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    Bitcoin Daily Discussion, January 02, 2020

    January 02, 2020

    Bitcoin Daily Discussion, January 02, 2020

    Daily Discussion, January 02, 2020

    Posted: 01 Jan 2020 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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    The bitcoin baby steps

    Posted: 02 Jan 2020 12:30 AM PST

    These 7 Baby Steps will show you how to buy bitcoin, build wealth and take control of your money for good. We recommend having a household budget and emergency fund before embarking on the bitcoin baby steps.

    BABY STEP 1: Buy a small amount of bitcoin ($100 or so).

    Buying bitcoin is easy. Tons of apps are available. After you buy, just leave your bitcoin on the app. You will use this same app later if you wish to sell. Great 👍🏼 now you've got your first bit of bitcoin!

    BABY STEP 2: Buy more bitcoin.

    Now that you're comfortable buying, it's time to start stacking sats. Sats are fractions of bitcoins. You want to stack as many as possible. But only stack what you're comfortable not touching for 5+ years. Bitcoin is a long term investment.

    BABY STEP 3: Purchase a hardware wallet. Once you have $1,000 or more in bitcoin. It's time to get serious about your bitcoin security by taking your coins off the app. Purchase a hardware wallet. These devices store bitcoin offline (cold storage) so they are safe from hackers

    BABY STEP 4: Take control of your sats (bitcoin).

    Up until now you've only had an iou, time to get your bitcoins off the app and send to your hardware wallet. Send a small transaction ($10) in order to get comfortable making transactions. Then send the rest of your sats.

    BABY STEP 5: Learn more about bitcoin.

    As you wait for the price to rise, learn a little more about bitcoin. There are so many high quality podcasts, books, articles etc... This isn't like school. Bitcoin content sparks your imagination and makes you excited.

    BABY STEP 6: Multisig service.

    Bitcoin can rise pretty fast. You may find yourself in a position where suddenly your $1,000 is now 100k. Multisig provides an extra level of security by splitting access to your bitcoin amongst multiple hardware wallets. We like @CasaHODL.

    BABY STEP 7: Run a full node.

    Full node sounds scary and confusing. But a full node is just a copy of the bitcoin blockchain that you will use to receive and send transactions. You can do this by downloading the blockchain on your laptop, or you can buy a node pre-synced.

    These baby steps are meant as a starting point and a touchstone. You'll do steps 1 and 2 at the same time. Steps 3 and 4 at the same time and steps 5, 6 and 7 all at the same time. Congratulations! 🎉

    You're now in a position to get rich as bitcoin continues to dominate.

    submitted by /u/rogerverygay
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    Yearly Lows Update

    Posted: 01 Jan 2020 08:10 AM PST

    My Mum made her first REAL bitcoin transaction and bought this cup of tea online

    Posted: 02 Jan 2020 01:37 AM PST

    Price predictions, after some time

    Posted: 02 Jan 2020 01:02 AM PST

    Argentina’s version of Who Wants to be a Millionaire now awards a grand total of $17000 USD due to hyperinflation. Buy Bitcoin.

    Posted: 01 Jan 2020 07:00 PM PST

    Monthly Bitcoin performance over the last two years.

    Posted: 02 Jan 2020 12:55 AM PST

    Are you ready for Proof Of Keys?!

    Posted: 02 Jan 2020 02:31 AM PST

    Not Your Keys, Not Your Bitcoin

    https://www.proofofkeys.com/

    submitted by /u/CurtStuckel
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    What is the Proof of Keys on January 3rd?

    Posted: 02 Jan 2020 12:58 AM PST

    232,000+ users joined r/bitcoin in 2019!

    Posted: 01 Jan 2020 01:14 PM PST

    r/bitcoin reached 1,000,000 on December of 2018.

    This means a maximum of 232,000 people (accounts) joined r/bitcoin in 2019.

    Welcome to all of ya!

    How many new users you think will join this subreddit in 2020?

    submitted by /u/example2019
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    ���� Bitcoin Hash Rate Is Now 7 Times Higher Than Its Size During 2017 All-Time High

    Posted: 01 Jan 2020 11:33 AM PST

    I was reading Saifedean's book and saw "Mircea Popescu" mentioned.. any info on this person?

    Posted: 01 Jan 2020 07:26 PM PST

    I've read Saifedean's book and researched a bit who were the people thanked. I haven't found much on this person, other than some links of how he promotes rape and sent death treats to Andreas A and Pieter Wuille, which doesn't sound too good for starters. I did also read he runs some sort of exchange and had problems with the SEC but basically told them to leave and got away with it. Was also related to some betting websites, and he and other people run a Bitcoin client which they call the "reference implementation" and basically try to keep it as basic as possible, which seems like a good idea that someone is doing this (for instance the "inflation bug" on Core that the BCash developer found, I think didn't affect their client). Im not sure if their software has suffered from other problems, then again, barely no one uses it, so it's not as exposed as Core, but nonetheless, that someone keeps a really basic version is a good idea.

