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    Bitcoin Daily Discussion, January 02, 2019

    January 02, 2019

    Bitcoin Daily Discussion, January 02, 2019

    Daily Discussion, January 02, 2019

    Posted: 01 Jan 2019 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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    Bitcoin Optech Newsletter #27: 2018 Year-in-Review Special

    Posted: 28 Dec 2018 09:45 AM PST

    While everyone is focusing on bitcoin price, very few realized the significance of the bitcoin satellites in orbit, which is a full node and provides access to the bitcoin network *without* the need for internet access. Isn’t this extremely significant? this was neither discussed or emphasized

    Posted: 01 Jan 2019 06:19 PM PST

    A special thank you to all the Core contributors of 2018 and everyone else contributing to open source projects for Bitcoin!

    Posted: 01 Jan 2019 12:26 PM PST

    PSA: HitBTC Freezes Customers’ Accounts ahead of Proof of Keys Event <--- Huge red flag, get coins out asap

    Posted: 01 Jan 2019 05:53 PM PST

    Friendly reminder: Tomorrow is our annual no keys no coins day

    Posted: 01 Jan 2019 08:34 PM PST

    Don't be a thief of your own wallet. Do the right thing. Close your eyes and just look inside yourself and you'll see me waving up at you naked wearing only a cock ring, hodling very very very strong. Happy new year !

    submitted by /u/yogibreakdance
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    Bitcoin Price Predictions 2019 (Who was proven right and wrong in 2018 + additional predictions)

    Posted: 01 Jan 2019 03:09 PM PST

    HitBTC Slammed by Trace Mayer, John McAfee Over Account Freezes Day Before Proof-Of-Keys

    Posted: 02 Jan 2019 01:06 AM PST

    SHOPPING at Amazon and eBay with BITCOIN

    Posted: 02 Jan 2019 12:26 AM PST

    Why People Lost Millions & Why Proof Of Keys Is Important

    Posted: 01 Jan 2019 06:43 PM PST

    Ross Ulbricht new years message - petition

    Posted: 02 Jan 2019 12:06 AM PST

    Ledger to announce new device on January 7th

    Posted: 02 Jan 2019 02:10 AM PST

    Bank Fines Caused By Greed Shows Us Why We Should Trust An Algorithm Over An Untrustworthy 3rd Party.

    Posted: 01 Jan 2019 03:47 PM PST

    Why Bitcoin.

    Posted: 01 Jan 2019 12:49 PM PST

    Henry Ford said, "It is well enough that the people of the nation do not understand our banking system, for if they did, I believe there would be a revolution before tomorrow morning."

    That revolution is underway, called Bitcoin. Bitcoin is a number of things but, primarily, it's a new form of money – Internet money. I wrote this article because I think it's one of the most significant innovations since the Internet, and much of the news around Bitcoin is misinformed or intentionally misleading. But why would we need a new form of money? What's wrong with the US dollar, credit cards and banks?

    A lot.

    To understand why, we have to understand what money is. In the modern world when we think of money, we think of dollars, pieces of paper with numbers printed aside pictures of dead kings. But those dollars are intrinsically worthless, for other than folding into origami swans, or serving as kindling to start fires, they have almost no value in and of themselves. But we as a society attribute value to them: we all agree that they are worth something. The way we all came to this agreement happened long ago. In antiquity, barter was the currency: I give you a hammer and you give me a deer hide in exchange, something of value for something of value. But having to lug around hammers and deer hides was cumbersome…something more transportable was needed. As time progressed, things such as sea shells and salt were used as currency, used because of their scarcity and utility: seashells were beautiful ornaments, and salt could flavor or preserve food. But these new currencies weren't altogether scarce, as there's a lot of seashells and salt in the world, and the more of something there is, the less valuable it becomes. Something even more scarce was needed. Eventually gold became the world's currency, used for thousands of years, as it is very scarce and intrinsically valuable. In order to keep one's gold safe, banks became storehouses, and for a fee you could keep your money in a well-protected vault rather than under your mattress. The peace of mind was worth the penny. When a person deposited their gold in the banker's vault, the banker would issue them an IOU, a receipt that they would bring back to the bank whenever they wanted their money. Eventually, people began trading these IOUs, signing them to other people, because it was more convenient to purchase a herd of cows or land with a paper IOU than to retrieve your gold from the bank and carry it into town. Eventually the bankers realized that almost never did all depositors withdraw their money simultaneously, so they put the dormant gold to use by lending out the depositor's money to others so they could earn interest on the loans. In effect, they discovered the secret to the ancient search for alchemy, they created money out of nothing. This was the birth of fractional reserve banking – the creation of fictional money by lending what did not exist. For example, if a depositor gave the bank one ounce of gold to store for them, the bank would then turn around and loan that ounce of gold out to others in the form of IOUs or checks, commonly nine times in excess of what they actually held. This system of banking showed its weakness in the form of the bank runs in the 1920's when banks had to close their doors to hoards of depositors demanding their gold; they didn't have it because they'd loaned it out to nine other people. Bank runs became common and banks occasionally went….bankrupt. Something needed to change.

