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    Bitcoin Daily Discussion, September 07, 2019

    September 07, 2019

    Bitcoin Daily Discussion, September 07, 2019

    Daily Discussion, September 07, 2019

    Posted: 07 Sep 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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    Gift to wife...

    Posted: 06 Sep 2019 11:05 PM PDT

    :)

    Posted: 06 Sep 2019 09:33 AM PDT

    710M new internet users in the next 7 years: think Bitcoin.

    Posted: 07 Sep 2019 01:32 AM PDT

    Bitcoin ATH in Argentina ��

    Posted: 06 Sep 2019 12:32 PM PDT

    The NYSE’s Owner Wants to Bring Bitcoin to Your 401(k).

    Posted: 06 Sep 2019 11:49 PM PDT

    Places of the world to spend your bitcoins

    Posted: 06 Sep 2019 03:20 PM PDT

    Bakkt Bitcoin warehouse opens today, in preparation for physically delivered Bitcoin futures on 23 Sept.

    Posted: 06 Sep 2019 10:26 AM PDT

    Bitcoin, Not Blockchain - Unchained Capital Blog

    Posted: 06 Sep 2019 08:34 PM PDT

    The greatest risk in life is not taking any. Buy Bitcoin

    Posted: 06 Sep 2019 03:36 PM PDT

    There is a meme in the cryptocurrency community which I see pop up every couple of weeks which goes like this: "The greatest risk in life is not taking any. Buy Bitcoin." But is not buying Bitcoin actually a risk?

    I'm going to answer this question by going back to a point in time when the world used two main currencies: gold and silver.

    First, lets understand why we used gold and silver alongside each other, instead of just gold or vice-versa.

    A good medium of exchange solves the lack of coincidence of wants problem, which can be broken down into three sub-problems.

    1. Lack of coincidence of scales: I make shoes worth $60 and I want to buy a gum-ball for $0.25. I don't have a way to give the gum-ball seller $0.25 worth of one of my shoes, so I have to either trade a pair of shoes for 240 gum-balls or live without the gum-ball.

    2. Lack of coincidence of time: I'm a fisherman trying to buy a car. It is impossible for me to save up enough fish to buy a car before the fish rot.

    3. Lack of coincidence of location: I'm a farmer looking to buy a house in a new city. I have enough cattle to pay for the house, but the city is very far away, so it would be impossible to move my cattle there to pay for the house.

    Gold solves the lack of coincidence of time and lack of coincidence of location problems, as its chemical properties make it resistant to deteriorating and its high price per ounce makes it easy to transport large amounts of value. Gold's high price make it great for expensive transactions like buying a house, but for inexpensive transactions, it is unable to solve the lack of coincidence of scales. It is nearly impossible to get a piece of gold small enough to pay for a $0.25 gum-ball.

    This is where silver comes in. When it was being used alongside gold as a medium of exchange, its price was always ~15.5 ounces of silver per ounce of gold, so it could easily be used to purchase inexpensive items. It also solved the lack of coincidence of time and lack of coincidence of location problems for the same reasons as gold.

    Silver held its position as a secondary medium of exchange until technological advancements, namely the telegraph and expanding network of trains, made it possible for banks to denote values of gold using paper bills. Now, people payed for inexpensive items using paper notes representing amounts of gold too small to be physically real.

    As a result of this development, silver became useless as a medium of exchange and European countries switched to a gold standard. This switch happened over the course of ~150 years. Starting with Britain in 1717 and ending with Germany after the Franco-Prussian War, France, Holland, Switzerland, Belgium, and other countries switched to the gold standard.

    The price of silver plummeted as the gold standard was increasingly adopted. India, China, and other countries on the silver standard were heavily impacted. In the time between the end of the Franco-Prussian War and the time when they switched to the gold standard (India 27 years after, China 64 years after), the Indian rupee lost 56% of its value and Chinese silver coins lost 78% of their value. The wealth of these countries was essentially transferred to countries on the gold standard. This put China and India behind in the 20th century and made it impossible for them to catch up.

