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    Bitcoin Daily Discussion, February 18, 2019

    February 18, 2019

    Bitcoin Daily Discussion, February 18, 2019

    Daily Discussion, February 18, 2019

    Posted: 17 Feb 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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    Friend spotted this in Thailand

    Posted: 17 Feb 2019 07:01 PM PST

    Beach bar in Aruba accepting bitcoin

    Posted: 17 Feb 2019 05:56 PM PST

    E-Commerce Giant Rakuten, who has been compared to as the Japanese "Amazon," looks to offer Bitcoin integration in the near future according to their most recent earnings report!

    Posted: 17 Feb 2019 11:11 PM PST

    Coinstar at local grocery store now sells bitcoin

    Posted: 17 Feb 2019 09:21 PM PST

    Binance STILL havent enabled segwit, you cant even send to a segwit adress and there have been no remarks to implement it.

    Posted: 18 Feb 2019 02:33 AM PST

    Why is it that coinbase gets so much hate and binance is loved by all when they havent even enabled segwit on their exchange in any way?

    submitted by /u/Adolffuckler
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    Are We Really In A Bear Market? When Before (Early Days) There Was Nothing To Look Forward To, Now We Have Too Much To Look Forward To.....

    Posted: 17 Feb 2019 12:02 PM PST

    Just doing my part for the community, Bitcoin Pin.

    Posted: 17 Feb 2019 08:23 PM PST

    I am broke and I can’t fight this alone.

    Posted: 17 Feb 2019 10:22 PM PST

    I am broke and will not be able to continue to appeal all the way to the US Supreme Court.

    I don't have more money to put into it. Most likely the court of appeal will say I will lose. To have a positive ruling we need to go all the way to the Supreme Court which mean losing, losing and losing.

    https://bitcoinfoundation.org/bitlicense-theo-chino

    Expect the New York Bitlicense to be everywhere in the World. After April's arguments, I am done.

    I am short 45K to pay the lawyers.

    Good luck to all, and give it to Espinoza and Morpheus and all the people caught in the web.

    I will let you know when the case will be visible on the court telecast, but regardless of the outcome, I am done. I can't fight alone.

    Theo Chino Article78againstNYDFs.com

    submitted by /u/theochino
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    Now that institutions and HNWI have spent the weekend looking through JPMorgan’s ‘JPM Coin’ plan... They’re buying #Bitcoin —max keiser

    Posted: 17 Feb 2019 06:31 PM PST

    Lightning Shell: get temporary access to a Linux server with root privileges, payable in lightning only

    Posted: 17 Feb 2019 11:08 PM PST

    Hi, I've worked on this LN app for the last month and would like some reckless bitcoiners to try it out: https://lnsh.pw/

    Please be aware that this service is still in it's infancy and might be unstable and unavailable from time to time when I have to upgrade it. Please don't rely on it for anything.

    Future plans

    Currently you can only book a fixed size instance (a docker container with limited memory and CPU power) for exactly one hour. But depending on the feedback I get I'm planning to add more features. I will also open source it at some point but the code needs to be cleaned up first.

    Architecture

    LNSH consists of an invoicing backend and a frontend displaying the invoice and creating the containers. Both are written in rust and use rocket (web framework). It's also intended to be completely usable without JavaScript, the payment checking happens in an iframe and you get ssh access to the container so you don't have to rely on the web tty.

    submitted by /u/sgeisler
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    Found this at waves coffee in Canada, BC. New Westminster. Seen some people posting photos of these, figured I would also!

    Posted: 17 Feb 2019 03:13 PM PST

    Found while in Poland

    Posted: 18 Feb 2019 01:52 AM PST

    Argentina export deal more proof Bitcoin is becoming global reserve currency

    Posted: 17 Feb 2019 07:23 PM PST

    Member when everyone was waiting for btc to go above 1240$? It felt like forever. Hodl.

    Posted: 17 Feb 2019 10:51 AM PST

    #LNTrustChain ⚡️ torch has now visited 48 countries! Here's the list:

    Posted: 17 Feb 2019 03:25 PM PST

    Argentina Australia Austria Belgium Brazil Canada China Czech Republic Ecuador England France Germany Hungary Iceland India Indonesia Ireland Israel Italy Japan Malta Mexico Morocco Netherlands New Zealand Northern Ireland Norway Poland Romania Russia Scotland Serbia Singapore Slovenia South Africa Spain Sweden Switzerland Taiwan Thailand Trinidad&Tobago Turkey Ukraine Uruguay USA Venezuela Vietnam

    submitted by /u/CryptoChanneI
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    My boss asks me and other colleagues if we want to be paid in crypto as an experiment…

    Posted: 18 Feb 2019 03:59 AM PST

    Yesterday my boss asked if we wanted to try a 6-month experiment and receive half of our salary in BTC. He actually promised that we'll get 15% more money if we do it. It sounds promising and I am leaning towards saying yes. We haven't agreed yet if it's gonna be some fixed amount of BTC monthly or 50+15% of my usd income in BTC equivalent though.

