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    Bitcoin Daily Discussion, December 26, 2019

    December 26, 2019

    Bitcoin Daily Discussion, December 26, 2019

    Daily Discussion, December 26, 2019

    Posted: 25 Dec 2019 11:00 PM PST

    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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    BTC is the spherical earth ����‍♂️

    Posted: 25 Dec 2019 04:13 PM PST

    Merry Christmas to all HODLers!! HODL!

    Posted: 26 Dec 2019 02:13 AM PST

    different coins from around the world ;)

    Posted: 25 Dec 2019 09:40 AM PST

    Youtube started purging famous Crypto/Bitcoin creators. PURGES Entire Category Of Videos Over Christmas! We must do something about it!!!

    Posted: 25 Dec 2019 12:38 PM PST

    Would the volatility of bitcoin be seen as a pro or con, Opinions?

    Posted: 25 Dec 2019 06:49 PM PST

    #Bitcoin isn't a Swiss bank account in your pocket, it's an entire Swiss bank. Merry Christmas Everyone!!!

    Posted: 26 Dec 2019 01:06 AM PST

    YouTube is Censoring Crypto Vids

    Posted: 25 Dec 2019 12:30 PM PST

    The IRS is asking everyone if they have interacted with virtual currency in any way for 2019 tax return... Is this the first step towards wider persecution of bitcoiners in the coming years? Are they trying to add us all to a database before the clampdown?

    Posted: 25 Dec 2019 08:00 PM PST

    Bitcoin is a decentralized currency which empowers people, Do you agree?

    Posted: 25 Dec 2019 10:50 PM PST

    Youtube Have Removed My Bitcoin Videos, Tutorials, Explainers, Housing, Finance & Economics Content

    Posted: 26 Dec 2019 02:57 AM PST

    For those that don't know me I run Australia's largest crypto channel. I've been advocated for crypto adoption in Australia since 2012. Today I woke up on Xmas to a strike warning from Youtube for harmful or dangerous content. Checked my email, nothing. A few hours later after Xmas lunch, another strike. I hadn't even done anything on Youtube since the first strike. Still no email. I cover a lot of topics related to finance, economics, housing market, stocks as well as crypto related content. We don't do paid ICO or token promotion. I have done tutorials on leverage trading platforms. I'm really not sure what to do. If the trend continues most crypto youtubers will be affected. I get there's plenty of bad guys out there, but there's plenty of good ones who have been big advocates for Bitcoin & crypto for years. Wish us luck...https://twitter.com/AlexSaundersAU/status/1210100907909750784
    Edit: Yes I already post to & support decentralised platforms but the fact is users aren't there yet.

    submitted by /u/nugget_alex
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    List of crypto youtubers that have been affected by the recent youtube purge.

    Posted: 25 Dec 2019 04:31 PM PST

    The Quotable Satoshi | Satoshi Nakamoto Institute

    Posted: 26 Dec 2019 01:15 AM PST

    YouTube censoring bitcoin videos

    Posted: 25 Dec 2019 06:01 AM PST

    Japanese retail giant Rakuten announces allowing users to use shopping points to exchange for bitcoin, etc., boosting cryptocurrency adoption

    Posted: 25 Dec 2019 04:51 AM PST

    Japanese retail giant Rakuten now allows its customers to convert their Rakuten Group loyalty points into mainstream cryptocurrencies such as Bitcoin. According to an official announcement on December 24, Rakuten users in Japan can use this feature immediately, but they need to have an account in Rakuten Wallet, Rakuten's cryptocurrency exchange subsidiary. The company says its customers can convert their loyalty points into three different cryptocurrencies including Bitcoin, ETH and BCH. It is understood that Rakuten is not the only company that allows Japanese users to exchange loyalty program points into cryptocurrencies. In August 2019, the cryptocurrency exchange bitFlyer partnered with technology service company Tpoint Japan to enable its Japanese customers to convert loyalty program points into bitcoin and receive rewards paid in cryptocurrency. The increase in such companies means that Bitcoin will be accepted by more and more people. What do you think?

    submitted by /u/Emma5201
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    I just bought some BTC trough changelly, and it turned out that they cancelled network fees! I reloaded the page several times and made a transaction, so this is true.

    Posted: 26 Dec 2019 02:33 AM PST

    i have deleted my remaining Bitcoin vids on Yutube

    Posted: 25 Dec 2019 08:25 AM PST

    earlier this month, one of my 'Desktop wallet restoration' videos was forcefully removed and then a strike recorded as a violation. i have since removed ALL of my btc vids.

    my blockchain help vids always get good views and likes (100k+ views). never a bad comment or complaint. however, the first removal was classed as "Inappropriate Content" and no further details provided. zero explanation!

    i have been a Yutube/Google partner for 5+ years and have an impeccable track record. I am in no way a giant channel, but am a trusted source.. i assumed my situation was a one-off and took it personally (and still do).

    we must find a solution> Jorge Sprave the mad German inventor has started a class action and a global union for Yutube creators.

