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    Bitcoin Daily Discussion, August 09, 2018

    August 09, 2018

    Bitcoin Daily Discussion, August 09, 2018

    Daily Discussion, August 09, 2018

    Posted: 09 Aug 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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    3rd street art piece in Paris with a Bitcoin QR code ��Already 1000$ received �� Thanks for all of your support crypto community, the best to come (crypto art exhibition and more pieces using crypto) !

    Posted: 08 Aug 2018 04:36 PM PDT

    Bitcoin has stabilized?

    Posted: 09 Aug 2018 01:47 AM PDT

    Here we go again...

    Posted: 08 Aug 2018 10:37 AM PDT

    Current prototype to help hide my Bitcoin. It's a Pencil cup hodler with spots for 8 Ledger's inside.

    Posted: 08 Aug 2018 08:35 AM PDT

    r/CryptoCurrency right now

    Posted: 08 Aug 2018 01:26 PM PDT

    America's got Bitcoin

    Posted: 08 Aug 2018 07:55 PM PDT

    From year 2100 to 2140 *ONE* bitcoin will be mined total

    Posted: 08 Aug 2018 10:01 PM PDT

    In year 2136 the bounty will be 0.00000042 BTC per block.

    So now think how expensive those 40 years of mining will be, including tx fees; how much $$$ would running the current hashrate for 40 years cost? That would get you 1 bitcoin.

    Cutting out all the speculation and absurd pumping and dumping to smokescreen the core idea that the cost to mine 1 bitcoin is a fair indicator of what 1 bitcoin's minimum value is, it becomes clear that the absolute minimum value is capable of being a massive multiple of what it is now, even if nobody spent or sold one.

    BTC, or any crypto, floors at the cost to mine one: a conversion from electricity and infrastructure into "value tokens."

    If it costs me $1,000 to mine one, I would never sell it for less than $1,000. And then eventually it costs more than that, and so on.

    It is then a store of that expense. A token of that value. "Using it" is simply having it... mined or purchased.

    Adoption involves the fluidity of conversion and outlets of acceptance, sure, but essentially stating that the value will "never go up" is stating that cost of mining or hashrate will also "never go up." Both have gone up steadily.

    If you'd like to see the bubbles happening, look no further than the cost of mining vs the cost of bitcoin. Notice how it has never dropped under mid-scale mining costs, ever, in the history of BTC.

    Notice how 1/2 of all bitcoin was mined at or under a $50 valuation, when a couple hundred dollar ASIC could turn profit in a few months.

    100% of strategies of diversifying or averaging were pointless since then, the most successful strategy was to convert as much fiat (via cash or mining resources, whichever is more efficient for you) to BTC.

    Right now estimates sre that it is around $5-6k to mine one bitcoin, and since hearing that figure the hashrate has jumped up ~15%.

    So unless you think the hashrate will double with the cost of mining halving, that means the baseline will follow suit to a substantial degree.

    So, yeah, some real advice? Don't pay more than a couple percent over the cost of mining for 1 btc unless you're prepared to wait.

    submitted by /u/eqleriq
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    Does anyone know the return policy on Lamborghini Sv?

    Posted: 08 Aug 2018 05:36 PM PDT

    I just finished reading The Bitcoin Standard. These are my thoughts.

    Posted: 08 Aug 2018 11:54 PM PDT

    When I started investing in cryptocurrency I didn't understand anything about it as I am not extremely good with computers and I have zero knowledge about coding.

    I initially invested as I assume most do and that was to make a quick profit. However the more I studied blockchain technology the more I started to understand it, and it kept leading me back to Bitcoin. Once I had read the whitepaper a few times I was down the rabbit hole and was consumed with understanding it.

    What followed were months of trying to understand all the ins and outs of Bitcoin without having a solid understanding of cryptography. I gained knowledge but everything was still above my head when it came to the intricate details. It was then that I heard about the book The Bitcoin Standard.

    The book is absolutely perfect for anyone who is mildly interested in Bitcoin, it begins with teaching you how to understand money, what was first used for money and why that certain form of money either succeeded or failed.

    It then dives into economics, the two different kinds and why they are both fundamentally wrong, the amount of detail in these chapters is so easy to understand and leaves you with a solid understanding of why empires succeeded or were destroyed.

    It then submerges into the history of Bitcoin, who created it, and how it was created. It simply explains to you how everything is linked together from the miners to the nodes, to the average user like you and me. Every concept is easy to grasp and leaves you with a solid understanding about all of it.

    In conclusion; this masterpiece will have you questioning economics to their very core, wondering how and why we have accepted our form of money up to this point. The book will blow your mind about what money is, and it will make you understand why more and more people everyday still want to hold and use Bitcoin.

    The Bitcoin Standard is a must read if you're a crypto enthusiast.

    submitted by /u/diamondcuts17765
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    Bitcoin ETF? Really?? Banksters are the problem. Bitcoin is the solution.

    Posted: 08 Aug 2018 06:27 PM PDT

    Trust. The banksters got that name for good reasons: they're know criminals. There are now two classes of people in the US: banksters, and those who must obey all laws or face jail and/or penalties.

