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    Home Unlabelled Bitcoin Mentor Monday, December 18, 2017: Ask all your bitcoin questions!

    Bitcoin Mentor Monday, December 18, 2017: Ask all your bitcoin questions!

    December 18, 2017

    Bitcoin Mentor Monday, December 18, 2017: Ask all your bitcoin questions!

    Mentor Monday, December 18, 2017: Ask all your bitcoin questions!

    Posted: 18 Dec 2017 02:00 AM PST

    Ask (and answer!) away! Here are the general rules:

    • If you'd like to learn something, ask.
    • If you'd like to share knowledge, answer.
    • Any question about Bitcoin is fair game.

    And don't forget to check out /r/BitcoinBeginners

    You can sort by new to see the latest questions that may not be answered yet.

    submitted by /u/rBitcoinMod
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    JP Morgan CEO who said only criminals use bitcoins is accused by a Senator of illegal activities. He responds by smiling and saying, “So hit me with a fine. We can afford it"

    Posted: 17 Dec 2017 10:03 AM PST

    Watching Bitcoin head towards 20k like

    Posted: 17 Dec 2017 06:37 PM PST

    Mining Bitcoin with pencil and paper: 0.67 hashes per day

    Posted: 17 Dec 2017 09:48 PM PST

    BTC Grandpa already doubled his profit.

    Posted: 17 Dec 2017 06:50 AM PST

    Today it's exactly 4 years since the word "HODL" was coined, let's celebrate by not selling.

    Posted: 17 Dec 2017 09:23 PM PST

    Everyone, may I present Roger Ver...

    Posted: 17 Dec 2017 06:55 PM PST

    Let this sink in: The dip was $18.000,00.

    Posted: 17 Dec 2017 06:32 PM PST

    Remember the China ban when it dipped to $3400? Boy were those the days.

    submitted by /u/Harucifer
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    Attention BTC noobs- Wall Street is coming for your Bitcoin. Give them NOTHING, but take from them EVERYTHING! HODL!

    Posted: 17 Dec 2017 06:10 PM PST

    Community. We need to upvote this post so no one else loses money!

    Posted: 17 Dec 2017 08:40 AM PST

    This is a seriously important topic everyone is ignoring. Copay / Bitpay wallet has been having problems with their servers. In long story short. TONS of transactions have just gone missing from users across the world. If you go onto the copay help and support forum, there's tons of new topics of people losing funds or them being in limbo in copays system. I have lost over 3k and support is ignoring everyone's tickets... How is no one talking about this ?

    EDITED TO INCLUDE BACKSTORY FROM BELOW:

    So on December 9th in my copay wallet right now, I am sending out 0.043239 BTC with a fee of 0.000243btc to address : 1LqRQgKFDKfm6za8q6esdU2yFYe1zngqJc with tx : 83309d5858cf226c3c0edd360c36a2c0c059db3da3a3582f47df6cd468bf2f80

    Yes I understand this was a low fee, but I send transactions ranging from 400 sat/byte to 80 sat/byte depending on the situation.. it still should have been picked up on the blockchain and in the mempool at 88 sat/b

    The reciever who is my brother, has the funds recieved into his wallet. Yet this transaction is not on the blockchain. When I view the transaction in copay it directs me to bitpay insight, which then states transaction does not exist. If I paste this tx into any block explorer it doesn't exist, and if I paste the address of my brother who is recieving the funds, on the blockchain, it says there has been no recieved Bitcoin to the address. On top of this, the balance that was sent out keeps appearing and revanishing in my wallet as if it is there for a second and then disappearing, as well as in my transaction history. I have screenshots and can demonstrate how there is something wrong with copay. This has nothing to do with the mempool.

    My transaction did not even touch down in the mempool, but the balance sent out of my copay ? How does this make any sense.. The representative on the copay board keeps going in circles that he encourages us to paste a txid that isn't even real into a blockexplorer other than bitpay insight.. he is also closing all tickets without resolving this problem. By hand i can count 20 people with this issue. Someone even lost 9 btc. This is ridiculous.

    Please do not give me the answer that the mempool is too full or this transaction does not exist.. because it does exist, and I'm missing a total of $1500 usd from my wallet which I can view as sent out but unconfirmed and not touching down on the blockchain. I have years of experience in this industry as well as run a business around it. I am familiar with fees / acceleration as well as bumping. And this is not something anyone should be dealing with. Where is my money and how are you going to resolve this.

    Here is another user who lost 3 btc with copay with similar issues.. no one is talking about this...

    https://bitcointalk.org/index.php?topic=2592780.0

    Another

    https://github.com/bitpay/copay/issues/7498#issuecomment-352128939

    Another

    https://github.com/bitpay/copay/issues/7404#issuecomment-351521405

    Another

    https://github.com/bitpay/copay/issues/7418

    submitted by /u/crypt0hustle
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    There is something uniquely satisfying about trolling Roger Ver.

    Posted: 17 Dec 2017 10:51 PM PST

    Bitcoin: the revenge of the millenials

    Posted: 17 Dec 2017 12:02 PM PST

    Our generation is getting the shaft. We are prospected to be the generation that is going to be worst off than their parents. The system is tuned for a generation that is not us. So how do we change it around?

    Bitcoin. It's anti-establishment. It will disrupt the few who have gamed the system.

    Let's devalue the horde of wealth they sit on.

    submitted by /u/Gryioup
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    Bitcoin to be a topic on the coming G20 summit

    Posted: 17 Dec 2017 07:10 PM PST

    “It might make sense just to get some Bitcoin in case it catches on. If enough people think the same way, that becomes a self fulfilling prophecy.” — Satoshi Nakamoto in 2009

    Posted: 17 Dec 2017 03:47 PM PST

    When your mom starts telling YOU about her Bitcoin investments...

