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    Bitcoin Daily Discussion, December 10, 2018

    December 10, 2018

    Bitcoin Daily Discussion, December 10, 2018

    Daily Discussion, December 10, 2018

    Posted: 09 Dec 2018 11:01 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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    Sold my portfolio today and got myself a LAMBO!!!

    Posted: 09 Dec 2018 04:01 PM PST

    Help spread Lightning Adoption by using the LNtipbot. It works great.

    Posted: 09 Dec 2018 08:12 PM PST

    The Bitcoin Lighting network has been up and running on mainnet for almost a year. There are over 16000 lightning channels open today. (https://p2sh.info/dashboard/db/lightning-network?orgId=1).

    Have you tried it?

    Some people are too lazy to give it a try. Give them an incentive by sending some bitcoin over the Lightning Network using the lntipbot.

    You can find instructions here;

    https://www.reddit.com/r/lntipbot/wiki/index

    The more people giving tips the more likely someone is to setup a LN wallet and join the network - Either as a way to withdraw or to add to their balance and pass on the favor.

    There are over 1 million r/bitcoin subscribers. If only 10% were encouraged to open a lighting channel the network would grow substantially.

    These type of micro transactions are the perfect use case for Lighting. [Near] free and instant medium of exchange.

    If your interested in setting up a Lightning wallet, but don't have much technical knowledge (like me) try the Bitcoin Lighting App for Android (https://play.google.com/store/apps/details?id=com.lightning.walletapp&hl=en_US).

    This app supports sending and receiving Lighting payments. Receiving requires some spare capacity in a channel.

    It would be awesome if we could get this implemented on some other crypto subs to help spread awareness.

    thanks u/drmoore718 for the great work.

    ​

    submitted by /u/Fly115
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    Over 1500 Restaurants in Denmark accept Bitcoin

    Posted: 10 Dec 2018 02:28 AM PST

    Max Keiser: "If every French person converted 20% of their bank deposits into #Bitcoin (and got a Bitcoin debit card to use for day-2-day stuff), French banks and the government would collapse and a lot of bloodshed could be avoided."

    Posted: 09 Dec 2018 06:17 PM PST

    Monday Art Special - 1 Million Club!

    Posted: 10 Dec 2018 01:39 AM PST

    Part 2

    Posted: 09 Dec 2018 08:19 PM PST

    The Rise Of The All-In-One Bitcoin & Lightning Node

    Posted: 10 Dec 2018 02:37 AM PST

    Mysterious death of Crypto investor Zhang Shoucheng sparks fear of foul play

    Posted: 09 Dec 2018 10:47 PM PST

    Monday Art - Lily Le

    Posted: 09 Dec 2018 09:34 PM PST

    Why cryptocurrency?

    Posted: 09 Dec 2018 08:58 AM PST

    Jumping back in today!

    Posted: 09 Dec 2018 10:53 PM PST

    Hello friends!

    It's been a really long time, but today I made my first purchase in the last year or so.

    I've been riding and holding on the way down ever since my last purchase at around 17k USD.

    Now I'm wanting for more and with prices so low maybe I can slowly chip into holding a full bitcoin! Still a long way to go to that but it would be nice.

    Even though the fiat value of bitcoin has been going down due to its prospect as a get rich quick scheme faiding out, the technology has seem to improved a lot and adoption appears to be ramping up. I truly hope it becomes more widespread soon <3

    Anyway, enough about me, how's all 1 mill of you doing?

    submitted by /u/taranasus
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    Bitmain offices in Israel (R&D) is closing next week.

    Posted: 09 Dec 2018 11:37 PM PST

    Who's really shorting bitcoin? educational post

    Posted: 09 Dec 2018 11:21 AM PST

    I see a lot of conspiracy theory here, especially stuff like that whales and institution are manipulating and crashing the markets so they can enter at a lower price point and etc.

    I work for a TMT focus HF, but that doesn't really matter much because anyone with a curious mind and has learned to use Google can find this out themselves and see if what i am saying is true.

    So, no, there is no conspiracy theory.

    The main driving force of bitcoin short is the miners.