    I'm quite new to crypto. I follow mainstream crypto news and think BTC is solid enough with more mass adoption yet to come, but I've never owned any coins. Our boss is a fan of the Lumi Wallet app and he suggested that we use the Lumi wallet to start and then maybe move to cold storage. I googled cold storage, it seems to be a great idea, but there's very little info about Lumi. My boss said he loves it because it looks nice, is safe enough, and supports BTC. I downloaded it and checked it out. Lumi really does look nice and seems pretty intuitive, no problems so far.

    What do you think about this wallet? We are talking about half my salary, so I'd really like some feedback.
    In my shoes, would you agree to the offer?

    submitted by /u/DrunkHighUnicorn
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    #OnlyInMiami... Saw This While Getting Gas In A Pretty Rough Neighborhood

    Posted: 17 Feb 2019 09:20 PM PST

    "Inflation, then, confers no general social benefit; instead, it redistributes the wealth in favor of the firstcomers and at the expense of the laggards in the race" - Rothbard

    Posted: 17 Feb 2019 01:00 PM PST

    The Economic Effects of Inflation - What has Government done to our Money? by Rothbard

    EDIT: Follow up on deflation. DEFLATION - The Ethics of Money Production by Jorg Guido Hulsmann

    To gauge the economic effects of inflation, let us see what happens when a group of counterfeiters set about their work. Suppose the economy has a supply of 10,000 gold ounces, and counterfeiters, so cunning that they cannot be detected, pump in 2,000 "ounces" more. What will be the consequences? First, there will be a clear gain to the counterfeiters. They take the newly created money and use it to buy goods and services. The new money works its way, step by step, throughout the economic system. As the new money spreads, it bids prices up—as we have seen, new money can only dilute the effectiveness of each dollar. But this dilution takes time and is therefore uneven; in the meantime, some people gain and other people lose. In short, the counterfeiters and their local retailers have found their incomes increased before any rise in the prices of the things they buy. But, on the other hand, people in remote areas of the economy, who have not yet received the new money, find their buying prices rising before their incomes. Retailers at the other end of the country, for example, will suffer losses. The first receivers of the new money gain most, and at the expense of the latest receivers.

    Inflation, then, confers no general social benefit; instead, it redistributes the wealth in favor of the firstcomers and at the expense of the laggards in the race. And inflation is, in effect, a race—to see who can get the new money earliest. The latecomers—the ones stuck with the loss—are often called the "fixed income groups." Ministers, teachers, people on salaries, lag notoriously behind other groups in acquiring the new money. Particular sufferers will be those depending on fixed money contracts—contracts made in the days before the inflationary rise in prices. Life insurance beneficiaries and annuitants, retired persons living off pensions, landlords with long term leases, bondholders and other creditors, those holding cash, all will bear the brunt of the inflation. They will be the ones who are "taxed."

    Inflation has other disastrous effects. It distorts that keystone of our economy: business calculation. Since prices do not all change uniformly and at the same speed, it becomes very difficult for business to separate the lasting from the transitional, and gauge truly the demands of consumers or the cost of their operations. For example, accounting practice enters the "cost" of an asset at the amount the business has paid for it. But if inflation intervenes, the cost of replacing the asset on the books. As a result, business accounting will seriously overstate their profits during inflation—and may even consume capital while presumably increasing their investments. Similarly, stockholders and real estate holders will acquire capital gains during an inflation that are not really "gains" at all. But they may spend part of these gains without realizing that they are thereby consuming their original capital. By creating illusory profits and distorting economic calculation, inflation will suspend the free market's penalizing of inefficient, and rewarding of efficient, firms. Almost all firms will seemingly prosper. The general atmosphere of a "sellers' market" will lead to a decline in the quality of goods and of service to consumers, since consumers often resist price increases less when they occur in the form of downgrading of quality. The quality of work will decline in an inflation for a more subtle reason: people become enamored of "get-rich-quick" schemes, seemingly within their grasp in an era of ever-rising prices, and often scorn sober effort. Inflation also penalizes thrift and encourages debt, for any sum of money loaned will be repaid in dollars of lower purchasing power than when originally received. The incentive, then, is to borrow and repay later rather than save and lend. Inflation, therefore, lowers the general standard of living in the very course of creating a tinsel atmosphere of "prosperity."

