Bitcoin Daily Discussion, September 01, 2018

Daily Discussion, September 01, 2018
”Bitcoin would greatly simplify the movement of global money, it has the potential to become the first worldwide currency” Bakkt
F.A. Hayek in 1984: "I don't believe we shall ever have a good money again before we take the thing out of the hands of government, that is, we can't take it violently out of the hands of government, all we can do is by some sly roundabout way introduce something that they can't stop."
Doing my part to spread adoption. Giving away copies of “The Bitcoin Standard” to friends and family.
The #LightningHackDay in Berlin has started. If you couldn't make it in person, here's the live stream. Building the Lightning Network!
What Does Austrian Economics Teach us About Bitcoin and Cryptocurrency?
Oh wow! Eminem mentions about Bitcoin in his new album Kamikaze
Rakuten Buys A Bitcoin Exchange For $2.4 Million As Demanded By Users
Firefox Plans to Block Crypto Mining Malware in Future Releases
New Survey Indicates Turkey, Romania and Poland Lead In Cryptocurrency Ownership
Kiev’s Bessarabsky Market Accepts Bitcoin for Groceries :) :) :)
Investigating the $1B Bitcoins on the move from a SilkRoad related wallet
Lightning Progress 8/31
New coffee shop in Montreal, Canada ��bitcoin accepted + heated by miners in the backroom! The future is now ��
Finally got my Jamie Dimon Bitcoin T-Shirt!
Bitcoin mining farm. Inside
Asia on Fire with 50% Rise in Crypto and Blockchain Jobs Since 2017
"How to Create an Online Store & Accept Bitcoin – Step By Step Guide" by using only free and open-source software. WordPress, WooCommerce, and BtcpayServer (no coding knowledge required, newbie-friendly)
Asia Sees 50% Uptick in Blockchain, Cryptocurrency Jobs
Paypal went through its growing pains and legal issues; as did credit /debit cards before it. Bitcoin and the cryptos will also survive this process
Japanese e-commerce giant Rakuten buys cryptocurrency exchange
Up in the Transylvania mountains, in the middle of nowhere
The documentary that helped motivate many early adopters of bitcoin.
Does it drive everyone crazy when they are forced to make payments using traditional processors who charge ridiculous fees and wait time? Fuck the banks, bitcoin is coming for you!
1st People to Use Paper Money... Last People To Use Paper Money

Daily Discussion, September 01, 2018

Posted: 01 Sep 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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”Bitcoin would greatly simplify the movement of global money, it has the potential to become the first worldwide currency” Bakkt

Posted: 31 Aug 2018 08:12 PM PDT

submitted by /u/billtae
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F.A. Hayek in 1984: "I don't believe we shall ever have a good money again before we take the thing out of the hands of government, that is, we can't take it violently out of the hands of government, all we can do is by some sly roundabout way introduce something that they can't stop."

Posted: 31 Aug 2018 07:38 AM PDT

submitted by /u/austrolib
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Doing my part to spread adoption. Giving away copies of “The Bitcoin Standard” to friends and family.

Posted: 01 Sep 2018 02:20 AM PDT

submitted by /u/SRBorden
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The #LightningHackDay in Berlin has started. If you couldn't make it in person, here's the live stream. Building the Lightning Network!

Posted: 01 Sep 2018 02:31 AM PDT

submitted by /u/renepickhardt
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What Does Austrian Economics Teach us About Bitcoin and Cryptocurrency?

Posted: 31 Aug 2018 07:17 PM PDT

submitted by /u/achainofblocks
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Oh wow! Eminem mentions about Bitcoin in his new album Kamikaze

Posted: 01 Sep 2018 01:51 AM PDT

submitted by /u/cryptobounties
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Rakuten Buys A Bitcoin Exchange For $2.4 Million As Demanded By Users

Posted: 31 Aug 2018 08:46 PM PDT

submitted by /u/Kyenzan
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Firefox Plans to Block Crypto Mining Malware in Future Releases

Posted: 31 Aug 2018 04:41 PM PDT

submitted by /u/chuozungjie3
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New Survey Indicates Turkey, Romania and Poland Lead In Cryptocurrency Ownership

Posted: 31 Aug 2018 02:22 PM PDT

submitted by /u/bigx1
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Kiev’s Bessarabsky Market Accepts Bitcoin for Groceries :) :) :)

Posted: 01 Sep 2018 02:45 AM PDT

submitted by /u/Newszii1
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Investigating the $1B Bitcoins on the move from a SilkRoad related wallet

Posted: 31 Aug 2018 12:47 PM PDT

2 days ago, I reported that a SilkRoad related wallet containing about $1B worth of Bitcoins (111,114 $BTC and the same amount of $BCH and of other Bitcoin forks) was on the move after 4 years and 5 months of inactivity : https://www.reddit.com/r/Bitcoin/comments/9bfnff/near_1b_are_currently_on_the_move_from_a_silkroad/

Today, I will dig a little bit more into this wallet activity.