    Other interesting things I've found is how Luke and Gavin asked him and their group if they were ok with their fork proposal, so he must have a lot of BTC if they did bother asking him to get on board with a potential fork back then. Looks like he has a blog and I've been reading. It's a bit of a word salad headache, but if I got it right, he has mass enslavement-genocidal plans, and setting up a feudal system on BTC in which people that don't meet a certain level of IQ are sold, raped, killed.... basically, not considered human if they don't pass some sort of test. He would be the "king of Bitcoin" as he controls 51%+ of the BTC supply, thus he is the one "pulling the strings". Unless he's a troll and likes to play this villain persona, from what I've read he's defending rape, sending death treats over not agreeing with something, mass genocidal plans unless you can pass a fucking test... this guy must be fun at parties. Im just wondering, is this guy a great guy in person and he is just having a laugh with this thus why Saifedean decided to publicly thank him, or he's really fucked up in the head and seriously wants to enslave the entire fucking species because he didn't get enough hugs as a kid? Jesus, this is enough internet for today, im out.

    submitted by /u/Other-Today
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    For those interested in how much the BTC ATM at the Miami Airport charges...

    Posted: 01 Jan 2020 02:40 PM PST

    In Case Anyone Was Confused About Which Wright Was Which

    Posted: 01 Jan 2020 04:28 PM PST

    Bitcoin prices

    Posted: 01 Jan 2020 03:29 PM PST

    At today rate 43,500 BTC were traded during 2019 in Venezuela using LocalBitcoin, which is around 314,000,000 USD (leader in South America). Minimum wage is 3 USD per month. Today one BTC is around 314,000,000 Bs. (Bolivares)

    Posted: 01 Jan 2020 11:19 AM PST

    Hi guys, me reporting again. Happy new year!

    That is the volume ONLY using LocalBitcoin (LBTC), here people use Uphold, Airtm and other exchanges (even local ones).

    Minimum wage (which is earned by a big chuck of the population, not like other countries) is 150.000 Bs. (Bolivares) wage (3 USD) + 150.000 Bs. food bonus (3 USD) PER MONTH.

    Government gave away a 0.5 Petro airdrop to a lot of people two week ago as a "bonus", which is around 30 USD. More than a crypto, Petro works like an asset its USD value is fixed and the thing that changes is the Bs. (Bolivares) value.

    From the crypto perspective, it was ok, even when I dont sympathize with the current government. Anyway most of the people exchanged it to fiat to purchase food, even when the USD price of the petro is fixed as there is a lot of offer and low demand, people are paying low.

    This is a way of direct subside to people in need instead of subsiding the final products. So they are moving a little to the center from the left.

    Biggest bank note is 50,000 Bs. which is around 1 USD. You need to use debit and credit, bank transfer, cryptos and USD to pay anything. There is a big department store, called Traki that accepts (besides USD and Bolivares) ETH, BTC, LTC and PETRO.

    This after 5 zeroes were shaved from the currency less than a year ago and 3 zeroes more 12 years ago. So that banknote would be 5,000,000,000,000 Bs.

    Here in Venezuela situation is really hard, some people dont believe that amount is the minimum wage. I work and earn a little more than that (anyway, the amount is really low, I'm sure with that amount I would be living homeless in Colombia, Peru or Panama for example), usually get some donations from redditors (I really thank them!) and do some freelancing work (translating mostly) and it is really hard to keep up daily. Sometimes people encourage me to keep posting.

    Scarcity has lowered because goverment "opened" a little (their "center" movement), you can find a lot of products now at the stores and supermarkets (national production or imported), if you have a good wage or income you will be "better" now but if you are old and your only income is around one or two minimum wage, you cannot even enter the stores and you only can but two kilos of meat with your monthly wage.

    https://www.usefultulips.org/Latin%20America_Page.html

    https://www.diariobitcoin.com/index.php/2019/04/29/traki-la-tienda-por-departamento-venezolana-cuenta-por-que-acepta-criptomonedas/

    Sources:

    https://coin.dance/volume/localbitcoins/VES/BTC

    https://www.usefultulips.org/Latin%20America_Page.html

    https://www.bloomberg.com/features/2016-venezuela-cafe-con-leche-index/

    Official rate (Venezuelan Central Bank http://bcv.org.ve/ ) is 46.620 Bs. (Bolivares, national currency) per each USD. Street rate is almost the same.

    https://dolarsatoshi.com/

    AMA!

    submitted by /u/WorkingLime
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    Just a complete newbie trying to figure out what mobile wallet app to use for simple purchases.

    Posted: 01 Jan 2020 07:16 PM PST

    Hi community. Sorry for complete lack of knowledge on the subject. I have a payment i need to make twice a month and bitcoin is the only acceptable option. I dont plan on storing any bitcoin in there. Only to buy enough coins for the purchase i need to make, then transfer the payment. And do it again 2 weeks later. Simply a payment method.

