and distress, anxiety and worry.

    What all of that is telling you is that you violated rule #1 of bitcoin. Don't invest more than you are willing to lose.

    If you can throw $10,000 at bitcoin, wait five years, and make a singular bet on a binary outcome, then that is perfectly reasonable behavior.

    However, if you throw $10,000 of your hard earned money, that if you lose will devastate you, then you are doing it wrong. I won't even talk about how stupid it is to borrow money to invest.

    Personally, I invested in bitcoin over the course of many years, and over those years and on multiple occasions, I pulled some profit out.

    Today, whatever bitcoin I have remaining, has a cost basis of effectively zero. If I woke up tomorrow and bitcoin went to zero, I could fairly and honestly say, "I made a lot of money off of bitcoin" and be good with the outcome.

    I'm playing with 'house money' at this point. It's like I went into the casino, won a few big hands, pocketed my original wager with some profit, and then just kept playing. Maybe I win big, maybe I go home empty handed, but no matter what happens I came out ahead.

    So, just a couple of weeks ago when bitcoin began to approach the $20,000 mark, I owned over $2.8 million dollars worth of bitcoin on paper; on paper.

    After the recent flash crash of a few days ago, it was under $1.8. I 'lost' a million dollars in literally a couple of weeks.

    And, at no point, did I feel anxiety or concern.

    For a number of reasons, but the main one is that I'm not risking more than I'm willing to lose. If bitcoin goes to zero, I will live with that. I have taken enough money 'off the table' by now that I am already financially independent, so the remaining amount I have in bitcoin is just 'gravy'.

    I know that these 'crashes' are really just traders trying to prey on the fears of newbies to shake out weak hands.

    I've seen it all before and I will see it again. Literally nothing changed with bitcoin fundamentals. It was just traders trying to manipulate people with emotion.

    I won't gauge the success/failure of my remaining bitcoin investment based on what Roger Ver tweets or based on some trader dumping his coins on the market.

    Wake me up in five years. I will either by very happy with my investment or, most likely, it will have gone to effectively zero. And, as I said, I'm good with either outcome.

    So...why post this? I mean, this doesn't really help newbies. They don't have millions invested. They have probably still invested money that they are afraid to lose. They probably aren't financially independent or playing with house money.

    Here is why I think it is important.

    I'm not the only one.

    Anyone who managed to accumulate and hold 100 bitcoin or more over the past five years is a pretty grizzled veteran.

    We can remember when someone dumping 10,000+ bitcoin on the market was a 'whale'.

    Today a whale is, what, 100 bitcoin?

    Soon it will be, what, 10 bitcoin?

    The point is that these tricks of trying to use scare tactics to get people to dump out of fear diminish in power over time.

    Sure, you will always be able to scare the newbie but, then again, the newbies don't actually hold that much bitcoin either.

    The veteran holders who are in this thing to the bitter end are not going to be so easily manipulated. Not by traders and not by attacks by the likes of Roger Ver.

    We aren't going anywhere. If we wanted to sell some our our stash, chances are we already have. The rest we are going to let ride.

    Telling me that fees are going to rise. Or that bitcoin cash is the 'real bitcoin' or that <insert your alt-coin here> is the real thing, none of that matters to us. If we were going to cheat on our bitcoin wife for some sleazy alt-coin, we would have done it a long time ago.

    We believe in the bitcoin network and the current roadmap we are on. If you don't, chances are you have long since left and gone elsewhere.

    Prying our bitcoin out of our hands through scare tactics, DDOS attacks, social media attacks, fee attacks, none of that is going to work. We are here to stay for the long haul.

    submitted by /u/bitcoinholder123
    [link] [comments]

    Trump knows whats up!

    Posted: 25 Dec 2017 12:17 PM PST

    Me in evey way lol.

    Posted: 26 Dec 2017 01:56 AM PST

    Stopped playing the lottery

    Posted: 25 Dec 2017 10:01 PM PST

    I got into bitcoin in August, since then I haven't spent any money on lottery tickets. Prior to that, I would spend about $2-4 on quick picks a week knowing that it was next to impossible to win. I really played because it gave me temporary hope. I didn't really see another way for me to realistically amass any real wealth. I'm not going to start a business or invent something or inherit anything so I didn't see a path except up the corporate ladder, and if you knew me then you'd know that that option would be nearly as unrealistic as a lottery ticket.

    Since August, I've been saving my pennies and trying to get them into crypto (mostly bitcoin, but also eth, iota & sub). I don't own enough yet to think there is a way for me to become a millionaire, but i can see a potential path to a nest egg. For the first time in my life I can actually say that I'm cautiously optimistic about my financial future and I'm no longer leaning on the cheap dopamine bump that comes from a lottery ticket.