    In 1913, a group of the wealthiest men in the world - bankers, politicians and businessmen - got together and convinced the US Congress that a central bank was needed, a bank too big to fail, a center through which all money was issued and regulated. The Federal Reserve System was born, and became the new issuer of American money. This meant money was now no longer a free market function, but a function of government, an idea borrowed from Communism. If the government needed money for a new war, they didn't need gold in the bank or to ask the citizens for tax payments to fund it: they could borrow it from the Federal Reserve without question; if they needed funds for a new welfare program such as Socialist Security or Medicare, they could borrow it from the Fed. If, such as in the bank bailouts of 2008, the government decided to keep failing private banks afloat by giving them money – which was the purpose of the Federal Reserve all along – they simply had the Federal Reserve create the money for them.

    The result of creating fiat money out of nothing is inflation, and inflation is a mechanism to control the lower classes. For example, imagine playing the game of Monopoly, and the banker – who is also a player – keeps adding money to his personal supply at will. He'll quickly end up owning all the property as he decreases the relative value of your money. That is exactly what happened in the 2008 bank bailouts where the central bank created trillions of dollars out of nothing and gave it to the US government, who then gave it to the banks, causing the value of all dollars in circulation to decrease. Through this process, the government taxed Americans secretly and gave the money to the bankers, who buy politicians. And the Federal Reserve has no limit to how much money they can create. The US dollar – and all major countries– now operate on fiat currency, money that is based on nothing: no gold, no silver, no seashells, just the declaration of the government that it's worth something, "legal tender", and the consent of the people to use the worthless currency. And when a government has an unlimited supply of money, they inevitably become corrupted by this nefarious magic and terrorize weaker countries, fund wars, and create welfare programs to enslave their own population. History shows that all fiat currencies eventually revert to their true value of zero as inflation snowballs out of control. And as a nation's currency collapses, so do its institutions, economy and ultimately, social order.

    So, the banking cartel called the Federal Reserve has a monopoly on creating money out of nothing and collecting interest on the fake fiat money it loans out, while congress has access to unlimited funding through loans from the Federal Reserve which secretly taxes the public through inflation. This system has sunk the country and its citizens in debt. If every debt in America was to be repaid, there wouldn't be a single dollar left in circulation – there would be no money as we know it, for our whole system is based on debt, our money is created from debt. Our economy would collapse if all debts were repaid, therefore the debt show must go on. Those in power have no interest in eliminating debt, only managing it. Debt is the modern, invisible form of slavery. And slaves have no freedom.

    In light of the US dollar turning out to be fools gold, why not just return to the previous gold standard of money, which worked well in the past? Because we live in a digital world where trading pieces of metal is impractical, instead forced to trade in computer digits, unless we want to abandon Amazon Prime and the ability to purchase cheap goods from around the world. Gold is still valuable, as it has always been, but for the digital world we need a digital gold.

    At the same time that the government and bankers were stealing the wealth of Americans in 2008 by giving billions of dollars to insolvent banks, a new monetary system called Bitcoin was created by a mysterious person, or persons, called Satoshi Nakamoto: internet money, known as cryptocurrency. This new money is capable of replacing the current corrupted system. Bitcoin is computer code that was set in motion in 2008, releasing Bitcoins every ten minutes like gold found slowly in a mineshaft. There will only ever be 21 million produced so, like gold and unlike US dollars, there is a limited, finite supply, which is what makes anything valuable for trade. To understand why Bitcoin is important - a solution to the social and political problems we find ourselves in - one must understand how it works.

