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    Bitcoin Daily Discussion, June 25, 2018

    June 25, 2018

    Bitcoin Daily Discussion, June 25, 2018

    Daily Discussion, June 25, 2018

    Posted: 25 Jun 2018 02:00 AM PDT

    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.

    We have a couple chat rooms now. Come say hello.

    Please check the previous discussion thread for unanswered questions.

    submitted by /u/rBitcoinMod
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    [OC] Guys, we've been here before and we'll be here again. Just settle in and enjoy the ride.

    Posted: 24 Jun 2018 02:39 PM PDT

    Remember when 1 BTC cost $12K, $14K, $15K...

    Posted: 24 Jun 2018 08:18 AM PDT

    ...and you thought to yourself, perhaps, "I wish I could go back in time and buy (or buy even more)..."

    Well, here we are. You have your wish.

    submitted by /u/DelfinGuy
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    Stay curious

    Posted: 24 Jun 2018 10:15 PM PDT

    I got in during late December after reading up on bitcoin since early November. I was definitely the kind of dude who would hang around /economics and openly bash bitcoin to my friends, without having a clue what bitcoin actually was.

    Why do so many of us do that? It seems like a theme many of us go through. It's like I was defending my position, which was that I had missed out. It's some kind of cognitive dissonance that's hard to overcome if you're not curious enough, thankfully I became curious enough as i saw the price climb day after day.

    I've been interested in stocks and economics for years and taught myself through podcasts and audiobooks from the likes of Warren Buffett and people with similar mindsets. And when something challenges your view of the world, you fight back. I think a lot of people fight back, and if you're not curious enough to want to keep learning about the world, you'll keep fighting.

    I'm in to bitcoin for the same reason everyone else is. Monetary sovereignty, sound money, revolutionary technology and of course to be rewarded for seeing something that people who are not curious enough can't see.

    Stay strong friends. And most importantly, stay curious!

    submitted by /u/Dawgieee
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    Bitmain Approaching 51% Of Total Bitcoin Network Hashrate

    Posted: 24 Jun 2018 10:29 AM PDT

    Do not trust poloniex exchange, Stole my money and are ignoring me now

    Posted: 24 Jun 2018 08:22 PM PDT

    Poloniex Exchange recently decided after 2+ years of doing business with them to require more information for my account, That is fine they have every right to ask for whatever they need ect. But don't ignore me and steal my funds.

    My account has been trading with them, small amounts, with a balance of 880$ USD for quite a while and never had a single issue and now all of a sudden my account is frozen out of the blue and I lost a bunch of trades that were set to auto buy back when the price dipped and they made sure to freeze my account at this point during a coin free fall before the buy back in what I can only imagine was there attempt to try to do the most damage to my trading account in hopes this would encourage me to jump on board and give them everything they wanted, but that will not be happening.

    I received no messages or emails from Poloniex support prior to this happening. I have all there email domains white listed in my email, and I had not logged into the actual website for a while since all my trades were mostly on auto pilot setup using API keys through my trading software ect.

    This type of customer relations is not only unheard of for any exchange I have used in the last 8 Years, but literally the same customer service I got from Mt.Gox right before they went under, so I felt the need to share. If they want to demand information and freeze my account this is fine but do not try to steal my funds when I ask to have my account closed. After these recent events and tactics witnessed I no longer trust them and will not be continuing with there exchange as a trading option, and I'm not sure how they think anyone would after being treated like this.

    After deciding they were not professional enough to continue using and since I'm verified on Bitstamp, Bitfinex and a couple others already, who have never treated me this way, I informed them I would be closing my account instead and transferring my funds out asap. They acted like everything was fine and then locked me out of my already frozen account and have not responded to my support requests for over a month now. Yet they respond instantly to any other support requests and are clearly ignoring me now that I do not want to continue using there exchange.

    This type of customer service and support for an account that is over 2 years old with them is appalling. I'm just glad I recently transferred the bulk of my account balances out prior to this happening.

    I would highly recommend if you use Poloniex.com to be very weary of them as they do not care how long you have been with them when the time comes you decide to move on they will likely try to rob you also.

    I have already taken other legal steps at this point in time, and am posting this for the purpose of making sure other have a fare warning of my experience. I will attach my support ticket conversation that has been a single reply from support and now 30+ Days of being ignored, without even an update to say there still working on it or if my case was passed to appropriate department as they claimed.

    Steer clear of these guys and be careful!!

    https://i.redd.it/v9innhlbg2611.png

    submitted by /u/Theguy3993
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    The Lightning Network: a huge opportunity to learn and earn money

    Posted: 24 Jun 2018 11:25 PM PDT

    Still HODLing!

    Posted: 24 Jun 2018 05:35 AM PDT

    Bitpay is fucking disgusting

    Posted: 24 Jun 2018 10:00 AM PDT

    I tried making a transaction on it and they don't even give a normal bitcoin address like any other fucking crypto transaction service. They have a QR code, but my phone is trash so I can't scan it. Why don't they give a normal address like any other service would?

    submitted by /u/alinktoschrodinger
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    When you see this chart you understand it is just a normal retracement

    Posted: 25 Jun 2018 02:03 AM PDT

    Look at these brave souls, fighting the good fight:

    Posted: 24 Jun 2018 10:12 AM PDT

    ⚡ LND integration coming to BTCPay

    Posted: 24 Jun 2018 06:12 AM PDT

    Down 70% and still HODLING: Here's Why

    Posted: 25 Jun 2018 02:35 AM PDT

    I know a lot of people are panicking in this market and want to get out, but I'm not one of them, since i'd only be losing money over the long term if:

    1. I sell. Right now despite the huge crash in my portfolio since my fomo buy, I only have unrealized losses, which would only materialize if I convert into fiat. The same would be true if i was up 1000%. The gain would only mean anything if i actually cashed it out.

