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    Bitcoin Daily Discussion, July 17, 2020

    July 17, 2020

    Bitcoin Daily Discussion, July 17, 2020

    Daily Discussion, July 17, 2020

    Posted: 17 Jul 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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    for all the critics saying "bitcoin got hacked"

    Posted: 16 Jul 2020 08:35 AM PDT

    Is this a bitcoin scam or a twitter hack?

    Posted: 16 Jul 2020 08:34 AM PDT

    Lightning Network Question

    Posted: 17 Jul 2020 03:12 AM PDT

    So I had a few quick questions regarding the lightning network

    1) what is your idea of a fully adopted lightning network look like? From my POV and understanding I'd imagine that it would still look like modern day banking systems. Where everyone forms a connection with big banks who have connections with everyone else and transactions flow through them. Solves problems of opening a node with a "coffee shop" or ecommerce store (as depicted in online examples). Opening and funding each individual connection seems tedious and complicated (I may be wrong in my thinking so please tell me if it works some other way) also solves the fear where you won't be able to make a transaction if a node is down because basically all the banks would have to go down for that problem to occur

    2) what would happen to the main blockchain if 90% of transactions were done on the lightning network? Considering that it's faster and cheaper and you only need to use the blockchain to open and close the connections, everyone would only need to do 1 time payments to connect to major nodes. Reduced traffic on the blockchain and I assume less fees for miners, leading to miners shutting down, leading to less hash rate and risk for 51% attack. (I know difficulty would also decrease but just curious of the relevance of the main blockchain outside of opening/closing connections under complete adoption)

    Bonus question) how do you think super computers will affect Bitcoin? Difficulty will likely increase but do you think a few big miners getting their hands on super computers, pushing out smaller miners would make the chain more centralized?

    Love to hear your thoughts and I'd love to learn something new!

    submitted by /u/Curi0usCrypto
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    Central Banks have scammed working people out of TRILLIONS of dollars since 1913, but a hacker steals $100k worth of Bitcoin, and it’s immediate headline news, the media calls it a “Bitcoin Scam”, and the FBI launches an investigation?

    Posted: 16 Jul 2020 12:39 PM PDT

    Yo Peter, Gold is easier to hack than Bitcoin, ever heard of tungsten? Also did you ask yourself why they didn't ask for people to send them gold coins?

    Posted: 16 Jul 2020 03:41 PM PDT

    Bitcoin doesn't give a f#@k

    Posted: 16 Jul 2020 06:07 PM PDT

    To understand how stupid the argument "government will just ban bitcoin" is, you need to consider this.

    Replace bitcoin with gold.

    If one or two governments banned gold nothing happens.

    If all governments banned gold simultaneously gold wouldn't go away, it would still exist just like bitcoin. If this happened all gold exchanges would close, gold would move to a black market, and because of the legality element it would demand a premium and end up with a higher market value than it had before it was banned. The exact same thing happens when you ban drugs, a black market evolves and the price goes up.

    So banning bitcoin would not do anything but put coinbase out of business, create a massive black market for its exchange and give it a higher price than it has today.

    If gold was illegal I would want to use it even more. The same is true with bitcoin, banning bitcoin enhances its desirability..

    submitted by /u/slvbtc
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    Twitter hack's attention being redirected towards ₿itcoin via the "Bitcoin Scam" headlines that are dominating media rn should be directed at digital platforms, and them becoming responsible for the scams they allow, and even advertise like Google, FB, and Twitter does

    Posted: 17 Jul 2020 03:43 AM PDT

    I wonder if companies like this should be responsible for allowing such scams like this to get the credibility of their association, or the association of the accouns they host? Because YT, Google, and FB are taking money to advertise all sorts of scams. Rental scams, gold scams, crypto scams, counterfit merchandise scams, you name it. I've seen them all. So they're obviously not vetting the people they take money from to advertise at all, and so people are seeing it as an ad, and assuming it's vetted. Therefore, giving the scam more credibility in the process to those that are unaware. The only way I see them vetting this stuff efficiently enough to not advertise scammers, and not help scammers make their scams look more legit by giving them the benefit of their advertising association, is if we make them liable for accepting money from scammer's to advertise them to their users.

    If a celebrity or large page irresponsibility advertised a scam, wouldn't you hold them accountable? Is Kylie Jenner not accountable for advertising the scam fire festival? Or the other celebrities who advertised that scam? There are literal court cases for that rn.

    Just think, if the billboard down the street was advertising the local crackhead buisness, do you think the billboard owner would not be liable for advertising something illegal? I don't get why digital platforms get a pass here

    submitted by /u/OffBrandTonyStark
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    What are some of your best tips and tricks to keep BTC purchases organized for future sales... excel spreadsheets, word documents, handwritten and stored in a filing cabinet, etc.?

    Posted: 16 Jul 2020 06:13 PM PDT

    Some people buy small quantity of BTC with each bi-weekly paycheck to hold... or sell months later. Some day trade.

    Wether a person is required to pay a short term or long term capital gains tax, it is extremely necessary to stay organized and to keep track of what amounts were purchased and when they were purchased.

