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    Bitcoin Daily Discussion, April 20, 2020

    April 20, 2020

    Bitcoin Daily Discussion, April 20, 2020

    Daily Discussion, April 20, 2020

    Posted: 20 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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    Bitcoin is the answer

    Posted: 19 Apr 2020 04:19 PM PDT

    Before Bitcoin in Russia...

    Posted: 19 Apr 2020 08:59 AM PDT

    Is it just me or has it been suspiciously quiet lately lol

    Posted: 19 Apr 2020 07:39 PM PDT

    Because of Bitcoin I can finally fix my teeth.

    Posted: 19 Apr 2020 07:55 PM PDT

    In the US, lost your job, and selling long held Bitcoin to pay your bills? Watch out for estimated taxes and underpayment penalties.

    Posted: 19 Apr 2020 10:11 PM PDT

    Some people here are in the unfortunate position of having been furloughed or recently lost their jobs due to the pandemic, but are in the highly fortunate position of having well appreciated Bitcoin holdings that can be sold to pay your living expenses. In the US this situation presents a minor tax risk in that you might not be expecting.

    The IRS (and many states) require that you make payments through the year which total either 90% of your tax obligations or 100%* of last years taxes (* 110% if your AGI is over 150k). If you don't meet these requirements and owe $1000 or more in taxes there is an underpayment penalty of roughly 0.5% per month under paid plus interest (recently around 5% but it may drop to 3.25% due to the federal funds rate changing). When you have an ordinary job payroll tax deductions mostly take care of meeting your obligations, or at least getting close to them.

    However, if you lose your job and start living off selling Bitcoin you'll owe taxes on your capital gains and you won't have payroll withholdings. Any time you have large capital gains the same sort of risk exists but the combination of gains plus having lost your payroll withholding create an increased risk of large penalties.

    To address this you're supposed to make quarterly tax payments.

    Perhaps you're unable to do so. A tax penalty isn't the end of the world. Maybe because of the pandemic they'll wave or lower penalties (they have done so in the past when changes in taxes left many people under-withheld)-- I wouldn't count on it, it's better. Regardless, better to be forewarned so you can incorporate it in your planning!

    submitted by /u/nullc
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    To infinity and beyond!

    Posted: 19 Apr 2020 09:04 AM PDT

    I have my entire net worth in bitcoin

    Posted: 19 Apr 2020 11:39 AM PDT

    Hi I won't say how much I have but I just turned 25 and every dollar I've made since I was 19 I've put into bitcoin. I've never sold I just keep buying bitcoin. Every paycheck , majority of went straight to btc. I need my money badly right now but we are also in such a trying time I don't want to sell. But truth be told , there is always something trying so I never want to sell. It's conflicting because I need the money because my life is deteriorating and I have these bitcoin but I just can't sell. Instead of buying food I buy bitcoin. It's honestly a sickness at this point

    submitted by /u/PMD20XX
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    What are the differences between now and the previous BTC halving?

    Posted: 19 Apr 2020 10:23 PM PDT

    Since I wasn't a HODLer last halving I'm curious to hear from some earlier adopters how this halving compares to 4 years ago. What similarities and differences are relevant?

    submitted by /u/mbrookson
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    14 Chinese Men Arrested in Malaysia for Bitcoin Scam

    Posted: 19 Apr 2020 09:13 PM PDT

    Is Bitcoin really an "uncorrelated assets"? I made a live tool that monitors correlation with gold and stocks

    Posted: 20 Apr 2020 02:38 AM PDT

    Bitcoin stealer infected 700+ libraries of major programming language - Decrypt

    Posted: 19 Apr 2020 08:30 PM PDT

    haha bitcoin miner go brrrr

    Posted: 20 Apr 2020 01:20 AM PDT

    During a global lockdown, paypal locked my account with a $3000 balance for 180 days

    Posted: 19 Apr 2020 04:25 AM PDT

    In a time where the majority of population is struggling with money, these thieves are able to lock funds just like this, potentially leaving people without anything. The funds came in my company's fully verified account from 1 transaction of a single client, with regular invoice, contract and VAT ID. No fraud or any other illegal bs like they're trying to say.

    Rarely i've been so relieved and happy of having and using the majority of my savings in bitcoin.

    submitted by /u/PhixenArts
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    Bitcoin Price Prediction – Can Bitcoin Break $15,000 in 2020? BTC Price Forecast

    Posted: 20 Apr 2020 12:45 AM PDT

    [How-To] Crafting an offline TXN with the trezorlib python API

    Posted: 19 Apr 2020 07:54 PM PDT

    With the rollout of the new 0.12.0 Trezor API, I thought it might be time to update some of my old offline_txn scripts. The following is about 80 lines of python that will craft and sign a VERY simple transaction on Testnet.

    The new rollout also comes with some new tools. The build_tx.py that is useful in conjunction with the trezorctl sign_tx command.

    Both of the methods below will produce a signed TXN that can then be imported into Electrum using the "Tools -> Load transaction -> From text" command.

    Note: u/Crypto-Guide has a good walkthrough for installing trezorlib in Windows if you haven't already done that.

    Example of using trezorctl btc sign-tx

    This example uses the build_tx.py script to build JSON to feed to the sign-tx command. You will need to download the build_tx.py file from github. It is not automatically installed with the trezor package.