    There are several technologies that compose Bitcoin. First, and most well known, is the blockchain. The blockchain is the bookkeeper, a ledger which maintains and monitors all transactions on the network. It differs from a traditional ledger, which has been used since the dawn of writing, in that it is maintained not by one central authority, but by many individuals around the world. Similar to how the U.S. government was set up in response to the totalitarian British monarchy/Church, the newly-formed American government, with it's various branches and hundreds of individuals all bringing "checks and balances" to the system, we found that a distributed government was better for the people than a centralized authority. Accountability by the people is essential, for power always corrupts. The blockchain functions on this principle, that decentralized, distributed power is less prone to corruption and self-interest than centralized power. With a blockchain – which operates as it sounds – information is assembled into "blocks" of transactions every ten minutes, which are verified by any computer around the globe running the Bitcoin algorithm, and those transaction blocks are strung together into chains, one atop the other, on and on, a new block forming every ten minutes. And to change one transaction of a single block, one would have to change the entire history of the blockchain.

    While the blockchain network ensures that all past transactions can never be modified, what is to ensure that while the block is being written the network records correctly? For example, a hacker in Algeria saying I sent him one Bitcoin when in actuality I sent one Bitcoin to my mother in New York. How does the network decide what is true, and what to add to the blockchain when contradictions simultaneously exist? In a scenario such as this it wouldn't be possible to know what the truth is. Both transactions exist. So to solve this, the network looks for what is the most difficult block. As each block of transactions on the chain is compiled and completed every ten minutes, the Bitcoin algorithm creates new and ever-increasingly difficult puzzle for the network of computers, or "nodes," to figure out. All computers running the network, "miners" as they are called, are competing to figure out the latest puzzle, and the first one to do it is rewarded with Bitcoins. The only way those Bitcoins retain their value is if the system is unbreakable, so miners have an interest in the integrity of the network. If an outside computer were to try to record a false transaction – such as sending my money to Algeria when it was supposed to go to my mother – they would have to have more computing power than the entire Bitcoin network. Which at this point, after ten years of the Bitcoin heart beating every ten minutes, grows increasingly unlikely. The total computing power of the network is larger than anything else the world has seen, and faster than all the worlds supercomputers combined, many times over. And growing as time pass. All transactions on the network are public and can be viewed by anyone in the world, and encryption is used keep private all other information, such as passwords.

    If you kept $100 under your mattress, over the course of a year it would be worth several dollars less due to the creation of new money. This inflationary process is snowballing downhill as more and more money is being created, despite our current president's promise to "balance the budget." As the supply of money increases, the value decreases. Currently there are 17 million Bitcoin mined of a total supply of 21 million, and this creation process will continue at an increasingly slower pace until stopping creation completely in the year 2140. So by nature, the value of a Bitcoin is deflationary rather than inflationary – growing in value over time, rather than decreasing.

    Other than gold and silver, Bitcoin is the most sound financial hedge against the next impending fiat collapse of the American dollar, which is sure to come. And by this time, the entire world is operating the same Ponzi-scheme fiat currency as America, so the collapse will possibly be global, and those holding fiat currency will have little more than toilet paper on their hands.

    Over the course of a year in 2017, Bitcoin climbed from $1,000 to $19,500. While the news was reporting on its skyrocketing price and the FOMO spread, little education was happening; people were simply speculating on the price rather than talking about the utility of Bitcoin and the problems it solves. Then suddenly on December 17th, the price began crashing, all the way down to $3,500 where it currently stands. How could this be, considering all the developments in the world that were continually happening with Bitcoin and its adoption? On that same day, December 17th, Bitcoin futures were opened to the public. Futures are a financial game where investors bet on the future price of a commodity such as coffee beans or currencies like Bitcoin. As the price of Bitcoin astronomically skyrocketed, beyond anything the financial world was used to, investors took a gamble that the Bitcoin rise was a bubble, and that the bubble would pop. So they invested or moved their money into the futures market, betting that Bitcoin would fall. As investors pulled large sums of money out of Bitcoin, the price fell, perhaps was manipulated into falling as the giants of finance agreed to pull their money out and move it into bets against Bitcoin. And the market fell. Fast. Despite all that, it's still the best performing asses of the past decade. Decentralized money is important because it enriches and empowers everyone, whereas the current model of centralization enriches and empowers a self-interested few. Bitcoin opens the door of financial opportunities to billions of people on the planet who are reserved to the limited options of cash, alienated from the modern economy. This is why the media – who is owned by the powerful and wealthy – has had very little good to say about Bitcoin for the past ten years, because it threatens their monopoly of power over the world. If we free ourselves of debt, as people and as nations, we can move forward in healing ourselves and our planet, and reclaiming the garden paradise that we live in...and hopefully creating a culture that moves beyond the need for money, with time and contribution the new currency. As the internet, over the past twenty years, freed information from the hands of the newspapers and news channels and gave it all to the people, so Bitcoin has the potential to free true money back to the masses.