    2. The market stays bearish for a long time. It's not that big a deal if we crash to zero and back again in a time frame similar to 2014. Even in the most bullish environment I'm not expecting to become rich overnight. The crypto millionaires are rich because they either believed in the underlying tech or simply forgot about their investment for extended periods of time (5+ years). There's many idiots who got in at sub 1$ and have nothing to show for it.

      That being said, if the crypto market takes 20-30 years to recover, I'd be pretty pissed, since that would become dead money that could have been put to better use elsewhere (getting a down payment so I can try my hand on the real estate casino, getting in on the Nasdaq, etc).

    3. The market goes to 0. Pretty self-explanatory. Satoshi turns out to be Rothchild in disguise of something and Bitcoin crashes to nothing and I lose all my money. Definitely possible, but highly unlikely. At the very least, even if bitcoin has no other use case, it's still a good hedge against traditional assets.

    In addition, I expect big corporations to start printing their own money (AMZN coin anyone?). There's no good reason they shouldn't. They can raise money from across the world with no accountability. Once that happens the whole market will boom again.

    My advice to to everyone on this sub and to myself: stop looking at the charts and come back in 2 years.

    submitted by /u/Ze_Warudo
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    Saw this guy today, in case anyone needed a reminder

    Posted: 24 Jun 2018 12:15 PM PDT

    Is Bitmain trying to centralize Bitcoin? Also, this is not the first time a pool has approached over 50% of the hashrate. Ghash at one time had 55%! Starts at 6:45 of video.

    Posted: 24 Jun 2018 09:34 PM PDT

    Correcting a misconception: The cost of electricity to mine a bitcoin does not create a bottom for the price

    Posted: 24 Jun 2018 05:04 AM PDT

    I've seen a lot of people repeat the myth that the cost of the electricity to mine a bitcoin creates a natural floor for the coin's price. In light of the rapid loss of value and there being nothing to stop this from continuing, I wanted to make sure that everyone who is holding the coin is aware of this so that they at least have a proper investment thesis formulated.

    The basic idea that claims the cost to mine a bitcoin has some fundamental correlation to value falls under the Labor Theory of Value, however this theory is a fallacy and does not hold up under market dynamics. Just because a person spends a lot of time or resources creating an object, does not mean that that object has value on the market.

    submitted by /u/curiouscitizen100
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    My favorite thing about crashes

    Posted: 24 Jun 2018 05:40 PM PDT

    It separates the boys from the men. Likewise it shows who is here for the tech, and who is here for the greed.

    Keep on fighting the good fight if you believe in Decentralized Globalism! Power to the people of the world!

    submitted by /u/DawnPhantom
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    Mt. Gox Victims May Get Their Compensations in Bitcoin by 2019

    Posted: 25 Jun 2018 01:54 AM PDT

    South Korea to invest in blockchain

    Posted: 24 Jun 2018 09:19 PM PDT

    Tell me your real world uses of Crypto!

    Posted: 24 Jun 2018 10:49 PM PDT

    I believe Crypto has its place. There have been several times I wish it was mainstream.

    Today, I sold a car. Buyer brought cash, but not enough. Sadly, he sent me an email money transfer. It took almost an hour to get to me! I asked him if he had Crypto, and he almost had no idea what I was talking about.

    A few months ago I went to Mexico, and purchased a guided fishing tour. They would only take cash at the dock. Fraud is rampant in Mexico. If they accepted Crypto, not only could I have paid them instantly, I could have gave them a better tip. Apparently the guy who sold me the "package" forgot to inform me I had to buy bait too. Well, that came from the 'tip' fund.

    These are just a couple examples. Crypto has a place in this world, and it will be adopted. How do you use, or places you could really see a good use of Crypto?

    submitted by /u/400acres
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    The way some of you are freaking out...

    Posted: 24 Jun 2018 12:19 PM PDT

    It's almost like you invested more than you could afford to lose.

    submitted by /u/drcorchit
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    How do i make a video of bitcoinity graph movement?

    Posted: 24 Jun 2018 09:56 PM PDT

    is someone already doing this? is there an ITTT type tool that can take screenshots of a page every 1 minute and stitch them together to form s video automatically? i want to see how the bottom graph changes with price going up and down.

    submitted by /u/kbxads
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    Best alternative to coinbase when buying/sending bitcoin?

    Posted: 24 Jun 2018 07:36 PM PDT

    Coinbase is frustrating me to no end, requiring me to verify my identity using photos of my ID, which I already did two days ago. Today it asked me to do it again with a selfie, and kept saying it couldn't read my damn ID. I have an iphone X, so its not like my camera is shitty. Now it has locked me out for 24 hours in the middle of buying bitcoin in order to send as a payment method. Whats the best alternative to coinbase in buying bitcoin debit card and sending it to a bitcoin address? I'm not very familiar with bitcoin, I don't plan on buying huge amounts and storing it in a bitcoin bank, just $100 dollars worth to get this payment over with. I've used coinbase 4 times before for this, so i'm not entirely ignorant when it comes to buying and sending bitcoin.

    I know the U.S. requires verification processes, so im not looking for a way around this. Just looking for a quick way to sign up, verify myself, buy bitcoin with a credit card, and send to a bitcoin address. That's all. To me it seems that coinbase is the only one to make this process simple. Any other alternatives? Even iOS apps?

    submitted by /u/murraydylan
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    Bitcoin Price Rises 5% Avoiding Lower End of $5,000 in Market Recovery.

    Posted: 25 Jun 2018 02:48 AM PDT
    Read more
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