    By not buying Bitcoin, you are actually taking a risk. You can't just ignore Bitcoin and keep holding your money. As more and more people start believing in Bitcoin's ability to replace Fiat currency, the price of Fiat currency goes down. Whether you actively believe Bitcoin will fail or don't care either way, you are risking your wealth by betting against the adoption of Bitcoin.

    submitted by /u/letich
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    The Tulip Trust is fake.

    Posted: 06 Sep 2019 10:41 AM PDT

    Bitcoin was Facebook’s first choice says Abra's CEO

    Posted: 06 Sep 2019 01:58 PM PDT

    BAKKT: Today our Warehouse opens for customer bitcoin deposits and withdrawals.

    Posted: 06 Sep 2019 06:04 AM PDT

    CoinCorner comments on claim of 90% Bitcoin dominance (“Our numbers also correlate with 90% Bitcoin dominance. Last year, we introduced support for a number of altcoins. We believe demand was caused by ICOs. 93% of transactions on CoinCorner are Bitcoin, leaving other 3 altcoins the remaining 7%.”)

    Posted: 06 Sep 2019 02:58 PM PDT

    GBTC Explained For Beginners! (Grayscale Bitcoin Trust Overview)

    Posted: 06 Sep 2019 08:09 PM PDT

    Whether it's, recession, WW III , or climate change. Bitcoin is the way to escape.

    Posted: 07 Sep 2019 12:31 AM PDT

    I've been watching videos that gathered all main events that happened in the last 2 years, it all seemed to be one of these three. I just feel grateful that I've got involved in an industry that will not be touched by global events. My plan is simple: Get a roof, pay your bills, and have a constant supply of basic life essentials, and sell everything else for Bitcoooin.

    submitted by /u/Leader92
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    What's the weirdest thing that was said in your econ class?

    Posted: 06 Sep 2019 08:10 AM PDT

    How does moving a billion dollars worth of Bitcoin only attract a 10 dollar fee?

    Posted: 07 Sep 2019 03:40 AM PDT

    Recovery seed time to show Balance

    Posted: 07 Sep 2019 12:48 AM PDT

    Hi all. So for reasons I needed to use my recovery seed. Wallet shows zero balance. Is there a delay between recovery and balance appearing? Does it have to be the same wallet?

    Thanks for either helping to alleviate my fears............. or confirm them :S

    submitted by /u/Hops_Da
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    MIT Tech Review published a shockingly misinformed piece on miner regulation

    Posted: 06 Sep 2019 12:38 PM PDT

    Bitcoin Will Replace Gold! Here's Why...

    Posted: 06 Sep 2019 01:33 PM PDT

    Public websockets to access live trade and order book data from Binance, Bittrex, KuCoin, Kraken, and more.

    Posted: 06 Sep 2019 03:43 PM PDT

    Hi Everyone,

    We've seen a lot of interest from people in this group to access live websockets for trade and order book data. To help everyone out, we've made our websockets open to the public. That means you can access websockets to all 16 exchanges we support here:

    https://developers.shrimpy.io/docs/#websocket

    You don't need to sign up for an account or anything (although it's free to sign up and you get a higher rate limit if you do). The data is completely public for use. Just install the python or node libraries to get quick access to the data here:

    https://github.com/shrimpy-dev

    Try a few different pairs and exchanges - I think you will find it pretty exciting!

    I'm happy to answer any questions if you have some. Looking forward to hearing your feedback!

    Soon we will be releasing historical order book snapshots and trade data as well for the 16 exchanges we support. Check back next week and it might be ready!

    submitted by /u/ShrimpyApp
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    My favorite combo, the KFC Bitcoin mug

    Posted: 06 Sep 2019 04:42 AM PDT

    [Lightning-dev] Reconciling the off-chain and on-chain models with eltoo

    Posted: 06 Sep 2019 07:42 AM PDT

    Stable coins could hamper the Swiss monetary policy, says SNB President - BlockInspect

    Posted: 07 Sep 2019 04:14 AM PDT
    Read more
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