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    Bitcoin Daily Discussion, June 25, 2020

    June 25, 2020

    Bitcoin Daily Discussion, June 25, 2020

    Daily Discussion, June 25, 2020

    Posted: 25 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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    whitepaper vs the real product

    Posted: 24 Jun 2020 09:45 AM PDT

    Take Dr. Satoshi’s orange Pill

    Posted: 24 Jun 2020 10:48 PM PDT

    Question: How can people be competent enough to understand and own bitcoin but stupid enough to fall for a simple twitter scam?

    Posted: 25 Jun 2020 12:58 AM PDT

    Bitcoin Scammers Used Elon Musk's Name To Profit $2M Over Two Months

    Isn't there a minimum level of competency required when it comes to understanding how cryptocurrency works and how to own it? How can these people be falling for the same kind of scams they use on old grandmas?

    submitted by /u/blobfishey
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    This is how it is

    Posted: 24 Jun 2020 08:32 AM PDT

    Interesting infographic on how many times Bitcoin "died" since 2010

    Posted: 24 Jun 2020 07:57 AM PDT

    Why I Bought

    Posted: 24 Jun 2020 08:12 PM PDT

    After following bitcoin for a number of years, I decided to park a substantial amount of money in bitcoin as a hedge against the US dollar. I expect that others will do the same. I paid ~100k for my bitcoin. Full disclosure, I also recently bought $60 in gold. I am keeping most of money assets in cash because I expect / hope for a market crash and it'd be quicker to get into good positions with USD money as compared to BTC or gold. But I am just so disgusted with how the government is printing money endlessly and slowly destroying what I worked so hard to earn. I expect there will be increasingly people like me.

    submitted by /u/69ingrulez
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    A hacker group stole $200 million from 5 Bitcoin exchanges

    Posted: 25 Jun 2020 02:48 AM PDT

    South African banking on Bitcoin

    Posted: 24 Jun 2020 11:11 PM PDT

    I think many people misunderstand why Bitcoin exists.

    Aside from Venezuela being a prime example, I think looking at it from a South African point of view might give some more context, since our fiat hasnt yet collapsed. Directly North of SA is Zimbabwe, where hyperinflation is in full effect. Their economic policies and government corruption has all but decimated the country and it's currency, and poverty is now country wide. The South African government are now adopting similar policies. SA's State is believed to be captured by criminals , there are ongoing court cases in this regard, some spanning over 2 decades, that have no conclusion in sight. In tge meanwhile the corrupt ANC government are looting state coffers into bankruptcy. SAs sovereign debt crisis is increasing dramatically due to corruption and ineptitude of SAs government, which, make no mistake, is being pushed onto tax payers.

    The likelyhood of ever ousting SAs corrupt ruling party is very slim, and would likely be replaced by an even more corrupt government.

    Unfortunately I see South African economics headed in the same direction as Zimbabwe. Due to these facts over the past few years I have been dis-investing in my SA fiat and moving my wealth into crypto and commodities, and anything linked to a stable fiat currency(of which Ill dis-invest when I see the same signs).

    I believe most fiats are eventually going to be decimated due to the nature of human greed. Maybe not in my lifetime, but it's coming.

    submitted by /u/Speedmetal666
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    Today marks the day. I am done with #btc it's over

    Posted: 24 Jun 2020 03:27 PM PDT

    I reached my goal. I have a certain amount and I am done. I will either be at the citadel or on a cardboard box with how deep I am in. FUCK IT. You only live once. Hook me up if you see me on the cardboard though. Real Talk. See you all in 20 years. I am DONE. Peace

    submitted by /u/BdayEvryDay
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    A beta version of Electrum 4.0 is available for testing now. First version with support for Lightning Network

    Posted: 24 Jun 2020 01:53 PM PDT

    Privacy-o-meter — a free tool to assess the privacy level of your BTC transactions. Privacy-o-meter is the first step to defend yourself against heuristics blockchain surveillance companies use.

    Posted: 25 Jun 2020 03:35 AM PDT

    Privacy-o-meter — a free tool to assess the privacy level of your BTC transactions. Privacy-o-meter is the first step to defend yourself against heuristics blockchain surveillance companies use.

    Blockchair has released Privacy-o-meter in its public block explorer and API to measure the privacy level of Bitcoin transactions. The free feature makes use of 50 heuristics and allows visitors to look up how much information about their identity has been leaked. In a later stage, wallets and exchanges will be able to use the feature to notify users about how much information will be leaked before sending out a transaction.

    While Bitcoin is considered to be a privacy-oriented system, the blockchain is open to be analyzed by anyone, and there are numerous transaction tracing tools like Chainalysis, Elliptic, CipherTrace, and Crystal. These are paid tools and often only available to a handful of individuals and companies. Bitcoin users thus rarely have the opportunity to see how deep the rabbit hole goes regarding their privacy loss.

    A transaction with a low privacy score

    Blockchair launched a simple transaction scoring tool and will expand this further in the upcoming months. It currently uses indicators that reveal user information such as:

    • Is an address reused or not?
    • Is one of the outputs a rounded number, thus the recipient?
    • How many input addresses have been used?

    But also more technical heuristics such as:

    • Which script or multi-sig type has been used to sign a transaction?
    • How are output scripts compared to input scripts?
    • How are inputs or outputs ordered?

    As mentioned by Blockchair, transaction tracing is relatively simple as most users aren't concerned enough about their privacy and often make 'mistakes' like sending round BTC amounts. Wallet providers are often also not highly concerned about user privacy. Taking the previous example in context, there are no warnings if a user tries to send a rounded amount.

