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    Bitcoin Daily Discussion, August 08, 2020

    August 08, 2020

    Bitcoin Daily Discussion, August 08, 2020

    Daily Discussion, August 08, 2020

    Posted: 08 Aug 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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    I drank the koolaid today buying 0.1 bitcoin. Hi space brothers and sisters.

    Posted: 07 Aug 2020 01:04 PM PDT

    I essentially won the lottery, and my dad wants me to give him most of the money. Please advise.

    Posted: 07 Aug 2020 06:30 PM PDT

    To start, I live in Oregon and I am 22 years old. Live with my dad, always have, never could move out, my career never took off. I do odd jobs and gig economy and my income is about $1000/month. $500 of which I have to give my dad for rent and food, but fair enough. I can't afford a real apartment. The rest I save and spend as I please.

    I will add, my dad watches my bank account. He does it to make sure I'm saving money for a car and an apartment. I am 100% owner of my account, my dad can't access the money, but we have it set up so he receives a copy of the statements every month.

    Anyway I had invested into cryptocurrency a long time ago, back when it was cheap. And my dad knows about it. Well recently I sold part of my cryptocurrency and received $30,000. I have another $40,000 worth of cryptocurrency that I'm holding on to, haven't sold yet.

    So in total I won $70,000, of which $30,000 is a realized gain. That $30,000 was deposited into the account, and dad saw the transaction.

    He is now demanding that I set aside $10,000 for myself "because that is all I need", set aside enough to pay capital gains tax, and give him the rest of the US Dollars and Cryptocurrency.

    He says if I don't then I'm out of the house the first of next month and he won't accept any more of my $500/month rent. Please advise.

    submitted by /u/Due_Resolution_5703
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    Blomberg bullish on Bitcoin. Is promoting it on its main YT channel.

    Posted: 07 Aug 2020 07:17 AM PDT

    Ben Mezrich, author of 'Bitcoin Billionaires' reveals which early Bitcoiners [which characters] will be in the upcoming Bitcoin Billionaires movie | Podcast Clip

    Posted: 07 Aug 2020 11:19 PM PDT

    Goal met took forever but i got 1

    Posted: 08 Aug 2020 03:57 AM PDT

    Well I finally did it I got 1 BTC it wasn't easy to get to this point but I know the inevitable fall of the Fiat system is at hand I am but a lowly kitchen worker and it took me forever to get here but I finished my goal today BTC today.

    submitted by /u/Cash_Wellington
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    Almost done! I don't understand exactly what this does, but if it helps the network I'm all for it.

    Posted: 07 Aug 2020 07:27 PM PDT

    WARNING: BITFINEX FREEZING ASSETS FOR A MONTH NOW WITHOUT ANY EXPLANATION.

    Posted: 08 Aug 2020 01:15 AM PDT

    BITFINEX has frozen my assets and withdrawals on my account worth approximately $800,000 since JUL 5.

    Today, they decided to "CLOSE THIS MATTER" without giving me any explanation to why my assets are frozen. [Read their email response from the timeline I provided below]

    This incident started off with me transferring my assets to BITFINEX to do FUNDING as I just gotten back my BTC from a loan I provided. My friend told me to transfer assets here so can earn the interest while I put my BTC to use.

    UNFORTUNATELY, I lost my phone on the same day and thus losing my 2fa[newly setup 2fa], and after verifying my identity, I was told there is a 5 days withdrawal hold.

    After which here comes a super lengthy process of verification with me providing personal documents like Identification, Income tax statements, transaction records from various exchanges and withdrawal records from other exchanges.

    The "compliance" department then took their own sweet time in verifying my documentation and only replies every other 4-8 days. This is obvious that they are not sincere in rectifying my issues and either they are purposely delaying my withdrawals, or they simply don't care.

    This freezing of assets is simply unacceptable as I need my funds for liquidity to pay for my housing and expenses. This issue have been causing so much duress and stress to my daily life and freezing my assets without explanation is simply unacceptable and OUTRAGOUS.

    I googled online and found out this is not the first time it happens and it's so unfortunate I fall victim to this.

