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    Bitcoin Daily Discussion, February 22, 2020

    February 22, 2020

    Bitcoin Daily Discussion, February 22, 2020

    Daily Discussion, February 22, 2020

    Posted: 21 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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    Closed Coinbase account and funds missing after more than 2 years of being a faithful user

    Posted: 21 Feb 2020 01:09 PM PST

    I'm a Coinbase Pro user since it was still Gdax and I was a huge fan.

    I'm an active but non-professional trader and I own accounts at more than one exchange, yet, to all of my friends and family who showed interest in investing or trading with crypto, I always recommended Coinbase Pro. About 10 people have opened or are about to open their Coinbase Pro accounts based on my recommendation for their first encounter with crypto.

    Then, a few days ago, I received a letter of 'gratitude': NOTICE OF ACCOUNT CLOSURE.

    After the initial shock and a normal human reaction to apologize if I did something wrong, to try to find out what was the problem and to try to resolve the issue, I quickly realized, after contacting the Coinbase support, that that's not going to happen:

    "for security reasons we are unable to elaborate on our internal decision process".

    Being a huge fan and a supporter, I was a bit heart-broken. But soon, using my reason instead of my feelings, I made peace with that. I realized that I've probably somehow triggered a red flag in an automated algorithm which increased my risk analysis a bar too high and... off I go.In the eyes of Coinbase I was now being viewed as a risk they need to mitigate, not as a desirable user. They don't hate me - they just can't trust me anymore. Fine.They needed me to transfer my assets from my Coinbase accounts.

    But when I tried to do that, I was in for another big surprise: about 90% of my assets were gone!

    BTC and fiat balances were flat-out zero. I did have access to some of my other currencies and have successfully withdrawn them. But that was only a small percentage of my portfolio.

    My efforts to find out what happened to my BTC, fiat and some other currencies always gave the same result:

    "...we are no longer able to support your Coinbase account...""...we have not blocked access to the balance currently in your Coinbase account...""... you may still send your balance offsite to an external address..."

    Yes, but what about the balance that is missing from my account and it was there before the closure?

    The closest I got was when they replied:

    "We have transferred your case to a specialist who will be able to assist you with this specific issue.You will be contacted directly as soon as we have reviewed your case."

    But the next answer was the same generic answer I received before...

    I started to suspect that my account was breached prior to closure and that someone spent all of my fiat and stole my BTC.

    I'm totally fine if Coinbase halted my BTC and fiat for the inspection purposes, as it's written in the User agreement. I'm all for preventing terrorism and money laundering, even if that means that they need to check me from time to time, but I need to know that that's what's happening, that I wasn't robbed by someone.

    I need to know what currency my funds are being held in, if they are being held, to be able to adjust my trading activities to minimize the losses.

    I also tried to download the trading reports, to be able to calculate and pay the taxes, but the button for generating reports on the 'Close account' page doesn't seem to work.

    Although I might sound like some big-time trader with money to throw, that is actually not the case. Most of my portfolio was on Coinbase Pro, because I trusted it the most, and it was worth a few years of hard-earned savings from my day job.

    I was a big fan but will I stay one - it all depends on how this issue will be handled and, hopefully, resolved.

    Any help in finding out what happened to my money and, perhaps, getting my transaction history would be greatly appreciated.

    With love, still,rubi510

    ​

    [UPDATE, some 12 hours later]:

    About 3 hours into posting the original post, I was contacted by u/justin_coinbase (only trust these guys from CB on social networks) and he offered help. I've sent him my ticket # and got a reply about 2 hours later: He assured me that they will investigate what happened and that they'll get back to me. This gives me some comfort that my issue will be addressed in a reasonable timeframe. I'm thankful for Justin's help and will now give some time to CB to investigate. I know I'm not the only one who needs their assistance.

    Thank you all for the words of advice, encouragement and support, but also for the words of criticism. I appreciate it all. Will keep posting updates here.

    Much love, rubi510

    submitted by /u/rubi510
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    Jim Parsons Explains Crypto Currency | Season 31 Ep. 13 | THE SIMPSONS

    Posted: 21 Feb 2020 08:09 PM PST

    The Calculus of Scarcity

    Posted: 21 Feb 2020 07:59 PM PST

    Why does it paste a different btc address than the one I copy ?

    Posted: 22 Feb 2020 01:52 AM PST

    This might be a noobie question but it happens in two different desktop wallet now I realize it happens even in windows notepad : If I write the displayed address manually and delete the last letter, copy that and paste it still in the notepad, now its a whole different address again.

    Now if that's a security mechanism, it just doesn't work : I went along with the address that was copied to receive funds (luckily not much) and didn't receive cause this address isn't mine.

    So I tried with exodus wallet, manually copy the displayed address, but it wasn't valid so again I went along with an address that turn out to belong to someone else.

    Now on exodus I believe you owe two addresses : a segwit and a legacy one (correct me)

    So I took the second one (more conventional one that stars with a 1), manually copy it and it turned out to be valid and I received my money. But still I looked up the address that it copied and it stills belongs to someone else who used it 4 days ago.

    What kind of sorcery is this ?

    thanks.

    submitted by /u/RoutineReplacement3
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    1 bitcoin is roughly equal to 1 very nice used car, what do you use as a mental benchmark for Bitcoin's price?

