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    Bitcoin Daily Discussion, December 23, 2018

    December 23, 2018

    Bitcoin Daily Discussion, December 23, 2018

    Daily Discussion, December 23, 2018

    Posted: 22 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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    Proof of Keys / Proof of Trust / Bitcoin Independence Day

    Posted: 22 Dec 2018 08:14 AM PST

    Folks, the goal should be for everyone to have their keys by January 3rd. Not everyone to withdraw at that time! Also the goal should be to create a culture of permanently holding your own private keys and make it a best practice for every single purchase every time. Every single Satoshi off these exchanges every time! Think about how many people say.. I only have a few dollars worth of bitcoin so my small amount doesn't matter. Wrong! If you added all of those people up you start to appreciate that the cumulative effect of this mentality is devastating as it gives these bank backed exchanges power to control world's largest Bitcoin wallets and hence the price of bitcoin! It's imperative that we speak to our family and friends and fellow community members about the urgency of removing all of Bitcoin off of these exchanges as soon as possible regardless of how much (or little) they own. This is our opportunity to take the power back from these Legacy financial institutions that have obvious conflict of interest with respect to Bitcoin's success! Let's make this happen!

    submitted by /u/BitcoinCanSaveUsAll
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    I still don't get bitcoin

    Posted: 22 Dec 2018 05:57 AM PST

    My Raspberry Pi Bitcoin Node up and running, 100% blockchain synced

    Posted: 23 Dec 2018 12:08 AM PST

    “It’s all speculative value”

    Posted: 22 Dec 2018 07:47 AM PST

    BTC is accepted as a payment for in vitro toxicology courses @ European Society of Toxicology In Vitro (ESTIV)

    Posted: 23 Dec 2018 02:06 AM PST

    SegWit usage up over 300%, hashrate up over 175%, and Bitcoin dominance up over 60% since January.

    Posted: 22 Dec 2018 03:04 PM PST

    Bitcoin is getting fun! (And useful!)

    Posted: 22 Dec 2018 02:45 PM PST

    I've been following this sub since the middle of last year, but I've never really used Bitcoin to buy anything. I've often seen people here suggest using Bitcoin when possible for purchases then immediately buying more Bitcoin to replace what you've just spent. But, it has always seemed impractical to spend both the Bitcoin transaction fees and the exchange fees (for replacing the Bitcoin quickly) just for the sake of spreading Bitcoin as a useable currency.

    BUT, today I used the Lightning wallet feature on the new Bluewallet app to buy a sticker from Blockstream. It worked perfectly, instantly. I then used the Cash App by square to transfer cash from my bank account, buy Bitcoin instantly, and transfer the Bitcoin to my Bluewallet to replace what I had spent all with no fees. I did this all on my phone while waiting in a checkout line at a store. Took less than a few minutes.

    It was fun and exciting to actually use Bitcoin and I will be on the lookout for more ways to actually spend and replace Bitcoin.

    submitted by /u/laddieri
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    Know nothing about Bitcoin, want to learn!

    Posted: 23 Dec 2018 02:10 AM PST

    Hello everyone :)

    ​

    I have been following bitcoin for years but I never really got interested too much about investing. What would be the easiest/most secure windows application to buy/sell bitcoin and what are the general fees that I would have to pay? There is a mountain of information so noobs like me get confused about what are the right ways to do things. I don't want to lose all my money before learning how to trade the right way.

    ​

    Can I buy with paypal balance, even if it is connected to a bank with 0 money? Can I just withdraw back to my paypal account whenever I want?

    ​

    Thank you!

    submitted by /u/gordoban
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    Got a Bitcoin coin as an early Christmas present from a really good friend of mine. Because i finally own one whole bitcoin.

    Posted: 22 Dec 2018 04:44 PM PST

    Ron Paul says its Time to end the FED, Endorses Tax-Free Bitcoin

    Posted: 22 Dec 2018 06:26 AM PST

    Buy board games online with Bitcoin

    Posted: 22 Dec 2018 11:02 PM PST

    Here is all the proof you need for any we should END the Fed and why we need bitcoin!

    Posted: 22 Dec 2018 04:53 PM PST

    US Congressmen Introduce Bill To Exempt Crypto From Securities Law

    Posted: 22 Dec 2018 12:32 PM PST

    Bitcoin has created social value while attempting to solve Byzantine fault tolerance by reaching a coherent global view of the system's state in which each block contains a cryptographic hash of the previous block, a timestamp, and transaction data.