    Fortunately, inflation cannot go on forever. For eventually people wake up to this form of taxation; they wake up to the continual shrinkage in the purchasing power of their dollar. At first, when prices rise, people say: "Well, this is abnormal, the product of some emergency. I will postpone my purchases and wait until prices go back down." This is the common attitude during the first phase of an inflation. This notion moderates the price rise itself, and conceals the inflation further, since the demand for money is thereby increased. But, as inflation proceeds, people begin to realize that prices are going up perpetually as a result of perpetual inflation. Now people will say: "I will buy now, though prices are 'high,' because if I wait, prices will go up still further." As a result, the demand for money now falls and prices go up more, proportionately, than the increase in the money supply. At this point, the government is often called upon to "relieve the money shortage" caused by the accelerated price rise, and it inflates even faster. Soon, the country reaches the stage of the "crack-up boom," when people say: "I must buy anything now— anything to get rid of money which depreciates on my hands." The supply of money skyrockets, the demand plummets, and prices rise astronomically. Production falls sharply, as people spend more and more of their time finding ways to get rid of their money. The monetary system has, in effect, broken down completely, and the economy reverts to other moneys, if they are attainable—other metal, foreign currencies if this is a one-country inflation, or even a return to barter conditions. The monetary system has broken down under the impact of inflation.

    This condition of hyper-inflation is familiar historically in the assignats of the French Revolution, the Continentals of the American Revolution, and especially the German crisis of 1923, and the Chinese and other currencies after World War II.

    A final indictment of inflation is that whenever the newly issued money is first used as loans to business, inflation causes the dread "business cycle." This silent but deadly process, undetected for generations, works as follows: new money is issued by the banking system, under the aegis of government, and loaned to business. To businessmen, the new funds seem to be genuine investments, but these funds do not, like free-market investments, arise from voluntary savings. The new money is invested by businessmen in various projects, and paid out to workers and other factors as higher wages and prices. As the new money filters down to the whole economy, the people tend to re establish their old voluntary consumption/saving proportions.

    In short, if people wish to save and invest about 20 percent of their incomes and consume the rest, new bank money loaned to business at first makes the saving proportion look higher. When the new money seeps down to the public, it re-establishes its old 20–80 proportion, and many investments are now revealed to be wasteful. Liquidation of the wasteful investments of the inflationary boom constitutes the depression phase of the business cycle.

    submitted by /u/lobt
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    Debunking the ‘Bitcoin Cannot Do Smart Contracts’ Myth

    Posted: 17 Feb 2019 07:05 PM PST

    Beware scam: Someone impersonating Andreas Antonopoulos e-mailed.

    Posted: 17 Feb 2019 02:58 PM PST

    The scam is pretty obvious, because it sounds as something Andreas would never say, but just in case.

    ​

    I got it from 'aantonopo030@gmail.com',the avatar is Andreas' famous one. Message:

    I just want to take this time out to say a big thank you for every supportive comments you have given me, for hitting the thumbs up button, for staying subscribed to my channel and for the numerous views i keep getting for each video. I hope you follow most of my advice on each video. Remember to do your due diligence. I have very good feeling about the market, I would tell you why.

    I still have many more amazing stuffs for you all. In more interesting news, I would be sharing a really simple way to make at 1% of your investment as daily profits.

    I would explain in details if you would like.

    submitted by /u/zeycus
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    Yanis Varoufakis on Bitcoin: the fantasy of apolitical money

    Posted: 18 Feb 2019 03:43 AM PST

    What do people think of this analysis (starts at 13:15, ends around 20:30) by Yanis Varoufakis who claims bitcoin is brilliant but doomed to fail as a currency because of it's deflationary property. Seems about as compelling a counterargument to bitcoin's prospect as a usable global currency as I've heard.

    ​

    ​

    submitted by /u/punchbagged
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    The two largest foreign creditors of the US — China and Japan — have both been unloading their Treasury securities... it’s only a matter of time before there is a run on the U.S dollar. Got bitcoin?

    Posted: 17 Feb 2019 02:11 PM PST

    Why Bitcoin Will Go to 30,000?

    Posted: 18 Feb 2019 12:30 AM PST
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