    2018 has been in a steadily decline with all the charts indicating further downward movement, so instead of selling their coins cheaper and cheaper and lose their underwear, miners bought short sale contract to lock in the price they can sell their future mined coins at.

    Now what is a short contract? A short contract allows you to borrow assets from somebody else, in this case, coins. You then proceed to sell it at market price. Later on you buy the coins back and pay back the lender. A short contract will only make senses if you know, or think, the price will be lower in the future.

    Still don't understand? here is an example to really dumb it down:

    October price hovers around 6K, November average out to 5K, December is at 3K something now. A short sell contract made in October and due december, essentially allows you to sell the coins you would have mined in November and December at October's price, 6K a piece. A pre-sale if that make sense. Later on when the contract is due, you buy the coins at 3K a piece, December's market price, and return the coins back to the lender who lend you the coins in the first place in October. You profited 3K per coin.

    Now, obviously miners don't need to buy the coin back, they will just return the coins they have mined from those two months. So, they are basically forced into this short position, because they are stuck with bitcoin, not fiat, from their operation. Exponentially more miners are doing this now because the price break their cost to mine, they are shorting to limit their loss. In the summer, miners are just making less money, now they are losing and everyone is panicking.

    So long as the expectation is bearish, the shorts will always be there, from the miners, and it would be foolish to do otherwise. Kinda of a vicious cycle as more shorts in the market represent an overall negative outlook which will drive down the price and thus force the miners to short even lower, whole thing goes round and round, until i suppose it reaches a point where everyone is pulling the plugs of their rigs and the cost to mine goes down substantially since the overall computing power diminishes. ( it already went from 50 to 37 since summer, but i guess by this sub's standard that's merely a minor correction )

    Hope all that make sense and now the fake news and conspiracy can stop.

    ​

    Edit: I don't get all the downvotes, but they surely say something about this sub

    ​

    Edit: I don't think people understand how costly farms are to run. The bigger ones cost tens of millions to build and a 7 figure a month utilities bill is not unheard of. Most of those projects need a couple years to cover the initial investment, and thats based on that bitcoin worth 20K and more each. Now these farms have only been in operation for a fairly short time, and investors are panicking af. Rigs that you paid 10K for less than a year ago now is barely worth 1500, that's tens of millions of "unrealized equity loss", except they can't just hodl that shit.They got bills to pay and they will try to sell to get as much fiat cash as possible anyway they can, isn't that just a tiny bit ironic...

    ​

    submitted by /u/TechIBD
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    Ten Year Anniversary! Annual Proof of Keys Celebration of the Bitcoin Genesis Block.

    Posted: 09 Dec 2018 04:04 PM PST

    First timer buying in.

    Posted: 09 Dec 2018 09:48 AM PST

    With bitcoin prices down and the stock market going schizo, I thought I might spread some of my investments over to Bitcoin. If I lose it, oh well, at least it won't hurt as bad as missing potential gains in the next 5 or 10 years. Cheers to the bitcoin community!

    submitted by /u/eckwr002
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    Bitcoin Still Has So Much Room For Growth. Think Long Term And Keep HODLing! #bitcoin #btc

    Posted: 09 Dec 2018 10:39 PM PST

    I'm organizing a "Bitcoin Book Clubs" Slack group. Goal is to help each other read difficult, Bitcoin-related books. So far we have 37 participants across 2 book clubs -- one about central banking, another about low-level network programming. DM me to join either group.

    Posted: 09 Dec 2018 07:10 PM PST

    How does bitcoin lightning network work?

    Posted: 09 Dec 2018 06:02 PM PST

    Is this a whole seperate fork?

    submitted by /u/DemonitizeU
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    Now I officially a part of .1 btc club. Feels Lambo Already.

    Posted: 10 Dec 2018 01:15 AM PST

    Fams. Suck it.

    submitted by /u/iamyourwife234
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    Bitcoin has never existed during the beginning of a major recession

    Posted: 09 Dec 2018 02:38 PM PST

    Before I begin, I just want to preface by saying that I love Bitcoin. I have been around since the $266 bubble in 2013 and like most people here, have an unhealthy obsession with crypto. I believe in Bitcoin's long term potential, but I have a seriously growing concern about the next few weeks/months/years or so in regards to the price of Bitcoin.

