Bitcoin Daily Discussion, December 27, 2017 |
- Daily Discussion, December 27, 2017
- Quote from Andres Antonopolous.
- When did the value of crypto become the only thing we focus on?
- Because of many years of reading this sub and the advice provided here, on the worst day of my life, I didn't lose my bitcoin.
- I'm too late.
- BTCPay: Meet the Core Developer Who's Building a Better BitPay
- I just got my r/bitcoin starter pack!
- Tom Lee: "Wall Street resents the fact that Bitcoin was not invented on Wall Street."
- I decided not to give Bitcoin this Christmas and thank god for that decision.
- So I made this Bitcoin poster featuring all the words from the whitepaper, and for a very first attempt O'm pretty happy with how it turned out :) What do you think?
- Layer 1 vs Layer 2
- Showerthought: If Bitcoin investors need to declare capital gains and pay a tax, fiat holders should be allowed to declare capital losses and receive a tax credit
- Consistently getting Tx in 75-90 Sat/byte confirmed within 2 hrs . Don't overpay
- I see a lot of Nano Ledgers today. Any love for Trezor?
- When you're a Bitcoin grandpa but also a hodler since 2013.
- "Currency Wars and Bitcoin Neutrality" - This deserve a repost.
- Dear Slim, I wrote to you but still ain’t calling
- Lightening hits Bitcoin Mainnet
- Ari Paul sees Bitcoin reaching $50,000
- New ledger owners: you can have a "main" wallet and a hidden one on your Ledger Nano S.
- Time to give thanks to the Core Dev's and Blockstream
- Highway to the Bitcoin Moon [OC]
- 2008 financial crisis - taxpayers bailed them out. I always like to remember why bitcoin is essential even as a store of wealth. Just finished a rewatch of the big short and it is such a staunch reminder why decentralization is important.
- Bitcoin climbs back above $16,000, rallying more than 50 percent from Friday’s low
- Video: Tom Lee explains why Bitcoin isn't a speculative bubble.
| Daily Discussion, December 27, 2017 Posted: 27 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. Suggested Topics
Your price screenshots and repetitive submissions are being removed, so please stop submitting them! Please check the previous discussion thread for unanswered questions. [link] [comments]  | ||
| Quote from Andres Antonopolous. Posted: 26 Dec 2017 10:23 PM PST
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| When did the value of crypto become the only thing we focus on? Posted: 26 Dec 2017 09:21 AM PST I remember hearing about a new revolutionary currency that was going to change the world, bank the unbanked, and allow anyone in the world to instantly send each other money. The plan was about peace, love, harmony, and bringing the world together as one. When I look at reddit, twitter, forums, or the news, the only thing people are talking about now is the market, and how much the prices are going up. Did everyone forget what the original plan was? Sure the markets are great for media exposure, but wow did things change in the past few years. Money has converted this movement into a war. Greed has taken over. People are more concerned about their coin "going to the moon" than helping others. I realize I sound like a hippy, but I'm just throwing my thoughts out there. I hope everyone enjoys the holidays, a time to consider helping each other. [link] [comments]  | ||
| Posted: 26 Dec 2017 01:39 PM PST About 6 weeks ago, I had a house fire. It consumed everything. I did my best to fight it, and when I failed at that, woke my friend up who was staying in a guest room, then gave my all for about 15 minutes to find my cats in the blaze. Ultimately got dragged away by the FD and taken to the hospital. I didn't even think about my bitcoin, as honestly, my cats were all I cared about. 3 weeks earlier, I realized I had a stupid amount of money sitting in a wallet.dat file on my computer, and that I really really should put it on a hardware wallet. So I did. I bought a trezor, loaded it up with my BTC and most other coins I had, and put it in a fire safe: https://imgur.com/gallery/Z2eUs Here it is. Thanks Trezor. Your product is amazing. The house burned to the foundation, and the firesafe was externally destroyed, but despite the external appearance, inside was a toasted piece of paper with my seed words and this little guy. He was cooked from the heat, and sopping wet from the flood of water they poured on the house (nearest hydrant was a mile away and so it took an hour to start fighting it). On that day I lost literally everything. Everything I have ever owned in 33 years of life, and my cats. Since that time I've been emotionally devastated, and I'm working really hard on recovering from that. But because of listening to advice on this sub, I had a trezor in a fire safe. I didn't lose anything but some byteball/pivx/dash I had on my desktop computer I forgot to backup. 