    This latest debacle may be the change needed to create a blockchain based Video Library platform. thanks for listening and supporting us.

    Goodbye

    submitted by /u/Cyber_MacGyver
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    History time: Tell us how you found about Bitcoin and how has it changed your life

    Posted: 25 Dec 2019 11:17 AM PST

    I found BTC in 2011 when Creepypastas where a thing all over YouTube, I watched some dude's video about the deep web and how you could find everything you couldn't find on the "surface web".

    I downloaded TOR, went through some sites out of curiosity (mostly fake ID sellers) and noticed this weird symbol ₿ I had never seen before.

    I did some research of what it meant and I found some sellers accepting PayPal so I bought $30 worth of BTC (close to 15 BTC at that time) and continued browsing the deep web, then I forgot about the whole thing for the next 6 years...

    In June 2017, I saw a local news article on how well Bitcoin had been performing throughout 2017, then it hit me: HOLY SHT I HAD SOME OF THOSE COINS, luckily I was able to find my keys and move those coins to an upgraded wallet.

    When BTC hit $18,000 I sold 3 coins to help my parents remodel their restaurant, and paid their mortgage (a big "F*** you" to the bank in behalf of Satoshi lol).. Now we have a bigger, more beautiful and successful restaurant, no mortgage debt and I still have 12 coins left which I won't sell in the short term, not even to buy a new car.

    Thanks Bitcoin, thanks Satoshi for helping us on our fight against abusive interest rates from bank loans and thanks to all the community for keeping this project alive.

    submitted by /u/CryptoRegio
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    Calculate transaction size for P2WSH?

    Posted: 25 Dec 2019 11:01 PM PST

    For p2wpkh I found this formula where v is virtual size of tx, n is number of inputs and t is number of outputs

    v = (42 + 272×n + 128×t)/4

    Source: https://bitzuma.com/posts/making-sense-of-bitcoin-transaction-fees/

    Anyone knows the calculation in case of p2wsh? Only thing I understood is that 20 byte hash will change to 32 byte hash but not sure of the other complex calculations involved in getting the formula needed for tx size

    submitted by /u/prayank23
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    Blind Merged Mining for Bitcoin: efficient colored coins, experimental chains, and more

    Posted: 25 Dec 2019 09:46 PM PST

    Cashapp charges a smaller transaction fee, gives you a better exchange rate, and doesnt charge network fees to withdraw. Any insights on the reasoning behind this price difference? Coinbase *IS* still the better way to make purchases once you're around the $500 and up range.

    Posted: 25 Dec 2019 09:33 AM PST

    On this Christmas, remember that Bitcoin wasn’t worth a penny when Satoshi invented it. The Bitcoin Ethos predates and transcends its US Dollar valuation. Bitcoin wasn’t invented because it was valuable relative to USD. It was invented because Satoshi thought it could be a useful tool for humanity.

    Posted: 25 Dec 2019 05:09 AM PST

    The price of Bitcoin truly does not matter. All that matters is that people keep fighting for and defending the ethos of sound money in the face of tyrannical global government.

    If we stay strong, keep fighting, and defend freedom, then superficial (and subjective) metrics like fiat prices will take care of themselves.

    submitted by /u/the420chronicler
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    Number of Google Scholar articles published mentioning Bitcoin from 2009 to 2019

    Posted: 25 Dec 2019 01:27 PM PST

    2020 Will Bring Record Highs for Crypto Assets Despite Pessimism

    Posted: 25 Dec 2019 04:48 AM PST

    The emotions in the crypto community are in the range from mild boredom on the positive side to apathy and depression on the other extreme. Despite the gloomy background, I believe 2020 will be one of the best years in the history of crypto assets bringing record highs.

    Here are the reasons why…

    The broader economy

    We live in extraordinary times. Central banks are determined to avoid a recession at all costs by providing liquidity and cutting rates which creates a speculative investment environment. The low interest rate are pumping the valuations of almost any asset class and are also making money managers climb up the risk ladder in search of a meaningful return. Since government bonds don't yield anything, investors need to buy corporate debt, the ones who previously bought corporate bonds are now into stocks, the stocks loving investors have moved capital to private equity and venture capital etc.

    The FED balance sheet jumped $370 billion since September in a new program which is "not QE". They also cut the rates 3 times this year fighting against a falling stock market and a "potential global slowdown" due to the trade wars and Brexit. As a result we have fresh all time highs in all major US stock indices.

    Germany is hovering around a recession, avoiding it technically with a dismal 0.1% growth in the 3rd quarter of 2019. At the same time the DAX index was only 1.3% short of making a new all time high this month.

    Even Greece that was on the verge of dropping out of the eurozone four years ago, managed to issue government debt at a negative rate this year.

    The cost for avoiding a recession creates a distortion in the valuation of all assets. How do you value anything when interest rates are negative? For great insights on the topic read Howard Marks' memo on the "mysterious" negative interest rates.

