• Breaking News

    Saturday, August 15, 2020

    Home Unlabelled Bitcoin Daily Discussion, August 15, 2020

    Bitcoin Daily Discussion, August 15, 2020

    August 15, 2020

    Bitcoin Daily Discussion, August 15, 2020

    Daily Discussion, August 15, 2020

    Posted: 15 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
    [link] [comments]

    Lightning for noobs?

    Posted: 14 Aug 2020 03:03 PM PDT

    I recently heard for the first time about the Lightning Network (LN). Whilst I find the concept very interesting,I still have some concerns. It seems like a massive risk and headache to run my own software and learn how to use Lightning and at the end of the day not a lot of merchants actually accept it anyways. I'm keen to test LN but I'm not a tech-y person and I fail to see how I can use this thing in the real world or do anything useful with it.

    As far as my understanding goes, The Lighting Network solves the problem of the Bitcoin network taking too long to process transactions. This might be the technological breakthrough that Bitcoin was waiting for. I find the idea of transacting with Bitcoin immediately, without having to anxiously wait for my transactions to be confirmed on the Bitcoin blockchain thrilling. Maybe we will finally be able to use Bitcoin in our day-to-day lives? I'm sure that Bitcoin will become mainstream when people start using it in the real world and merchants start accepting it.

    All that is great, but my main concern is, can we really use Lightning to pay for things in real life? Can I send Bitcoin over Lightning to my friends and family without them needing to understand how to use this thing? How the hell do I get started with Lightning without spending 2 days of technical deep-dive? I've heard of a few people trying to use the technology, but haven't personally heard of anyone actually using it for anything meaningful. At most, I've met some people using the technology to make transactions between other lightning "power" users. But that's all.

    I've heard of a few solutions that claim to make it "easy" and "useful" such as "Bluewallet", "Lastbit", and "Fold" but I'm unsure if they are worth my time at all. Ultimately I've been disappointed so many times by products in this space that claim to be the holy grail and that simply do not deliver…

    submitted by /u/underhuggare
    [link] [comments]

    The lightning Network is awesome! I realize I'm a year or 2 late to this party. Obviously I had heard of lightning Network but I never tried it but wow it's really impressive to me. I mean I sent somebody .72¢ for only 1 Satoshi! I thought LN was going to be too complicated for me, but it's not!

    Posted: 14 Aug 2020 05:40 PM PDT

    Time to buy Bitcoin: ex-Prudential CEO George Ball | Reuters Video

    Posted: 14 Aug 2020 07:37 PM PDT

    Running My Own Tor Bitcoin Lightning Node

    Posted: 14 Aug 2020 11:58 PM PDT

    I've been using my own bitcoin lightning/full node for about a month now and would like to share my findings as well as ask a few questions to the community.

    For those that might be curious as to my setup, I am using a Lenovo M900 ThinkCentre with a 1 TB Samsung SSD and 32GB of ram. I'm actually running several VM's on it, for different reasons. One of which is the full Bitcoin/lightning node using Ubuntu Desktop in which I dedicate 8 GB to (more than enough) and most of my disk space to. I wanted a power efficient setup so that I could keep it running 24/7 and this is about as good as it gets short of a Raspberry Pi. When I only have my Bitcoin VM running, I'm consuming ~10 Watts. With everything else running it's ~30 Watts. I bought all of the equipment used (apart from the ram) so it was very cost effective.

    What I've learned in my experience:

    • You CAN setup a full Bitcoin (contributing node) and Lightning node to both run over the Tor network WHILE still being able to connect to it remotely from a mobile device on a different network. I've accomplished this using Orbot (Tor) for Android and Zeus - Bitcoin/Lightning Wallet for Android. Connected using lndconnect QR code.
    • Your node can go offline momentarily or even for days even while you have channels open, and you won't run into issues when you boot it back up from what I've tried. I'll note that I only have 4 channels open at the moment, so don't take this as solid evidence.
    • Zap desktop wallet is amazing for Linux. I haven't been able to use it on Android with Orbot though.. so I went with Zeus for this reason. It's also very good on mobile.
    • Payments are easy to make once everything is setup. I've purchased some goods, donated to Johoe's Bitcoin Mempool (I use that site all the time. Big help), and bought some eGift cards annonomously.