    So... what are some of your best tips and tricks to keep BTC purchases organized for future sales... excel spreadsheets, word documents, handwritten and stored in a filing cabinet, hot & cold wallets, etc.?

    submitted by /u/OpossumFeet
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    Bitcoin Mining Hashrate and Power Analysis - only 50% of mining hashpower is in China currently

    Posted: 16 Jul 2020 07:21 PM PDT

    Imagine a world in which every time there was a bank robbery, every prominent newspaper called it a “dollar scam.” This is exactly what’s happening here with Bitcoin.

    Posted: 16 Jul 2020 09:30 AM PDT

    I know where im putting my savings

    Posted: 16 Jul 2020 06:49 PM PDT

    Before 2008 US money supply was $0.8 Trillion

    By 2015 US money supply was $4 Trillion.

    Today they are creating $1 Trillion every single month.

    Money supply inflation of the US dollar is currently running at more than 100% per annum and is going exponential.

    Money supply inflation of Gold is 2% per annum.

    Money supply inflation of Bitcoin is 1.8% per annum.

    You do the math...

    submitted by /u/slvbtc
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    Open-sourcing my javascript exchange and casino, code here

    Posted: 16 Jul 2020 07:34 PM PDT

    Question: Actual vs (inflated) virtual bitcoin supply - backed vs unbacked exchanges

    Posted: 17 Jul 2020 04:02 AM PDT

    Before I ask my question, I would like to set the stage in the intro below. If you are already a finance guru please skip right through to my actual question:We know that the origins of paper money comes from depositing gold and getting paper certificates for them in return. We also know that these institutions, that accepted the deposits, later started to issue out more paper certificates than they actually had gold, with the aim of lending it to people and getting a return on it in interests (these certificates were therefore issued "unbacked" by actual gold).

    If the economy was working fine than this practice (when done responsibly) was not a big issue and could even help an economy grow, but if there were troublesome times ahead people started to withdraw their gold in an alarming rate. If enough people wanted to exchange their paper certificates back in gold, then the institution (that has given out the unbacked paper gold certificates) will not be able to give the gold to all customers, as there are more paper certificates issued then there is actual gold in their vaults. This is the medieval equivalent of a modern bank run.

    In summary: the actual gold supply was lower than the ("virtual") supply of gold certificates.

    Now my question:Is every bitcoin you buy on an exchange backed by actual crypto that the crypto exchange has in inventory and/or has bought from other users and then sold to you (earning the spread as a reward for this service).

    OR

    Do crypto exchanges do the same thing as in my little intro above? Do they sell you a promise of a bitcoin ? I have heard of some exchanges that don't let you withraw your crypto... They just promise you to give you back the market value of bitcoin if you decide to sell... Doesn't this mean there is a similar difference in actual vs virtual supply as in my introduction above? And if so, what are the implications of this dynamic? Can it cause issues if left unregulated or will market dynamics/consumer awareness or "crypto bank runs" just make sure that these unbacked practices can't be a viable business model in the long run?

    submitted by /u/CryptoLant
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    Andreas in a succinct and poignant summary of everything happening right now

    Posted: 16 Jul 2020 08:36 AM PDT

    Twitter hack: FBI investigates major attack

    Posted: 16 Jul 2020 03:54 PM PDT

    US Congressman defends Bitcoin in wake of Twitter hack

    Posted: 16 Jul 2020 08:11 AM PDT

    Buy cigarettes with Bitcoin in Donostia-San Sebastian, Spain

    Posted: 16 Jul 2020 06:21 AM PDT

    Waterproof cases for Ledger Wallets! We're a couple of industrial designers/crypto-nerds from NZ and we've just made a website if there's anyone else out there who wants one! Let me know what you think! https://anomcase.com/

    Posted: 16 Jul 2020 02:38 PM PDT

    Muchbetter Scam Issue

    Posted: 17 Jul 2020 04:05 AM PDT

    Hello,

    I have been a customer with Muchbetter for a couple years now. I did have issues in the past, however, recently I have not had any issues until 3 days ago.

    I've done over 200,000 USD in transaction and crypto purchase in the last 6 weeks. I recently did a top up for $4000.00 CAD, sent $2000.00 via their P2P option to a friend of mine, they withdrew the funds 3 days ago and still have not received it.

    Yesterday, I have topped up 2000$ CAD with my debit card, funds still have not reflected. I have been in direct contact with the CEO his name is ISREAL ROSENTHAL! Originally, he was very helpful, however, now they are saying that friends I referred have reported their transactions. This has nothing to do with me.

    Anyways, long story short, they have scammed me for a lousy $4000.00 CAD and I will be taking immediate legal action. If there's anyone else that has experienced issues with MUCHBETTER, please contact me directly and I can involve you in my lawsuit

    I've tried for hours and days to get my money back and the CEO refuses to assist me. I also have his direct email and mobile number for anyone that has had issues I can give you this information.

    Final message is this: Do NOT trust Muchbetter. They are 100% a SCAM. Support sucks and doesn't even speak English. Take them 5 days to respond at a time.

    submitted by /u/StayAwayFromCloudbet
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    NASCAR Driver Bubba Wallace will sport the Bitcoin logo scoring the new sponsorshop deal

    Posted: 17 Jul 2020 04:01 AM PDT

    Remember, if you wear a Bitcoin shirt, you may be attacked by a giant bird who wants your private keys

    Posted: 16 Jul 2020 03:30 PM PDT

    Institutional Interest in Bitcoin (BTC) and Crypto Markets are Rising...And the Twitter hack

    Posted: 16 Jul 2020 04:29 PM PDT
    Read more
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