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    Bitcoin Daily Discussion, April 01, 2020

    April 01, 2020

    Bitcoin Daily Discussion, April 01, 2020

    Daily Discussion, April 01, 2020

    Posted: 01 Apr 2020 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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    History Repeats Itself: The Colonies created their own currency to escape the shackles of the central banks of England.

    Posted: 31 Mar 2020 02:50 PM PDT

    Someone bought 1000 BTC in Kraken an hour ago.

    Posted: 31 Mar 2020 06:26 AM PDT

    Toilet Paper Token listed behind Bitcoin on CoinMarketCap as an April Fool

    Posted: 31 Mar 2020 11:05 AM PDT

    New Lightning Network Authentication Method Could Replace Website Accounts

    Posted: 31 Mar 2020 11:33 PM PDT

    Bitcoin outperforms Dow and S&P 500 in first quarter

    Posted: 01 Apr 2020 04:17 AM PDT

    How many people are in the 21 Million Club? A Real World Calculation

    Posted: 31 Mar 2020 04:37 PM PDT

    "After recently seeing the posts about the 21 Million Club and the media write-up about it, I decided to do some digging into the numbers.

    As many of you know, the 21 Million Club is a Reddit designation for those Bitcoiners that own 1 BTC or more. The 21 million is reference to the fact that only 21 million BTC will ever be in circulation. However, the designation makes it seem like (especially for newcomers) that there is or can be up to 21,000,000 in this club. Well let's check that and get a real estimate for the number of people in this exclusive club.

    We know that there will only ever be 21,000,000 in circulation. However, there are 16,724,975 in circulation as of 12/5/17 according to the most recent data from blockchain[dot]info.

    We know from recent studies that there are many bitcoins that are lost forever. I removed the Satoshi coins from the studies and averaged the difference to get an estimate of lost coins, which came to 2,304,824.

    So, there are only 16,724,975 - 2,304,824 = 14,420,151 BTC, and therefore only a potential of 14.4 million current 21 Million Club members.

    But let's dig deeper into what we know from the blockchain.

    Satoshi is believed to have a stash of approximately 980,000. We will assume this as one BTC address and one person.

    We can also see the largest holders on the blockchain. These are logged on bitinfocharts[dot]com. You can google "top 100 richest bitcoin addresses" and the site will provide the top 9900 BTC addresses. These 9,900 people account for an estimated wopping 9,870,340 BTC!

    So, 14,420,151 [existing BTC] - 980,000 [satoshi BTC] - 9,870,340 [top 9900 BTC addresses] = 3,569,811 BTC. This means that 9,901 addresses hold roughly 78.65% of all the BTC that exists right now. That reduced our 21 Million Club members to 3,569,811 + 9901 = 3,579,711.

    But let's dig deeper into some formulas to determine trends since many accounts have more than 1 BTC.

    I took the top accounts with a maximum of 10000 BTC and plotted them on a power trendline coming up with the following equation:

    y = 11880x -0.925

    This formula allowed me to plot the rest of the addresses in 100 address groups. Using that formula and adjusting for the maximum BTC left, we can assume there are 801,713 addresses w/ 1 BTC - 156 BTC. Keep in mind this assumes no addresses with sub-1 BTC.

    So, 9901 [largest address holders including Satoshi] + 801,713 [addresses w/ 1 BTC - 156 BTC] = 811,514 Addresses w/ 1 BTC Minimum.

    So, the ABSOLUTE LARGEST estimate for the number of people in the 21 Million Club is 811,514. However, it is likely much much lower for the following reasons: 1) The analysis does not account for fractional BTC ownership at all, which is likely a very large portion of the BTC addresses, 2) It does not account for people that may control multiple addresses, which would further reduce the membership, and finally, 3) As time goes on the only people that will be able to purchase 1 BTC will reduce as the price goes up, making fractional ownership more common.

    EDIT 1: The number also doesn't take into account distributed ownership. This could distribute in a number of ways but it would likely follow the same curve used for the estimate.

    If you are part of the 811,514 or less, consider yourself lucky. You are in the top 0.01% globally. I saw this reported earlier as 0.3% globally, which is WAY OFF."

    submitted by /u/69676f72
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    Bitcoin Outperforms Stocks in Q1 Despite Worst Month Since Jan 2018

    Posted: 01 Apr 2020 04:26 AM PDT

    When it does fall, we'll be here to rebuild. People will flock to cash, but they'll come back once they see how worthless their paper money is. In the meantime, expect some wild swings. Stay strong everyone.

