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    Bitcoin Daily Discussion, November 30, 2018

    November 30, 2018

    Bitcoin Daily Discussion, November 30, 2018

    Daily Discussion, November 30, 2018

    Posted: 29 Nov 2018 11:00 PM PST

    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!

    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!

    Please check the previous discussion thread for unanswered questions.

    submitted by /u/rBitcoinMod
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    Don't miss a chance!

    Posted: 30 Nov 2018 02:12 AM PST

    ┴ɥosǝ Wonuʇɐᴉus

    Posted: 29 Nov 2018 02:14 PM PST

    sniatnuom esohT

    Posted: 29 Nov 2018 05:52 AM PST

    10-Year of BTC

    Posted: 29 Nov 2018 11:39 PM PST

    My 7 year old daughter knew I like bitcoin, so she thought of this cake with mommy! I’m so happy :)

    Posted: 29 Nov 2018 03:33 PM PST

    CoinShares research shows at least 78% of Bitcoin mining uses renewable energy! making Bitcoin mining greener than almost every other large-scale industry in the world.

    Posted: 29 Nov 2018 12:02 PM PST

    This is why short term volatility doesn't faze me.

    Posted: 29 Nov 2018 07:03 PM PST

    Red Rooster (Aussie fast food chain) at Brisbane airport accepts bitcoin!

    Posted: 30 Nov 2018 02:01 AM PST

    Hahahahahahahah!

    Posted: 29 Nov 2018 07:15 AM PST

    Satoshi's p2pfoundation made a post "nour"

    Posted: 29 Nov 2018 11:32 PM PST

    Bitmain faces lawsuit for mining Bitcoin at expense of customers

    Posted: 29 Nov 2018 10:04 PM PST

    Paper Bitcoins Have The Potential To Ruin The Bitcoin Market

    Posted: 29 Nov 2018 09:40 PM PST

    Paper Bitcoins Have The Potential To Ruin The Bitcoin Market

    ​

    https://i.redd.it/9sh34xetne121.jpg

    http://genesisblocknews.com/paper-bitcoins-have-the-potential-to-ruin-the-bitcoin-market/

    Paper Bitcoins are becoming increasingly popular among institutional investors, and they have the potential to ruin the Bitcoin market. Paper Bitcoins are equivalent to printing Bitcoin, and perhaps the best example of paper Bitcoins are the Bitcoin futures on CME and CBoE in Chicago. Billions of USD is flowing through the Chicago Bitcoin futures markets, and these are all backed by cash and settled for cash, with no actual Bitcoins backing them. Therefore, any money invested into these Bitcoin futures is diverted away from the spot market, and therefore reduces Bitcoin's spot demand and price long term. Further, paper Bitcoins inflate Bitcoin's supply above 21 million coins, which is obviously quite bad for Bitcoin's price.

    The entire crypto space has been avid that a Bitcoin exchange traded fund (ETF) would have been an incredible thing for the market, and this was true for physically backed Bitcoin ETFs like VanEck SolidX and the Winklevoss Trust. However, a further 5-10 Bitcoin ETFs were proposed to the SEC that were cash settled and not backed by Bitcoins, and many of the crypto news sites failed to make the distinction between cash settled ETFs and physical ETFs, and acted as if the rejection of cash settled ETFs was bad news, when it was actually good news. If the first Bitcoin ETF that comes into existence is cash settled it would be a catastrophe. All of that money from institutional investors that the crypto markets have been waiting for would end up in the coffers of the company running the ETF, and theoretically would not increase Bitcoin's price at all, no matter the volume of the ETF. Further, the paper Bitcoins printed for such an ETF would drastically increase Bitcoin's supply and trash its price.

    The point is, Bitcoiners need to investigate any sort of Bitcoin futures, ETF, or index fund thoroughly before getting excited about it. Financial instruments that are directly backed with Bitcoin are a good thing, but financial instruments backed with cash can do long term damage to the market.

    The crypto space was rightfully excited about the launch of physical Bitcoin futures on Bakkt on 12 December 2018, but it was delayed until 24 January 2019 at the earliest. Something in the government is stopping physical Bitcoin futures, only leaving the cash settled futures in Chicago for the foreseeable future. Essentially, the government has approved the paper Bitcoins in Chicago, which reduce Bitcoin's price long term by diverting demand and increasing supply, but are simultaneously disapproving of futures backed by actual Bitcoins.

    GenesisBlockNews believes the government is not going to allow any sort of Bitcoin-backed financial instrument to be approved, since that would cause Bitcoin to gain too much value and threaten the USD's dominance. The government will be happy to approve more paper Bitcoins though, since that undermines Bitcoin's value. Therefore, crypto enthusiasts need to be very careful to do research before getting excited about any newly approved Bitcoin financial instrument in the future, since it will very likely be paper Bitcoins.