95% of my holdings since 2012 remain. Thank you /r/Bitcoin and thank you to the makers of Trezor. That little guy is tough as hell. I dont think its advertised as waterproof but I pulled it from an immersed box sopping wet. I let it dry and here is how it looked after when it worked. I now have two cloned trezors in different locations and a safety deposit box with my seed. Saving my bitcoin and this price rise has allowed us to pay for pretty much everything we need since the event happened. Please, do not offer any donations to me, I'm fine. If you want to support anything, support the Ferndale Cat Shelter. I'm the president of the charity. We take care of Detroit Strays. My cats had Guinness World Records and did charity events to raise funds for them. Now that they are gone, we lost that revenue stream for the charity. We accept bitcoin locally at the catfe for donations, adoptions and coffee but I wont post that info here. You'll know when you're there as our old address started with 1Catfe and our new address starts with 1CatCafe =) Took ages to offline hash that one out! Anyways, that's the story, thanks again /r/Bitcoin, you made the worst day of my life less terrible. [link] [comments]  | ||
| Posted: 26 Dec 2017 11:05 PM PST I'm too late to be an early adopter of BTC, I screwed around in my CompSci classes a decade before the Genesis block instead of helping. I'm too late to mine BTC on my CPU, by almost a decade. I'm too late to mine BTC on my GPU, by several years. I'm almost too late to mine BTC on my ASICs, they'll be out of date in a few years. Maybe less. I've made TWO purchases with BTC, both to buy another ASIC. I'm sold some BTC. Ok, I'm too early there, but regret it just the same. I just spun up a testnet BTC node and installed the Eclair Lightning Network client. I did it on an OS I'm really not familiar with, Ubuntu is just different enough from Win10 to make me struggle. I could have done it on Win10, I chose the harder route. I'm NOT too late to do my little part to make this happen. I opened a channel between a testnet Core wallet and an online testnet wallet and bounced Lightning transactions back and forth for an hour, taking only a few seconds between transactions. Paid only 2 miner's fees. I could have sent transactions to anyone running a connected Lightning client just as fast. And vice versa. It took half an hour to fund the channel, yes. And another half an hour or so to secure my funds when I closed the channel. Had I done those transactions without Lightning, it'd have taken most of a day. Not even Bitcoin Cash's large block size could have done that, its limited by the same 10 minute heartbeat Bitcoin has. THIS feels like the future. I am NOT too late. Noone is. [link] [comments]  | ||
| BTCPay: Meet the Core Developer Who's Building a Better BitPay Posted: 26 Dec 2017 11:02 PM PST
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| I just got my r/bitcoin starter pack! Posted: 26 Dec 2017 01:17 PM PST
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| Tom Lee: "Wall Street resents the fact that Bitcoin was not invented on Wall Street." Posted: 26 Dec 2017 06:16 AM PST
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| I decided not to give Bitcoin this Christmas and thank god for that decision. Posted: 26 Dec 2017 08:57 PM PST I was going to give my Sister and Dad about $50-$100 each of bitcoin but since around the 22-24th the transactions were taking for ever and fees were so high I decided against it. Keep in mind they know nothing about bitcoin. I didnt mention it at all during the three days I was there (I live interstate) until the last night when my dad randomly goes, "hey mate what is buttcoin?", "I said you mean bitcoin" and "he said yeh". There was also 6 other people sitting around the table, ages between 24-75 none of which new anything about bitcoin. It was the moment I dreaded and I said "its just an online only currency", which he responded "how does it work?", I tried to play it off by saying "its a bit too much to go into now but it basically gives you a relatively anonymous way to do transactions with people all over the world, fast and cheap (lol, bring on lightning network and segwit pls)". Well that was it suddenly everyone at the table was talking over each other "It just crashed", "Its a Pyramid scheme", "But where do the coins come from", "definitely a scam, it will collapse soon", "My brother said its a ponzi scheme", "what gives it the value, like its just numbers" and then all of a sudden all eyes were on me again to explain this shit. I give them a brief overview but it was going way over their heads. My cousin who is pretty switched asked where the coins come from and I had to briefly explain mining and fuck me it was a terrible 2-3 minutes. I may as well have been speaking an alien language. Anyways the chat then moved on to something else and that was that. So yeh at the end of the day I am very glad I didn't give out Bitcoin this Christmas. As for myself I am still hodling [link] [comments]  | ||
