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    Bitcoin Daily Discussion, August 10, 2018

    August 10, 2018

    Bitcoin Daily Discussion, August 10, 2018

    Daily Discussion, August 10, 2018

    Posted: 10 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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    Joao Amoedo, Presidential Candidate Of Brazil, will make Bitcoin legal currency

    Posted: 09 Aug 2018 03:12 PM PDT

    Nobody can stop BTC anymore!

    Posted: 10 Aug 2018 12:20 AM PDT

    Nice guy & bitcoin core developer cfields helps bitcoin cash avoid a chain-split

    Posted: 09 Aug 2018 04:32 PM PDT

    The Byzantine Generals Problem and Blockchain Consensus Model Proof of Work | A Deep Dive 2018

    Posted: 09 Aug 2018 06:03 PM PDT

    Modern cup and handle pattern

    Posted: 09 Aug 2018 04:43 PM PDT

    When someone asks you why are you so into bitcoin read them this.

    Posted: 09 Aug 2018 12:31 PM PDT

    How I feel about Bitcoin

    Posted: 09 Aug 2018 03:55 AM PDT

    US Software Giant Intuit Awarded Patent for Processing Bitcoin Payments via SMS

    Posted: 09 Aug 2018 03:04 PM PDT

    What if there is a stock market crash?

    Posted: 09 Aug 2018 09:51 PM PDT

    Disclaimer: I promise this post isn't going to be about bitcoin or its exchange rate with any fiat currency.

    Of late, I have been thinking about a potential recession. It isn't a question of 'if'. In my opinion, it is just a matter of 'when'.

    With student loans, personal debt, automobile debt being at an all time high, a massive correction or a bubble exploding is just bound to happen.

    However, these massive corrections are quite common. Several of them have happened in the past and we recovered from it in one way or the other.

    I think the next one is going to be very worrisome. Almost all the major economies of the world did implement quantitative easing of varying magnitudes. A lot of the global currencies are much weaker than what they are today. Unfortunately, I see QE as a one time trump card. You can play it once and the damage will be minimal. Play it multiple times, the results can be catastrophic.

    This makes me think that some point of time almost all the currencies will lose value at a much faster pace. Turkish Lira, Argentinian Peso are only a few early examples. Major currencies will start hurting is my hypothesis.

    I don't have a crystal ball (🔮) to guess what is going to happen. The arrival of Bitcoin is just almost miraculous.

    The words that Taleb wrote as a foreword to Saifedean's book still makes me wonder. Bitcoin can be a very powerful way to keep central banks under a tight leash.

    I've been in this space for quite some time now. Every time I think about the impact of this, I'm just amazed as to how impactful Bitcoin can be!

    submitted by /u/nimmajjishaaTa
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    See the full picture!

    Posted: 09 Aug 2018 09:35 AM PDT

    Wall Street has 2 years to mess with us...

    Posted: 09 Aug 2018 10:54 PM PDT

    1 year is an eternity in crypto land. I've invested in the stock market for a decade and one year in crypto has been more exciting and excruciating than the past 10 years in traditional markets combined.

    Wall Street is old veteran money. These guys aren't dummies. They got all the money in the world. They have political power. And time is on their side for now. You can see how much sway they have manipulating prices and releasing FUD in the media. They're just getting started.

    Most millennials got into this game hoping for a get rich quick scheme. The truth is very few of us have a substantive understanding of what this is beyond a cover letter of knowledge, myself included. I work in tech, admittedly I'm not the genius in the room. But I've been voraciously consuming bitcoin content for a year and a half and I recognize I have so many blind spots in knowledge just to try and figure out all the ways this can play out for the best or worst.

    In my experience most of my fellow millennials don't really have the stomach or the pocketbook to fend off a long siege if Wall Street decides to put it on us. I'd like to see us HODL it out but everyone has a breaking point. I know enough grown folk to know those in power are there because they are patient, organized, and have seen a whole lotta shit in their lives.

    You remember Occupy Wall Street? Quite a large movement. Powerful in the moment. Lots of genuine anger and passion from us fighting the dominant old guards reckless abuse of power. But guess what, didn't really leave much of a mark in hindsight beyond making the cover of Newsweek.

    Here is what i see today, Wall Street is sowing fear and doubt throughout the media, rattling cages and scaring the crap out of us. Like lions circling the herd of water buffalos picking us off one at a time. And a lot of us don't have it in us to hang in the pocket. Hopefully I'm proved wrong.

    But in my experience we millennials aren't patient, we aren't experienced, we very loosely organized and we aren't disciplined. And i know a lot of people in crypto. Most of whom still leave their holdings in an exchange.