    That's my story. Thought there might be people in this community that could relate.

    submitted by /u/AlfalfaWolf
    [link] [comments]

    Santa left me this under the tree this morning

    Posted: 25 Dec 2017 09:32 AM PST

    Christmas Giveaway! I'm giving away Five Laser Engraved Metal Bitcoin Wallet Cards - Winners will be announced tomorrow morning

    Posted: 25 Dec 2017 07:42 AM PST

    Bitcoin has surpassed The Donald

    Posted: 25 Dec 2017 03:53 PM PST

    I’ve been trying to get my sister and brother in law to invest in crypto, so I figured I’d jumpstart that w a gift. Merry Christmas!

    Posted: 25 Dec 2017 08:08 PM PST

    Segwit adoption increasing! Please help to raise awareness!

    Posted: 25 Dec 2017 07:31 AM PST

    Mods are having fun with their families. You know what to do.

    Posted: 25 Dec 2017 04:46 AM PST

    TIL TotalBiscuit is one of us

    Posted: 25 Dec 2017 01:08 PM PST

    Interesting research paper from the Central Bank of Finland on Bitcoin. Surprisingly accurate analysis!

    Posted: 25 Dec 2017 04:09 PM PST

    The Absolute Fucking Impossibility of Reporting Taxes On This Shit

    Posted: 25 Dec 2017 06:39 PM PST

    PSA: We still have rather high fees but the backlog of transactions in the 100+ sat/B are slowly getting cleared. Use a wallet that gives you control over the fees, and do yourself and all of us a favor and don't overpay.

    Posted: 25 Dec 2017 08:47 PM PST

    You can use these links to check the state of the mempool*:

    https://core.jochen-hoenicke.de/queue/#2d (300MB mempool size) (default)

    https://jochen-hoenicke.de/queue/#2d (500MB mempool size)

    https://bitcoinfees.github.io/ (easy fee estimator)

    *as you should already know, there is no "the mempool". Nodes all purge unconfirmed transactions according to their own configurations.

    deleted and reposted because I screwed up the title last time; I meant 100 satoshis per byte or 100k per KB, not 100k/B.

    submitted by /u/tyzbit
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    As we get ready to greet in the new year, let's work to continue decentralizing the Bitcoin network. We are at 11.8K nodes, let's push it to 20K!

    Posted: 25 Dec 2017 01:16 PM PST

    It is up to us to make sure that Bitcoin is as censorship resistant as possible. As we greet in the new year, the attacks on our network will get stronger and stronger and we must be ready for them. In a decentralized system, it is up to all participants to ensure its security.

    I encourage everyone to consider operating a node in their homes, if you can, of course. This helps decentralize Bitcoin by replicating it to as many places on Earth. Your computer will also participate and help in the verifying of incoming transactions and newly signed blocks along with the replication/archiving of the blockchain history.

    Requirements: 2 GB of RAM 160 GB of disk space Basic knowledge of networking (port forwarding)

    Steps:

    1. Please head over to the following link and download Bitcoin Core: https://bitcoin.org/en/wallets/desktop/windows/bitcoincore/

    2. Install Bitcoin Core and let it sync, this will take between 12h and a few days.

    3. Next, head over to your home router and make sure you port forward TCP/8333 to the machine running Bitcoin Core. This step is important as it allows incoming connections. (Also consider setting up your home computer with a static IP instead of DHCP)

    4. (Recommended) Verify the Bitcoin Core installer SHA256 checksums. https://www.reddit.com/r/Bitcoin/comments/7m3mqx/as_we_get_ready_to_greet_in_the_new_year_lets/drrbn35/

    5. You can verify if your node is reachable by testing with: https://bitnodes.earn.com/nodes/

    I will make myself available to answer all questions and help people through this process. Merry Christmas everyone!

    submitted by /u/LudvigBitcoinArt
    [link] [comments]

    People shouldn't be confused. There is only one Bitcoin. The one that Satoshi created!

    Posted: 26 Dec 2017 02:10 AM PST

    Merry Christmas!

    Posted: 25 Dec 2017 06:30 AM PST

    Winklevoss Twins Will Not Sell, Regardless Of How High The Bitcoin Price Goes

    Posted: 26 Dec 2017 01:38 AM PST

    I built this tool crypto360.io because I was tired of going through all bitcoin news sites. I have now removed the mandatory signup and am looking to see if people would actually use this daily. (Real-time coin tracker, twitter feed, news sites feed, Reddit feed, google news and Chart)

    Posted: 25 Dec 2017 02:00 PM PST

    Bitcoin price crosses $15,000 as rebound begins

    Posted: 26 Dec 2017 03:11 AM PST

    Do you want to low Bitcoin fees? Start using Segwit addresses, we have 4mb in every block and only 10% are using it. Use Segwit address, low Bitcoin fees!

    Posted: 25 Dec 2017 06:17 AM PST
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