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    Bitcoin Mentor Monday, February 05, 2018: Ask all your bitcoin questions!

    February 05, 2018

    Bitcoin Mentor Monday, February 05, 2018: Ask all your bitcoin questions!

    Mentor Monday, February 05, 2018: Ask all your bitcoin questions!

    Posted: 05 Feb 2018 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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    The State of Crypto

    Posted: 04 Feb 2018 05:11 PM PST

    We need to talk about Tai Lopez

    Posted: 04 Feb 2018 07:48 AM PST

    The number of people who listen to this guy about bitcoin has reached an all time high and it's causing people to get stung hard.

    He is offering a $600+ crypto training course! Basically to people who don't understand the market and just want to get rich quick (Lambos and all that).

    There are legit online in depth courses for FREE on EDX, UDEMY, Coursera etc.

    It makes me sick to see so many folks get taken advantage of by this known scammer. This community has an obligation to call this bs out when we see it, just like we did with Bitconnect and Davor etc.

    I don't care if this gets down voted to hell. We all know it's the truth.

    submitted by /u/ZeusGodOfCrypto
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    When you’re at a party but remember you’re still HODLing

    Posted: 04 Feb 2018 08:19 PM PST

    All the bad news you see is all about the old system trying to stop the new one.

    Posted: 05 Feb 2018 12:22 AM PST

    It's been like that for ages. Banks don't need bitcoin because they are fine with the current system.

    submitted by /u/alebtc
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    First commercial of the superbowl: TD Ameritrade Bitcoin Futures

    Posted: 04 Feb 2018 03:25 PM PST

    The first commercial break after the anthem already had bitcoin on the screen. Its a good day.

    submitted by /u/Timelapze
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    "People should not be afraid of their governments. Governments should be afraid of their people." —V; Satoshi Nakamoto; Bitcoin

    Posted: 05 Feb 2018 01:44 AM PST

    Yesterday I saw V for Vendetta; the similarities between V and the idea Satoshi Nakamoto are striking.

    V and Satoshi remain anonymous because:

    "Behind this mask there is more than just flesh. Beneath this mask there is an idea... and ideas are bulletproof."

    "Authority, when first detecting chaos at its heels, will entertain the vilest schemes to save its orderly facade."

    "The Times 03/Jan/2009 Chancellor on brink of second bailout for banks"—Satoshi's hidden message

    Power to the people

    "He [V] was Edmond Dantes. And he was my father, and my mother, my brother, my friend. He was you and me. He was all of us."

    Bitcoin is Peer-2-Peer, no middlemen. We are all Satoshi Nakamoto, Bitcoin is all of us.

    "They say that life's a game, and then they take the board away."

    Let's reclaim the game, let's use Bitcoin.

    submitted by /u/ScienceRecruit
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    2018 - 2030: The grand battle between bitcoin, precious metals and fiat currency

    Posted: 04 Feb 2018 10:38 PM PST

    edit: I like that 30% of you are downvoting this post because you think bitcoin is going to the moon right this year, we'll never have a bear market ever again and the S-curve reigns supreme. Nope, governments were never going to make it that easy. Crypto will have its day in the sun, but that day is not today.

    I have seen things. Don't ask me how. My dreams can be cryptic.

    The destruction of fiat has already begun in earnest, but we're only in the 1st inning. The next 10 years will be characterized by the destruction of the USD, and the rise of the Chinese yuan backed by gold.

    Gold and crypto are the two twin pillars that will destroy fiat. Thanks to crypto we're looking at a resurfacing of a global consciousness and desire for a non-state backed currency, harkening back to the days of a gold-backed money supply. Throughout history, empires have risen and fallen. The strongest empire's currency has always been the choice reserve currency of that era, but as an empire grows complacent and the government officials decadent, so does the temptation to debase their currency. The privilege of being the reserve currency globally gives them a sunset period of 20-40 years as the inevitable decline happens. It all began when Nixon took the USD off the gold standard.

    Both China and Russia has been quietly accumulating gold over the past 10 years, restricting exports and increasing imports of gold. China is the world's largest oil importer and is in the process of switching over from paying for oil in USD to yuan, and redeemable into gold. The ramifications are massive. Increasingly the world is turning back on the US and its currency.

    China is clamping down on cryptocurrency heavily as it interferes with their grand plan: they plan to shock the world in 2019 by announcing that they will go back to a partial gold-backed standard. Not fully-backed due to constraints in monetary policy advised by their Chinese economists, but sufficiently so such that the world gains confidence in the yuan and central banks globally begin selling their USD in earnest from the current 60%+ weighting, demoting it to a 30%+ weighting in favour of yuan as it dawns on them the USD might have just lost its reserve currency status. In this chaos, as we see across all regime changes, central banks begin buying gold in earnest. Other countries respond by backing their currency with gold as well. China becomes the new global superpower.