    One does not have to look further than the gold market to see the end result of printing paper assets. Gold is one of the few things in the world that can be used as a currency and gain value long term relative to inflationary fiats, IF there were not tremendous paper markets. The price of gold has been falling since the middle of 2011, from USD 1,900 to near USD 1,200 currently. This is due to the saturation of the gold market with paper gold on the COMEX futures exchange; note this is CME, the same exchange issuing unlimited amounts of paper Bitcoin! There is 360 times more paper gold printed than the physical gold backing the contracts.

    Massive amounts of gold can be printed at will by COMEX, as if it was paper money, and this has prevented the gold industry from being a serious threat to the USD. This is why the government allows this, even though it is tantamount to stealing from all the people who hold gold in the world.

    CME, once again the same people that have ruined the gold market via COMEX, now has permission to print as much Bitcoin as it wants. Bitcoin Futures on CME launched on 17 December 2017, the very same day Bitcoin's price began to crash from its peak near USD 20,000. It is quite obvious that the launch of Bitcoin futures on CME was a coordinated attempt to ruin the price of Bitcoin. CME has been printing Bitcoin at will, and stealing from everyone else in the world that holds Bitcoin.

    One more note, do not be surprised if when Bakkt's Bitcoin futures finally come, that they are cash settled futures. Bitcoiners will need to read the fine print.

    submitted by /u/turtlecane
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    Amid Uncertainties, Malaysia Joins Other Asian Countries in Welcoming Cryptocurrencies

    Posted: 29 Nov 2018 09:37 PM PST

    Uh, is that a crypto ad in the middle of San Francisco ��

    Posted: 29 Nov 2018 04:16 PM PST

    The Bitcoin Futures On CME Are Definitely The Reason For Bitcoin’s Price Crash

    Posted: 29 Nov 2018 11:04 PM PST

    The Bitcoin Futures On CME Are Definitely The Reason For Bitcoin's Price Crash

    ​

    https://i.redd.it/ivsnbqvm2f121.jpg

    http://genesisblocknews.com/the-bitcoin-futures-on-cme-are-definitely-the-reason-for-bitcoins-price-crash/

    This is a followup article to http://genesisblocknews.com/paper-bitcoins-have-the-potential-to-ruin-the-bitcoin-market/ As I did the research for that story, I had a serendipity moment where I realized without any doubt that CME has caused the Bitcoin bear market of 2018. The launch of Bitcoin Futures on CME on 17 December 2017 coincided exactly with the end of the rally and the beginning of the crash. The opening price on CME was USD 20,650, and by the end of that same day Bitcoin was at USD 19,055. Just look at the long term chart, 17 December 2017 was the day where the Bitcoin market went from positive to negative.

    The Bitcoin futures on CME are cash settled, meaning there is no Bitcoins involved in their trading or settling at all. Therefore, Bitcoin futures contracts on CME are paper Bitcoins. Each paper Bitcoin issued on CME diverts demand away from the Bitcoin spot market, lowering Bitcoin's price, and also increases the total supply of Bitcoin beyond the actual Bitcoins in existence.

    CME Bitcoin futures contracts are 5 Bitcoins each, and settled once a month. The volume of Bitcoin futures has been rapidly increasing, as Bitcoin dives lower and lower, and this is not a coincidence. The higher the volume of Bitcoin futures, the more paper Bitcoins that are printed.

    ​

    https://i.redd.it/b8eu4c6f2f121.png

    In Q3 2018, on average 757,950 paper Bitcoins were traded per month. While the spot market volume is much higher than this, the printing and trading of this many paper Bitcoins per month has a massive impact on diluting the Bitcoin supply and diverting demand away from the spot markets. In the global financial markets Bitcoin is no longer as scarce, since anyone can deposit money at CME and print paper Bitcoins and trade them, even if every actual Bitcoin in the world was being HODLED.

    If you do not believe me regarding the connection between the CME Bitcoin futures and the decline in Bitcoin's price, the Federal Reserve issued a statement during May 2018 affirming that CME ruined Bitcoin's price. Apparently the introduction of futures markets to other asset classes in the past has also caused a long term price decline. The Federal Reserve says that before Bitcoin futures launched optimists, i.e. Bitcoiners that actually cared about Bitcoin, were in control, and pessimists, i.e. the establishment that hates Bitcoin, had no mechanism to bet against Bitcoin's price. Once Bitcoin futures launched, people that did not like Bitcoin could bet against its price as much as they wanted to via short selling.