    Bitfinex SHOULD NEVER deem the funds their own!

    Below is a detailed timeline of how they are slowly replying and using the convenience of KYC to delay my withdrawal.

    [JUL 6] Reset my 2fa, 5 days withdrawal hold.

    [JUL 10] After 5 days, here come their tricks. I received this email to provide KYC information.

    As it is our mission and commitment to provide better and reliable services for all Bitfinex users, we require our users to update and/or provide Know-Your-Customer information from time to time in order to maintain the level of integrity and compliance required by international anti-money laundering as well as counter terrorist financing policies.

    Accordingly, please provide us the following information/documentation:

    · Reasons for transfers from and to your Bitfinex account;

    · A clear and detailed explanation of your account activity and objectives;

    · A detailed explanation of the sources of all funds deposited to Bitfinex; provide details on how and where you acquired the funds that were deposited to your account. Make sure to include TXids and addresses that describe the source of the funds deposited to your Bitfinex account;

    · Proof of source of funds confirming how the deposited funds were originally acquired;

    · Detailed descriptions of the destination you have and/or will sent/send your funds to from your Bitfinex account;

    · Confirmation of whether you have ever opened and used any other account(s) on Bitfinex? If so, please provide the user name(s) and email address(es) of any account ever opened. Please explain why you operated more than one account, if applicable.

    [JUL 22] After a series of back and forth email with me providing my Identification, Income tax statements, transaction records from various exchanges and also withdrawal records from other exchanges, I finally receive a reply from the team.

    We apologize for the delay. We have escalated the matter to the verification team. We hope to resolve this matter as soon as possible. Thank you for your patience.

    [JUL 22] sent them a follow up email, no replies.

    [JUL 24] sent them a follow up email, no replies.

    [JUL 28] sent them a follow up email, no replies.

    [JUL30] Finally a reply after 8 DAYS without any information provided.

    Thank you for your patience and understanding. We apologize for the length of this process, we are working on resolving this matter. You will receive a status update shortly.

    [AUG3] sent them a follow up email, no replies.

    [AUG6] Opened another support ticket with regards to my issue and received a response within HOURS from SUPPORT TEAM.

    [AUG7] finally a reply from the team.

    Please be advised that we are working on finalising the review of your account.
    We will communicate our findings to you during the next 24 hours.
    Thank you in advance for your understanding and patience in this matter.

    [AUG8] Email informing me that my funds are still stuck WITHOUT ANY EXPLAINATION AND THEY DEEM THE MATTER IS CLOSED.

    We appreciate your prompt responses and for providing the requested documentation to us.
    Regrettably, we are not in a position to clear the funds in your account at this time.
    In order to move this process along and clear the funds, we will require an appropriate legal process to advise us as such.
    Please be advised that we will continue to review all information/documentation submitted to this account. We, however, are not in a position to disclose information to parties that are not the law enforcement agency responsible for this matter. We further are unable to update this account status until instructed otherwise by an appropriate legal process.
    This matter is considered closed until advised otherwise.
    We trust this is in order.

    submitted by /u/Ethanyew
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    Finally purchased my first bitcoin!

    Posted: 07 Aug 2020 05:19 PM PDT

    It was only $50 worth (US) but I have wanted to invest for so long and have never done it. Excited to start investing on a regular basis even if it's small amounts!

    submitted by /u/ImAtWorkWorkWorkWork
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    Just wanna thank all you guys. You’ve taught me the power of hodling

    Posted: 07 Aug 2020 07:13 PM PDT

    About 4.5 months ago I made a post about how I was making small profits day trading BTC when it was hovering around 9k. Every comment on that post was warning me against it. I took some time and learned a bit more about bitcoin. Looking back, I wish I'd have hodled it. Now I'm at .15 BTC with no plans of selling anytime soon. Btc is the future. Thanks guys

    submitted by /u/Belvador
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    Grayscale GBTC now holds 400k+ btc.

