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    Bitcoin Daily Discussion, August 16, 2020

    August 16, 2020

    Bitcoin Daily Discussion, August 16, 2020

    Daily Discussion, August 16, 2020

    Posted: 16 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've always been a Bitcoin opponent... but we need something that can't be corrupted by government, and that's Bitcoin or another cryptocurrency" Billionaire investor George Ball

    Posted: 15 Aug 2020 04:23 PM PDT

    Got scammed by coin me. Those bitcoin atm machines in wallmart. How this is not a national news story is beyond me

    Posted: 15 Aug 2020 04:53 PM PDT

    Put 55$ in won't even let me verify my id It just says

    "There was an issue with your identification verification, please contact support."

    I found a number to call and it just says "live calls are not in order due to demand. Please use the live chat feature/intercom." So I messaged the intercom and no one even read my message.. I messaged and called during working hours.

    No reply. Nothing. Right now is the time there open and no reply

    I go on there subreddit and I see a bunch of people getting scammed from this..

    How is this even legal wtf these machines are in almost every wallmart

    https://old.reddit.com/r/Coinme/

    how is this in fucking wallmart?

    I'm now seeing all kind of people can't even get verified to get the money

    Please make this comment go viral man.. this shit is in every wallmart. How is this not a national news story..?

    submitted by /u/Jessetto
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    “The Winklevii got goldbugs to abandon scarcity in 48 hours.”

    Posted: 15 Aug 2020 04:23 PM PDT

    hodlmon.sh: a UTXO monitoring methodology and script for true connoisseurs of security, paranoia and BTC maximalism

    Posted: 16 Aug 2020 01:18 AM PDT

    Submitting this to help strengthen the community, and for review:

    hodlmon.sh: a UTXO monitoring methodology and script for true connoisseurs of security, paranoia and BTC maximalism

    Monitor canary UTXOs for early detection of compromised private keys BEFORE funds are lost, using your own full node for maximum privacy and trustlessness. Note that you will need to implement your own notification strategy (email, push, sms, etc). This script is intended to run on your full node, but can be run from any machine with RPC access to your full node.

    hodlmon.sh is designed to check if a given UTXO (i.e. a specific output of a specific btc transaction) has been spent or not. This can be used for early and proactive detection if a seed phrase or private key has been compromised, so you have time to move your btc before full compromise happens. In order for this to work, a small amount of btc should be sent to an address controlled only by a given seedphrase, with that seedphrase being part of a multisig wallet or a seedphrase+passphrase wallet, and the majority of your funds controlled in the seedphrase+passphrase or multisig wallet. The idea is to leave the small amount of btc (the canary utxo) in the address, so that it never moves unless the seedphrase that controls it has been compromised and all funds in the wallet swept. In this way, you use those compromised sats to buy information about the current security status of your wallet(s).

    Example usage:
    Set up a cron job to run hodlmon.sh every 30 min to check if transaction output at index "0" for transaction with id "123" has been spent already. Use "my_utxo_nickname" as a friendly name for the UTXO (to differentiate between multiple wallets)

    */30 * * * * /path/to/hodlmon.sh 123 0 my_utxo_nickname > /tmp/hodlmon_log 2> /tmp/hodlmon_err_log

    Usage scenario #1: Seedphrase (A) + passphrase (A')
    Majority of funds are held in a wallet controlled by both the seedphrase and passphrase, A and A'. A token amount of btc is controlled only by seedphrase A.

    A + A': majority of funds
    A: canary UTXO

    hodlmon.sh is used to monitor the canary funds locked by A, so that if it is discovered that A has been compromised, the funds locked by A and A' can be moved to a new wallet before the passphrase A' can be cracked and all your funds exfiltrated.

    Usage scenario #2: multisig e.g. 2 of 3, with seed phrases A, B and C
    Majority of funds held in a multisig wallet controlled by 3 seedphrases A, B, and C. 3 small canary UTXOs are held in wallets each controlled by A, B or C, respectively.