    Posted: 17 Dec 2017 02:14 PM PST

    CME Bitcoin futures trade at $20,650

    Posted: 17 Dec 2017 03:01 PM PST

    Guy at a party tonight.

    Posted: 17 Dec 2017 05:32 PM PST

    "I could give a shit less about Bitcoin. Blockchain is where it's at." I didn't engage.

    submitted by /u/570215
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    IMPORTANT: Now that net neutrality is gone, why dont we as a community make our own ISP?

    Posted: 17 Dec 2017 10:46 AM PST

    If a single person like the pineapple fund can donate that much to charities ($93million), we as a community can raise enough money to make our own ISP (a net neutral one).

    Only if someone like Andreas is in charge of funds and is on the board of decisions

    submitted by /u/IshidaT
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    Roger Ver is a top level Horrible person! Disgusting!

    Posted: 17 Dec 2017 10:56 PM PST

    Zoom Out

    Posted: 17 Dec 2017 05:12 PM PST

    "Zoom Out" has become a motto like HODL for me and I think more people need to learn it. Stop worrying about hourly and daily price charts unless you are about to sell. The weekly is up what would be a solid years gain in the stock market and people are acting scared in the daily thread.

    When you are having doubts, Zoom Out!

    submitted by /u/EE_trojan
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    The first real-world Bitcoin transaction was 10,000 BTC for 2 pizzas. In today's value, 10,000 BTC is worth $194,943,763.00 USD.

    Posted: 17 Dec 2017 07:04 AM PST

    HODLing since 2013. Sold 1/3rd of BTC today at $19.5k. Don't be afraid to take gains. Thoughts and ramblings inside.

    Posted: 17 Dec 2017 04:32 AM PST

    Throwaway account for obvious reasons. I am posting this for others who may be debating about what to do with their BTC gains.

    First heard about Bitcoin in 2013. Ordered $8k worth of computer parts and took over the extra power in my house and built milk crate mining rigs. Kept them running, even as the price fell... As cards failed I didn't replace them. Long story short, I end up with ~80 BTC.

    During the "down years" before things really picked up steam I played around mining some other things, so I have around 65 Litecoin and 70 Ethereum. I messed around and spent some BTC just because I could, a couple BTC on online poker/casino sites to see how it worked... And that ill fated 1 BTC porn video from a Redditor who is probably laughing her way to retirement by now.... ;)

    Earlier this month I became a cryptomillionaire on December 10th. That was an awesome achievement. Luckily for me I've been involved in technology so I was already a millionaire in the traditional sense. Not anything too crazy... 4M net worth or so, but used to dealing with money and investments. My advice to others is based on 30 years in technology and being a high net worth individual since the early 2000's.

    Today I passed 1.5M in crypto wealth and I cashed out a third of my holdings to pay off my mortgage. I did this for multiple reasons:

    1. I think we are in a speculative bubble. I believe in crypto and blockchain technology. It is going to change the world. But the utility is not fully there yet. The current price, in my opinion, is overinflated relative to what these things are really doing in the world. I think there will be a correction but eventually things will really take off, similar to the dot com bubble. Having worked in technology since 1997 this is just my opinion based on my gut reaction to everything going on.

    2. Traditional banking needs reformed/to die. Why should a big bank get to collect thousands in interest from me every year? I view selling some of my crypto and clearing a major debt as not only a personal gain but a vote against the system. I would encourage anyone who can clear debt against existing fiat to do so. I would rather put $1k back into crypto a month than be giving $1k in interest back to the banks.

    3. You are not investing if you are not ever willing to take gains, you are just gambling. I don't think anyone should ever sell 100% of their crypto, but you need to be able to part with some of your BTC at the time and choosing that makes the most sense for you and your goals.

    As part of adjusting my crypto portfolio for the future today, I also converted all my Bitcoin Cash to BTC. I very much do not like what is coming out of the mouths of that group, and I believe there should only be one "Bitcoin." I am appreciative of the free money that landed in my lap from that fork, but too many options is going to confuse the general public. I encourage everyone to do the same.

    As I write this, I am still a cryptomillionaire and am looking forward to the future. But I have future goals in mind where I may clear other debts or continue to diversify. Unless you have no debts at all and no plans in your life I think HODLing until death is a pretty silly idea. Everyone should have some goals in mind with any financial venture. Just make sure they are big enough checkboxes that you won't keep looking back.

    EDIT: Since many people have asked: I used Gemini to do the sale. I also have a Coinbase account, but the fees are much higher for a large sale. Yes, you can have your limits raised at both places to be able to do larger sale quantities and bank transfers.

    EDIT2: Just to clarify, me mentioning my net worth and background is not to brag (to be honest, many of the people I know in the industry are worth 10X me because they took more risks) than wanting other people to know that I consider myself a successful and educated investor. When someone who has no experience is handed 1M they lose it (look at lottery winners). I want people to NOT lose, so I am using my knowledge to make sure others without that think carefully and realize that taking some gains is not a bad thing. HODL is great and all, but you need to be smart about what you own, crypto or otherwise. I apologize to anyone if it comes off as grandstanding, but you shouldn't get emotional about money.

    submitted by /u/throwbtcnw
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    Roger Ver boasts "I made Andreas a millionaire. I suspect he is pretty happy with my tweet."

    Posted: 17 Dec 2017 08:12 PM PST

    I got tired of going through all news sources (Twitter, Reddit, Google, etc.) for Bitcoin so I built this dashboard crypto360.io. Looking to hear your feedback!

    Posted: 17 Dec 2017 04:44 PM PST

    Buy on the dip

    Posted: 17 Dec 2017 04:39 PM PST

    Suggest all those that have been waiting for one do so now

    submitted by /u/libebnocof
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