    Implicitly, the Federal Reserve is saying that if Bitcoin futures did not launch on CME, then Bitcoin would have rose well beyond USD 20,000. The launch of the CME Bitcoin futures was such a powerful action that it immediately halted the rally, as institutional investors began short selling mass amounts of Bitcoin, while diverting demand away from the spot markets and printing Bitcoins simultaneously.

    CME is in control of COMEX, as mentioned in the previous article. COMEX acts to suppress and devalue the global price of gold at the expense of everyone else in the world who holds gold, by issuing 360 times more paper gold than the physical gold they have.

    The CME Bitcoin futures are far more malicious than COMEX, since clients cannot have their Bitcoin delivered under any circumstances, unlike the gold futures which have a delivery option. Further, it seems COMEX at least keeps the gold price stable or slightly devaluing, while the Bitcoin futures on CME are going full steam ahead to crash Bitcoin's price as far as possible.

    The government is fearful of Bitcoin, as explained in an article I wrote a day ago, and the approval of paper Bitcoins on CME, and simultaneous rejection of financial instruments backed by actual Bitcoins, is proof that the government is launching a coordinated attack on Bitcoin. The government has basically given the green light for institutional investors to steal as much money as they want out of the Bitcoin market via the CME Bitcoin futures, since that serves the purpose of destroying the Bitcoin market, even if it is morally wrong and probably illegal. If Bitcoin overtakes the USD as the primary global currency, the government would lose most of its power, and therefore they will bend the law to prevent that.

    GenesisBlockNews believes the Bitcoin community does not have to be docile about this. The Commodities Futures Trading Commission (CFTC) is required by law to protect investors, and in this case their approval of Bitcoin futures on CME is ruining the entire Bitcoin market and causing millions of Americans to lose tremendous amounts of money (not to forget many more people around the world). This is illegal, it could be proven in a court of law, and the Bitcoin futures in Chicago could be halted via a class action lawsuit combined with widespread protests.

    Hopefully this article provides the knowledge people need to start fighting back. Bitcoin did not begin falling, and would have never crashed like this, if it was not for the launching of CME's Bitcoin futures, which facilitates the mass theft of money from all Bitcoiners. It is time for Bitcoiners to get angry and aggressively protest CME.

    submitted by /u/turtlecane
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    The Nigerian Nakamoto Scam – Kay Kurokawa

    Posted: 29 Nov 2018 06:57 PM PST

    "Cryptocurrencies" was a category on tonight's Jeopardy! Thank you Alex Trebek!

    Posted: 29 Nov 2018 07:24 PM PST

    "Cryptocurrencies" was a category on tonight's Jeopardy! Thank you Alex Trebek!

    And the contestants waited until last to pick the category! All clues were answered correctly (according to misinformed judges at Jeopardy HQ). We're getting there!

    The clues:

    Q200: An altcoin is any unit of cryptocurrency other than this original one.

    Q400: A lawsuit from this rapper killed off the Coinye currency.

    Q600: Each transaction is a "block" connected in these digital ledgers that enable cyrpocurrencies to work.

    Q800: This three letter chat app created it's own currency, the very similarly named KIN.

    Q1000: In 2018, this South American country launched the Petro currency backed by oil reserves. (Daily Double)

    ​

    https://i.redd.it/zsx4g2bo4e121.jpg

    submitted by /u/CryptoKujira
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    Intermediaries gonna intermediate

    Posted: 30 Nov 2018 02:06 AM PST

    I Made a Two Factor Authentication Web Service, Pay with Lightning⚡⚡. It's the 2FA.Horse.

    Posted: 29 Nov 2018 08:08 PM PST

    Well, i wouldnt bet against lightening either

    Posted: 29 Nov 2018 12:47 PM PST

    Is it still profitable to mine at the end of 2018?

    Posted: 29 Nov 2018 11:41 PM PST

    Possible to send BTC to multiple addresses automatically from spreadsheet or database?

    Posted: 29 Nov 2018 11:40 PM PST

    Hi all,
    I was wondering if it is possible to automatically send Bitcoin to a list of addresses from a spreadsheet or database?

    So the spreadsheet would have the addresses and the amount to send to each address. is there currently any way to automate this?
    And also can it be done in one transaction or would it need to be a separate one for each address?

    Thanks in advance!

    submitted by /u/MariaCummins
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    Bitcoin Q&A: Will governments let privacy coins exist?

    Posted: 30 Nov 2018 01:41 AM PST

    Those mountains. Next peak this way...

    Posted: 29 Nov 2018 04:50 PM PST
    Read more
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