    Interested in taking part in this evolution of human consciousness? Download the app Cashapp to get started. As of this writing, CashApp is the most popular place to buy Bitcoin. The CEO of CashApp called Bitcoin a "transformational technology" and made it easy and cheap to trade US dollars in for Bitcoin, and I've used it for the past six months and found it far cheaper than the other popular alternative Coinbase. Once you purchase Bitcoin, you don't technically own it until you transfer it into a "wallet". To ensure that no corporation steals your investment, or the stock market goes belly up, you have to become your own bank. A wallet is an app you download to your phone which, upon opening, supplies you with a 12 word encrypted passphrase. This is the key to your new bank vault, and will access your account from anywhere in the world, from any device. Keep it safe, because if you forget it, your money is lost forever. Now, not even the government or the best hackers can touch your money. There are a number of good wallets available, but I have used the Mycellium wallet app for the past year as it is the most highly rated for security. There's also many shady wallets out there, so choose wisely. This makes banks obsolete because, in talking about cryptography and cell phones, President Obama said people are walking around "with a Swiss bank account in their pocket."

    To transfer money or make a purchase, from your wallet you simply enter the address of the recipient and select how much you wish to send. Without the password to your encrtypted wallet, nobody can take funds from it, and you will never have those subscription repreat charges that companies love to sneak on you. The fees to send money are nominal and vary depending on the network load, but currently transactions cost about 60 cents regardless of how much bitcoin is sent, far cheaper than VISA's 3%. Also, that fee is given to the individuals running the network – people like you and me.

    There are thousands of crytpocurrencies available. Most of them are copies or slight modifications of Bitcoin's algorithm; some are very different. Many are downright shady or worthless in my opinion, while others have noteworthy improvements, such as increasing the transaction speed limitations of Bitcoin, or privacy coins where transactions can't be traced. But what makes Bitcoin stand above the rest in my opinion is (1) it is the first cryptocurrency and has withstood ten years of attack and continuous obituaries by the news media, (2) despite all that, it has not only survived, but continually adapted to these bumps in the road to strengthen itself and evolve, (3) it has over half of the cryptocurrency market cap in a field of thousands of players, and is the most widely accepted and used, and you can now even pay your taxes in Ohio with it, (4) the Bitcoin network can absorb the innovations of other coins, implementing their ideas over time, even adding secondary layers of functionality like the Lighting Network, and (5) no other name in the cryptocurrency space carries the weight "Bitcoin" does, and humans are moved by tribal branding.

    I dream of a world without money, where people simply do what they are passionate about, free to do as they please like the animals, free to enjoy the garden paradise we were all born into. In the meantime, the money game must be played. And if it must be played, let's play to win.

    submitted by /u/Adamintheworld
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    I sketched Dorian

    Posted: 01 Jan 2019 03:18 PM PST

    What Proof of Keys Celebration is and Why You Should Care

    Posted: 02 Jan 2019 12:46 AM PST

    Power of Bitcoin: A trade worth $2.1 million on Bitfinex was enough to push the entire market by almost 5%!

    Posted: 01 Jan 2019 10:00 PM PST

    My node temporarily froze, and I’m assuming lots of other people’s did too. What exactly happened at block 556,663?

    Posted: 02 Jan 2019 01:09 AM PST

    The Blockstream Satellite expands to Asia-Pacific.

    Posted: 01 Jan 2019 08:27 PM PST

    One month after Tippin.me was launched, more than 1000 users have signed up! ⚡️

    Posted: 01 Jan 2019 10:09 AM PST

    Hackers Threaten to Dump Insurance Files Related to 9/11 Attacks unless they receive a ransom in Bitcoin

    Posted: 01 Jan 2019 06:53 AM PST

    Jordan Peterson and Dave Rubin discuss Patreon exit and crypto-based alternative

    Posted: 01 Jan 2019 01:24 PM PST

    Bitcoin By the Numbers: 2018 Recap – Jameson Lopp

    Posted: 01 Jan 2019 04:13 PM PST

    For those who saw the movie

    Posted: 02 Jan 2019 04:04 AM PST

    Jordan Peterson, Sam Harris and Dave Rubin ditch Patreon due to "the increasing willingness of payment processors [...] to monitor, judge and regulate the spending habits of their customers". Jordan Peterson and Dave Rubin already accept Bitcoin on their websites.

    Posted: 01 Jan 2019 02:09 PM PST

    Just a reminder that there is more than one million of US debt for every single bitcoin that will ever exist.

    Posted: 01 Jan 2019 06:36 AM PST

    We are the early adopters! Happy 2019!

    submitted by /u/myquidproquo
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