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    Bitcoin Daily Discussion, January 30, 2018

    January 30, 2018

    Bitcoin Daily Discussion, January 30, 2018

    Daily Discussion, January 30, 2018

    Posted: 30 Jan 2018 02:02 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!

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    submitted by /u/rBitcoinMod
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    Coinbase still sending 100 sat/byte fees with legacy addresses... *facepalm*

    Posted: 29 Jan 2018 05:19 PM PST

    Seriously? Absolutely ridiculous. Transactions are practically free right now.

    submitted by /u/Linkamus
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    I spent 3 months building one of the best apps to track cryptocurrencies. Exchanges API sync, wallet tracking and many other features. I am not 16 but I invested a lot of time into this, can I get some attention anyway or am I going to get randomly downvoted as always? The app is also free.

    Posted: 29 Jan 2018 03:55 AM PST

    Lightning (testnet) has more nodes than Bcash

    Posted: 29 Jan 2018 12:00 PM PST

    Transaction fee has fallen to unbelievable levels! Only sub-2sat/byte transactions left in the mempool now.

    Posted: 29 Jan 2018 08:26 PM PST

    Wow, Robinhood now has more than 1,000,000 sign ups for crypto…

    Posted: 29 Jan 2018 11:15 AM PST

    Sooo... You guys are aware that Bitmain is selling used equipment ?

    Posted: 29 Jan 2018 05:42 PM PST

    I don't understand people buying Antminers. Bought from them in 2013-2014. Here is what i discovered investigating why one of the Antminer was full of dust.

    Here is what Bitmain does.

    1-They manufacture Antminers.

    2-Keep the production of newer units "secret".

    3-Calculate very thoroughly when to announce and sell them so their costumers will be (or think they will be) able to make some pennies.

    4 -Dump their used equipment on the market by batches as the new version batches comes in freshly manufactured.

    5- Repeat.

    Conclusion: Unless you have privileged access to miners or free electricity, avoid mining.

    Invest directly in Bitcoins.

    Sending 1 BTC to Bitmain to get miners might result in 1.00xxx BTC. Why is that ? Because Bitmain sells the Antminers very close to the amount of BTC it will be able to mine in the future considering difficulty. Hours of work for close to nothing.

    submitted by /u/Cozk
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    Electronic Giant Of Japan Yamada To Start Accepting Payments In Bitcoin

    Posted: 30 Jan 2018 01:02 AM PST

    The best things happening now aren't big jumps but rather the slow and steady elimination of the 'big objections' to Bitcoin success.

    Posted: 29 Jan 2018 11:38 PM PST

    My guess is we'll trade between $9k-$12k for the next month or two. I don't see us going below that as many buyers are watching for dips and the new retail money from Nov/Dec already got scared and left when we dipped 50% (shook out weak hands). The next good jump will happen when the FUD starts to tire out and we see something positive hit the news. I believe whales are waiting for a wave to catch and then will help build it up, but currently there's little to try to build on and so the runs just peter out.

    Some possible good news to work from... regulation that eliminates risk and uncertainty from a big country (even if it's just early talk) such as China starting to allow some highly regulated exchanges to re-open or the EU starting to work on a unified regulatory position. Lightning will help eliminate the scaling/cost FUD (and hopefully fuck BCash) but it's growth will be slow and steady not overnight, nothing major to get a bull run built on for another 6-12 months when someone like Amazon announces it's proven and reliable enough to 'think' about supporting.

    The best things happening now aren't big jumps but rather the slow and steady elimination of the 'big objections' to Bitcoin success. Every time we see Segwit adoption jump, Lightning nodes increase... a market like South Korea implement rules, France appoint a czar to determine how to regulate, Germany state there needs to be a unified regulatory approach...and the public tire of anti-bitcoin bullshit news coverage we get closer and closer to wide open track. Then WATCH OUT.

