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    Bitcoin Daily Discussion, February 25, 2019

    February 25, 2019

    Bitcoin Daily Discussion, February 25, 2019

    Daily Discussion, February 25, 2019

    Posted: 24 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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    The ride didn't last long (／ ᐛ)／

    Posted: 24 Feb 2019 06:21 AM PST

    Monday Art - Ludo

    Posted: 24 Feb 2019 07:38 PM PST

    Im finally going to get into buying bitcoin tomorrow.

    Posted: 24 Feb 2019 10:36 PM PST

    I have been thinking about getting I to crypto for a while, but now seems like the perfect time. Prices dropped today so I think tomorrow will be a good time to buy my first Bitcoin. Ill probably but $100 just to get a hold of the process and then slowly buy more over the coming days and weeks. I just made a coinbase account because I read that they were the most trusted.

    submitted by /u/Jdog131313
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    UBS Fined $5.1 Billion for Money Laundering and they Still Blame Bitcoin

    Posted: 25 Feb 2019 03:01 AM PST

    Best Part of Waking up! Is bitcoin in my Cup!

    Posted: 24 Feb 2019 10:35 PM PST

    When plan A fails..... A recent work done by myself on a copper sheet. All the colours you see are a result of corrosion and no paint or ink was used on this at all

    Posted: 25 Feb 2019 01:52 AM PST

    The Supreme Court of India has asked the Indian Government to finalize it’s policy decision on cryptocurrency regulations within 4 weeks. If the policy is not made within this timeframe, the supreme court will make its own ruling.

    Posted: 25 Feb 2019 12:35 AM PST

    Coinstar now paying out Bitcoin

    Posted: 24 Feb 2019 09:46 PM PST

    After reading "not your keys, not your coin" in here so much, I finally bought a trezor! Used BTC to pay, too.

    Posted: 25 Feb 2019 03:05 AM PST

    Bart?? is that you again??

    Posted: 24 Feb 2019 08:02 AM PST

    US government retrieves stolen bitcoins, returns to Bitfinex

    Posted: 25 Feb 2019 03:19 AM PST

    "Splicing is probably one of the most powerful and underappreciated features." - Andreas Antonopolous

    Posted: 24 Feb 2019 05:44 PM PST

    Annotated notes from Let's Talk Bitcoin Episode 389. Taken from Professor Meow on Twitter

    Andreas Antonopolous: My theory is that the way we're going to see Lightning being used is that people will have the vast majority of their funds on Lightning all the time. The only funds that are not on Lightning are the funds you keep in cold storage.

    How do you make this jump between on-chain and off-chain? I need to open a channel in order to start using Lightning, but then if I want to get my Bitcoin back, I would have to close the channel. I'm going to have to do this opening and closing channel not too infrequently. Maybe I'm opening and closing channels once a week or once a month, and if everybody needs to do the same, there's not enough capacity on the Bitcoin blockchain to do that. That's the wrong way of looking at it because you're not going to be doing that.

    That's where splicing comes in. What splicing allows you to do is blend the open channel, close channel and on-chain Bitcoin outputs into a single transaction.

    You're going to instead create a channel every time you do a Bitcoin transaction - there's no reason to take the change and put it back into an on-chain wallet.

    Instead, you fund channels every time you do a Bitcoin transaction, and you can do a Bitcoin on-chain transaction every time you rebalance, close or open a channel, and combine all of those functions. So a single transaction can have as its inputs the multi-sig of a closing channel, as its outputs the multi-sig of an opening channel, and an on-chain Bitcoin transaction.

    So you can basically splice Bitcoin into a channel, splice Bitcoin from a channel out onto the Bitcoin blockchain, and simultaneously open and close channels in the same transaction.

    This allows you to send Bitcoin into a Lightning channel, send Bitcoin from Lightning out onto the Bitcoin network (make an on-chain Bitcoin payment), close the channel, and open a channel. All four things in one transaction simultaneously.

    Every Bitcoin transaction in which you're paying a fee becomes an opportunity to also open and close several channels and make other Bitcoin payments.

    Adam B. Levine: Is the idea here just that users will be making transactions periodically and so this is a way to piggyback on existing traffic?