    "OH MY, NOT ANOTHER FUDSTER ASSHOLE HERE TO TELL US WHY BITCOIN IS GONNA CRASH" you say.

    Before you jump to that conclusion, which is the conclusion I would make at first glance of this post, hear me out.

    So what's bothering me? It's really quite simple: We've never had a Bitcoin market during the beginning of an economic recession.

    I think everyone here is on the same page in one regard: There is a bubble in most asset classes at present. The stock markets, bond markets, real estate markets, amongst others are in massive bubble territory. This is the result of 0% real interest rates, quantitative easing programs and other "genius" bandaid remedies that our shitshow central banks have bestowed upon us.

    Like many here, I once suffered from the doomsday porn fetish. "I CAN'T WAIT UNTIL THE STOCK MARKETS CRASH SO THAT BITCOIN CAN MOON!"

    ...but I now realize that this is a severely flawed theory.

    Why is it flawed? Because whether we like it or not, Bitcoin is still a highly speculative asset in the minds of most people. In additon, like other asset classes Bitcoin has also been the beneficiary of these 0% interest rates and financial stimulus programs.

    More money in the economy = more money that can flow into a high-risk asset class like crypto. When recession hits and the money supply contracts, there will be a lot less money floating around that can flow into any asset class, including Bitcoin.

    Ask yourself this, when stock markets crash...what happens first? Corporations lay off their employees (of course) because employees don't matter to these corporations, profits do. So as people are losing their jobs, and eventually their houses....are they going to be rushing out to buy crypto, a highly speculative asset class in their minds....or are they going to worry about keeping food on their families table?

    In fact, I would suspect that many would SELL some crypto, in addition to not buying any, in order to pay their living expenses. A net negative for the Bitcoin price.

    Sure, we are what, 5-6 bubbles into Bitcoin at this point? But this is the first time we have been in a Bitcoin bear market at the same time as the global economy is entering a recession.

    This seriously worries me.

    Geopolitical concerns are just compounding everything in my mind. The arrest of this Huawei CFO is a big, big deal. It is a major escalation of an ever-concerning trade dispute between the US and China. As the global economy slows down and trade wars escalate, things are going to get very, very ugly. All the signs are here for a major global recession...and I fear it will bring down Bitcoin with it.

    John Q No-Coiner is not going to be interested in learning about or buying crypto when the eviction notice shows up...he's going to be looking for a new job and driving Uber to keep his family afloat.

    The next few weeks really worry me. I really don't want to believe it, but I am really starting to think we see sub $1,500 levels.

    Why sub $1,500 levels?

    After the $1,163 bubble in late 2013, EVERYONE said we'd never go below the previous $266 high...BUT BITCOIN DOESN'T CARE WHAT WE WANT and it dropped to a low of around $160.

    Not looking to FUD, just looking to voice a serious concern. Any constructive replies are appreciated.

    Have a good night everyone. (It's late where I am now...fuck I need to sleep. GODDAMN YOU BITCOIN, lol)

    submitted by /u/Jew-McDucky
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    Monday Art - Andrew DeGraff

    Posted: 09 Dec 2018 09:35 PM PST

    How the Crypto Revolution Could Empower 2 Billion Unbanked People

    Posted: 10 Dec 2018 02:46 AM PST

    Where traditional institutions have failed, cryptocurrencies are picking up the slack. Now, all you need is a smartphone and an internet connection to send and receive crypto anywhere in the world.

    submitted by /u/JuniorAppointment
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    Just realized I can buy my creatine with bitcoin!

    Posted: 09 Dec 2018 09:42 PM PST

    Market meltdown forcing several cryptocurrency start-ups out

    Posted: 10 Dec 2018 12:53 AM PST

    World Depression Begins - The Big Financial Reset!

    Posted: 10 Dec 2018 03:39 AM PST
    Read more
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