    Posted: 22 Dec 2018 05:43 PM PST

    Bitcoin Hashrate Stabilizing Near 35 Exahash/s After 29 Percent Drop in Mining Difficulty

    Posted: 22 Dec 2018 08:04 PM PST

    Bitcoin Hashrate Stabilizing Near 35 Exahash/s After 29 Percent Drop in Mining Difficulty

    ​

    https://i.redd.it/v4fhelfwby521.png

    https://cryptoiq.co/bitcoin-hashrate-stabilizing-near-35-exahash-s-after-29-percent-drop-in-mining-difficulty/

    Bitcoin's hashrate had been rising exponentially from 2009 through mid-2018, increasing through the megahash (M/H), gigahash (G/H), terrahash (T/H), petahash (P/H), and exahash (E/H) ranges. The hashrate first exceeded 60 EH/s in August 2018, and then the exponential increase gave way to stabilization.

    In September and October 2018, the hashrate remained stable, averaging above 50 EH/s, simultaneous with the price of Bitcoin being stable near $6,500. Then the price of Bitcoin plummeted starting in mid-November to as low as $3,100 in December. The hashrate of Bitcoin collapsed to 32 EH/s during this market crash, implicitly indicating 20-30 EH/s being forced offline due to a lack of profitability, which represents billions of dollars of equipment.

    However, the collapse in hashrate may be coming to an end, at least for now, due to the price of Bitcoin rising back to the $4,000 level combined with a 29 percent decrease in mining difficulty.

    ​

    https://i.redd.it/fn5itizzby521.png

    As can be seen in the chart, Bitcoin's hashrate appears to have stabilized in December, breaking the trend of constant decline.

    There are two factors that are bringing about stabilization. First off, the price of Bitcoin has stopped decreasing and has risen back to where it was at the beginning of December near $4,000. A stable Bitcoin price is a necessary ingredient for a stable hashrate.

    More importantly, the mining difficulty of Bitcoin has dropped from 7.184 trillion to 5.106 trillion, a 29 percent decline, which makes Bitcoin mining 29 percent more profitable per unit of hashrate. As long as price does not continue to fall Bitcoin will find an equilbrium hashrate since difficulty adjusts downwards as miners turn off their rigs. The point at which the difficulty stops adjusting downwards is the equilibrium point, a steady state where the existing hashrate can profitably mine or break even without the loss of further hashrate.

    Currently ,Bitcoin's hash rate is near 36 EH/s, which would yield a 2.6 percent increase in difficulty if the difficulty re-adjustment happened now. This suggests that the equilibrium level for Bitcoin's hashrate, at least at the current Bitcoin price of $4,000, is right around the current hashrate.

    That being said, the price of Bitcoin going up or down can rapidly change the situation. If Bitcoin retraces back towards $3,000, then the hashrate is likely to fall further, and if it rallies strongly then the rigs that were turned off would quickly be switched on again.

    The fact that there are 20-30 EH/s of rigs shutoff makes the future a bit gloomy for Bitcoin miners, since increases in Bitcoin's price will not lead to higher profits for miners until all of those rigs are switched back on.

    There used to be a lag effect between Bitcoin's price rise and the switching on of new rigs, which allowed miners to make bigger profits before difficulty adjusted upwards. Until the hashrate exceeds 60 EH/s, the time it takes to switch on the dormant rigs will be instant, whereas before miners had to wait weeks or months to order rigs and then switch them on. Based on the data, Bitcoin would probably have to be at $7,000 or higher before Bitcoin miners start seeing increased profit margins.

    Looking at the broader picture though, it is certainly good news that the Bitcoin mining hashrate has stopped going down since this means Bitcoin will continue to be extremely secure and decentralized. A rapidly dwindling hashrate would make Bitcoin less secure and more centralized, two factors that would threaten Bitcoin's reputation.

    submitted by /u/turtlecane
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    Hayek FTW

    Posted: 22 Dec 2018 11:20 PM PST

    Anyone calling Proof of Keys a "bank run" is confusing banks - who give loans and are fractional reserve by nature - to exchanges and wallets which make money on trade and transfer fees and should always be 100% solvent.

    Posted: 22 Dec 2018 10:58 AM PST

    As my contribution to Trace Mayer's #ProofOfKeys initiative on January 3rd, I am donating 100% of profits to Coin Center (details inside).