    Thanks to this, the gold price will move to all-time highs and start trading above $2k in 2019. This will see the beginning of a gold rush we've never seen before. Old and institutional money begins to pour into precious metals; new and speculative money pours into cryptos. Cryptos enter into a final blow-off-top a year later not unlike the 2000 tech top in 2020. Bitcoin crashes 70% from $1m to $300K. As this happens, the whole world goes all-in into gold and yuan as the new safe havens as this is simultaneously accompanied by a major sell-off across both equities and bond markets. The rout will not stop till the mid 2020s. Gold is now trading at $7k/oz and silver at $200/oz. In fact, gold, as is most asset classes, are no longer quoted in USD but yuan. Africa begins to wield significant influence in the global political arena with South Africa leading the charge, due to their massive gold holdings and gold mines.

    The year is 2025. In the depths of a recession even more severe than the one we saw in 2009, the US government reveals they have been accumulating bitcoin since 2018, and have built a sizeable position of 500,000 BTC (equivalent to $250b with BTC trading at $500k). This sparks the re-birth of a new bitcoin bull run as the other central banks announces they too, now hold some BTC. Many central banks, especially the resource-poor countries who never saw the rebirth of gold coming, begin accumulating BTC as well. Many now fear Russia and China's dominance in the gold market. Despite gold being a decentralized store of wealth, the natural geographical distribution has made many other resource-poor countries bitter, and an unspoken alliance began taking shape as central banks secretly accumulate bitcoin. Countries begin to publicly denounce gold, even as gold ownership is quickly being transferred into the blockchain. Gold prices fall after entering a blow-off top in 2027.

    Bitcoin begins to climb until it reaches a "demand equilibrium" with gold. By 2030, bitcoin is valued at $2m+ and represents a significant percentage of the global money supply and gold has fallen to $4k/oz. By the 2030s+ the world has transitioned to a fiat system that is completely transparent. All countries' reserves in both bitcoin and gold are publicly trackable on the blockchain. While fiat continues to live on, governments in the aftermath of the early 2020s recession now have learnt fiscal prudence and bond yields actually reflect market-priced default risk depending on a country's money supply vis a vis the value of the bitcoin and gold their central bank holds.

    The economy never really recovered from the recession in the 2020s. Artificial intelligence had taken over most of the economy's jobs, and the wealth inequality continued to widen as more and more wealth accrued to owners of capital. The crash in the equity markets at the turn of the decade had also wiped out a generation's savings and therefore willingness to spend - the millennial investors who had gleefully piled into FAANGs as everyone turned euphoric into the last days of the stock market bubble. Deflation began to set in as the boomers started dying in record numbers, and consumer spending ground to a halt as nobody except the elites and the crypto-rich had any money to spend. By the late 2020s governments realized that a form of universal basic income was necessary or the economy would never recover, but a redistribution of wealth was not going to be possible. Countries came together and decided that a new UBI cryptocurrency would be created, in direct proportion to the amount of bitcoin and gold each country owned. With every single individual having their own unique identity stored on the blockchain, this was easy and transparent to implement. This ultimately paved the way for a global common cryptocurrency in 2030. Gold began to lose its shine.

    By the mid 2030s, we entered a golden era for the human race as the wealth inequality came back down to levels unseen in the past 500 years. Productivity reached a new high, assisted by mature technologies that first appeared in the 2010s. Significant life extension, space exploration, nanotechnology, then the uploading of the human consciousness ...

    In 2040, we encountered the Singularity.

    edit: pardon the grammatical and language errors, but i wanted to catch all the details before the vision fades. it comes and goes.

    submitted by /u/laobuggier
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    Bitcoin ATM Installations Skyrocket Throughout Market Correction

    Posted: 04 Feb 2018 11:50 AM PST

    Doug Polk tells Tai Lopez to STOP

    Posted: 04 Feb 2018 06:22 PM PST

    Your Lambo

    Posted: 05 Feb 2018 01:55 AM PST

    Let me withdraw some gains...

    Posted: 04 Feb 2018 06:13 AM PST

    Some things to remember during a fall in the price...

    Posted: 04 Feb 2018 10:24 PM PST

    I've been crypto for about 5 months, so I'm not a veteran by any means but I have seen a few pretty major dips.

    When the price falls a lot panic is a natural response, but as long as you have done the proper research and you truly believe in bitcoin you should be able to subside that panic relatively easily. If you have not done the research then start doing it right now.