    A + B + C: majority of funds
    A: canary UTXO 1
    B: canary UTXO 2
    C: canary UTXO 3

    One benefit of multisig (e.g. 2 of 3) is that even if 1 key is compromised, your funds are safe, since at least 2 keys are needed to release funds. But how do you that none of the keys has yet been compromised? If you create separate wallets controlled each by only 1 of the individual keys, and use hodlmon.sh to monitor whether those UTXOs have been exfiltrated, then you can detect partial compromise of your setup before a full exfiltration event takes place, so you can move your funds to a new multisig wallet with freshly generated and uncompromised keys.

    Example of 3 cronjobs to monitor all 3 canary UTXOs:
    */30 * * * * /path/to/hodlmon.sh 123 0 key1 > /tmp/hodlmon_log_1 2> /tmp/hodlmon_err_log_1
    */30 * * * * /path/to/hodlmon.sh 456 0 key2 > /tmp/hodlmon_log_2 2> /tmp/hodlmon_err_log_2
    */30 * * * * /path/to/hodlmon.sh 789 0 key3 > /tmp/hodlmon_log_3 2> /tmp/hodlmon_err_log_3

    #########################################################################

    #!/bin/bash

    touch /tmp/hodlmon_last_run

    echo "Transaction ID: $1"
    echo "Output #: $2"
    echo "Nickname: $3"

    NODE_IP=127.0.0.1 #TODO: use actual value
    USER=user #TODO: use actual value
    PASS=pass #TODO: use actual value
    PORT=8332 #TODO: use actual value

    CHECK_CMD="/usr/local/bin/bitcoin-cli -rpcconnect=$NODE_IP -rpcuser=$USER -rpcpassword=$PASS -rpcport=$PORT gettxout $1 $2"

    RESULT="$($CHECK_CMD)"

    echo "${RESULT}"

    if [ "$RESULT" == "" ]
    then
    echo "UTXO HAS BEEN SPENT! RED ALERT!!"
    MSG="The UTXO for $3 from tx $1 output $2 has moved!"

    #TODO: ADD YOUR FAVORITE NOTIFICATION STRATEGY E.G. EMAIL, PUSH NOTIFICATION, SMS

    else
    echo "UTXO is still on ice"
    fi

    submitted by /u/facepalm5000
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    LiFi is coming to @Liquid_BTC via asset-based lending smart contracts. Authored by @dmpsim, the paper "Asset-Based Lending smart contract for Liquid network"

    Posted: 16 Aug 2020 02:18 AM PDT

    Video: Sending a lightning payment to lntxbot to send a message to Blockstream satellite. And then recieving it over a Satellite receiver connected to your Laptop - Candle ��️ on Twitter

    Posted: 16 Aug 2020 01:59 AM PDT

    Hundreds of Thousands of Investors Just Gained Exposure to Bitcoin Thanks to MicroStrategy

    Posted: 16 Aug 2020 01:46 AM PDT

    This sub has awesome vibes

    Posted: 15 Aug 2020 02:00 PM PDT

    Just want to say thanks guys, lots of positive comments, posts and discussions here. Love the memes. And remember... HODL!

    submitted by /u/Newgunnerr
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    Monthly update of stacking sats

    Posted: 16 Aug 2020 02:15 AM PDT

    So ive been stacking sats for 3ish years. Smallish buys but its all i can afford. Pretty good stack still imo. The target is 1mil fiat net worth which i anticipate will take less than 5 more years. So approximately 8 in total. Which is also about two halving cycles. And a blueprint for future stackers. You can do it. Just start, keep focus, and give it time. Theres no get rich quick, but there's get rich slowly.

    http://er-bybitcoin.com/stacking-em-volume-3-august-2020/

    submitted by /u/jamespunk
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    When will we go from "Buy Bitcoin" to "Use Bitcoin"?

    Posted: 15 Aug 2020 09:15 AM PDT

    What's your favourite Bitcoin lending platform?

    Posted: 15 Aug 2020 08:57 AM PDT

    How do you choose between them?

    submitted by /u/NoobCoinz
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    Owning one or more bitcoin today puts you in the <0.018% of all bitcoin owners

    Posted: 15 Aug 2020 08:17 AM PDT

    Taking into account the current supply, population and distribution.

    Assuming 4m BTC lost.

    Did not take into account one person owning BTC under multiple addresses, or exchanges holding multiple people's BTC in one address. Assuming these evenly cancel each other out (though definitely inaccurate irl).

    submitted by /u/attolini
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    How can someone live on Bitcoin today?