    Posted: 31 Mar 2020 11:02 AM PDT

    Rebrand Bitcoin Core by MarcoFalke · Pull Request #18489 · bitcoin/bitcoin

    Posted: 01 Apr 2020 03:13 AM PDT

    Bitcoin Optech Newsletter #91

    Posted: 01 Apr 2020 04:46 AM PDT

    DEMO: Blockstream Satellite | April 2019

    Posted: 01 Apr 2020 04:32 AM PDT

    Change my mind: True widespread adoption of BTC by the masses will require it to be 'stupid easy' in terms of incredibly smooth and obvious and lubed-up user experience, like that of modern apps.

    Posted: 31 Mar 2020 08:41 AM PDT

    Also, the constant debasing of the USD may help move things along in terms of motivation, the 'why'. But it has to be as easy and intuitive to buy and hold BTC as ordering a pizza via an app. The population has been groomed to expect extraordinary ease of accomplishing pretty much anything because of modern apps and businesses which aim to make things stupid simple and user-focused, where the individual is completely catered to, from the conception of a desire in the user to it's quick and painless fulfillment. I don't believe we can have any sort of mainstream adoption until it's dead easy.

    submitted by /u/infinite_dendrite
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    As CMC is getting acquired by Binance, what's your best alternative?

    Posted: 01 Apr 2020 04:18 AM PDT

    Personally, I'm following very carefully a recent project I discovered which is https://koinju.io/. These guys are trying to apply high-level financial analysis methods and algorithms to the crypto markets.

    Otherwise there are:

    - Coingecko ?

    - Messari?

    - CryptoCOmpare?

    submitted by /u/nrrdm
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    Is there a Bitcoin asteroid out there?

    Posted: 31 Mar 2020 04:43 PM PDT

    42 is the answer to life the universe and everything. We are now only 42 days out from the next halvening!

    Posted: 31 Mar 2020 04:31 PM PDT

    Bitcoin vs Gold

    Posted: 31 Mar 2020 07:20 PM PDT

    With central banks around the world debasing their currencies by printing money out of thin air, I have been giving increasingly more thought on converting my assets into hard money. The debate that rages on in my head is which is the superior hard money. Gold, the standard for hard money that has withstood the test of time over millennia, or Bitcoin, the world's first decentralized cryptocurrency. Here are my thoughts.

    Intrinsic Value

    Gold is often toted as being superior to Bitcoin because gold, unlike Bitcoin, has intrinsic value as a commodity. That is, there is gold demand for purposes outside the functions of money. Gold is used in a variety of industries such as dentistry, electronic hardware, aerospace, jewelry, glass-making and more. This means that gold will have value whether or not gold is being used as money. Bitcoin, on the other hand, has no intrinsic value. If people do not accept Bitcoin's monetary functions then it has no value.

    However, if we accept Bitcoin as money, then the fact that it has no intrinsic value is a significant positive. A money founded on something of intrinsic value will always be subject to supply shocks. For example, imagine that demand for gold has been increasing steadily as the aerospace industry expands and gobbles up more gold. Then one day, our brilliant scientists come up with an alloy that renders the functions of gold in aerospace obsolete. The value of gold begins to drop rapidly as we no longer buy gold for aerospace and begin to melt down the existing gold components. The value of gold will always fluctuate based on the demand for its monetary and intrinsic properties. Bitcoin has the luxury of not being subject to intrinsic volatility.

    In summary, I have some fear of people abandoning Bitcoin as money and as it has no intrinsic value, I could end up with nothing. However, the fact that it has no intrinsic value means that Bitcoin is resistant to supply shocks, making it a superior money with little chance of the demand dropping to zero.

    Confiscation

    To me, the threat of confiscation is a real one. The United States, Great Britain and Australia have all passed legislation in the past forbidding the ownership of gold. Citizens were required to exchange their gold for government paper. In the United States, failure to comply could have netted you a 10 year prison sentence.

