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    Bitcoin Daily Discussion, August 05, 2019

    August 05, 2019

    Bitcoin Daily Discussion, August 05, 2019

    Daily Discussion, August 05, 2019

    Posted: 05 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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    Elon Musk Calls Bitcoin ‘Brilliant,’ Better Than Paper Money for Value Transfer

    Posted: 04 Aug 2019 02:47 PM PDT

    11 k USD you say? I'm frankly more excited at the fact that there are over 1.1 MM members of this sub now.

    Posted: 04 Aug 2019 10:03 PM PDT

    • Wondering when it will be possible for people to be excited about bitcoin without comparing it to USD levels? That time has come long ago and new tech brings now evolving permutations and potential to this arena.

    • Does ownership mean more than anyone ever thought it would before? Ways that can allow us to help you to use Bitcoin to manage the growth and ownership or decentralization of ownership of most any asset? Yes.

    • Have people in Bitcoin already invented ways to make ideas like NY bitlicense, FBLibra., ULC/CSBS models for the space, effectively obsolete already? Sure. Yes. Ways that are well developed - well tested - and which work.

    Bitcoin's full range and potential is way more exciting than just price - though finding arbitrage, trading opportunities, etc. on an open market is exciting, there is a lot more out there...

    explore, explore, explore..

    submitted by /u/pcvcolin
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    The battle of the ages

    Posted: 04 Aug 2019 08:12 PM PDT

    How often do you check bitcoin price?

    Posted: 04 Aug 2019 11:44 PM PDT

    This is why we can't have nice things. Pussies.

    Posted: 04 Aug 2019 06:35 PM PDT

    What I saw at my local Kennedy Fried Chicken here in New York. The word is spreading guys

    Posted: 04 Aug 2019 09:25 PM PDT

    Lightning Network in 2019 so far, +87% increase in LN BTC Capacity and +99% increase in LN Nodes

    Posted: 04 Aug 2019 08:41 PM PDT

    Lightning Network in 2019 so far, +87% increase in LN BTC Capacity and +99% increase in LN Nodes

    ​

    https://i.redd.it/bqbghxtxwje31.png

    The Lightning Network's overall network capacity saw an 87% increase to over 1,100 BTC and its node count doubled to 4,576 by the end of Q2 2019. 2019 also brought about major updates and releases of different Lightning Network apps.

    Full report on Lightning Network in the first half of 2019 can be found at https://assets.coingecko.com/reports/2019-Q2-Report/CoinGecko-2019-Q2-Report.pdf

    submitted by /u/coingecko
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    My new little way of supporting the Bitcoin ecosystem. Every time I buy something on Facebook market place I asked if they’d accept Bitcoin. Today it worked and I set someone up with their first wallet.

    Posted: 04 Aug 2019 01:57 PM PDT

    Adoption

    Posted: 04 Aug 2019 08:51 PM PDT

    Bitcoin Tops $11,500 for the Second Time in 22 Days

    Posted: 04 Aug 2019 08:30 PM PDT

    Bitcoin: 100K New Miners and 70% Market Dominance. What’s Happening?

    Posted: 04 Aug 2019 10:59 PM PDT

    I just bought an steam game using lightning network and bitrefill

    Posted: 04 Aug 2019 05:29 PM PDT

    I just bought an steam game using lightning network and bitrefill

    https://i.redd.it/dgajr4tzyie31.jpg

    Guys, LN is just amazing, It is so fast, literally 0 fee, lately is working just flawless. It was so fast that the website approved my transaction before my node confirm it!

    When we get 100% segwit utilization and widespread LN, visa will be a thing of the past.

    ​

    I just wanted to share this with you :)

    submitted by /u/iguano80
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    Found this restaurant in Las Vegas

    Posted: 04 Aug 2019 02:09 PM PDT

    Monday Art - EPIK

    Posted: 05 Aug 2019 02:28 AM PDT

    Here’s The Case For A $100,000 Bitcoin Price By The End Of 2021

    Posted: 04 Aug 2019 06:25 PM PDT

    End of year 2021 price predictions. I’ll give gold to the best answers.

