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    Bitcoin Daily Discussion, April 26, 2019

    April 26, 2019

    Bitcoin Daily Discussion, April 26, 2019

    Daily Discussion, April 26, 2019

    Posted: 26 Apr 2019 12:00 AM PDT

    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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    Doing my part to confirm transactions and decentralize the peoples digital currency

    Posted: 25 Apr 2019 10:12 PM PDT

    Gab is forking Brave's browser, removing BAT, and integrating Bitcoin instead

    Posted: 25 Apr 2019 11:24 AM PDT

    Iran: Country's first Bitcoin ATM unveiled at Tehran finance exhibition

    Posted: 26 Apr 2019 12:25 AM PDT

    16 new Bitcoin ATMs installed at various locations in Germany!

    Posted: 26 Apr 2019 02:04 AM PDT

    BFX response: New York Attorney General’s court filings were written in bad faith and are riddled with false assertions

    Posted: 25 Apr 2019 07:47 PM PDT

    New York State AG going after Bitfinex over tether funds

    Posted: 25 Apr 2019 02:46 PM PDT

    Fast food chain adopts Bitcoin, wants Coca-Cola to be next

    Posted: 25 Apr 2019 11:00 PM PDT

    Yes, the price is dropping. Yes, there is news about Tether. No, we don't need a million threads about either.

    Posted: 25 Apr 2019 03:55 PM PDT

    Talk about both here, or talk about Tether specifically in this thread or this thread linking to one of the articles.

    WSJ article.

    Yahoo Finance article.

    Affirmation document.

    Bitfinex's response and associated thread.

    All other submissions will be removed as duplicates. The sidebar specifically say no price submissions.

    submitted by /u/StopAndDecrypt
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    NY Attorney General suing Bitfinex and Tether over insolvency and undisclosed $850mil loss

    Posted: 25 Apr 2019 03:04 PM PDT

    Because people asked to see some of my parkour gym (which is the first one to accept BTC)

    Posted: 25 Apr 2019 08:54 PM PDT

    "massive increase in the number of kiosks where it offers the ability to buy bitcoin"

    Posted: 25 Apr 2019 10:08 PM PDT

    Will we continue the trend?

    Posted: 25 Apr 2019 11:05 PM PDT

    How can I do my bit in supporting Bitcoin?

    Posted: 26 Apr 2019 01:04 AM PDT

    I'm the average joe, hardly worth a mention. I love the idea behind Bitcoin and would like to support the crypto movement. I already own a Bitcoin. Besides owning, what else can I do to help without getting mired in the technicality?

    submitted by /u/iconiconoclasticon
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    Bitcoin's Unbelievable 457% Two-Year Returns Leave the Dow in the Dust

    Posted: 25 Apr 2019 01:37 PM PDT

    Bitcoin Economic Activity Now 30% Higher Than At $20K

    Posted: 25 Apr 2019 03:04 AM PDT

    Art piece seen in the RBC bank center in Toronto

    Posted: 25 Apr 2019 09:57 AM PDT

    Bitcoins from the Bitfinex Hack 2016 moved today

    Posted: 25 Apr 2019 08:34 AM PDT

    Just an hour ago about 550 BTC from addresses connected to the bitfinex hack were moved. These list contains them all: https://blockchair.com/bitcoin/outputs?q=is_spent(true),time(2016-08-02),spending_time(2019-04-25)&s=value(desc)# (only the smallest one doesn't belong to the hack). You can check these addresses on a spreadsheet which lists the stolen funds: https://gist.github.com/MrChrisJ/4a959a51a0d2be356cc2e89566fc1d87

    Do with this information what you want ;)

    submitted by /u/jankeldidi
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    Profit of wasabi wallet in function of the number of participant in a bitcoin mixing round.

    Posted: 25 Apr 2019 11:14 PM PDT

    Within an hour a total of $200m long got liquidated on BitMEX...

    Posted: 26 Apr 2019 01:52 AM PDT

    What could the long-term future look like?