Below you will find a graph representation of the transactions sent over time from the original 111,114-BTC wallet to the most recent wallets which have received some of the coins. Each branch represent a sequence of transactions sent through several wallets.

Red nodes indicate the most recent transactions (< 1 month), blue nodes indicate quite recent ones (<1 year) and green nodes are the older ones ( > 1 year).

Picture 1: here is the location of original wallet within the graph (15ihHoGs3onQBNnEH8afDFGvou9nD62Hm7).

https://i.redd.it/jjhfpb4udhj11.png

Picture 2: original coins are currently transferred on Binance wallet, in fact it is a major end-point/aggregate of transactions originated from the 111,114-BTC wallet (1NDyJtNTjmwk5xPNhjgAMu4HDHigtobu1s).

https://i.redd.it/7novcf2wdhj11.png

Picture 3: coins are being sold on Binance, here 100 BTC transferred to Binance wallet on August 29th (174EZQcfnJS5ChVsTbZaJMmjFCYykMLu9t).

https://i.redd.it/9ungmsexdhj11.png

Picture 4: funds are currently actively mixed, you can see a chain of red nodes with no other purpose than transferring n time the coins and splitting/mixing it a bit (3Ah15skNb8R1teRWs6h2Q2vRywkLJWUhhb).

https://i.redd.it/9lzr31n0ehj11.png

So it's now obvious that the wallet's owner :

is very actively splitting his original 111,114 BTC this past month (a lot of transactions are very recent, see the amount of red nodes on the graph);
some of this funds are currently being sold on Binance (picture 2 and 3);
is very actively in the process of mixing, hiding and making difficult to track his coins (picture 4).

Is the owner going to sell all his coins? How do you think this can impact the market?

Update 1

Following the request of u/btc-reddit, below you will find the graph that marks with red dots the wallets which have been active in the past 24h. At least 88 BTC have been transferred in the last 24h to Binance wallet: 18afibtW5NLMqMwCZD6yt1qhkmEbrfa3QF , 1M2stLGnZGi9XhB2sqTwFfcSfxZhzYKHs6 , 15jFKpCBfHN599TopLPQYdv2aNCRZSUw2r , 1F1EWmLJtYUA1yvDGRBQ6Z6Zjp33ci9EZX , 1M2stLGnZGi9XhB2sqTwFfcSfxZhzYKHs6 ...

https://i.redd.it/v4yql8ftvhj11.png

Furthermore, more than 2,980 BTC have been transferred to Binance wallet in August 2018, certainly to be sold or exchanged with other currencies, which represents 3% of the original wallet.

That's more than $20M worth of bitcoin at current price, it definitely can have impacted the overall price this month.

Most of it was sold after August 12th, which corresponds to the start of an increase in Bitcoin price interestingly:

https://i.redd.it/lg3ckep3zjj11.png

Update 2

This address is also heavily involved in this graph: 1NyfNYAXZ76VNdvxUUVxdbhWFQGa7QDjTn. It saw 73,673 BTC go through it (only 350 BTC originated from the wallet we are studying here though), in a little bit more than a year.

https://i.redd.it/sbkx1etviij11.png

Update 3

This address 3D83uPnvodCLpwedooiRrLjdQ9pcFVZF32 is part of the graph and is multiplexing a lot of coins, about 175 BTC in small chunks < 1 BTC.

Update 4

This is a more refined and complete version of the graph (the yellow nodes indicate transactions activity < 1 month). I let you find where is Binance wallet located ;-)

Obvious, isn't it!

https://i.redd.it/y9e8tdlodkj11.png

T.B.C

submitted by /u/sick_silk
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Lightning Progress 8/31

Posted: 31 Aug 2018 12:15 PM PDT