    Posted: 04 Aug 2019 12:26 PM PDT

    Just curious and a little bored. Mostly curious about justifications and the path you think it will take to get there.

    submitted by /u/BeTeeC
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    MIT's AI Lab Analyzed 200,000 Bitcoin Transactions. Only 2% Were 'Illicit'

    Posted: 04 Aug 2019 07:04 AM PDT

    Buying bitcoins in a few years...

    Posted: 05 Aug 2019 03:51 AM PDT

    The total computing power now dedicated to securing the bitcoin blockchain has set yet another record.

    Posted: 04 Aug 2019 08:44 PM PDT

    According to data from mining services operator BTC.com, the average bitcoin mining hash rate over the last two weeks has reached 71.43 quintillion hashes per second (EH/s), up from 64.49EH/s on July 23. The threshold was breached as bitcoin adjusted its mining difficulty at block height 586,672 on Monday 2:52 UTC – that is a 6.94EH/s, or 10.78 percent jump since mid July.

    Bitcoin mining difficulty is a measure of how hard it is to compete for mining rewards on bitcoin. Just how difficult the bitcoin software makes it to generate new blocks adjusts every 2,016 blocks – approximately every 14 days – to ensure the block production time remains about 10 minutes at the next cycle.

    Assume this additional 6.9EH/s (or 6.9 million tera hashes per second, TH/s) computing power has all come from powerful ASIC miners, such as Bitmain's AntMiner S17 or MicroBT's WhatsMiner M20S, both of which boast a mining rate of around 55TH/s and recently hit the market.

    That means more than 100,000 top-of-line ASIC miners could have been switched on within the past two weeks. Further, given these products have been sold for at least $2,000 each, this equates to some $200 million in revenue pocketed for major miner makers.

    The continued interest in bitcoin mining comes at a time when the cryptocurrency's price appears to be en route to challenging all-time highs, however distantly, and amid the arrival of the rainy season in China, which leads to cheaper hydropower electricity costs in the country's southwest provinces – a region that is reported to account for 50 percent of the global mining activity,

    Miners in China estimated earlier this year that bitcoin's hash rate in the summer would break the level of 70EH/s. To be clear, at several single points of time, bitcoin's hash rate had already crossed that level in June and even reached 80EH/s around Aug. 1.

    However, today marks the first time that the two-week average computing power has been able to remain above the 70EH/s threshold. As such, bitcoin's mining difficulty has also set a new record of nearly 10 trillion.

    Market change

    Amidst this uptick in mining interest, there have been notable changes in the mining market, where top manufacturers are racing to produce more powerful equipment.

    For instance, in Bitmain's 2018 initial public offering prospectus, the Beijing-based mining giant claimed it had a 70 percent market dominance. Now, it may be facing serious competition from rival players that some believe are capable of shipping more top-of-line products with better profitability.

    Michael Zhong, a former mining analyst who now operates mining farms at a startup called Force Mine, told CoinDesk that based on his experience, the production capacity ranking among major Chinese miner makers for their flagship products have changed over the years.

    Zhong explained that from 2017 to 2018, Bitmain had topped the list with its AntMiner S9 series miners, followed by Canaan's Avalon 8 series machines. InnoSilicon, Ebang and former Bitmain design director's MicroBT were all in the third position at the time.

    But from January to June this year, the delivery capacity ranking has reshuffled, with now MicroBT's WhatsMiner M20 series at the top, followed by Bitmain's S17 series miners and then InnoSilicon, Canaan, and Ebang, Zhong added.

    According to F2pool's miner profit tracker, Bitmain's flagship AntMiner S17 Pro ranks third in terms of mining profitability, following BitFury's Tardis and MicroBT's WhatsMiner M20S. The cost for WhatsMiner M20S is around $3,000, while that of AntMiner S17 Pro is around $4,000 each, based on the information advertised on the two firms' websites.