| Posted: 26 Dec 2017 02:56 PM PST
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| Posted: 26 Dec 2017 09:57 PM PST
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| Posted: 26 Dec 2017 10:32 AM PST Governments should not be getting any net revenue from the emergence of cryptocurrency technology. If they don't start giving out credits soon, imo they must refund any capital gains paid by crypto investors to date. [link] [comments]  | ||
| Consistently getting Tx in 75-90 Sat/byte confirmed within 2 hrs . Don't overpay Posted: 26 Dec 2017 09:53 PM PST Last 24 hours, I am consistently getting my transactions having fee in 75-90 Sat/byte range confirmed within 2 hrs on segwit addresses . Don't overpay. And spread the goodness. Edit: Mentioned Segwit in address [link] [comments]  | ||
| I see a lot of Nano Ledgers today. Any love for Trezor? Posted: 26 Dec 2017 08:19 AM PST
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| When you're a Bitcoin grandpa but also a hodler since 2013. Posted: 26 Dec 2017 09:26 AM PST
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| "Currency Wars and Bitcoin Neutrality" - This deserve a repost. Posted: 26 Dec 2017 11:04 PM PST
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| Dear Slim, I wrote to you but still ain’t calling Posted: 26 Dec 2017 03:24 AM PST
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| Lightening hits Bitcoin Mainnet Posted: 26 Dec 2017 10:22 AM PST
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| Ari Paul sees Bitcoin reaching $50,000 Posted: 26 Dec 2017 11:12 PM PST
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| New ledger owners: you can have a "main" wallet and a hidden one on your Ledger Nano S. Posted: 26 Dec 2017 12:10 PM PST With your 24 word seed, and with the PIN, you unlock your main wallet. But you can add a 25th word, what they call a passphrase, and that is another wallet entirely. You can set a secondary PIN that unlocks it. It is not a "password" that encrypts your wallet, it's more like a hidden wallet derived from your 24 word seed. It's an entire new wallet, that works for all your coins, not only Bitcoin. Benefits: 1) 25th word is a security that protects your entire wallet. You should not memorize 24 words, but you can memorize one and write the other 24. 2) your main wallet, the one accessed by the 24 words and main PIN should have money, but not a lot, in case someone forces you to transfer it to them. 3) in case you are afraid of forgetting the 25th word, split your recovery seed form into two, write the first 12 on one form, and the other 12+1 on the other one, and store it at two separate locations, like aunt or parents house. Have a Full 24 word recovery form at home, just so you can "prove" to a robber that that is your wallet. You can have as many wallets as you want, just use a different 25th word for each. You can even have a single ledger on your family, with each family member having a secret passphrase and sharing the nano S security features. Going to the menu you can access these other wallets by inputting the passphrase, and It Will be unlocked until it is turned off. Official Ledger support article: https://ledger.zendesk.com/hc/en-us/articles/115005214529-Advanced-Passphrase-options Edit: Very happy about the gilding!! Thanks /u/CanaryInTheMine!!! Edit2: Tried to clarify that the passphrase is not a password that encrypts your wallet, but another wallet entirely. Edit3: I was going to post a live example of a wallet, but I encourage that everyone reads the ledger support page so you fully understand it. Also, on ledger manager, install the bitcoin testnet app, then search for a bitcoin testnet faucet on google so that you can receive some testnet coins on your main wallet. Then, access your hidden passphrase wallet (either using the temporary option or the second PIN one) and you will see that you have entirely different addresses and balances for all your coins (don`t worry, this does not alter your main 24word wallet). Edit4: I repeat: Do try this out on the bitcoin testnet before you send your coins. If you mess it up, not me nor Ledger can help you. This is as important as understanding your 24 word backup. [link] [comments]  | ||