    Questions:

    • Is it possible to close a channel (while the peer is online and the channel is online, not force closing) with a custom fee set? All of the channels I opened so far were opened using 1 sat per byte (lncli openchannel <pubkey> amount --sat_per_byte 1). This usually takes more than a day to open, but only costs about $0.02 to open. When I try to close a channel in a similar fasion (lncli closechannel --sat_per_byte 1 <funding\_txid> <output\_index>) it ignores the --sat_per_byte 1 parameter and sets the fee amount to an arbitrary number, not even related to the channel 'Commit Fee' or any set amount. Is the close channel fee just automatically chosen by network congestion? If so, this would really discourage me from opening many more channels.
    • How dangerous is it to go offline for longer periods of time (say a week or month) with open channels? If I was to go back online after, is it possible that I might unintentionally broadcast an old channel state causing a loss of funds on my part?
    • Is there a method of determining a connected peer nodes uptime history before opening a channel with them to prevent having to force close a channel due to their node going offline for a long period of time, thus having to pay high fees (Commit Fee) to force close?
    • Is there a way to show transaction fees for lightning payments BEFORE they are paid? I had to pay over 100 satoshis once to send a lightning payment and there was no way of checking the transaction fee before the payment was sent out. Is there anything stopping people from charging say, 100000 satoshis to route a payment through their node without the user knowing beforehand?

    Any info would be appreciated. If anybody has any question that they would like to ask me, feel free to ask!

    submitted by /u/Dockin
    [link] [comments]

    First time trying to run a node, wish me luck ��

    Posted: 14 Aug 2020 02:47 PM PDT

    Just got in 1,200 dollars worth of bitcoin at 11,800. Good investment?

    Posted: 14 Aug 2020 08:37 PM PDT

    I saw some projections that BTC will be at 20,000 by the end of the year and 400,000 by 2030. Did I still get in at a good time even though it's up right now? Wish I got in in March :/

    submitted by /u/kroenkeisadonkey
    [link] [comments]

    Epic Games says in-app Bitcoin payments could flourish if not for what it calls the Apple payments monopoly.

    Posted: 14 Aug 2020 04:14 AM PDT

    It's dark, the banks are printing currencies all the time. It has become alarming enough to wake up Lumumba, now free from his chains. Sitting on a collection of unnecessary banknotes, he searches for a lasting home. Will he be engraved on the moon?

    Posted: 14 Aug 2020 12:08 PM PDT

    Grayscale raises $217 million this week for new crypto investment... 3 weeks of BTC issuance (but realistically it's not all for Bitcoin).

    Posted: 14 Aug 2020 12:26 PM PDT

    Berkshire Hathaway reduces bank holdings and adds gold mining company Barrick Gold

    Posted: 14 Aug 2020 04:11 PM PDT

    What got you guys in to bitcoin?

    Posted: 15 Aug 2020 02:08 AM PDT

    I read about it the first time back in 2010-11 Wanted to buy for 100bucks then but i thought it was just to complicated ( lol ) .. Then got sucked in to the rabbit hole for real in 2016. What is your story?

    submitted by /u/mitchconnor1337
    [link] [comments]

    10 years ago today, someone tried to create 184 Million Bitcoin with an inflation bug. They failed. Today I am using >gettxoutsetinfo on my Bitcoin full node to verify the supply. Results at height 643714 - "total_amount": 18460535.87865277

    Posted: 14 Aug 2020 10:46 AM PDT

    I’m completely naive to how bit coin works any help?

