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    Bitcoin Daily Discussion, December 08, 2018

    December 08, 2018

    Bitcoin Daily Discussion, December 08, 2018

    Daily Discussion, December 08, 2018

    Posted: 07 Dec 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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    I wonder if we upvote this, is there a chance trading bots get confused and start buying?

    Posted: 07 Dec 2018 02:22 PM PST

    Calling it:

    Posted: 07 Dec 2018 09:39 PM PST

    Everyone who has the guts to hodl and/or DCA through this -90% bear market is going to have been "just lucky" 2 to 5 years down the road.

    submitted by /u/Renben9
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    Stocks VS Crypto

    Posted: 07 Dec 2018 02:34 PM PST

    The button is ready. Receive Lightning Network micropayments in your web :)

    Posted: 07 Dec 2018 01:17 PM PST

    Just joined the 21 Million Club...

    Posted: 07 Dec 2018 10:10 AM PST

    I know this post probably won't be met with as much fanfare as these kinds of posts used to get in the past, but I just joined the 21 Million Club. I had .85 BTC for the longest time, glanced at the current prices today, and decided screw it, I'm tossing the last $500 of my paycheck in. I'm hoping that this will be a wise decision in the next two or three years, but if this global, disruptive, monetary experiment doesn't pan out, well then at least I can say that I participated in it, and hopefully lessons learned from my participation (along with millions of others') helps the advancement of society and humanity in some way. Despite these dark days, some of us aren't going anywhere and are in this for the long haul to see how it all plays out:) Stay strong, be positive, eat your veggies, and above all HODL!!

    Edit: Thanks for the gold kind stranger! Also generally happy to see all of the optimism and resilience still present in this sub, despite being in one of the worst crypto crashes in history. Super proud of this community.

    submitted by /u/syzygy00778
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    Australian farmers market lady accepting the btc. She called herself an early adopter in the farmer market business. Very cool

    Posted: 07 Dec 2018 04:53 PM PST

    Probably one of the last LN map pictures with my node still visible without zooming... (the green-brown dot near the middle of the picture)

    Posted: 07 Dec 2018 08:07 PM PST

    Just leaving this here in case anyone still doesn't understand the gravity of the lightning network.

    Posted: 08 Dec 2018 01:32 AM PST

    Finally Made It

    Posted: 07 Dec 2018 08:25 PM PST

    Took a leap of faith, kept buying on the dips and over last year saved up enough $ to get a full coin. Feeling good right now

    submitted by /u/Jiggaderb
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    Nasdaq Confirms Launch of Bitcoin Futures for 2019: "We're Doing This No Matter What."

    Posted: 07 Dec 2018 05:31 PM PST

    Hang In There Crypto Fam! Bitcoin will get better soon

    Posted: 07 Dec 2018 12:24 PM PST

    Localbitcoins steals from affiliates. Caught them doing this 2 years ago, called them out, but now they're doing it again.

    Posted: 08 Dec 2018 04:02 AM PST

    Next Couple Of Years We'll Be In A Huge Recession..

    Posted: 08 Dec 2018 02:45 AM PST

    Ok, The signs are already there that we're heading for a huge collapse. It's already in play. Brexit. Debt increase. Egotistical leaders. uncertainty. Currencies dropping 20% plus. Stock markets showing signs of weakness. We're heading for a collapse that will make 2008 look like a baby in comparison.

    Normally gold and silver in the past went higher in price when things went south, but now it could be cyber currency. Cyber currency can now be used by people and governments to protect themselves from their currency collapsing.

    ​

    I would hope that cyber currency would be bitcoin, but the only thing that scares me about bitcoin is it's transaction speed at this current time is way too slow. It just wouldn't be able to sustain the high demand of transactions.

    ​

    What are your thoughts. Are we heading for a collapse? Will cyber currency be the safe haven? Will bitcoin be that haven? What other cyber currencies to look at? What about gold?

    ​

    Lets use this reddit to help eachother best prepare for this crash that we're heading for. Share your thoughts no matter how stupid they sound.

    ​

    ​

    submitted by /u/bitcoinfuture1
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    Experiment: lets actually try to confuse the bots!

    Posted: 07 Dec 2018 04:24 PM PST

    Some of you may not know this but there are lots of traders that use webscrapers to get sentiment analysis from social media including reddit.

    I know a thing or two about this since I have done it myself with Python.

    What is sentiment analysis? It's an AI used algorithm to determine if the opinion in text is positive or negative. The scrape all the text from the posts and determine if the average sentiment is positive or negative and try to predict the direction of it. Of course this leads to feed back loops since advanced traders will sell when the sentiment goes down which then causes the situation to get even worse.

    They then use these to make automated trades and this isn't exclusive to Bitcoin either, it's been used for trading for a long time in traditional markets as well. But the reality is most natural language processing isn't that advanced and you can easily fool it.

    So lets try an experiment. If you comment in this thread use a simple emoji like :) and maybe say something positive like "to the moon!" with exclamation points, this generally is enough to sway it to the positive. And you can double check to see what a sentiment analyzer says about your text here https://text-processing.com/demo/sentiment/

    submitted by /u/cryptonewsguy
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    If History Repeats....

