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    Bitcoin Daily Discussion, September 29, 2019

    September 29, 2019

    Bitcoin Daily Discussion, September 29, 2019

    Daily Discussion, September 29, 2019

    Posted: 29 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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    Google has created a 50 qbit computer and executed an algorithm in minutes where it would have ran for 20,000 years using a normal computer. Cryptography will soon (in maybe 10 years) be impacted by quantum computing. What kind of algorithm would you use to face that tremendous computational power?

    Posted: 29 Sep 2019 01:47 AM PDT

    I think in a relatively near future, Google will be able to solve any mathematical problem used in crypto in a matter of minutes.

    Bitcoin's mining system is based on a mathematical problem solvable in exponential time, which is comparable to a simple linear time algorithm for a qComputer iirc.

    How would you avoid the Google's supremacy over cryptocurrencies?

    What kind of algorithm is solvable in exponential time for a quantum computer?

    submitted by /u/mourad1081
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    From a day job to a crypto job (a Bitcoin life-changing story).

    Posted: 28 Sep 2019 03:30 PM PDT

    I've spent most of my early 20s into getting a college degree. After graduation, I got a job in healthcare. The pay was great and working hours were horrible. I would spend 9-11 hours a day at work, not to mention having on-calls 6 to 7 days a month. The job really had no taste or any lifestyle in it.

    Before I got the job and right after graduation, I was introduced to crypto and was fascinated by it since day 1. I would take away 30-40% of my salary and put it into crypto, reading about it in my spare time. It was really March, 2019 when I decided to leave my day job for good. I went on a journey to explore cryptoland. I would spend most my time on Reddit asking questions and answering some about crypto. I would raise awareness in my own community, and help my friends set up their wallet and purchase a fraction of Bitcoin. I had no pay, I was living off my savings. I've left everything for crypto and crypto had nothing to offer to me.

    Later on, I came across a crypto exchange that put up a job position in customer support services. I applied for the job even though it required a bachelor degree in business and having experience in the field of support services, I had neither with an unrelated degree. I kept coming at them. I've sent them 5-10 emails, applied to their position through all platforms that had the job, and even talking to them through their support service telling them more about myself, I would always throw my name at the end of every conversation I had with them to let them know I was the same annoying guy who talked to them the night prior.

    One day, I get an email telling me to come for a job interview, I've spent 4 hours being interviewed by all co-founders. The time I spent watching documentaries about Bitcoin and global economy helped me alot to impress them.

    I got the job. It is remote, night shift, and 7 hours a day. The best part is that I'm getting paid half what I used to make. Half without the horrible long hours and hospital sleepovers. without having to get up on the morning hoping for the day to finish.

    I am happy now. The team is great and I'm enjoying every moment.

    ​

    Keep taking risks till you wake up in the morning to do something you love.

    submitted by /u/Leader92
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    Is a Zero-Inflation money good for the economy?

    Posted: 29 Sep 2019 02:36 AM PDT

    I've started to be interested in Bitcoin in the last few months and started accumulating some on a monthly basis. I was smart enough not to invest during the 2017 bubble and not in the months following, because I thought the leaders of the western world would simply make it illegal. I know that would be extremely unfair, but so does making Marijuana and Gay marriage illegal, and these issues took decades to change even in the "free world". I believe that the only reason Bitcoin is legal is because many politicians secretly own bitcoin and benefit from it, and that bitcoin will explode upwards when this will become public sometime in the next 2-3 years.

    Let's get back to the question. In theory, inflation is a way to push the people into lending their "unused savings" to people/businesses who need the money and are ready to pay interest.

    Imagine that you have 10000 people and each has $200k (and no other savings at all). Each one can decide to lend his money to a business that promises the following: 50% chance that by the end of the year the business will return $600k for the investment (i.e. 3 times more), and 50% that it wouldn't return any.

    As individuals, you'll have to be crazy to take this risk - and you will prefer to keep your money as is. If the inflation rate is high, and keeping the coin's scarcity the same is not possible, you will psychologically be encouraged to unite with the other 9999 people, form a bank, and cover each others' risks. The expected value for profit is obviously positive, and the chances that you will loose money are extremely low.

    Nowadays, you can also invest your money in gold which has a limited scarcity - but the vast majority of people will only do that through the bank and not stash gold at home. When you buy gold through a bank, the bank doesn't actually buy the gold - it only manages its own internal risks so he will be able to return you as much as gold is worth (and I'm not even getting into the fact that in modern economy, the banks are allowed to lend businesses/people 10 times more money than the value invested in it).

    If people could stash "money with solid scarcity" at home, and won't lend it to others, the economy will become stagnated. Free country will loose, and more totalitarian countries will benefit.

    Obviously, this is only a theoretical discussion. In this theoretical world, the freedom to have money-with-solid-scarcity is less beneficial than a forced inflation. Of course that in the real world, pushing people to invest in banks and not giving them other options, creates huge corruption in the banking system. I would agree if some people here will argue that in a theoretical world, smart and decent Socialist leaders that plan the economy centrally can save us from redundant competition - the only problem is that in the real world the people that get to this leadership positions are either stupid or corrupt.