    Posted: 25 Apr 2019 08:25 PM PDT

    Been hodling and lurking in this sub since 2013. I'm a bitcoin maximalist. I only own bitcoin and fiat, no shitcoins. I'm against big blocks. Created this account just for this question/issue/concern.

    I'm against bigger blocks because that is not a real solution to scaling (just 2x or 32x) and it harms decentralization. I foresee bitcoin being a settlement layer and not for everyday transactions. It makes no sense for your purchase of coffee to be broadcast around the world and recorded on tens of thousands of computers for all eternity.

    I've been trying to envision what the world could eventually look like post-hyperbitcoinization. Let's assume bitcoin is the only form of money used on Earth due to it being superior to all other forms and the network effect. With the block size as it is, the bitcoin network can process at most about 500,000 transactions a day. If there are 8 billion people on Earth, then the average person will have an on-chain transaction about every 44 years, so at best about twice in their lives.

    Obviously second-layer transactions are the solution here, but they still depend on the base layer. Each payment channel for lightning requires an opening transaction at the very least. Lightning requires eventual settlement as well, another transaction. Perhaps there will need to eventually be custodial bitcoin banks to move more transactions off-chain, but how could we keep them honest without the threat of a bank run which foreseeably would be impossible for the average person given that the average person would have two on-chain transactions in his life.

    The fatal flaw of gold was that it was impractical for small purchases since it is so valuable per unit weight. This necessitated the creation of banks and gold-backed substitutes from banks. However that in turn created centralization and then government control with gold-backed national currency and then, when no one was looking, pure fiat currency divorced from gold. Can we avoid this outcome eventually occurring with bitcoin as well given that the average person in the future gets two on-chain transactions in his life?

    I posted this before (https://old.reddit.com/r/Bitcoin/comments/bhgh9m/what_could_the_longterm_future_look_like/), but for some reason it did not show up, so I have posted it again.

    submitted by /u/throwaway4gAQq
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    Bitcoin will become the most stable asset known to man

    Posted: 25 Apr 2019 10:59 AM PDT

    Bitcoin will become the most stable asset known to man because prices are determined by supply and demand, and bitcoin has the most transparent and predictable supply and demand metrics ready to analyse publicly.

    Demand is known through blockchain analytics, essentially observing and quantifying capital flow metrics on chain. Algorithms will evolve that can give detailed public information about the demand side of bitcoin.

    Supply is known firstly through the mechanics of the block reward and secondly also through quantifying capital flow metrics on chain.

    No other asset in human history can provide such detailed and real-time information and insight into supply and demand metrics publicly for the world to analyse at will. Period.

    Once bitcoin is nearing the end of its free market price discovery phase the stability will start to set in like no other asset on earth ever has. Not stable in fiat (because fiat is in and of itself unstable and therefore no good to measure things against), but stable against other goods. Stability will become the rule and not the exception for bitcoin. The ability of supply and demand metrics to be priced-in so efficiently in advance and in real time will become the basis for a form of stability so strong it will make fiat look unstable by comparison.

    Once we have stability commerce directly in bitcoin will follow, prices denominated in bitcoin will follow, and fiat currency pairs against bitcoin will start to look wildly volatile while bitcoin appears as though it were the rock of solitude. Unmoving.

    It is at this point that there will be absolutely no more reason to hold fiat currency for anything at all. And when thinking about cashing out, you will realise, "when you're ready, you wont have to".

    submitted by /u/slvbtc
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    Bitfinex said it used some of their profit made in 2018 for users’ cash withdrawal. The company said they have profited in $400 million in 2018 but only spent $12 million in expenses of the year.

    Posted: 26 Apr 2019 02:56 AM PDT

    Quadriga really scared the uninformed masses

    Posted: 25 Apr 2019 04:32 PM PDT

    Does anyone else has that error in Bitcoin Ticker app?

    Posted: 26 Apr 2019 01:21 AM PDT

    Boom...tunneled into my raspi over internet with SSH and connected electrum to my raspi electrum personal server remotely. It also has lightning wallet and bitcoin full node.

    Posted: 25 Apr 2019 01:03 PM PDT
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