    This search for return will drive more people towards riskier asset classes like growth stocks, venture capital and eventually the luring asymmetric bet of crypto assets. "Risk on" state of mind is what crypto needs as the whole asset class (even bitcoin) is perceived as very risky.

    US election year

    Trump will do anything to keep the stock market and the economy going in 2020. The argument is short but compelling.

    He has been very vocal about the new highs and didn't miss the chance to praise himself for the huge 2019 stock returns. He will likely not do anything that will blow the positive investor sentiment.

    This is another tail wind for risk prone investor behaviour in 2020 which will favour crypto assets.

    The halving narrative

    Bitcoin's block reward halving is scheduled to occur in mid May 2020. It will bring the daily production from 1800 down to 900 coins per day. This will also cut its annual inflation in half to less than 1.8%. While being twice less powerful than the previous having in 2016, this production cut is still going to influence the price. As a self fulfilling prophecy or a supply-demand result, both previous halvings were followed by an upward price spiral that resulted in a bubble and a blow off top. This is relationship is difficult to ignore and if there is a favourable "risk on" environment in 2020 there is a good chance it will happen again. It may also come faster as investors will try to front run it.

    Also, this time we have halving events in the two major forks of bitcoin which did not exist back in 2016 - BCH and BSV. Despite being controversial, they are still among the top 10 largest crypto asset. Their supply cut and potential price rise may help feed the whole "bitcoin halving" narrative and create an upward price spiral for the whole sector.

    The latest example of a halving was in litecoin this year and it had a very distinct price effect.

    It's been a while since the last bubble

    It's been exactly 2 years after the top of the previous bubble. Most alts are over 90% down from their all time highs. That is a lot of damage for the speculative investor who came in 2017 and 2018.

    Also the lows in most coins were set one year ago and have not been broken down despite prevalent pessimism. This has been a painful environment for anybody looking for a quick buck.

    There is also a widespread apathy and pessimism among the crypto community with even hardcore believers changing their forecasts to mediocre 2020.

    After 2 years and lots of assets down more than 90% from ATH it seems that most of the coins are held by very strong hands. Therefore downward pressure is limited and if it occurs it would be mainly driven by short term speculators.

    Tech development

    The hot word of 2016 was "blockchain". The whole world got excited about it in 2017. 2019 is the year of DeFi.

    In case bitcoin gets close to $20 000 again the "late" money will flood once again to smaller crypto assets seeking higher returns. If/when bitcoin's blocks get full and transactions become expensive the old narrative of "bitcoin doesn't scale" would become valid again and this would spread money to BCH, BSV, ETH and others.

    Another potential narrative that exists today is the "decentralised finance" - exchanges, derivatives, stablecoins, borrowing, lending all that infrastructure got far more sophisticated since the last bubble. Apart from DeFi projects tokens, Ethereum is also poised to be one of the top beneficiaries of this trend as it hosts most of the DeFI activities. However the "Ethereum doesn't scale" narrative is also valid so a lot of money could spill over to the competition in the smart contract space.

    It's been more than 2 years since the scaling problems became obvious and a lot of projects that specialised in that domain are up and running. Others are at the final stages of being launched. What would be a better test than a real world influx of new users and apps that will try to fill the capacity. The process of finding a proper scaling pathway will be pushed forward in case of another bubble.

    Conclusion

    That scenario will change in case of a global recession that brings the "risk off" attitude. Then assets will fall into a negative price spiral and investors will be looking to preserve their capital by fleeing to "safer" assets. Although such a recession is inevitable at some point, it seems that central banks have been very good at avoiding it by kicking the can down the road. If they succeed again in 2020, get ready for an explosive crypto year. However, do not assume this run will be the same as 2017. It depends much on the global economy and investors' risk appetite and it may be cut off earlier and not result in a full blown bubble like the one from 2017. The sensible investor needs to be cautious and plan for the short run in this environment.

    submitted by /u/bbelev
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    If I were a commerce (restaurant, whatever) how should I accept Bitcoin?

    Posted: 25 Dec 2019 11:02 AM PST

    First of all, Merry Christmas to you all!

    I recently went to a restaurant and my mind was full-working thinking about how hard would be (on the restaurant side) accepting Bitcoin as a payment method.

    1.- How "instant" would be the payment to be received? 10 minutes? How many "confirmations" would be needed to be considered as "fully and confirmed paid"?

    2.- Wouldn't be a problem having a unique wallet since every transaction would be public? How hard would be implementing a multi-wallet option or even a single-use wallet for that transaction?

    3.- Bearing in mind how volatile the market is, let's say you print the bill now (7170.55$) and when the end-user has to pay... it reaches 7500$ (wow). Wouldn't this be a problem? I know: this is how market works, right? It happens with Forex, but it's not supposed to be THAT volatile... right?

    I'm just thinking about how hard would be convincing a "loser" user to implement BTC payments, since I've been dealing with crypto since 2017.

    Greetz!

    submitted by /u/Gonzo345
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