    Another argument would be that turning 10% of the population to slaves can also benefit the economy, and the average citizen will benefit. When it comes to choosing between freedom vs "a better economy", I will always choose freedom.

    The way I see it, bitcoin is neither good or bad, it's just another element in the mechanics of the economy. Just like nuclear weapons, which can either lead to a nuclear war or actually lead to a "cold war" balance which will eventually lead to peace.

    What do you think? Will the future adoption of bitcoin benefit free western countries because it will force the banking system to be less corrupt? Or will it benefit countries like China because western economy will become stagnated?

    submitted by /u/unickname
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    1 Year... Sometime Within The Next Year Bitcoin Will Break 20k. After That... ��

    Posted: 29 Sep 2019 01:18 AM PDT

    Thank you Crypto.com for spreading awareness �� ( ��San Francisco, California )

    Posted: 28 Sep 2019 08:39 AM PDT

    Whatever happened to Fidelity?

    Posted: 28 Sep 2019 07:41 PM PDT

    Is it me or did Fidelity and their "will be open for trading within weeks" faded away into the ether?

    With Bakkt's limp start and Fidelity slinking away into darkness, I get a sense the "institutions" really aren't all that interested.

    When Fidelity?

    submitted by /u/Oneironaut73
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    Can anyone recommend a good podcast that discusses all things Bitcoin and is good for beginners and intermediate Bitcoin enthusiasts?

    Posted: 29 Sep 2019 01:16 AM PDT

    Removing PayPal to focus on Bitcoin.

    Posted: 28 Sep 2019 10:36 AM PDT

    Just making my new iOS 13 bitcoin price shortcut :)

    Posted: 28 Sep 2019 07:21 PM PDT

    Anyone fancy helping out the Queen and the UK economy with Bitcoin donations? ��

    Posted: 29 Sep 2019 03:24 AM PDT

    When you are hodling Bitcoin since 2017

    Posted: 28 Sep 2019 03:41 AM PDT

    Ukraine Plans to Officially Legalize Bitcoin and Other Cryptocurrencies

    Posted: 28 Sep 2019 07:51 AM PDT

    Liquid side chain seems to have a good future. Do you think we'll see more wallets supporting it in the next six months?

    Posted: 28 Sep 2019 10:58 PM PDT

    "1000 Bitcoin" Casascius Coin

    Posted: 28 Sep 2019 09:09 PM PDT

    Free Bitcoin Icons (MIT License)

    Posted: 28 Sep 2019 05:50 AM PDT

    Can i trust bitrefill ?

    Posted: 28 Sep 2019 06:51 PM PDT

    Am totally new to this , i need to purchase something from amazon , so I want to buy an amazon gift card from bitrefill with my bitcoins , the total amount is 1000$

    Did any one use bitrefill b4 is it safe ? Will i really get my amazon gift card ?

    submitted by /u/ipadpal
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    Stock to flow ratio: What are the valid criticisms of this model relative to bitcoin? They say the model is 99% predictive so far.

    Posted: 28 Sep 2019 01:17 PM PDT

    Are there good criticisms of this model other than past performance not being a good model of the future? (e.g. some flaws about the assumptions of stock to flow itself) Just wondering how much weight I should give this because a lot of people say it has good predictive value.

    submitted by /u/MotherPotential
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    Using ZigZag.io in conjunction with Bitrefill makes LN much more livable!

    Posted: 28 Sep 2019 09:16 PM PDT

    Using these two tools channel rebalancing becomes somewhat possible, with minimal fees. Open one channel, load your balance and you only have to pay one on-chain tx to load rather than the process of opening, waiting and closing a channel over and over for each set of purchases.

    ​

    TL;DR LN the way it was meant to be used XD

    submitted by /u/BecauseImTheAsshole
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    Buy now or wait?

    Posted: 29 Sep 2019 01:58 AM PDT

    Should I buy some now or wait till hopefully it decreases even more?

    submitted by /u/Airsickclock
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    The Golden Ratio & Bitcoin

    Posted: 28 Sep 2019 12:24 PM PDT

    Bitcoin's Energy Consumption vs. Fossil Fuels vs. Nuclear Power

    Posted: 29 Sep 2019 03:36 AM PDT

    Coinmonks just published my article on demonized technologies such as bitcoin and nuclear power. It takes a 50,000 ft view of whether bitcoin can become a reserve currency.

    https://medium.com/coinmonks/bitcoins-energy-consumption-vs-fossil-fuels-vs-nuclear-power-97eedfd331aa

    submitted by /u/HanseCoin
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    Did I make the wrong decision to buy more bitcoin at $8k?

    Posted: 29 Sep 2019 03:21 AM PDT

    I'm now holding .8 of a bitcoin but I'm getting worried. Which is silly since I'm an investor not a trader.

    submitted by /u/artashi
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    Flippening of demand - Over the past year, an important happening titled “The Flippening” has been observed in the cryptocurrency and cryptotoken sector.

    Posted: 29 Sep 2019 03:12 AM PDT
    Read more
    at

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