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    Bitcoin Daily Discussion, August 04, 2019

    August 04, 2019

    Bitcoin Daily Discussion, August 04, 2019

    Daily Discussion, August 04, 2019

    Posted: 04 Aug 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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    2 years ago a man accidentally gave me 1.07 BTC. Lessons were learned.

    Posted: 03 Aug 2019 04:02 PM PDT

    He isn't around anymore - Bitcoin still is though

    Posted: 04 Aug 2019 12:19 AM PDT

    Looks like a whale to me

    Posted: 03 Aug 2019 10:20 AM PDT

    And so It begins

    Posted: 03 Aug 2019 02:39 PM PDT

    I'm now officially a bitcoin holder. I posted a few days ago about my budget of 100 dollars per month of extra income that I'm putting in, it's really all I can do Being a disabled man with a fixed income.

    I'm doing 85% bitcoin and 15% xrp at the moment. I also ordered a ledger nano s that I saved for. I see how important it is to secure this in a offline wallet now.

    I wanted to thank you all for all of your information you have provided me. I will let you know how this all goes as the time goes on. This is really exciting! HODL!

    submitted by /u/love_me_some_reddit
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    Propaganda by phneep

    Posted: 03 Aug 2019 09:43 AM PDT

    BTC Dominance: 66.6%

    Posted: 03 Aug 2019 09:03 PM PDT

    some mile stone reached. 2 thirds of crypto marketcap are in bitcoin.

    submitted by /u/nibbl0r
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    You can now buy bitcoin at coinstars!

    Posted: 03 Aug 2019 05:23 PM PDT

    Debunking of recent "LN capacity drop" FUD

    Posted: 03 Aug 2019 01:12 PM PDT

    Debunking of recent "LN capacity drop" FUD

    TL;DR: LN is doing great, FUD only, sell your ALTs!

    Recently various alt-coiners started pointing to LN public channel capacity decrease as a "proof that LN is failing". This is pure FUD and something that has ZERO impact on the network - explanation below.

    What is LN capacity:

    LN is made up of public and private nodes.

    • Public nodes are typically on-line 24/7 and participate in routing of payments via public channels. You can see details of those nodes and channels capacity on websites like http://1ml.com as this info is broadcasted publicly via LN gossip protocol.
    • Private nodes are run by for example mobile LN wallets like eclair or BLW. Channels of private nodes are also private (not advertised via gossip protocol), so we don't know how many there are and how much BTC is in those - but there are A LOT of them, as many as mobile wallets!

    To re-iterate: If you go to http://1ml.com - you see only PUBLIC nodes/channels/capacity. This does NOT include any private channels (mobile apps). Capacity provided by PUBLIC channels is useful to route payments trough network, so some capacity is needed, but how much?

    It's difficult question to answer, but frankly LN does not need a lot of capacity in public channels, just ENOUGH for you to find a path and make a payment. The more nodes there are and more capacity is available - the more possible routes/paths you can use for you payments which is good for privacy, fees, etc. But even if network capacity would drop by 90% today - it's quite likely no-one would notice as payments would "just work".

    So why recent capacity drop?

    Let's start why there was a surge in capacity starting from November 2018.

    Large part of capacity increase was due to @lnbig_com as this entity for couple of months was pouring hundreds of BTC opening channels to EVERY public node on the LN network.

    This in short order took total PUBLIC capacity to over 1000 BTC. Actions of @lnbig_com undoubtedly helped with confidence that software is ready to handle real funds, routing bigger payments, overall network topology, finding bugs and performance issues related to running of large nodes, etc. I don't have an exact numbers but I suspect at least 300BTC in LN is owned by LnBig today, maybe more.

    I mentioned that @lnbig_com opened a channel to EVERY node on the network. But a lot of those nodes were not kept alive, disappeared completely or were unused (not routing any payments). So recently @lnbig_com started closing those inactive public channels - and this is the sole reason why public capacity is going down. See this as an example: https://twitter.com/lnbig_com/status/1156574772324646915?s=20

    So what is @lnbig_com doing with BTC that was freed? He/she decided to allocate those coins as incoming channels for both public and PRIVATE channels. It works as follow:

    • anyone can go to http://lnbig.com
    • from there you can open an free, incoming channel from @lnbig_com to your public node or PRIVATE mobile wallet like Eclair or BLW
    • this is awesome as it allows to receive LN payments without having to spend from the wallet first
    • NOTE however: @lnbig_com is closing unused PUBLIC channels and re-allocating funds to PRIVATE (mobile) channels. This will lead to 1ml.com and other LN explorers to report in drop of liquidity.

    So drop in capacity does not mean drop in TX count or LN adoption?