    Posted: 08 Dec 2018 04:21 AM PST

    US Household wealth is over $100 Trillion, and people only feel comfortable holding $60 Billion of wealth in Bitcoin worldwide (of which a nontrivial portion is lost or locked forever). Few people comprehend what Bitcoin is. The future is bright.

    Posted: 07 Dec 2018 05:03 PM PST

    Friendly Reminder: 2021 is Chinese year of the bull.

    Posted: 07 Dec 2018 05:12 PM PST

    Happens every 12 years. Better get those buys in early folks!

    submitted by /u/spritefire
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    Spotted in Austin, Texas

    Posted: 07 Dec 2018 12:13 PM PST

    Bitcoin, the most expensive "pay to win" idle game

    Posted: 07 Dec 2018 03:52 PM PST

    Gameplay of Bitcoin:

    • Every 10 minutes the world is threatened by a vicious monster (block) that needs to be eradicated (solve).
    • Players (miners) participate simultaneously in an effort to kill (solve) the monster (block).
    • Players can gathered in guilds (pools) to increase their chances to win and be reworded (bitcoin), because only the luckiest player or guild gets the loot.
    • The game plays itself, with no effort from the player. He only has to share his damage per second (hashrate), if he wants to save the world and be rewarded.

    The first monsters (blocks) were very easy to kill (solve) gaining lots of points (bitcoin). But over time, the reward is halved several times and the health points (difficulty) of monsters (blocks) are increasing, making the loot reward (bitcoin) harder and harder to obtain. In this situation, the player is forced to spend it's points (bitcoin) on upgrades and consumables in order to increase the damage per second (hashrate) he inflicts, resulting in greater chances of reward.

    Game mechanics:

    The difficulty of the game increases with the players (miners) advancement in the game world. The monsters (blocks) health points (difficulty) are determined by the gathered amount of damage per second (hashrate) of all participating payers. The more damage per second (hashrate) exist in the world, the harder the game becomes.

    As the game gains in popularity and difficulty, players (miners) can buy special packs (ASIC miners) to help them inflict greater DPS (hashrate) for a short period of time and increase their chances of loot (bitcoin).More powerful and more expensive packs (ASIC miners) are developed constantly, so players (miners) can boost their DPS (hashrate), at the same time increasing the game difficulty for the rest of the player base, forcing them to adopt the same strategy.

    There are independent entities (nodes) that monitor the loot (bitcoin) of everyone participating, so they can't cheat. Players can buy, sale, trade the points they gather, to anyone how want to buy them.

    submitted by /u/2Panik
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    CME Group’s Leo Melamed in November 2017: “We’ll tame Bitcoin”

    Posted: 08 Dec 2018 02:14 AM PST

    12 days of REKT-mas!

    Posted: 07 Dec 2018 10:28 AM PST

    When everybody thinks they will be poor: BUY When everybody thinks they will be rich: SELL

    Posted: 07 Dec 2018 05:39 AM PST

    ***Mic Drop***

    Enough Said.

    ​

    submitted by /u/WeAreSatoshiWSX
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    Welcome, New-Coiners! Remember what you bought and why

    Posted: 07 Dec 2018 02:54 PM PST

    Note: No-coiners, trolls and shills are welcome to read this post, but it is not directed at them.

    You bought a little Bitcoin because, "Why not?" right? It's cheap right now, and everything else is melting into nothingness, going the way of General Electric and General Motors.

    But what did you really buy? A speculative "investment?" No. You didn't invest in anything, you simply changed your money to another form, as you would if you were traveling to another country.

    Who needs another form of money? Well, if you like having to ask your bank's permission (and pay them a fee) every time you swipe your card, if you don't mind the fact that your bank pimps out your personal financial data to anyone who pays, if you're OK with the fact that your bank can freeze or seize your money at any moment, if you haven't figured out that your bank may well go bankrupt -- then you don't need a new form of money. Carry on.

    But if you want to control your own money and not need a middleman's permission to use it, Bitcoin is for you. On some level, you must have understood that when you hit the "Buy" button.

    As we all know, the market has been brutalized by short sellers of late. This is good! Cheap coins for us, and they have to buy all those coins back. When they do, the price will rise rapidly. Nobody can say exactly when that will happen, but I assure you, it will.

    Here's what you need to know

    Mt. Gox can and will happen again. Exchanges have been following around Bitmex, an exchange that sells a sort of counterfeit BTC that they call "XBT" which is leveraged. A dumper can send 10,000 BTC to Bitmex and sell 100,000 XBT. The problem is that other exchanges have bots that try to keep the price in line with Bitmex's (fake) volume. I guarantee you that at least one of them has sold more BTC than it can cover; Bitmex itself has certainly been doing that all year.

    SO -- if you have newly purchased Bitcoin send it to an offline wallet immediately. It's your money. Keep it safe under your control. When the wheels come off the centralized financial system, which is happening as we speak, it may be the only money you have that still works.

    You made a fantastic decision, the best financial decision of your life. Welcome!

    submitted by /u/diydude2
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    The Bitcoin Lightning Network Has Expanded to Achieve a 10,000% Increase

    Posted: 07 Dec 2018 08:17 AM PST
    Read more
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