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    Bitcoin Daily Discussion, February 19, 2018

    February 19, 2018

    Bitcoin Daily Discussion, February 19, 2018

    Daily Discussion, February 19, 2018

    Posted: 19 Feb 2018 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

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    Your price screenshots and repetitive submissions are being removed, so please stop submitting them!

    Please check the previous discussion thread for unanswered questions.

    submitted by /u/rBitcoinMod
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    Spotted this dude cheering at the Olympics!

    Posted: 18 Feb 2018 01:18 PM PST

    Polish Youtuber was paid ~30 000$ By Polish Bank to create FUD video about cryptocurrencies for his viewers

    Posted: 18 Feb 2018 11:08 PM PST

    How fast is the lightning network? Too fast.

    Posted: 18 Feb 2018 07:53 AM PST

    "Bitcoin is a tool for freeing humanity from oligarchs and tyrants, dressed up as a get-rich-quick scheme." - CEO of Angel List

    Posted: 18 Feb 2018 11:06 AM PST

    $2.1M minimum net worth to use their services. Interesting ad in a local print publication... it’s spreading.

    Posted: 18 Feb 2018 04:04 PM PST

    We suspected this already due to prior node count cliffs, but evidence continues to mount that 80% of Bitcoin Unlimited nodes were owned by a single entity. Now there are fewer than 100 in operation.

    Posted: 19 Feb 2018 12:18 AM PST

    Australian juice company Boost is giving away four bitcoins -- one a week, for four weeks -- to those that buy some juice and enter a code in the Boost app.

    Posted: 18 Feb 2018 05:48 PM PST

    The number of Cryptocurrency Hedge Funds doubled in the last 4 months

    Posted: 18 Feb 2018 07:06 PM PST

    Does the fact that the 100 richest bitcoin addresse adding/not selling off prove promising for Bitcoin?

    Posted: 18 Feb 2018 07:11 PM PST

    So in my head, these people with loads of money in bitcoin have got to know a thing or two about making money, based on the sheer amount in their wallets. Does this mean it is more likely that bitcoin will succeed or is it possible for these rich list people to be bagholders? It's just a thought.

    If it proves usesful, could that be a good indicator of when or when not to sell?

    Also would it be likely that these richest Bitcoin wallets are mostly exchange wallets?

    Thoughts would be appreciated

    submitted by /u/ClearheadedBackbone
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    Headphones.com is accepting Bitcoin!

    Posted: 18 Feb 2018 08:05 PM PST

    I just saw this post over on /r/Cryptocurrency and had to check it out. These guys have very high-end headphones for sale with beautiful rundowns, and I was really stoked to see it. Check them out for sure, I'm 100% not affiliated and just genuinely amazed at the adoption we've seen over the years.

    submitted by /u/OsrsNeedsF2P
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    CFTC offers $100,000 for pump and dump whistle blowers

    Posted: 18 Feb 2018 10:35 PM PST

    KDE received $200,000 from the Pineapple Fund?

    Posted: 19 Feb 2018 02:33 AM PST

    Paper wallets warning - they are not as safe as you might think!

    Posted: 19 Feb 2018 12:01 AM PST

    Just a reminder - many current printers and especially multifunction printers (those with a scanner) have built-in harddrives with a large cache of printed documents. Also, security is not really a primary (or a secondary or tertiary for that matter) concern of manufacturers of such devices. Please beware. I would not be much surprised if some kind of malware in a near future purposefully infected (particularly those network enabled) printers and scanned for paper wallets. Paper wallet in a safe is not secure if there is a copy in your printer!

    submitted by /u/tldr-hodl
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    White House Official: Bitcoin Regulation Won’t Happen Anytime Soon

    Posted: 19 Feb 2018 02:16 AM PST

    Yahoo Finance: Bitcoin Is Not A Scam

    Posted: 18 Feb 2018 06:37 AM PST

    PSA: The biggest threat to Bitcoin at the moment is BitPay

    Posted: 18 Feb 2018 07:54 AM PST

    A few weeks ago BitPay made a change to their payment window, which has far reaching implications.

    They do not show a Bitcoin address anymore at all, you only get a link like this: "bitcoin:?r=https://bitpay.com/i/*****************". This is called BIP70 standard. How this works from a technological side, is that your wallet no longer sends the transaction directly to the Bitcoin network, but to BitPay, and then BitPay decides whether to publish the transaction to the network, or reject it (please feel free to correct me if I am wrong and/or is I have oversimplified things). By doing this, BitPay literally becomes the gatekeeper deciding which transactions are "correct", based on political whims. This already means that BitPay invoices can be paid only with several wallets, as most wallets do not support BIP70 at the moment. While there is nothing wrong with BIP70 per se, what is wrong is that BitPay has made this mandatory.