    Posted: 15 Aug 2020 02:58 AM PDT

    I'm wondering if this community could offer me any help on how to get started with but coin and crypto currency ? Or maybe just point me in the direction to somewhere where I'm not getting advertised to?

    submitted by /u/TheBlackSwanof86
    [link] [comments]

    just saw this commercial for Grayscale on Tucker Carlson; not half bad

    Posted: 14 Aug 2020 05:57 PM PDT

    What does it take to own a BTC ATM box in the US [2020]?

    Posted: 14 Aug 2020 06:48 PM PDT

    The title says it, it looks rather appealing, the box itself costs about $4,000. If I form an LLC, buy the box, place it at a nearby gas station...what is the problem? What are the regulations? Licenses? Risks? Are there some real-life examples, on how many transactions can one expect, what expenses there are? Is there actually a business case or just a dream?

    submitted by /u/yik77
    [link] [comments]

    I believe Peter Schiff doesn't understand blockchain

    Posted: 14 Aug 2020 08:45 PM PDT

    One of the recent memes on here with Matthew McConaughey's scene from Interstellar had some comments from Peter Schiff showing up. I looked up Peter Schiff and found this very interesting debate.

    I wrote a comment on that video, but to reiterate it again here is that I believe he doesn't understand blockchain. He mentions all the mining and electricity being used is basically going to waste and that it has no intrinsic value other than the speculation behind it. It's a great debate, but I think Erik Voorhees fails to address that blockchain is where the value is and that every time a miner validates a block, that miner essentially entombs for the rest of life the most recent transactions hashed in a chain with every other block of transactions that have ever occurred since the beginning. It is blockchain technology alone that removes trust and is revolutionary in how everyone will eventually conduct any kind of business. Peter Schiff brings good points, but I feel Erik is a textbook kind of individual and it would have been better if someone argued more for blockchain than bitcoin itself. What are your thoughts?

    submitted by /u/granttes
    [link] [comments]

    210000 blocks HOLD theory dashboard

    Posted: 14 Aug 2020 11:39 PM PDT

    Hi there,

    have you heard of the 210000 blocks HOLD theory? It appeared on the what is bitcoin website last year (https://www.whatisbitcoin.com/what-is/210000-block-hodl-theory). This theory states that if you wait 210000 blocks the price of bitcoin will be higher.

    ​

    I've made a simple dashboard (updated daily) that checks if the theory holds true : https://redoules.github.io/210000blocktheory/

    Cheers

    submitted by /u/WaZabs
    [link] [comments]

    Just bought some bitcoin

    Posted: 15 Aug 2020 02:35 AM PDT

    I just when balls deep in bitcoin, i don't care if I lose or win I'm here for the memory's 10 years from now.

    submitted by /u/rocketleaguetraders
    [link] [comments]

    Preston Pysh: We’re Dramatically Underestimating MicroStrategy’s $250m Bitcoin Purchase

    Posted: 14 Aug 2020 07:09 AM PDT

    Warren Buffett traded Goldman Sachs for gold, how long until he gets into bitcoin?

    Posted: 15 Aug 2020 03:36 AM PDT

    Tesla and Bitcoin are the most popular assets on TradingView.

    Posted: 14 Aug 2020 08:41 AM PDT

    An outright ban of Bitcoin in the US would be impossible to enforce

    Posted: 14 Aug 2020 05:54 AM PDT

    To all my bitcoin friends worrying about selling early during the bullrun but before the dip...

    Posted: 14 Aug 2020 01:16 PM PDT

    Listen, we all know BTC will appreciate with time and some countries have heavy tax on converting BTC to Fiat (30%+). At some point you will be able to buy most of things with bitcoin. Heck, you can already buy a Tesla with Bitcoin if you'd like. I'm not selling a single sat myself.

    submitted by /u/HunterYT
    [link] [comments]
    Read more
    at

    No comments:

    Post a Comment