    Posted: 22 Feb 2020 12:28 AM PST

    Once upon a time a bitcoin was equal to a 25¢ gumball. Then a Big Mac. Then it was equal to a gaming system, or a PC, and now it's equal to that of a really rather nice used car.

    I'm looking forward to 1 bitcoin being worth 1 reasonably sized house, and beyond that I have trouble coming up with things to compare a bitcoin to. One of the nicer Lambos, perhaps? 🤔

    Then there are the smaller amounts. 0.001 bitcoin is lunch, for example, and 0.0001 is a cup of coffee.

    What do you use as mental approximations for bitcoin?

    submitted by /u/gta3uzi
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    I’m buying pizza with my BTC and I’m scared this will be the million dollar pizza story in my life one day

    Posted: 21 Feb 2020 08:03 PM PST

    Vodafone Includes Bitcoin In New Advert After Exiting Libra

    Posted: 21 Feb 2020 12:38 PM PST

    Luckily Bitcoin won't go above 21 Million Coins

    Posted: 21 Feb 2020 04:24 AM PST

    Phoenix Lightning Wallet 1.2.0 is Released with Lower Fees

    Posted: 21 Feb 2020 01:15 PM PST

    MASSIVE Crypto Mining Farm Tour

    Posted: 21 Feb 2020 01:37 PM PST

    Peter Schiff slurping broth in soup kitchen after India finds large deposits of gold. Schiff claims Indian gold not backed by anything.

    Posted: 21 Feb 2020 04:18 PM PST

    How Bad is Bitcoin Mining for the Environment? New Research Suggests Not So Bad

    Posted: 21 Feb 2020 02:27 PM PST

    Bitcoin mining emissions were on par with Estonia, suggesting that the climate change impact of the first digital asset is less than previously reported. Furthermore, the research seems to suggest that where Bitcoin is mined contributes to how much carbon Bitcoin emits. With so much of the mining being done in China, one might wonder if that country's infrastructure is more to blame than Bitcoin.

    Past research demonstrated that emissions from mining bitcoin could be as high as 63 megatonnes of CO2 per year. Reports surfaced suggesting Bitcoin mining put out as much carbon as some Scandinavian countries. But, Susanne Köhler and Massimo Pizzol at Aalborg University in Denmark suggested previous researchers had built misguided axioms into their studies. Poor assumptions about carbon emissions from electricity generation across China, in part, led to the doomsday conclusions about bitcoin mining.

    Köhler and Pizzol instead broke emissions down within China to take into consideration regional levels of CO2 produced, as reported by The New Scientist. They came up with a lower carbon footprint for Bitcoin: 17.29 megatonnes of CO2 in 2018. The new numbers result from facts such as coal-heavy Inner Mongolia accounts for 12.3 percent of bitcoin mining, resulting in more than a quarter of the total emissions.

    "On the one hand we have these alarmist voices saying we won't hit the Paris agreement because of bitcoin only," said Köhler. "But on the other hand there are a lot of voices from the bitcoin community saying that most of the mining is done with green energy and that it's not high impact."

    Köhler and Pizzol say the affect of Bitcoin mining on the environment won't truly be known until more accurate data on where it takes place is available.

    Source: goldsilverbitcoin

    submitted by /u/DistinctSkin
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    Great read on the next possible bubble, buy bitcoin

    Posted: 21 Feb 2020 01:43 PM PST

    We’re really doin it!

    Posted: 21 Feb 2020 01:55 PM PST

    Is there a running tally of how many BTC have been “lost”? I know there is a good amount of speculation on the 1M Satoshi had, but like this drug dealer story, I feel like people lose their private keys constantly and there is actually way less than 18M+ BTC out there... Supply shock imminent??

    Posted: 21 Feb 2020 08:37 PM PST

    Bitcoin Retirement Series Part 1: Bitcoin Investing In Retirement Plans (Paying Less on Taxes)

    Posted: 21 Feb 2020 10:27 AM PST

    Found this article really interesting. I really like how Han has considered how Bitcoin can play a role in his retirement. It's something I didn't think about. I'm not 100% sold on the idea quite yet because it looks like a lot of work. Plus in my state creating and keeping a LLC is pretty expensive. But man if Bitcoin moons, he could save a ton of money on the taxes alone.

    https://medium.com/@hhua/bitcoin-retirement-series-part-1-bitcoin-investing-in-retirement-plans-us-version-2d65c5fffe31

    submitted by /u/ecurrencyhodler
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    Alternatives

    Posted: 21 Feb 2020 11:41 PM PST

    Hello!

    I live in a very restricted country (U.A.E) and there are almost nothing good here. I really want to buy and sell bitcoin but Robinhood isn't available here, nor is coinbase pro and if you have any alternatives (better or just as good) please let me know about some :)

    submitted by /u/Knocked-Out
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    Interest about Bitcoin halving boosted by CNBC – is 2020 the year of Bitcoin again?

    Posted: 21 Feb 2020 10:28 AM PST

    Huge buys right before close on bfx. Anyone else notice?

    Posted: 21 Feb 2020 07:48 PM PST

    [Cross-Post] Bitcoin is being discussed here as a method of paying freelancers

    Posted: 21 Feb 2020 08:33 AM PST

    We just finished up some awesome Bitcoin Lithos teaming up with Lucho Poletti!

    Posted: 21 Feb 2020 01:41 PM PST

    For beginners, it is important to realize you can use Coinbase Pro to save on fees

    Posted: 22 Feb 2020 03:00 AM PST
    Read more
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