    Hodl the line.

    submitted by /u/moses75978
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    Switzerland Wants to Be a “Crypto-Nation”, said The Minister of Economy

    Posted: 29 Jan 2018 10:43 AM PST

    Update on the Bitcoin Robbery Story, Robbers left empty handed after being tricked into thinking a transfer had taken place

    Posted: 30 Jan 2018 01:02 AM PST

    1 Satoshi/Byte TX's Clearing Now!

    Posted: 29 Jan 2018 07:38 PM PST

    Moon Math Update: Bitcoin is ready to grow again

    Posted: 29 Jan 2018 10:17 AM PST

    Go to http://moonmath.win for the full update and rainbow charts

    I've said this before: When I get quiet, it's time to accumulate. I've been quiet. Before I went quiet I suggested it was a good time to DCA into a position. The jury is far from out on that, but I think moon math is tracking pretty well with this retrace.

    Moon Math takes a long-term bull perspective. It doesn't say "Insane awesome returns forever!" Instead, it invites you to consider our current price position against past trends. I know for a fact that some people look at the rainbow charts and think "Oh boy, we're in the red and it's only up from here." That's insane. Don't do that again. Projecting the price based on the trend from the ATH isn't going to work out for anyone. The Moon Math we're seeing today is probably a better projector of performance than any time in the last several months (I'll get that time travel feature done someday).

    Is this retrace over? I'm going to shout an unsatisfying and resounding "possibly" on this. Part of the reason that I haven't been posting is that my position on this hasn't changed. "Possibly" and "no change" is a boring answer, but I'll spice it up for you a little today, because the outlook has improved from when I last posted.

    BBands are tightening.

    BBands have been tightening for a while, and we're going to start seeing tight BBands on the 12-hour chart soon. Bitcoin is volatile. BBands like this predict a move in one direction or the other. A direction for the price will be more firmly established in the next five days. If it breaks down I expect slower growth over the next four to six months as well as significantly less volatility. If we break up, then I think we'll see continued parabolic growth on the log chart and a new ATH in the next month. Clearly, I think that the price breaking down one more time will be good for Bitcoin long-term.

    We can sustain BBands this tight for months at a time. Observe the 12-hour bands In April through June in 2017. That pattern shows the price doubling in 2 months. So, nothing definitive there. Having a direction doesn't mean we'll have a big change in price, though.

    Bouncing off the bottom of our short-term trend

    We've bounced off the bottom of our short-term trend 4 times in the last two weeks with decreasing bear volume. That indicates that there's a lot of support at the bottom of our trend. The drop in volume shows that bears are running out of supply.

    The short-term up trend is sustainable

    The slope of our short-term trend is only slightly greater than the 6-month trend. IMO, fundamentals show that it's possible to maintain that trend indefinitely. That's true of a rational market, anyway.

    Local Bitcoins Volume is growing

    Volume at Local Bitcoins is about 5x to 6x what it was this time last year. I'm not sure they can bust at the seams like that for another year, but linear growth from here seems like a conservative expectation for at least the next year. I suspect we're going to see about 40 to 80 million USD a day flow into Bitcoin through Local Bitcoins by the end of 2018. That will be an important metric used to analyze our entrance into a pre-halving market through 2019.

    Sentiment is as low as we've seen in a while

    Consider the price and infrastructure of Bitcoin today vs six months ago. Consider the attacks we've flourished through. It's normal to see sentiment turn against Bitcoin. If it didn't we'd see unstainable growth and even more volatility. If you bet against the crowd, now is the time to make a bet.

    Going back into my hole and shutting up while I'm proven right, again. Maybe I'll check in again later this week.