    A transaction with a high privacy score

    In comparison with protocols such as Zcash, Monero and Dash, in the Bitcoin network there are no transaction obfuscating implementations, and due to the lack of scalability so-called Mixers are expensive and cumbersome to use.

    Blockchair provides the privacy-o-meter for free as it hopes it will help Bitcoin users take some of their privacy back.

    submitted by /u/blockchair
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    Grayscale Record Day

    Posted: 24 Jun 2020 05:07 PM PDT

    Grayscale increased their BTC holdings by 10800 and ETH holdings by 88k in ONE DAY (from yesterday to today).

    submitted by /u/msl2008
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    Stay Calm and HODL

    Posted: 24 Jun 2020 09:02 PM PDT

    Hey folks things are going to get choppy if you have bought BTC sub $10k then stay calm and HODL you start trying to trade in the current range and you risk missing out on 4 figure BTC and I am telling you that is a gamble you shouldn't take. Think long term be disciplined and HODL. 👍😎🇺🇸

    submitted by /u/G_Moany
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    Why are there so many Bitcoin maximalists here?

    Posted: 24 Jun 2020 06:20 PM PDT

    ...and as a newcomer, should I be one too?

    I'm not surprised given this is a Bitcoin subreddit, but I noticed that this particular subreddit is especially maximalist about BTC. I get it, Bitcoin is solid, has a track record, and great name recognition (good for adoption), but things feel very stagnant in the Bitcoin space when you look at all of the Ethereum advancements, Eth-based tokens, as well as DeFi.

    Just a reminder: I am totally new to this space, and I currently ONLY hold Bitcoin, but I wanted some perspective from this community on WHY holding only or mostly Bitcoin is the best investment.

    Thank you for your time!

    submitted by /u/Adalwolf311
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    The probability of BIP39 seed phrase is the same?

    Posted: 25 Jun 2020 01:06 AM PDT

    Since anyone can download Ian Coleman tool offline and generate a random seed phrase by clicking "generate" button. I wonder what's the probability that the same seed phrase is generated to two or three people who did it offline and hence one of them can access the fund of the other, because if I understand, there's no method to say this seed phrase was generated previously and has been used already or reserved for someone.

    Appreciate clarifying this to me.

    submitted by /u/Future2o2o-
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    BlueWallet has dropped support for BIP70

    Posted: 24 Jun 2020 07:27 PM PDT

    This is why the Venezuelan Government is accepting Bitcoin as payment for Passports

    Posted: 24 Jun 2020 03:58 PM PDT

    Connecting the dots. One of the best lectures i have seen so far.

    Posted: 25 Jun 2020 04:18 AM PDT

    Once you take the orange pill, its impossible to go back ��

    Posted: 24 Jun 2020 10:12 AM PDT

    Bitcoin Rapid-Fire: Bitcoiners in the Wild: @HodlerThanThou

    Posted: 25 Jun 2020 03:38 AM PDT

    Bitcoin is still at a discount , Cost of production model

    Posted: 24 Jun 2020 08:50 PM PDT

    Currently it costs ~ 14K to produce 1 BTC At the current price of $9100 you're getting a ~ 35% discount

    This gap will close sooner or later ..

    Do you wait for a larger discount or do you HODL& seize every discount being fully aware that you could sell them for 1,000% - 10,000% in a few years?

    Bitcoin's Cost of Production Model

    submitted by /u/fillet_b
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    A beta version of Electrum 4.0 is available for testing now

    Posted: 24 Jun 2020 01:35 PM PDT

    Last week 511 BTC were traded in Venezuela using LocalBitcoin (up from 475 BTC), buying BTC with FIAT and selling BTC for FIAT. 511 BTC are 959,197,000,000 Bs. (Bolivares). One BTC is around 1,970,000,000 Bs. Monthly minimum wage is 5 USD (50,000 satoshis)

    Posted: 24 Jun 2020 05:45 AM PDT

    Hi guys,

    I'm Venezuelan living here and have taken the time to track and share this weekly numbers.

    Considering now the goverment is officially taking BTC to pay for passports, https://www.reddit.com/r/Bitcoin/comments/her9xg/venezuela_government_is_officially_taking_bitcoin/

    I think a part of that weekly Localbitcoin volumen comes directly for the goverment. It has been around 2,000 BTC monthly for months! (only measured using LocalBitcoin, there are other exchanges like AIRTM, Uphold, Binance and so on, but no open data). Most of the Localbitcoin trades are in Bolivares.

    I recommend reading this website, it is one of the best english websites for Venezuela news (they sometimes touch the crypto and economic situation).

    https://www.caracaschronicles.com/

    People always ask what the the average salary, not the minimum. Well I would say around 20-50 USD monthly. One doctor is around 30 USD. Teacher around 20 USD. Junior engineer maybe 50 USD (The engineers collegue "suggests" around 200 USD monthly, but it is hard to find a place with these wages)

    Any question let me know, AMA. But check my links and sources first.

    Sources:

    https://orinocotribune.com/comprehensive-minimum-wage-increase-by-78-in-venezuela/

    https://www.npr.org/sections/goatsandsoda/2019/09/06/757822363/a-doctor-or-nurse-might-earn-6-a-month-in-venezuela-if-theyre-lucky

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

    LBTC listings https://localbitcoins.com/buy-bitcoins-online/ves/

    submitted by /u/WorkingLime
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    Bitcoin Audible: Read_408 - Assange's Extradition & Bitcoin's Battle for Freedom [Nozomi Hayase]

    Posted: 25 Jun 2020 02:46 AM PDT
    Read more
    at

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