| Time to give thanks to the Core Dev's and Blockstream Posted: 26 Dec 2017 01:26 PM PST As a relative newcomer to crypto-currency I have found the learning curve enormously difficult, not because of the technology or the economic principles but the muddy waters the scaling and decentralisation debates have left behind. These debates have left behind a huge mine field for us newcomers to navigate through, made even more difficult due to the many loud voices out there trying to tell us their versions of the events, their opinions are right. Most newcomers wont go through the mine field and discover the truth, they will simply listen to the loudest voices. I went though the mine field because I'm one of these stubborn types that has to discover the truth, and I also enjoy researching controversial subjects. In order to be totally objective I had to put aside all preconceptions, prejudices and focus on the facts and filter out the noise. It's taken months to investigate and educate myself on these issues and there is still much more to learn. But at this point I do feel confident that I have found the truth and have arrived at the right conclusion. My conclusion is the Core Developers have taken the right approach all along and have chosen the right direction for Bitcoin for both scaling, decentralisation and future proofing Bitcoin. I firmly believe that Segwit and off-chain solutions like the LN are the right solutions for Bitcoin's immediate problems. I am also confident that off-chain solutions will provide the extra utility that Bitcoin needs to compete and move forward into the mainstream, whilst keeping the essence of Bitcoin alive. Even a rookie like myself can see that an ever-increasing blockchain size cannot be allowed to spiral out of control, thats simply irresponsible. We must look at solutions to constrain its size not turn it into a Gigablock network that is overburdened with 500GB+ of data to drag around. The smart and logical way to scale is like the internet has, with layers. So I'd like to give thanks to Blockstream and the Core developers for standing tough and remaining resilient throughout an extremely difficult period. For upholding and staying true to the grass roots backbone of Bitcoin. For being pro-active in steering Bitcoin towards the future and for not bowing down to the big block bullies and a 'certain' group of greedy and deceptive miners. Miners that have used to this debate to divide the community further only to satisfy their own profit and power driven desires. The Core developers and everyone that contributes to the Bitcoin code have an enormous responsibility and carry a huge weight on their shoulders and we should all give thanks to them. They have kept Bitcoin safe and secure from attacks and serious code bugs. Any one of which could jeopardise our investment into Bitcoin and every Altcoin that is paired to Bitcoin. I believe the big brother role that Blockstream has provided and the funding they have given has been pivotal for Bitcoin to get to this point in time. Blockstream is a commercial venture but its relationship to Bitcoin is one that is based on benevolence. Sure, there is an incentive for Blockstream to help Bitcoin prosper but I see that as both healthy and productive. Much has been said about Blockstream, most of which is baseless rumour and childish nonsense. I have not seen one shred of evidence that Blockstream is out to corporatise Bitcoin or sell it out to the banks, thats the stuff of conspiracy theories. Blockstream can be proud in the way they have handled themselves throughout the years of abuse and ridicule. Full marks and thank's for remaining professional, focussed and resilient. [link] [comments]  | ||
| Highway to the Bitcoin Moon [OC] Posted: 26 Dec 2017 10:42 PM PST
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| Posted: 26 Dec 2017 07:15 AM PST
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| Bitcoin climbs back above $16,000, rallying more than 50 percent from Friday’s low Posted: 26 Dec 2017 09:58 AM PST
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| Video: Tom Lee explains why Bitcoin isn't a speculative bubble. Posted: 26 Dec 2017 04:26 PM PST
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![Highway to the Bitcoin Moon [OC]](https://b.thumbs.redditmedia.com/Bvvrj0d83MbCCIIU6RDjIhQ4gQpdkHxGPgQioO6KAbY.jpg "Highway to the Bitcoin Moon [OC]")
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