    Andreas Antonopoulos: Bingo. Your wallet does all of this automatically. Depending on who you want to pay and whether they can be reached on-chain or off-chain to, your wallet constructs your transaction and piggybacks as many open and closed channels as it needs to. Rebalancing, other housekeeping duties, and minimize your fees by batching together. But wait, there's more! The main reason we use Coinjoin is for obfuscation and privacy. But if you think about it, it also saves on transaction fees.

    If you're going to do that transaction anyway and you get five other strangers to join you and do their transactions, you pay one transaction fee across all of you. One transaction with five times the outputs is a lot cheaper than five transactions.

    This makes even more sense if you have, for example, an exchange that is doing withdrawals or deposits onto lightning, and it has a whole bunch of customer withdrawals. You know, the classic batching problem that exchanges are trying to implement in order to save on fees.

    Adam B. Levine: So what you're saying here is that splicing has implications that extend beyond single people and really this is a technology that could be extended to improve privacy and obfuscation? Or do you see this being set up like Coinjoin where anyone can participate?

    Andreas Antonopoulos: This isn't just for obfuscation, this is also a massive saving on channel transactions.

    submitted by /u/lobt
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    Dear Mr Bitcoin Whale

    Posted: 24 Feb 2019 11:38 PM PST

    Thank you for selling your Bitcoin last night, you gave us all another chance at lower prices. RIP Mr Whale.

    There is a few positives to big sell offs. Distribution and less centralisation of currency is one for sure. The more we buy, the less they can sell. Just make sure you keep your Bitcoin off exchange to stop it being used to trade!

    submitted by /u/CryptoFuture2009
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    The bitcoin halvening is in 455 days. 1,800 new coins are mined everyday. That will be cut to 900 with an 1.8% inflation rate. Why does it matter? It marks the date when bitcoin becomes less inflationary than central banks annual rate target of 2%.

    Posted: 24 Feb 2019 10:05 AM PST

    Monday Art - Elisa Insua

    Posted: 24 Feb 2019 07:39 PM PST

    Look what i found in some old stuff... ��

    Posted: 25 Feb 2019 01:55 AM PST

    when it has to go fast...

    Posted: 25 Feb 2019 03:49 AM PST

    Our ATM was robed the other week, luckily no Bitcoins were stolen!

    Posted: 24 Feb 2019 03:09 PM PST

    http://imgur.com/BBh89tr

    PSA: BTC ATM insurance is necessary

    To all the folks out there looking to enter the Bitcoin ATM market, do yourselves a favor and purchase insurance. My buddy and I recently purchased a GeneralBytes ATM, and our dream of one day operating hundreds of Bitcoin ATMs has been crushed due to an act of vandalism and attempted theft.

    The good news? We withdrew all the cash the night before so no funds were stolen.

    The bad news? Our machine is destroyed and we haven't made enough money to purchase another.

    So here's a public service announcement to all the other BTC ATM operators our there: BUY INSURANCE! It's worth it. We thought we were "saving money" by neglecting to purchase insurance but our failure to do so has cost us everything.

    Don't be like us. Buy insurance for your BTC ATM!

    submitted by /u/BitkingBitcoinATM
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    From bitcoin center South Korea

    Posted: 25 Feb 2019 01:47 AM PST

    My Dad on local Los Angeles News wearing a Bitcoin shirt that I bought him! Video in comments

    Posted: 24 Feb 2019 06:11 AM PST

    Mass adoption?

    Posted: 25 Feb 2019 02:03 AM PST

    Mentor Monday, February 25, 2019: Ask all your bitcoin questions!

    Posted: 25 Feb 2019 03:01 AM PST

    Ask (and answer!) away! Here are the general rules:

    • If you'd like to learn something, ask.
    • If you'd like to share knowledge, answer.
    • Any question about Bitcoin is fair game.

    And don't forget to check out /r/BitcoinBeginners

    You can sort by new to see the latest questions that may not be answered yet.

    submitted by /u/rBitcoinMod
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    Is Bitcoin Halvening a big deal

    Posted: 25 Feb 2019 01:43 AM PST

    "In around two year's time (on May 27, 2020, unless wild swings in the mining hashrate change anything) the coin reward for mining new Bitcoin blocks will drop from 12.5 Bitcoin to 6.25 Bitcoin" Forbes 2018

    Why is the halvening not talked about very often? Logically, the price per coin could skyrocket. Thoughts?

    submitted by /u/MrTormentedmage
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    Saw this and thought of you all

    Posted: 24 Feb 2019 01:25 PM PST
    Read more
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