    Although orders for these flagship machines have queued up until November and December this year, MicroBT's founder Zuoxing Yang told CoinDesk previously that the bottleneck of production capacity is the availability of chips from suppliers.

    For example, MicroBT uses 10-nm chips for its M20 series, which are relatively more affordable with a higher level of availability compared to more advanced 7-nm chips used by Bitmain for its AntMiner S17 series equipment.

    While Bitmain has always been relying on chips supplied by Taiwan Semiconductor Manufacturing Company (TSMC), MicroBT has switched from TSMC to Samsung earlier this year for its flagship products.

    Both TSMC and Samsung have estimated in their most recent Q2 earnings calls that the demand for cryptocurrency mining chips will come back in the third and the fourth quarter this year.

    Operating miners image courtesy to Hashage

    https://www.coindesk.com/bitcoins-computing-power-sets-new-record-as-over-100k-miners-go-online?utm_source=twitter&utm_medium=coindesk&utm_term=&utm_content=&utm_campaign=Organic%20

    submitted by /u/Muxa84
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    BTC Will Never Reach $700 Again... It's Time to Liquidate all Positions.

    Posted: 04 Aug 2019 12:21 PM PDT

    aantonop - Universal Access to Basic Finance

    Posted: 04 Aug 2019 06:30 AM PDT

    Spending BTC increases price and adoption

    Posted: 04 Aug 2019 05:25 PM PDT

    By spending BTC and replacing it afterwards, you are doing 2 positive things for Bitcoin.

    1. Distributing bitcoin to more wallet holders, putting BTC into more hands, and driving adoption.

    2. Increasing the price because you reduce the supply of available BTC on exchanges when you make a purchase to replace the BTC you spend.

    Spread the good word and keep spending & replacing that sweet, sweet BTC 😎

    submitted by /u/BigLezHodler
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    FREE Crypto Trading Course

    Posted: 05 Aug 2019 03:41 AM PDT

    Hey guys,

    We built a crypto trading course to help newbies and advanced level of traders to improve their skills and knowledge.

    Here is the link: https://cryptoaims.net/course/complete-cryptocurrency-trading-course/

    We know you will like it 😉

    Cheers

    submitted by /u/CryptoAims
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    A sad story about Kraken VIP Customer

    Posted: 05 Aug 2019 03:31 AM PDT

    Good morning!

    I have my sad story of kraken VIP Customer. I was their client about 2 years. I never do any kind of suspisious operaction with bank account and just keep my Bitcoins there as a Kraken seems to be a safe place. I did some trades and was unlucky and brought to Kraken many thousands euros.

    An the end of July I had about 46.000€ converted from my bitcoins sent from my wallets and put this money in leverage trade. On 2nd August I sow that I am not able to trade and withdrawal my money.

    I have opened a ticket and wrote to chat. Keep calm, we will responce you son.On the next day all was the same. I found an escalation of ticket on Reddit.com and do it. Nothing.

    Meanwhile my opened positions loose their value and i was unable to close them. I can understand if Kraken doesnt permit withdrawals but why they make me unable to trade? Why?

    As a result many of my positons was closed automatically due to margin call and I loose about 26.000€. I know that all trades a virtual and factually kraken still has my 46.000€.

    I do not see any other explanation exept one - they decides to take my money in full. They even doesnt have any words to tell me.

    Online-Chat told me that they do an investigation. Wow. can I assint you? No. Why? Because it is do hard to find something and we cannot confess that we we unright and we want to have you money.

    I believe that my story can help the people who still belive and trust in kraken.

    Gentleman, I was their VIP Customer I brought them more as 100.000€ because I was unlucky to trade.

    And finally they dicides to take my last 46.000€..

    submitted by /u/KDeniska
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