    In many ways it should fall a lot more in order for the tough lessons to sink in. That's how life typically works. There's a lot we all have to learn and most people are not putting on a jersey and getting in the game. We're cheering or booing on the sidelines waiting for our team to score.

    Honestly, how many people know someone who is contributing code to any meaningful crypto project?

    I'm long because I see a bright future. How long that takes is anyone's guess. But I can see things remaining turbulent for another agonizing year or two before any sun shines. Please convince me otherwise.

    submitted by /u/gettinmessi10
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    Bitcoin Now Accepted by 47 Vendors in Romania - coinness.com

    Posted: 09 Aug 2018 11:43 PM PDT

    Data gathered by coinmap.org shows that Romania has 47 vendors in 17 localities who accept Bitcoin transactions, and most of them are in or close to Bucharest.

    submitted by /u/Klancepaul
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    DEA wants criminals to keep using bitcoin says it makes the easier to catch.

    Posted: 09 Aug 2018 05:34 PM PDT

    Pro-Bitcoin U.S. Senate Candidate Loses Republican Primary

    Posted: 10 Aug 2018 03:24 AM PDT

    3265 Days of Bitcoin Development Visualized in 7.3 min

    Posted: 10 Aug 2018 02:56 AM PDT

    Hey guys, just a reminder workingForBitcoins.com is still free to use, no fees of any kind. If you post a job here, I even personally help you find freelanccers to complete your job. Please consider checking it out. Thank you.

    Posted: 09 Aug 2018 03:20 PM PDT

    My first ever purchase using BTC was this $5 bitcoin pin in 2015. I spent .0113 BTC to acquire it.

    Posted: 09 Aug 2018 09:20 AM PDT

    This is the most important video on btc these days.

    Posted: 09 Aug 2018 08:20 PM PDT

    The World Bank is preparing for the world's first blockchain bond

    Posted: 09 Aug 2018 11:00 PM PDT

    Repurposed meme. Look at this #bitcoin graph.

    Posted: 09 Aug 2018 11:12 PM PDT

    Volkswagen Group working on blockchain use cases with full steam!

    Posted: 10 Aug 2018 02:51 AM PDT

    Bitcoin's Lightning Network capacity flares up to nearly 100 BTC

    Posted: 09 Aug 2018 09:26 AM PDT

    DON'T BUY BITCOIN

    Posted: 10 Aug 2018 03:37 AM PDT

    We shouldn't wait for a perfect crypto currency

    Posted: 10 Aug 2018 01:01 AM PDT

    People are too keen on visualizing some ideal future of the crypto world. This may be embedded into our history – the world was created by mathematicians. This is now the main obstacle on the way of cryptocurrencies substituting fiat money – mathematicians believe they can predict people's actions. Here is an example.

    There was a comment at BitcoinTalk on my last post. The post is about using cryptocurrencies as we use ordinary fiat money and make crypto a real payment method. The comment says that crypto is not ready for it just yet.

    I will give a long response to this objection. People, stop searching for flaws in the existing cryptocurrencies! They are all just a theory that has nothing to do with reality whatsoever. Here is a real story for you:
    There are turntables sold on our marketplace. So, a woman decides to buy her husband a turntable and remembers that at some point in her life she has bought a biocoin. Biocoin is not a common token and it has not become popular yet. Nevertheless, it is quite stable. The project is not a scam, it just quietly develops at its own pace.
    As the woman does not have much money, she decides to pay for the turntable in biocoins. The seller is more competent, so he knows everything: how to exchange boicoins for more common currencies and what possible reasons to hold biocoins exist. The woman does not see that biocoins are promising in the long term, while the seller does. Anyway, the deal is done, both parties are happy and no one thinks that cryptocurrencies are not ready to function as fiat money.

    You might say that was just a coincidence. Forgive me, but these coincidences add up to a sufficient number of transactions performed on our marketplace. Sure, eBay does more transactions than we do. But you know what? Even Amazon had only a dozen closed deals a day when it had first entered the market because online purchases were a rare thing, a novelty back then. There were people who bought goods online just for the fun of it.

    The thing is that even the relatively small number of deals on the platform gives our team energy and strength to move forward. All these stories inspire us to improve the marketplace. If our team was trying to create a perfect currency or a perfect marketplace, we would probably just stop as we would have no energy to keep going. Small stories of success can inspire us, while the ideal world can't – it is just an illusion, a hallucination about 'how it could be'. You don't have to be perfect because 'perfect' is not the same for everyone. We all have different ideals. And the woman from our story is already happy with the way things turned out.

    submitted by /u/alexpti4ka
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