    Good hunting

    Go to http://moonmath.win for the full update and rainbow charts

    Label 7-day Performance 30-day Performance 60-day Performance 90-day Performance 2017 - Present Performance 2016 - Present Performance 2015 - Present Performance 2014 - Present Performance 2013 - Present Performance 2012 - Present Performance 2011 - Present Performance July 2010 - Present Performance
    Starting Price USD $11,522.86 $14,427.87 $9,816.35 $6,121.80 $997.69 $434.46 $313.92 $770.44 $13.30 $5.27 $0.30 $0.09
    Compounding Daily Periodic Rate 0.21% -0.70% 0.29% 0.72% 0.63% 0.44% 0.32% 0.18% 0.37% 0.35% 0.41% 0.43%
    Over $20,000.00 on 2018-10-08 Never!!! 2018-07-30 2018-04-12 2018-04-21 2018-05-29 2018-07-11 2018-11-15 2018-06-20 2018-06-27 2018-06-02 2018-05-26
    Over $31,622.78 on 2019-05-13 Never!!! 2019-01-03 2018-06-14 2018-07-03 2018-09-11 2018-11-30 2019-07-24 2018-10-23 2018-11-06 2018-09-22 2018-09-10
    Over $100,000.00 on 2020-11-08 Never!!! 2020-02-01 2018-11-21 2019-01-02 2019-06-03 2019-11-22 2021-04-13 2019-09-02 2019-10-03 2019-06-30 2019-06-04
    Over $1,000,000.00 on 2023-11-02 Never!!! 2022-03-30 2019-10-06 2020-01-03 2020-11-13 2021-11-04 2024-09-23 2021-05-22 2021-07-26 2021-01-11 2020-11-20
    submitted by /u/jarederaj
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    PSA: Bitcoin fees are down BIG. Excited for lightning + continued segwit adoption.

    Posted: 29 Jan 2018 02:38 PM PST

    Bitcoin Scammer's image, explained.

    Posted: 29 Jan 2018 08:49 PM PST

    Thank you, everyone on Reddit for making my app #2 in Finance in just 1 day of launch! I love being a part of this community! I'm fixing all bugs and coding the features y'all demanded!

    Posted: 29 Jan 2018 05:31 PM PST

    Swiss cybersecurity company starts accepting payments in 50+ cryptocurrencies

    Posted: 30 Jan 2018 01:39 AM PST

    I just created this test of cryptocurrency knowledge. Wanna help me generate normative data for it?

    Posted: 29 Jan 2018 06:30 PM PST

    Screenshot from a google search back in October lol

    Posted: 29 Jan 2018 10:39 PM PST

    Just Hold

    Posted: 30 Jan 2018 01:07 AM PST

    Why the hell is AntPool doing this?

    Posted: 30 Jan 2018 02:16 AM PST

    Notice how the big block camp has shifted their LN narrative from "vaporware".

    Posted: 29 Jan 2018 03:48 PM PST

    They started months and years ago. They made fun of the devs. The discarded it as "vaporware". Now that network is rolling in, they say it's a centralized IOU, it forces poeple to lock in your funds. They call it LNcoin or segwitcoin.

    I tried LN on testnet. It kinda works. Sometimes it fails to find route. Sometimes it fails to remove closed channels entries from the local DB. Sometimes it might just hang.But it is awesome. As the software matures, it will attract more and more real users. You can't stop innovation. Actually I think every coin will adopt payment channels one way or another. It's just too good to not use it. Even the Bcashers might do in the end.

    submitted by /u/goxedbux
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    Looking at a map of the internet in 1973 is to looking at a map of the lightning network in 2018. This is the future friends.

    Posted: 29 Jan 2018 09:52 AM PST

    If anyone thinks that cryptocurrencies will go away anytime soon, think again. At least in South Korea, they are highly unlikely to ban exchanges now that their pension fund has invested in four of the larger exchanges...

    Posted: 30 Jan 2018 02:17 AM PST

    AntPool is not mining transactions with less than 5 sat/byte fee.

    Posted: 29 Jan 2018 10:54 AM PST

    AntPool has mined several not-full blocks and it looks like they're not picking up transactions with less than 5 sat/byte fee. Example block.

    I guess they set that limit ages ago when satoshis were a lot less valuable and just haven't got round to changing it.

    Anybody know how to send a polite suggestion to AntPool to take a look at their minrelaytxfee and blockmintxfee settings?

    EDIT: AntPool just mined this block at 01:27 GMT and it has a transaction at 2.445 sat/byte. Well done, AntPool, thank you.

    EDIT 2: Ah, they just mined some small ones. But now another with sub-5sat/byte transactions. I guess they have different servers with different settings? Let's hope they're getting round to changing them all.

    Edit 3: At a rough tally AntPool and F2Pool un-full blocks have so far wasted 15MB of blockspace. In the context of a 45MB mempool, that's significant. Come on you two, be good citizens. And you're leaving thousands of dollars on the table - that's pretty much free money you're not picking up!

    submitted by /u/flonger72
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    Vote and Help Choose Bitcoin.org's New Design

    Posted: 29 Jan 2018 08:49 AM PST
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