    Here are a few major things to remember:

    • Bitcoin is secure.

    Bitcoin is still the most secure network in the world. The price doesn't change that. Government regulations don't change that. Exchange hacks don't change that. At this point there is very little that could change this fact.

    • Bitcoin is valuable

    Bitcoin is humanity's first trustless currency without any central authority. This is valuable! It doesn't matter that you can't physically hold it. Anyone who claims that bitcoin has no value because it's "not backed by anything" is someone who does not understand how this works. It is backed by mathematics. I personally trust math much more than any current centralized authority.

    • Bitcoin is scarce

    There will only ever be 21 million bitcoin. Guaranteed. When an asset is scarce and valuable the price goes up in the long run. Adoption of cryptocurrencies is looking more and more likely. As more and more people start using bitcoin the price will go up. This is also guaranteed due to supply and demand.

    • Bitcoin will continue to be relevant

    Bitcoin is not the AOL of crypto. It is the only blockchain that is working to solve scalability without sacrificing security or decentralization. I repeat.... there is not one other blockchain any where near solving the scalability issues without making security and decentralization sacrifices!There is a lot of misinformation floating around regarding the scalability solutions currently in the works. With proper research you will find that there is a lot to be excited for when it comes to bitcoin scalability. Patience will continue to be important here. These solutions need to be flawless before a mainnet release.

    There are many more reasons to remain confident in bitcoin, but these feel the most important to me. Feel free to add your own. Try not to panic and try to be patient and you'll be happy in the long run.

    submitted by /u/TG_King
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    Serious concern

    Posted: 04 Feb 2018 03:42 PM PST

    Can they even make enough lambos for all of us by end of 2018?

    submitted by /u/AmishAmish
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    HSBC, Barclays – No Crypto Ban

    Posted: 05 Feb 2018 12:28 AM PST

    Lean back and enjoy the show. Digital gold is going through the roof very soon!

    Posted: 05 Feb 2018 12:09 AM PST

    Core 0.16.0 rc2 is there. Downloading right now

    Posted: 05 Feb 2018 02:07 AM PST

    Why Bitcoin wont die, no matter how bad they want it dead

    Posted: 04 Feb 2018 03:38 PM PST

    Central banks, governments and the mainstream media all want Bitcoin to die.

    And thats exactly why it wont.

    If you look at Brexit, Trump, etc, you see a growing trend. If you read the approval ratings for the media, you get the same thing:

    The people want a voice, they want to govern themselves and they want control over their lives and their wealth.

    The more they bash Bitcoin, the more they increase its popularity.

    And they cant kill it. Decentralized, it will exist regardless of what they do. Thats power. They cant print a trillion more of it. They cant spy on it or manipulate it as easily.

    Its going to challenge how we define money and the role of banks and governments when it comes to personal wealth.

    I cant wait for the day cryptos become bigger than fiat. It will be monumental.

    *

    *

    * @charteroakpublic- a Telegram channel with PBC leaks, analysis and info.

    submitted by /u/Charteroakish
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    Newsweek in 1995: Why the Internet will Fail.

    Posted: 05 Feb 2018 01:55 AM PST

    Transaction confirmed with only 1 satoshi/byte

    Posted: 04 Feb 2018 08:43 AM PST

    Ask yourself this, are you here to make money or change money

    Posted: 05 Feb 2018 12:52 AM PST

    What's changed apart from the price?

    segwit adoption is at a all time high, lighting network is on its way and bitcoin has still never been hacked, the future has never looked brighter

    so ask yourself the reason you got bitcoin was it to try and make a quick buck or was it to change the way the monetary system works?

    submitted by /u/KingCookstar
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    Woke up. Who gives a shit anymore. This week I'm selling my Russian girlfriend and my two dogs to buy at 3 - 5k. Will I regret Reddit?

    Posted: 05 Feb 2018 03:37 AM PST

    Is bitcoin really “backed by nothing”? Not according to this - good article for beginners.

    Posted: 04 Feb 2018 07:02 PM PST

    Japan’s Leading Low-Cost Airline Details Plan to Accept Bitcoin

    Posted: 04 Feb 2018 04:48 PM PST

    Japan's leading low-cost airline, Peach Aviation, has been working to implement a bitcoin payment system. Recently, there were reports that the company may be rethinking its bitcoin strategy following the recent hack of a major Japanese cryptocurrency exchange. Peach Aviation and its bitcoin exchange partner have clarified their position.

    submitted by /u/bitlexa
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    Our precious coins lately...

    Posted: 04 Feb 2018 03:36 AM PST
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