    Posted: 08 Aug 2020 01:30 AM PDT

    As of yesterday GBTC is holding 401385 btc (419091700 shares). They added almost 15k btc since they started issuing new shares in Q3.

    Keep selling them! They are better holders as we are :D

    https://grayscale.co/bitcoin-trust/

    submitted by /u/_ich_
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    California Energy Commission Backs Green-Energy Pilot Using RSK's Bitcoin Smart Contracts

    Posted: 07 Aug 2020 01:52 PM PDT

    Grayscale All Out Assault On Bitcoin Push

    Posted: 08 Aug 2020 01:24 AM PDT

    My First Bitcoin Purchase

    Posted: 08 Aug 2020 01:36 AM PDT

    I have been in this community since January and just learning everything that I can. I wanted to spend in bitcoin but was scared to do so because of my previous experience back in 2016.

    In 2016, I spent $20 (Indian Rupee) and soon after India "banned" crypto in the country and I got scared and took out the money I put which I lost some of it due to high fees during that time. Then I left the crypto space for years.

    In 2020, I came back in crypto and learned everything which I didn't know back in 2016 and invested $60 recently when the pricing was low in April and I'm HODLING since then.

    And putting $10 a month whenever I see a little dip.

    Thank you community for teaching everything. ❤️

    submitted by /u/siddude11
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    A thank you to the community.

    Posted: 07 Aug 2020 07:58 PM PDT

    I like to join random subs about things I know nothing about to expand my understanding of the world, learn about different points of view, and hopefully learn something I can put into action. I didn't know what I was getting into hovering around in r/Bitcoin at first but wow, it's been a great few months.

    I've been able to learn how to set up an account on an exchange, buy coins, set up a wallet, set up a separate lightning wallet, transfer coins to my wallets, and learn about blockchain technology and it's impact on the future. Heck, I'm even putting my vote in for Jo Jorgensen for president! I'm extremely excited to see blockchain domains go mainstream.

    Anyway, just over here hodling away, embracing blockchain tech anywhere I see it, and telling as many of my friends as I can! Thank you all, and please keep teaching newbies like me!

    submitted by /u/SaidTheTeddyBear
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    I own a few BTC and want to sell some. But not sure what service are legit and what are scams nowadays. Any help appreciated.

    Posted: 08 Aug 2020 12:22 AM PDT

    I have it all offline on a Nano. What's the easiest/safest way to sell? So many scams and so much noise from shady exchanges it is hard to tell what is legit any more.

    submitted by /u/forceofsmog
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    Should a 14 year old kid invest into Bitcoin? If so, how much?

    Posted: 07 Aug 2020 03:15 PM PDT

    Frankie MacDonald has an announcement about bitcoin

    Posted: 07 Aug 2020 06:21 PM PDT

    The thing that scares me about bitcoin.

    Posted: 07 Aug 2020 06:39 PM PDT

    I have been in bitcoin for a while now, enough that it has made my life comfortable. But the recent price rises, whilst welcome, have made me think..if bitcoin does become what we hoped in 2009/10 then the world's economy will be in pretty bad shape. Bitcoin becoming a major hedge against dollars, euros, pounds likely means their value has take a hit. So bitcoin is worth more because fiat is worth less, a lot less. These days bitcoin has become my insurance plan instead of a revolutionary tech idea that was new and exciting. It's a double edged sword, but also of the fiat systems collapse that is not the fault of bitcoin, that's the fault of the fiat systems. So I don't feel like we are harming the world economies we are just keeping them at arm's length.. I don't see society collapsing which would make bitcoin worthless,I just feel that the house of cards has become unsustainable and this pandemic is highlighting these weaknesses.

    submitted by /u/011010110
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    I’m a 20 year old in college, should I try bitcoin?

    Posted: 07 Aug 2020 09:43 PM PDT

    My dad suggest I wait on starting and keep watching the market... he's said this since March. I wanted to buy then since it was cheaper but I don't feel qualified to start with not knowing too much. I was hoping to get started and maybe be able to take some out before law school to help pay for it. Any advice?

    submitted by /u/catchykw
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    FOMO'd In. Not my proudest moment. It is what it is.

