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    Bitcoin Daily Discussion, February 03, 2020

    February 03, 2020

    Bitcoin Daily Discussion, February 03, 2020

    Daily Discussion, February 03, 2020

    Posted: 02 Feb 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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    Hearing about bitcoin for the first time:

    Posted: 02 Feb 2020 02:57 PM PST

    “Is bitcoin a store of value or a medium of exchange?” Me:

    Posted: 03 Feb 2020 12:27 AM PST

    Sharing Bitcoin Obsoletes All Other Money is Fidelity's 2nd most popular tweet. Can we get it to #1?

    Posted: 02 Feb 2020 11:01 AM PST

    Monday Art - Nadezhda Salmon

    Posted: 02 Feb 2020 11:23 PM PST

    Mentor Monday, February 03, 2020: Ask all your bitcoin questions!

    Posted: 03 Feb 2020 03:00 AM PST

    Ask (and answer!) away! Here are the general rules:

    • If you'd like to learn something, ask.
    • If you'd like to share knowledge, answer.
    • Any question about Bitcoin is fair game.

    And don't forget to check out /r/BitcoinBeginners

    You can sort by new to see the latest questions that may not be answered yet.

    submitted by /u/rBitcoinMod
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    My DFI (Dumbass Friends Indicator) is starting to pick up.

    Posted: 02 Feb 2020 05:28 PM PST

    All my cautious, skeptical friends who were open to Bitcoin as a technology - they invested years ago. They are now hodlers, in for the long haul, and buy every week.

    But my other friends...the ones that wouldn't buy no matter what, who think Bitcoin is a scam, who think the technology will get replaced by something better so it's smarter to wait, who <insert whatever excuse, refusing to listen to reason>...now they are investing. And they aren't investing because they had a change of heart. They don't buy into bitcoin's philosophy or care about the unbanked or think it's the future of money.

    No, they are buying ONLY because they think other idiots will buy and the price will go up. They are purely speculating and want to sell it as soon as they make a profit.

    Whether they actually sell or not, who knows. Or they sell, the price climbs higher, they buy back in. Whatever their path, I welcome them with open arms! :D There's room for everyone, regardless of motivation. That's the power of bitcoin. One way or another, it pulls you in, it changes you, it spits you out, and you never look at the world in the same way again.

    It's an interesting indicator I've been watching for a while and is finally starting to see some action.

    submitted by /u/bearCatBird
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    Monday Art - Dave Young Kim

    Posted: 02 Feb 2020 11:24 PM PST

    15 minutes of joy

    Posted: 02 Feb 2020 06:02 PM PST

    Am I on the right track for learning Bitcoin?

    Posted: 02 Feb 2020 04:51 PM PST

    I've been reading through Mastering Bitcoin, 2nd Ed. and am toward the end of the 4th chapter: Keys, Addresses. The chapter details how older k and K are constructed, but that's pretty much outdated (edit: my misunderstanding) due to Segwit. So, I followed this page to learn how Segwit k and K are constructed.

    My question is: is it worth it for me to continue reading the book or is it outdated to the point where I'll be chasing down "how do I do ___ now?"

    My goal is to be able to interact with Bitcoin using Python: constructing k and K, creating and signing transactions, parsing the blockchain for data...basically making my own Electrum client...that's how familiar I want to be with it. Am I on the right track?

    submitted by /u/1Tim1_15
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    Monday Art - Nick Sumida

    Posted: 02 Feb 2020 11:22 PM PST

    2x Emmy winner - Pay me in #Bitcoin please!!

    Posted: 02 Feb 2020 12:26 PM PST

    Bitcoin (BTC) is Building Stuff that Actually Meets People’s Need –Jimmy Song

    Posted: 02 Feb 2020 10:20 PM PST

    ELI5 how is Electrum different from other wallets?

    Posted: 03 Feb 2020 12:08 AM PST

    Thank you in advance. Any specific articles as follow up reading?

    submitted by /u/EbitcoinLI5
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    Is there a bitcoin wallet with derivation path 0/0/0/0

    Posted: 02 Feb 2020 07:26 PM PST

    I accidentally sent some bitcoin to a 0/0/0/0 path. I have the 12 words but need a wallet. Anyone?

    submitted by /u/amlodhix
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    Venezuela update. Last week 547 BTC were traded using LocalBitcoin which is 361,754,000,000 Bs. Minimum wage is 5 USD per month. One BTC is 668,000,000 Bs. (Bolivares). AMA.

    Posted: 02 Feb 2020 05:39 PM PST

    Just updating this week numbers.

    These volumes are only measured using Localbitcoin (LBTC) using their API (Coindance). Big part of that exchange come from Venezuelans that live abroad and send money to their families, miners, people that get paid in cryptos (freelancing) and even the own government. It is around 2000 BTC per month.+

    Other exchanges and other trades were done, but no way of measure them.

    Today exchange rate is around 1 USD = 75,000 Bs. (Official rate is almost the same)

    Minimum wage (which is earned by a big chuck of the population, not like other countries) is 250,000 Bs. wage (less than 3 USD) + 200,000 Bs. food bonus (less than 3 USD) PER MONTH.

    Biggest bank note is 50,000 Bs. which is around 0.75 USD. You need to use debit and credit, bank transfer, cryptos and USD to pay anything.

    Here in Venezuela situation is really hard, some people dont believe that amount is the minimum MONTHLY wage. I work and earn 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 and do some freelancing work (translating mostly) and it is really hard to keep up daily.

    Sources:

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

    submitted by /u/WorkingLime
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    Call to action in the Lightning Network community

    Posted: 03 Feb 2020 01:03 AM PST

    Bloomberg on 8% Market Sell Off In China: XBT/USD Easter Egg - Feb 2 2020

    Posted: 02 Feb 2020 09:13 PM PST

    Newbie

    Posted: 02 Feb 2020 09:30 PM PST

    I recently have been blessed with an amazing job but I don't want to keep all of my money in a bank account due to past issues I've had with multiple banks. How do you buy bitcoin? I appreciate the hell out of any help!

    submitted by /u/typicallchad6
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    Now that Jack from Twitter started the bitcoin emoji trend, here's where to actually go to submit a proposal to the unicode

    Posted: 02 Feb 2020 06:56 AM PST

    10 Reasons to Buy Bitcoin

    Posted: 02 Feb 2020 09:10 AM PST

    What stage of bitcoin are we on?

    Posted: 02 Feb 2020 01:38 PM PST

    I know we are in the early stages of adopting bitcoins, but is there a chart anywhere I can find to visualize the bitcoin life cycle and where we stand in that cycle?

    submitted by /u/mintoesss
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    How would you report crypto gains/losses without a cost basis?

    Posted: 03 Feb 2020 04:06 AM PST

    I realized that I might of been supposed to report some gains/losses a while back. It was for a very small amount though. The thing is, I don't have the transaction history for the crypto. I think the taxable event was converting some Zcash I mined to Bitcoin through Jaxx. I think the wallet I used was deleted a while back though. How would I go about reporting this? Can I even report it without a cost basis? I am genuinely stumped. I think I found the Bitcoin I converted. It's like 6 or 7 bucks worth. Nothing huge, but I'd still like to report it if I can.

    submitted by /u/shinyspirtomb
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