    LN by it's design keeps transactions private, so no-one knows what is the real growth or otherwise of transactions on the network. There is however no direct relation between public capacity and number of transactions handled in LN.The best we can do is to look at observations of LN takeup like this recent tweet: https://twitter.com/BtcpayServer/status/1156084772369776642?s=20

    To summarise:

    LN network arguably has today much more public capacity than needed for me and you to make everyday payments.

    Real LN capacity is much higher than what 1ml.com reports due to private channels - and recently capacity has been migrating to private channels.

    There is really nothing to see here, use LN and enjoy the only true P2P, instant and private payments in the crypto space.

    ​

    https://i.redd.it/uliqqktvjae31.png

    submitted by /u/hotol
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    Bitcoin ATM at El centre De la Villa Barcelona, first time I see one!

    Posted: 03 Aug 2019 10:05 AM PDT

    Roger Ver Rage Quit Interview

    Posted: 03 Aug 2019 05:16 AM PDT

    Just finished reading the bitcoin standard by saifedean ammous, great book talking about money, economics, gold and bitcoin, eye opening. Can anyone recommended any other must read books on bitcoin?

    Posted: 03 Aug 2019 07:21 PM PDT

    Apple not allowing Bitcoin purchases on credit card is a good thing, not a “blow to bitcoin” as Forbes writer suggests

    Posted: 04 Aug 2019 02:33 AM PDT

    In one day, Bitcoin miners earned up to four times the revenue accrued by their counterparts on the Bitcoin SV and Bitcoin Cash networks combined.

    Posted: 03 Aug 2019 08:35 AM PDT

    Pomp CNN Interview On Bitcoin. Bullish!

    Posted: 03 Aug 2019 05:05 AM PDT

    Absolute idiot here - I've been wanting to buy for a week now, and no options found.

    Posted: 04 Aug 2019 03:23 AM PDT

    Hi everyone,

    I am trying to securely buy bitcoin, unfortunately I am finding no option to do this. If anyone could help me I would be super thankful.

    ​

    1. There are a ton of options for how to safeguard my bitcoins, and everyone says I should stick to buying from exchanges with
      1. non-kyc
      2. non-direct payment (amazon card, etc).
      3. Not Coinbas

    ​

    1. These are so far.
      1. Bisq (wants me to already own some bitcoin, which is what I am trying to do).
      2. localbitcoins.com > Only shows 5 options per country (sucks that you cant search for all of EU at once or something), and all are Bank transfer/per post.
      3. hodlhodl.com > same as above.

    ​

    Can anyone help me out with this?

    submitted by /u/Thi5-fucking-guy
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    Is it looked down upon if someone uses a legacy address?

    Posted: 04 Aug 2019 12:01 AM PDT

    I've been hearing some flak about legacy addresses lately and I'm wondering if there's any validity to these claims. Is it bad for a user to use legacy addresses? If so, why?

    Thanks for the input :)

    submitted by /u/notacooleagle
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    Universal Access to Basic Finance - Andreas Antonopoulos

    Posted: 03 Aug 2019 08:59 AM PDT

    Sold all my silver years ago, bought pot stocks, sold my pot stock to buy bitcoin.

    Posted: 03 Aug 2019 06:24 PM PDT

    Best decision I ever made.

    submitted by /u/vandammedave
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    Bitmain Loses $625 Million In Two Months, But Pins Hopes On New Tech

    Posted: 03 Aug 2019 12:56 PM PDT

    Bitcoin Q&A: Universal Basic Finance and Encryption Backdoors - Andreas Antonopoulos

    Posted: 03 Aug 2019 12:28 PM PDT

    lol big blocks

    Posted: 03 Aug 2019 10:29 AM PDT

    This may sound dumb sorry, but why does bitcoin require my ssn,is this safe. I’m starting off the cashapp btw so any advice ?

    Posted: 03 Aug 2019 04:31 PM PDT

    MIT’s AI lab crunched 200,000 Bitcoin transactions. Only 2% were ‘illicit’.

    Posted: 03 Aug 2019 01:42 PM PDT

    MIT's AI lab crunched 200,000 Bitcoin transactions. Only 2% were 'illicit'.

    Source: CoinDesk Elliptic, a blockchain analytics firm, partnered with MIT to publish a public dataset of bitcoin transactions associated with illicit activity. The group's study categorized 203,769 bitcoin node transactions worth roughly $6 billion in total and explored whether artificial intelligence could assist current anti-money laundering (AML) procedures. After examining the nodes' association with known entities, researchers found only 2 percent of those 200,000 bitcoin transactions were deemed illicit.

    submitted by /u/santoterracomputing
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    I finally understand what bitcoin is.

    Posted: 03 Aug 2019 09:21 AM PDT

    I am so happy that I finally understand what it is. it took more research than I liked but finally I understand it! ;D

    submitted by /u/Thewriterswithin
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