    Posted: 08 Aug 2020 12:14 AM PDT

    Throwaway account. Just need to get it off my chest.

    Been DCAing over the past 2 years. Small amounts over time. Average price: $8100

    Then the rally happened. Forced to average upwards. Huge chunks too. Average price now: $9200

    Irresponsibly exposed to bitcoin. 67% of my portfolio. If it sinks, I get severely burned.

    Anyway, those sats won't move for the next year or two. Unless we go parabolic and my barber starts asking how to get into the game - by which time it should have already been mainstream without all the instructables that come with on-boarding.

    Sure, I'm all for the decentralization, but the average Joe will want an easy way to interact with the sats without all the warning signs everywhere. Glad there is increased work on consumer apps. Custodial apps are also part of this lovely ecosystem.

    Yeah - I know "Not your keys, not your bitcoin". My keys are tucked somewhere safe. Picking a wallet took some time, won't lie. So much noise to sift through. Now I have to start looking into how to get the family access in case I get incapacitated. Like it or not, a huge part of the population will need custodial apps, as opposed to being responsible for their own security.

    Will also need to spend so much more time getting funds to invest elsewhere and reduce that BTC exposure. No more buying for me. Unless there is a crash to the 8k zone, in which case I will start liquidating other assets.

    In the meantime, hodl strong.

    Spread the bitcoin wave. Tough times are coming for currencies and economies, and in the madness that will ensue, hard assets like Bitcoin will provide certainty.

    Help newbies learn, don't be quick to bash them. It's a whole ecosystem and every part can play a role.

    submitted by /u/WAPTemp
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    Bitcoin is finally starting to see a Bull Run, now is perhaps a great time to start accepting bitcoin as payments ��! Here are some of the Top choices for Bitcoin Payment Gateways [No KYC]

    Posted: 07 Aug 2020 08:46 AM PDT

    #1 Blockonomics: Blockonomics offers plugins that easily integrate with your website.

    • Plugin for: WordPress, Magento, PrestaShop, Easy Digital Downloads, Open Cart, WHMCS, Joomla/VirtueMart
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    • Plugins for: WooCommerce, Drupal, Magento, PrestaShop, Shopify
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    #3 GoURL: Open- Source Bitcoin Payment Gateway. One of the longest-running services with many integrations.

    • [0% Fees]
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    #4 MyCryptoCheckout: Crypto checkout Plugin for WordPress.

    • [Flat Rate Pricing: Free - $59/year]
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    #5 Coinremitter: Payment Gateway with multiple coin support

    • Plugin for: WordPress, Magento, PrestaShop, Open Cart, PHP, RestAPI
    • [0.23% withdrawal fees] - Paid Premium Plan ($99.99/mo)
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    submitted by /u/primalfabric
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    Can Bitcoin please stay above €10k?

    Posted: 07 Aug 2020 05:13 AM PDT

    Bought my first $100 of Bitcoin

    Posted: 08 Aug 2020 04:55 AM PDT

    THE FUTURE IS NOW. Hello fellow visionaries. I'm excited

    submitted by /u/BobcatBob25
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    In times of bull, watch out for the bear. Know our history, for those just coming to bitcoin.

    Posted: 07 Aug 2020 08:08 PM PDT

    MVP idea and link: get the net financial position of your bitcoin address

    Posted: 08 Aug 2020 04:29 AM PDT

    The problem: most crypto tax services only handle your csvs from exchanges but don't analyze the blockchain to see the net gain/loss of your bitcoin transactions as not all gains/losses are on an exchange or they might be on many

    Possible solution MVP: a website that reads your bitcoin transactions and tells you the net position based on the transactions in and out. You can also manually correct them if they are sent to your own wallet or were bought at another time.

    My MVP (not yet working completely and very ugly but wanted to share with you all anyway): https://james-sangalli.github.io/crypto-position/bitcoin/bitcoin-position.html

    Enter your bitcoin address in it.

    Would you'll benefit from such a service? leave your comments below

    submitted by /u/Bitman321
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