    Posted: 22 Dec 2018 03:12 PM PST

    I wanted to get involved to help spread the word about Trace Mayer's "Proof Of Keys" celebration on January 3rd, wherein everyone is encouraged to withdraw their bitcoin from exchanges, and third-party custodians. This #ProofOfKeys celebration is aimed at furthering the cause of monetary sovereignty, by everyone to control their own private keys.

    I recently set up a small bitcoin-centered apparel store, and as my contribution to Trace Mayer's #ProofOfKeys initiative on January 3rd, I am DONATING 100% of profits from all "Proof of Keys" or "First Class Bitcoin Citizen" purchases made from now thru 1/3/19 to www.coincenter.org

    I am also giving away a free shirt, details here: https://twitter.com/TheBitcoinSOV/status/1076602070176858114

    If you'd like to check out the store: https://thebitcoinstoreofvalue.com/

    About Coin Center

    Coin Center is the leading non-profit research & advocacy center focused on public policy issues facing crypto & decentralized computing tech like Bitcoin.

    Our mission is to build a better understanding of these technologies and to promote a regulatory climate that preserves the freedom to innovate using permissionless blockchain technologies.

    We do this by producing and publishing policy research from respected academics and experts, educating policymakers and the media about blockchain technology, and by engaging in advocacy for sound public policy. Learn more about our work.

    Finally, please remember... NOT YOUR KEYS, NOT YOUR BITCOIN

    submitted by /u/nward21
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    PSA: Reminder - Bitcoin can be exchanged for goods and services.

    Posted: 22 Dec 2018 02:41 PM PST

    If you actually believe in bitcoin, do your bit and use it for buying things. I mainly use bitcoin for purchasing gift cards for major outlets (through giftoff / zeek example), until the outlets themselves someday support transactions directly. It works pretty well I have to say.

    submitted by /u/lordrikmayall
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    Does anyone else here think this is possible?

    Posted: 22 Dec 2018 10:11 PM PST

    Does anyone else here think that with the incoming recession and finalcial crisis we are about to experience, where businesses share prices and profitability will be smashed, that companies will look for any way they can find to increase revenue. Including accepting bitcoin.

    Since bitcoin became well known times have been good for businesses, it was boom time, the world was binging on debt and profits were sky high. There was no need to accept something like bitcoin.

    But as times get tougher companies are going to be looking to squeeze every cent out of consumers to avoid having to restructure and cut costs. The first point of call will be to let all those bitcoin millionaires spend their money.

    I have a feeling that this coming recession will boost bitcoin merchant acceptance massively..

    submitted by /u/slvbtc
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    Bitcoin Programming with BitcoinJS - Extensive Guide

    Posted: 23 Dec 2018 03:45 AM PST

    Hello,

    I would like to promote a guide I wrote that shows how to create all kinds of Bitcoin transaction with BitcoinJS.

    https://github.com/bitcoin-studio/Bitcoin-Programming-with-BitcoinJS

    Feedback is welcome!

    submitted by /u/Janaka-Steph
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    Brazilian Supermarket Chain Now Accepts Payment in Bitcoin

    Posted: 22 Dec 2018 08:26 AM PST

    Hi - I'm not very tech savy. How can I transfer my (very little) btc from coinbase to my Nano Ledger?

    Posted: 22 Dec 2018 01:31 PM PST

    What are the steps, for a layman, to transfer my btc from coinbase to my nano ledger? And how can I ensure my nano ledger hasn't been tampered with in any way (i bought from ebay) - even though its brand new, i don't want to take any chances. Thanks.

    submitted by /u/Clutch_
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    Andreas Antonopoulos (Live YouTube Premiere) Black Markets, White Markets: A False Narrative

    Posted: 22 Dec 2018 07:36 AM PST

    USA government has shutdown! Bitcoin remains unaffected and still capable of transferring value globally!

    Posted: 22 Dec 2018 10:28 PM PST

    The world gets more cypherpunk every day.

    I like non-government neutral money. Someday the USA gov may never start back up.

    Snowcrash here we come.

    submitted by /u/MakeTotalDestr0i
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    Bitcoin help for beginners (please)?!

    Posted: 22 Dec 2018 07:59 PM PST

    Hey guys, hows it goin? So ive been thinking about acquiring some bitcoins. I know essentially nothing about it other than that its a decentralized virtual currency. My main question is how do I turn USD into bitcoin, and how do I then spend my bitcoin? where should i start? (im NOT planning on holding my bitcoin for more than a few hours) Thanks guys

    submitted by /u/overrated8
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