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    Bitcoin Daily Discussion, June 22, 2020

    June 22, 2020

    Bitcoin Daily Discussion, June 22, 2020

    Daily Discussion, June 22, 2020

    Posted: 22 Jun 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.

    Join us in the r/Bitcoin Chatroom!

    Please check the previous discussion thread for unanswered questions.

    submitted by /u/rBitcoinMod
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    How it feels to hold Bitcoin right now.

    Posted: 21 Jun 2020 07:10 PM PDT

    The rats hate Bitcoin

    Posted: 21 Jun 2020 08:42 AM PDT

    The solution is Crypto

    Posted: 21 Jun 2020 03:16 PM PDT

    Me after spending the past several weeks talking to people my age (40+) about bitcoin

    Posted: 21 Jun 2020 11:57 AM PDT

    Let me explain to you...

    Posted: 21 Jun 2020 12:35 PM PDT

    why not just print more money? printing money creates free money.

    Posted: 21 Jun 2020 02:50 PM PDT

    Jihan Wu might be going to jail, Craig Wright is now a proven liar. I am glad the Bitcoin community got rid of these toxic people

    Posted: 22 Jun 2020 02:49 AM PDT

    Reportedly Jihan Wu might be going to jail https://twitter.com/molllliy/status/1274876386147045377

    When will Bcash supporters face the truth that those who orchestrated the BTC>BCH-BSV splits are fraudsters and liars?

    I don't miss these people at all form this community, maybe Roger could have been for some use if he didn't go lunatic a few years ago

    submitted by /u/canariss
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    Bought my Father some Bitcoin ($BTC) last year as a Fathers Day Gift. This year I did the same and is asking how to buy his own.

    Posted: 21 Jun 2020 02:15 PM PDT

    If you still don't own any Bitcoin, buy what you can, and HODL. Check back in five years. (paraphrased from Randy Hilarski)

    Posted: 21 Jun 2020 06:38 PM PDT

    The golden rule of the Bitcoin space is "Do not trust, verify". Be careful out there.

    Posted: 22 Jun 2020 02:15 AM PDT

    DID YOU?

    Posted: 22 Jun 2020 02:25 AM PDT

    “If Bitcoin captures only a third of gold’s safe-haven business, it’s going be trading near $180,000”

    Posted: 21 Jun 2020 02:12 PM PDT

    Our ways of life have been greatly enhanced after the emergence of cryptocurrencies. Here're 5 things amongst many how Bitcoin & crypto are leading mainstream adoption & integrating into day-to-day lives! What's the most unique thing you can buy with $BTC?

    Posted: 21 Jun 2020 07:38 PM PDT

    Crypto Exchanges Fee Comparison

    Posted: 21 Jun 2020 07:00 PM PDT

    Got the car earlier in the month and picked up the bike yesterday. Thank you Bitcoin! Still holding the rest!

    Posted: 21 Jun 2020 04:25 PM PDT

    Why Does Bitcoin Have Value? | "The Most Disruptive Innovation In Our Lifetime!” Anthony Pompliano

    Posted: 22 Jun 2020 12:28 AM PDT

    Anyone investing to retire young?

    Posted: 21 Jun 2020 04:55 PM PDT

    I understand no one can predict the future, but what are your thoughts on bitcoin price in the next 10 years? I've been investing my extra savings with a goal of getting 1-3 coins with intentions of it possibly skyrocketing enough to retire at 35 or 40 and drop down to working part-time jobs.

    submitted by /u/mysticalmusic
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    BULLIS ON BITCOIN

    Posted: 22 Jun 2020 02:23 AM PDT

    Did you know? Using a native SegWit wallet will save you 40% on Bitcoin transaction fees ?

    Posted: 21 Jun 2020 11:57 AM PDT

    HowTo: Create and Spend a Electrum Segwit 3of3 Multisig wallet

    Posted: 21 Jun 2020 08:26 PM PDT

    There had been a few posts lately asking for a secure zero cost solution for key management. HW wallet is the obvious choice, but despite the best advice, many users refuse to put up the money to invest in one. So if HW wallets are out, the next best thing (in my opinion) is multisig. Since Electrum on Android is pretty stable now I've seen more than a few use that for a multisig wallet solution. Well since I have an Android phone (a few actually), a Laptop, and a Gamer-Rig, I decided to pay some miner fees to experiment with a 3of3 multisig wallet in Electrum.

    The main advantage of multisig is that it reduces the risk of one compromised install stealing all your funds. Although this is exceedingly complicated, the added layer of complications make it all the more difficult to compromise your funds. Most of the complexity is on the initial wallet setup. Sending is only a bit more complicated, and Receiving is the same as it would be for any electrum wallet.

    We will be creating three wallets here, and each will have their own seed, passphrase, encryption password, and public key (Zpub). I highly recommend something like diceware to create 6-word passphrases and 6-word encryption-passwords. The seed and Zpub will be generated by Electrum.