    Whats the simplest, yet completely safe and secure app to use for my situation? Thanks for any advice.

    submitted by /u/EnosVonnegut
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    Newbie question: why does BTC seem to have gone static after so many ups & downs?

    Posted: 02 Jan 2020 12:50 AM PST

    I'm buying as much as I can whilst it's low but am still curious & learning. Thanks.

    submitted by /u/I_Always_Talk_Shite
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    Bitcoin Halving Countdown | Binance Academy

    Posted: 01 Jan 2020 07:26 PM PST

    From Sand to Bitcoin

    Posted: 01 Jan 2020 03:13 PM PST

    2020's - Goodbye Government, Hello Bitcoin

    Posted: 01 Jan 2020 04:59 PM PST

    As humans scale to unprecedented population numbers, it is apparent that institutions and governments cannot cope with the current model that has been established. They are mostly failing in every metric.

    Every time an institution or government creates new rules, they are exploited. The rules are then patched, and new exploits are found. This game of 'whack a mole' and 'cat and mouse' ultimately leads to less freedom and sovereignty for the individual.

    Furthermore, people are coerced to fund these ridiculous shenanigans through taxes with the threat of violence if they do not comply with the rules or cough up the tax bill.

    This is not how a peaceful society operates. You cannot be threatening people with time in jail if they do not agree with your ill thought out policies and wish to opt-out.

    The question now becomes, as the population grows, how do we create a functioning society that has strong incentives to behave in a certain way, without the need for a top-down authoritarian government with guns and cages if you do not wish to comply?

    Bitcoin solves for this.

    Bitcoin is the only viable and effective solution we have to defend (and defund) government over reach and create a level playing field. Humans have long needed a global currency to cooperate and incentivize. That global currency is Bitcoin.

    Under a Bitcoin standard, a government would have to play by the rules of Bitcoin (just like everyone else) - meaning, they cannot print, double spend, steal or confiscate money at large scale to fund their absurd policies.

    Their policies would be subject to the free market, an arena where the best ideas take center stage and compete for your money. If you've got a bad idea, it gets downvoted to oblivion, just like on Reddit. The government will have to spend their limited supply of Bitcoin to fund their policies, and if it's a bad policy, the government is held to account. There is a real opportunity cost to a government decision to forego Bitcoin. As a government, this opportunity cost does not currently exist for government issued and controlled supplies of money. This is the fundamental shift. We all report to the same Bitcoin profit and loss standard. Bitcoin has no super user admin privileges. No exceptions.

    It is unlikely anything good will ever come out of government, and so government will eventually, over the long term, become irrelevant in transactions made over the Bitcoin network. Your political beliefs also become irrelevant. If you do not like a decision your government has made, don't worry, don't protest, don't lobby, don't bother with activism. Move on peacefully with Bitcoin.

    Bitcoin makes government irrelevant not because people will starve them of taxes, but because government ideas cannot compete and respond to the very best in human innovation and ingenuity. They have never been able to. They always lag. The only way governments maintain their relevance is through theft of citizen's wealth with threats of violence if you do not comply. Boorish thuggery and bullying. That is their modus operandi.

    Holding bitcoin changes this.

    There are two things that are required for a structural positive change to society.

    1. One single global currency - Bitcoin
    2. Education of Bitcoin for the masses

    If you are trading your time (Monday to Friday, 9-5) or your goods and services for government issued currency, you are getting massively ripped off. Government issued currency is worthless. It becomes more so day by day, year by year. Government currency is the biggest shitcoin on the planet.

    Bitcoin is the only item on this planet that we can verify the total supply of at any point in time. This is huge. Recognize it. Acquire it by providing value to others. Use it to your advantage.

    This is how we see a society move towards peace and prosperity.

    Happy New Year! Looking forward to what the 2020s will bring!

    submitted by /u/Fair-Score
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    2019 will be remembered as the year governments stopped laughing at bitcoin and entered the "then they fight you" stage. ����‍♂️

    Posted: 01 Jan 2020 01:54 PM PST

    Idea for a Bitcoin game - criticism wanted

    Posted: 01 Jan 2020 12:46 PM PST

    I saw someone arguing about the board game Monopoly and I thought it would be a cool idea to make a game that uses LN and BTC as a kind of gambling game that is essentially Monopoly but you pay for everything with BTC on the Lightning network. Thoughts? I might actually make this.

    EDIT: Just to clarify it would be a video game not a board game

    submitted by /u/jeremy14444
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    BITCOIN'S 9,000,000% PRICE GROWTH Highlighted by Bloomberg

    Posted: 01 Jan 2020 05:01 PM PST

    When all 21 million Bitcoin are mined, will transaction fees inevitably go up?

    Posted: 01 Jan 2020 11:31 AM PST

    P.S. for all those who want to say that this will only happen in 2140, so I shouldn't worry about it, I respectfully say that it's something I'm interested in! I'd be very grateful for your responses!

    submitted by /u/ABCBAA
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