    Examples include, but are in no way limited to:

    https://en.wikipedia.org/wiki/Forex_scandal

    https://en.wikipedia.org/wiki/Libor_scandal

    https://www.theguardian.com/world/2011/apr/03/us-bank-mexico-drug-gangs

    Are you willing to trust people like that to hold your Bitcoins for you? If so, what's the matter with you?

    Banksters are the problem. Bitcoin is the solution.

    "Your keys, your Bitcoin. Not your keys, not your Bitcoin" -- Andreas Antonopoulos

    Then, there's the possibility that the fund (ETF) you put your money into is being run by another Bernie Madoff kind of person who will send you quarterly statements, but hasn't actually invested a dime of your money.

    https://en.wikipedia.org/wiki/Bernard_Madoff

    Before you go spouting off about regulators and auditors, keep reading:

    It has been well known for some time that the government regulation agencies have a "revolving door" with the very entities they're supposed to be regulating. People often leave government to go work for the places they were supposed to be regulating. Sometimes people leave the banks to go regulate their "buddies". Again, are you able and willing to trust them? Not me.

    https://www.newyorkfed.org/medialibrary/media/research/staff_reports/sr678.pdf

    https://en.wikipedia.org/wiki/Goldman_Sachs#Personnel_%22revolving-door%22_with_U.S._government

    Ask yourself, "Where the hell were the auditors and regulators during Bernie Madoff's caper?"

    Trust is just one of many reasons why a wise person should be very cynical about ETFs in general, and about Bitcoin ETFs specifically.

    submitted by /u/DelfinGuy
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    ShapeShift’s new Bitcoin swapping tool is beneficial in twofold

    Posted: 09 Aug 2018 02:21 AM PDT

    Cryptocurrency experts warn against panic selling

    Posted: 08 Aug 2018 11:42 PM PDT

    Improving Privacy Using Pay-to-EndPoint (P2EP)

    Posted: 08 Aug 2018 06:13 PM PDT

    Bitmain violatin GPLv3 license again this time for software in the Antminer Z9 firmware

    Posted: 08 Aug 2018 12:11 PM PDT

    I contacted Bitmain on August 4th 2018 via their support system to request the Complete Corresponding GPL source code to the cgminer 4.9.0 mining software that they use on the Antminer Z9. They have so far failed to comply with the request and their support agent "Barbara" has only given excuses for why it hasn't been uploaded yet. Giving GitHub repository links from back in 2016!.

    The GPL licenses for the cgminer require they make complete source code available at the same time as the binary:

    For an executable work, complete source code means all the source code for all modules it contains, plus any associated interface definition files, plus the scripts used to control compilation and installation of the executable.

    What they have uploaded to their GitHub so far is outdated, incomplete and is missing components necessary to compile. The GPL also requires that they provide the source code for every firmware version they release, although I only requested they provide the source code for the latest version so far.

    submitted by /u/ukminer17
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    Guys seriously bitcoin isn’t gonna die you guys are talking like idiots.

    Posted: 08 Aug 2018 11:26 AM PDT

    Guys seriously stop talking like complete morons. We are in a bear market and have been for a while will it drop further? Maybe maybe not we have no idea. Will it rise again? Absolutely 100%. Just hold and wait, the market isn't gonna just die. Also stop acting like this is the first time this has happened, reading through some of these comments make my brain hurt.

    submitted by /u/Tryxx25
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    Hooorayyy!!!

    Posted: 08 Aug 2018 10:03 AM PDT

    Looking into crypto as my nephews birthday gift. Instead of giving a $100 bill in a B-day card I made a bitcoin wallet and converted $100 into bitcoin. Is this the best way to do this?

    Posted: 08 Aug 2018 08:02 PM PDT

    Most accurate crypto forecast

    Posted: 09 Aug 2018 03:25 AM PDT

    ETF - Important or not

    Posted: 09 Aug 2018 02:08 AM PDT

    Recently seen everywhere ETF ETF ETF. I am really not able to understand, why ETF is so important for Bitcoin to Grow. Can any of you help me know, why it is and why it not?

    submitted by /u/toms99_
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    1% to go

    Posted: 08 Aug 2018 07:16 AM PDT

    Yale Study: Every Portfolio Should Include 6% Bitcoin (At Least)

    Posted: 08 Aug 2018 07:38 AM PDT

    Bitcoin is in the best place it has ever been.

    Posted: 08 Aug 2018 09:57 PM PDT

    1. The scaling issues & debate, as well as the related damaging forks are now largely behind us. Even before it blew up last year, it was the elephant in the room that needed to be addressed.
    2. It is pretty clear that most governments & regulators are taking a not-too-aggressive position. This was probably the biggest fear of the early adopters.
    3. The next halving is due in 2020. This will reduce supply.
    4. Goldman Sachs' custody service when launched will increase demand.
    5. ICE/Starbucks/Microsoft plans will increase demand when implemented.
    6. The SEC is more likely than ever to approve an ETF within the next 9 months. This will vastly increase demand.
    submitted by /u/MadBanker01
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    Author Of 'Rich Dad Poor Dad' Believes In Bitcoin. Says Bitcoin can replace US Dollar and also calls it people's money

    Posted: 08 Aug 2018 07:37 AM PDT

    Accelerating Liquid Adoption - Liquid Block Explorer

    Posted: 08 Aug 2018 11:32 AM PDT
    Read more
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