    The first thing that should be addressed here is ensuring the authenticity of Electrum. For the PC's this must be done with PGP/GPG following the procedure spelled out on the Electrum website. It is absolutely critical that you are certain your using the correct ThomasV key. As of the time of this writing, the "correct" ThomasV key was:

    ThomasV PGP: 6694 D8DE 7BE8 EE56 31BE D950 2BD5 824B 7F94 70E6

    If your using Android you need to verify your APK using PGP/GPG. There are plenty of Android utilites (without root) that will allow you to copy an installed app's APK file. Transport the APK to your PC and verify it with the PGP/GPG signatures published on the electrum website. APKs don't change until the app is upgraded, so it should match what they publish.

    Once all your Electrum installs are validated, here is excruciating detail on creating and spending from a 3of3 multisig wallet.

    Electrum Android Wallet Creation

    1. Wallet->New, name wallet
    2. Multisig Wallet 3of3
    3. Create new seed, Segwit
    4. Copy seed
    5. Click on seed to enable "extend"
    6. Type passphrase
    7. Verify seed
    8. Verify passphrase
    9. Record Zpub
    10. Wait here....

    Gamer-Rig Wallet Creation

    1. Wallet->New, name wallet
    2. Multisig Wallet 3of3
    3. Create new seed, Segwit
    4. Copy seed
    5. Click on options to enable "extend"
    6. Type passphrase
    7. Verify seed
    8. Verify passphrase
    9. Record Zpub
    10. Wait here...

    Laptop Wallet Creation

    1. Wallet->New, name wallet
    2. Multisig Wallet 3of3
    3. Create new seed, Segwit
    4. Copy seed
    5. Click on options to enable "extend"
    6. Type passphrase
    7. Verify seed
    8. Verify passphrase
    9. Record Zpub
    10. Wait here...

    Distribute Zpubs to Finish Wallet Creation

    1. Swap over to Android
    2. Click "Enter Cosigner Key"
    3. Enter Laptop Zpub
    4. Click "Enter Cosigner Key"
    5. Enter Gamer-Rig Zpub
    6. Swap over to Gamer-Rig
    7. Click "Enter Cosigner Key"
    8. Enter Laptop Zpub
    9. Click "Enter Cosigner Key"
    10. Enter Android Zpub
    11. Swap over to Laptop
    12. Click "Enter Cosigner Key"
    13. Enter Gamer-Rig Zpub
    14. Click "Enter Cosigner Key"
    15. Enter Android Zpub

    Receive funds into your 3of3 MS wallet

    Receive just like any other wallet. All three wallets will watch the same set of addresses

    Spend funds from your 3of3 MS wallet

    1. Create a TXN as you normally would on your first device
    2. In the TXN dialog hit "Preview" instead of Send
    3. In the Preview screen hit "Sign", then "Export"
    4. Copy the TXN over to your second device
    5. On your second device click Tools->Load Transaction
    6. Enter your partially signed TXN
    7. Verify the Status reads "Partially signed (1/3)"
    8. Sign the TXN, then hit the QR button
    9. From your mobile open your MS wallet
    10. Click send, then click the "scan/camera" icon
    11. Verify the status reads "Partially signed (2/3)"
    12. Click "Options->Sign" then "Options->Broadcast"

    Conclusion

    Certainly more complicated than a mobile wallet, but a lot more secure. Also be aware that the Segwit MS TXNs are about 40% larger than the native Segwit TXNs, so this does generate a small additional cost in TXN fees.

    submitted by /u/brianddk
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    Tip- memorize your backup seeds.

    Posted: 22 Jun 2020 03:55 AM PDT

    It's not a substitute for having them written down in multiple secure fireproof locations but having a "brain wallet" is good peace of mind. If you're in a situation with no access to your backup seed and need money it's great to have the seed memorized. You can go through the most stringent security checks on earth and they can't take away info stored in your head.

    It's hard to remember 24 words but not impossible. Google memory tricks or memory palace and it's pretty easy to do with a little practice.

    submitted by /u/DanielTrump
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    We can't predict the price of bitcoin long term, but can we predict the cost to mine bitcoin long term?

    Posted: 21 Jun 2020 08:56 PM PDT

    is there a growth rate for each generation of mining hardware. Like CPU power doubles every 18 months. Is there something like that for typical asic hash power

    ​

    Also for the historical data, is there a chart for the typical mining costs for each year?

    submitted by /u/dancingbearstonks
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    Banks are "swimming in money"

    Posted: 21 Jun 2020 10:16 PM PDT

    Do you remember people talking about "the internet", 25 years ago?

    Posted: 21 Jun 2020 01:41 PM PDT

    It feels like where Bitcoin is right now. People are incredibly slow, they need a bit more time to understand what magic money really is. Just give them a few more years, they will catch up.

    https://www.youtube.com/watch?v=95-yZ-31j9A

    submitted by /u/Satuta
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