    ```

    python build_tx.py | trezorctl btc sign-tx -

    Coin name [Bitcoin]: Testnet Blockbook server [btc1.trezor.io]: tbtc1.trezor.io

    Previous output to spend (txid:vout) []: e294c4c172c3d87991...060fad1ed31d12ff00:0 BIP-32 path to derive the key: m/84'/1'/0'/0/0 Input amount: 129999866 Sequence Number to use (RBF opt-in enabled by default) [4294967293]: Input type (address, segwit, p2shsegwit) [segwit]:

    Previous output to spend (txid:vout) []:

    Output address (for non-change output) []: 2MsiAgG5LVDmnmJUPnYaCeQnARWGbGSVnr3 Amount to spend (satoshis): 129999706

    Output address (for non-change output) []: BIP-32 path (for change output) []: Transaction version [2]: Transaction locktime [0]: Please confirm action on your Trezor device.

    Signed Transaction: 0200000000010100ff121dd31ead0f06...f279b642d85c48798685f86200000000 ```

    Example of using crafting a TXN using trezorlib directly

    If your good with python, or want to see how everything works under the hood, here's 80 lines of python to generate a similar signed transaction.

    ```python

    !/usr/bin/env python3

    [repo] https://github.com/brianddk/reddit ... python/offline_txn.py

    [req] pip3 install trezor

    from trezorlib import btc, messages as proto, tools, ui from trezorlib import MINIMUM_FIRMWARE_VERSION as min_version from trezorlib.client import TrezorClient from trezorlib.transport import get_transport from trezorlib.btc import from_json from json import loads from decimal import Decimal from sys import exit

    Tested with SLIP-0014 allallall seed (slip-0014.md)

    User Provided Fields; These are pulled from test scripts

    CHANGE THESE!!!

    coin = "Testnet"

    Get legacy UTXO prev_txn hex from blockbook server. For example:

    https://tbtc1.trezor.io/api/tx-specific/ \

    e294c4c172c3d87991b0369e45d6af8584be92914d01e3060fad1ed31d12ff00

    in1_prev_txn_s = '{"txid":' \ '"e294c4c172c3d87991b0369e45d6af8584be92914d01e3060fad1ed31d12ff00"}'

    in1_prev_index = 0 in1_addr_path = "m/84'/1'/0'/0/0" # allallall seed in1_amount = 129999867 out1_address = "2MsiAgG5LVDmnmJUPnYaCeQnARWGbGSVnr3" out1_amount = in1_amount - 192

    Defaults

    tx_version = 2 tx_locktime = 0 sequence = 4294967293

    Code

    in1_prev_txn_j = loads(in1_prev_txn_s, parse_float=Decimal) in1_prev_hash = in1_prev_txn_j['txid'] in1_prev_hash_b = bytes.fromhex(in1_prev_hash) device = get_transport() client = TrezorClient(transport=device, ui=ui.ClickUI())

    fw_version = (client.features.major_version, client.features.minor_version, client.features.patch_version) if fw_version < min_version[client.features.model]: print("Please flash to the latest FW") exit(1)

    signtx = proto.SignTx( version = tx_version, lock_time = tx_locktime )

    ins = [proto.TxInputType( address_n=tools.parse_path(in1_addr_path), prev_hash=in1_prev_hash_b, prev_index=in1_prev_index, amount=in1_amount, script_type=proto.InputScriptType.SPENDWITNESS, sequence=sequence )] outs = [proto.TxOutputType( address=out1_address, amount=out1_amount, script_type=proto.OutputScriptType.PAYTOADDRESS )]

    txes = None for i in ins: if i.script_type == proto.InputScriptType.SPENDADDRESS: tx = from_json(in1_prev_txn_j) txes = {in1_prev_hash_b: tx} break

    _, serialized_tx = btc.sign_tx(client, coin, ins, outs, details=signtx, prev_txes=txes) client.close() print(f'{{"hex": "{serialized_tx.hex()}"}}') ```

    From here, you simple take the resultant TXN hex and import it into Electrum using the "Tools -> Load transaction -> From text" clickpath

    submitted by /u/brianddk
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    What happens if an exchange goes bankrupt?

    Posted: 20 Apr 2020 01:32 AM PDT

    Just in case: not your keys, not your coins, obviously. I am simply wondering where all the coins the exchange holds would go. Are they legally considered like tangible assets for a company, and thus the same laws apply to them?

    submitted by /u/ImAFlyingPancake
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    China Crypto Roundup (April 13-April 20): China’s Ahead of the Game with Digital Yuan Kicks into Action

    Posted: 20 Apr 2020 02:35 AM PDT

    nice idea @hodl_american and Bitcoin Twitter, group stacking some sats for Columbia Bitcoiner @ancapchildren

    Posted: 19 Apr 2020 01:32 PM PDT

    Buying Bitcoins in South Korea

    Posted: 20 Apr 2020 12:21 AM PDT

    Hey guys, I'd like to know long verification takes when buying bitcoins from UPBIT and KORBIT (both are South korean Exchanges). Any better platform?. Thanks.

    submitted by /u/Air-minem
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    QRYPTOR - Most friendly user interface to Encrypt physical data as seed or Private Key. It will work offline and be open source. My goal is to make this tool accessible for those who are novices with computers systems and encourage people to encrypt easily the private key they keep at home.

    Posted: 19 Apr 2020 10:44 PM PDT

    Upcoming Bitcoin Halving Could Push the Weak Miners Off The Network

    Posted: 19 Apr 2020 10:38 PM PDT

    $166B Asset Manager Renaissance Eyes Bitcoin Futures for Flagship Fund - CoinDesk

    Posted: 19 Apr 2020 09:48 AM PDT

    Bitcoin Micropayments

    Posted: 19 Apr 2020 04:03 PM PDT

    Metal Crypto wallets are Overrated to the point where it's hindering crypto adoption, which is why I invented the Shieldfolio Stonebook.

    Posted: 19 Apr 2020 11:04 PM PDT
    Read more
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