    Today private ownership of gold is allowed, but I am not positive this will remain the case. The political climate is becoming dangerous. The wealthy (and wealth creation itself) are increasingly demonized and cries for socialism and wealth distribution are growing ever louder. This coupled with an imminent economic collapse make ripe conditions to destroy wealth, through both inflation and confiscation.

    Already I have concerns. If I convert my savings into gold and try to fly from China to the United States, will the government harass me or potentially even confiscate my gold holdings in the future? Even now, the US Customs and Border Protection state that I have to declare currency and monetary instruments in excess of $10,000, failure to do so may result in seizure. With Bitcoin I have no concern. No government can go through my bags and find Bitcoin to confiscate. As far as my understanding of Bitcoin goes, there is no, or very very little, risk of confiscation. Please correct me here if I am wrong.

    Divisibility & Distribution

    In terms of divisibility and ease of transfer, there is no debate that Bitcoin is infinitely superior. I am looking into making my first purchase of gold and damn is it a pain in the ass. If I wish to purchase it online at a place such as Schiff Gold, I would need a couple of months, at least, before I could hold my tiny gold bar. They suggest that I store any gold I purchase in their Singapore vault, but then I don't feel like it is truly my gold and would have to pay storage fees. If I wish to purchase it here in China, I need to set up an appointment at a bank, and as much as I love China, I hate the idea of handing over my info to state run banks to make a gold purchase. Also I'm confined to purchasing units of 10g, 20g, 50g, 100g, 1kg. There is no easy way for me to purchase a value amount that is perfectly suitable for me.

    All this being said, to me gold has one large advantage and that is its history and global distribution. Central banks around the world have massive gold reserves and it is common for everyday citizens to hold a little gold in wedding bands and other jewelry. Everybody knows and understands gold has value. It may be quite sometime before Bitcoin can achieve the same status. Already countries such as Russia and China have been increasing their gold reserves, undoubtedly preparing for an event where fiat money collapses and the world goes back to a hard money standard. Clearly the bet of these governments is a gold standard. And why not? It is what the world used for thousands of years and governments around the world already have large gold reserves.

    At the end of the day, I still choose Bitcoin. I choose Bitcoin because I believe the power of the people will always be greater than the power of the government. Governments can try to maintain power by going back to a gold standard and confiscating the gold of citizens, but if people choose Bitcoin over gold, then it will not matter. Money and power will have become truly decentralized.

    submitted by /u/Cramson_Sconefield
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    International Medical Corps Now Accepting BTC for COVID19 Response

    Posted: 31 Mar 2020 02:28 PM PDT

    Here’s how much bitcoin beat the Dow and S&P 500 in the first quarter (CNBC)

    Posted: 31 Mar 2020 10:15 PM PDT

    [QUESTION] New to Bitcoin, How to Invest?

    Posted: 01 Apr 2020 01:10 AM PDT

    Hi there, I'm not new to the idea of Cryptocurrency as it is quite popular, but I am new to Investing in it.

    I live in Sri Lanka, and since the epidemic, one of the most trending topics on my social media feeds has been how this is a great time to invest. With that, I wanted to invest in something new to me.

    Before anything, I would like some of your personal recommendations on reliable crypto brokers that allow trading in the Asian subcontinent, at the same time, if possible: your personal experiences and thoughts on Bitcoin.

    Thank you, Safety in Good Health during this time and All the Best in your Trades. 👍

    submitted by /u/januthfonseka
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    Bitcoin And Gold Are Money, And Fiat Is Currency

    Posted: 01 Apr 2020 04:51 AM PDT

    Warren Buffett is a Bitcoin Critic Because it is “Huge Threat” to His Bank Holdings – Tim Draper

    Posted: 31 Mar 2020 08:29 AM PDT

    Trump tweets: With interest rates for the United States being at ZERO, this is the time to do our decades long awaited Infrastructure Bill. It should be VERY BIG & BOLD, Two Trillion Dollars, and be focused solely on jobs and rebuilding the once great infrastructure of our Country!

    Posted: 31 Mar 2020 08:34 AM PDT

    What is a good wallet that you can use on the internet and in a software?

    Posted: 01 Apr 2020 02:22 AM PDT

    The software should be for Linux. I would prefer for it to also be on Android, but that isn't a must

    submitted by /u/TheRealTengri
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    Differences in Bitcoin Perception Across Generations

    Posted: 01 Apr 2020 02:18 AM PDT
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