    While I do not have any solid proof that BitPay is using this to blacklist addresses / transactions at the moment, it is inevitable that sooner or later they will be forced to not only blacklist some addresses, but more likely to only accept payments from whitelisted addresses. The argument is very simple - up until now, there was no technological way to "reject" a Bitcoin transaction. Now, BitPay has implemented a method to do exactly that. Since the method already exists, the governments will no longer accept the excuse that it is impossible, and will force BitPay (and other Bitcoin payment processors) to implement blacklisting / whitelisting. The worst case scenario would be allowing to only accept payments made using centralized wallets with mandatory KYC.

    This greatly hurts the fungibility of Bitcoin. The reality is, that most merchants accept bitcoins via BitPay and other Bitcoin payment processors. If I can not use my bitcoins to pay the majority of the merchants, then they are worth less than "untainted" bitcoins.

    What we, as a community, can do to fight this?

    1. Develop and promote privacy / fungibility improvements for Bitcoin. In my opinion, weak fungibility is currently Bitcoin's biggest problem / risk.

    2. Boycott BitPay and any other Bitcoin payment processors implementing mandatory BIP70.

    3. Promote other, socially responsible, pro-Bitcoin payment processors. Contact the stores which use BitPay, and ask them to switch to another payment processor. Explain your reason why you will no longer purchase from them until they switch their processor.

    A list of recommended Bitcoin payment processors:

    CoinGate - https://coingate.com/accept-bitcoin

    Coinpayments - https://www.coinpayments.net

    CoinsBank - https://coinsbank.com/merchant

    Why some other payment processors are not recommended:

    Coinbase - did not integrate SegWit yet, purposefully spammed the network (no transaction batching) to create a transaction backlog and raise the fees: http://bitcoinist.com/mempool-coinbase-spamming-bitcoin/ , supported SegWit2x attack: http://segwit.party/nya/list/

    Coinify - supported SegWit2x attack, planned to call "the chain that will have the most hash power" as BTC: https://support.coinify.com/News/NewsItem/View/47/coinify-statement-on-segwit2x-hard-fork

    Gocoin - supported SegWit2x attack: http://segwit.party/nya/list/

    submitted by /u/shadowrun456
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    Indian Prime Minister Office tweets about embracing Blockchain

    Posted: 19 Feb 2018 02:55 AM PST

    This Sub Needs a Sticky Up Top That States: "YOU Can Buy $10 Worth of Bitcoin"

    Posted: 18 Feb 2018 08:29 AM PST

    I posted previously: "Many still think that they need to buy a whole Bitcoin. It is imperative to educate the public about BTC fraction"... and got some flack for it because of the high transaction fees. Well, it's quite amazing how much progress was made in just a few months, as the transaction fees make it once again, possible for people to "buy $10 worth of Bitcoin".

    submitted by /u/SilverShux
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    In five years this mug I made will probably be the physical equivalent of deadcoins.com

    Posted: 19 Feb 2018 01:19 AM PST

    Using Bitcoin as interplanetary currency?

    Posted: 18 Feb 2018 02:48 PM PST

    Would it be possible to use Bitcoin (or any other cryptocurrency) as interplanetary currency? Imagine if mankind would colonize Mars. Wouldn't it be awesome to have a unified currency? I think the main problem would be the high latency between Earth and Mars between 13 and 24 minutes (for one way). And while Earth and Mars are on the opposide side of the Sun there is no connection at all. How could a single blockchain be used to recorde transactions from both planets in this scenario?

    submitted by /u/Fr0stst0rm
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    The Boost Juice "Bitcoin Boom or Bust!" Campaign. Guess the price of Bitcoin and win one!

    Posted: 18 Feb 2018 08:19 PM PST

    Someone just bought 43 BTC on GDAX at $218.82 - think this actually went through?

    Posted: 18 Feb 2018 06:02 PM PST

    What is the best response to the argument that Bitcoin isn't truly scarce?

    Posted: 18 Feb 2018 10:17 AM PST

    I've heard Peter Schiff argue that Bitcoin isn't truly scarce because an infinite number of competing cryptocurrencies can be invented. But by that logic, gold isn't truly scarce either because I can take a random piece of wood, spray paint it gold, and offer this "woodgold" as a competing commodity.

    A goldbug might reply that this analogy is ridiculous because gold has properties (scarcity, historical value) that woodgold doesn't. But that's exactly the point. Bitcoin has properties that a random altcoin doesn't; i.e., network security (people seriously underestimate how valuable it is that Bitcoin has survived nearly a decade of sophisticated and persistent attacks), the development community, first mover status, number of adopters, etc. Sure, anyone can create an infinite number of random altcoins, but good luck trying to get people to adopt it and to take the time to protect the integrity of the network.

    What is your best response to the "bitcoin isn't truly scarce" argument?

    submitted by /u/newkidonblockchain
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