    Posted: 15 Aug 2020 06:08 PM PDT

    Obviously, just only use it instead of USD or whatever, but I'd like to hear people's actual systems and strategies for making this possible today if it even is? Thanks!

    submitted by /u/nickjlongo
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    Satoshi Nakamoto when asked "You will not find a solution to political problems in cryptography".

    Posted: 15 Aug 2020 09:09 AM PDT

    CashApp bitcoin purchase fees

    Posted: 15 Aug 2020 12:26 PM PDT

    Was having a hard time using google to find how much CashApp charges for bitcoin purchases, to be able to compare it with other exchanges. So I did a bunch of test purchases without finalizing them and these are the fees they showed; thought I'd share:

    Seems they use a sliding fee schedule, depending on how much is being bought.

    $100 = $2.27 ( 2.27% ) fee

    $500 = $8.80 ( 1.76% ) fee

    $1000 = $17.56 ( 1.56% ) fee

    $5000 = $50.22 ( 1.00% ) fee

    $10000 = $75.68 ( 0.75% ) fee

    Over $10000 seems to stay at 0.75%

    submitted by /u/guryfitze
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    VanityMnem is the new Vanitygen

    Posted: 16 Aug 2020 02:57 AM PDT

    Do you remember vanitygen?
    VanityMnem does the same thing but returns a mnemonic instead of a single pair of keys.
    https://github.com/valerio-vaccaro/vanitymnem

    submitted by /u/Tulipan81
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    Somethings up with my Bittrex account

    Posted: 16 Aug 2020 12:09 AM PDT

    So I am unable to log in with invalid password error and I don't get the reset link when i request one. The concerning thing is that my IPhone(Not rooted) Bittrex app is still logged in and my account is empty with several grand missing(btc, usd, doge).So I am trying to figure out how this happened or is it just the site down?

    Investigation:

    - I use Dashline(not installed on phone) for my password management with all my password being unique and strong

    - 2 factor authentication with google auth that's was installed on my phone

    - I do have a API key for my account that's for my bot. I built this bot and its on a local dedicated machine. This api key can only trade and not withdraw

    - My email does not seem to be compromised. I checked all login sessions and nothing fishy is here

    Am I missing something to check? If it was a breach on my side I can not figure out how it was done. Or is bittrex just acting funny? I sent a support ticket to see what they say

    edit : grammar

    submitted by /u/SupportCowboy
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    Technical question....

    Posted: 16 Aug 2020 03:45 AM PDT

    Let's say we have the year 2100 and almost all bitcoins are mined. Bitcoin battled for years with the fiat financial system and finally dominated it to be the worlds leading currency. Now 9 Billion on earth starting to use it on a daily base.

    Is the supply of 21 Million enough to cover the worlds wealth or could it be possible to „change" the whitepaper and let's say mine another 10 Million btc ??

    What is with the world dept? Did they need to get rid of to make a cut and start from the scratch on? Will that ever happened? Would it be the same that someone wants interest of lended btc?!

    Honestly i absolutely like the idea of a worlds currency and that everybody is his own bank. But I have no idea how that will be one time.

    submitted by /u/klangsturm
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    BTC Lightnight Network

    Posted: 15 Aug 2020 02:37 PM PDT

    Ex-Prudential CEO George Ball Has Changed his Stance on #Bitcoin After Several Years as an "Opponent."

    Posted: 15 Aug 2020 03:29 PM PDT

    What will become of your BTC when you just hodl until it becomes a daily transactional currency?

    Posted: 16 Aug 2020 02:47 AM PDT

    This is just a hypothetical question, say the world has completely eliminated the need for fiat and is now using solely cryptocurrency. For example right now, you have 1 BTC = 11k USD(that is a big amount), What will we be using to determine the value of that 1 BTC???

    submitted by /u/sserbianb
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    I just impulsively bought 20 dollars worth of bitcoin through cash app, now what?

    Posted: 16 Aug 2020 02:23 AM PDT

    I don't know why I did this, I watched the beginners guide videos and I have a pretty basic understanding of how bitcoin works, where do I go from here?

    submitted by /u/Devin718
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    Noob question about storing

    Posted: 15 Aug 2020 05:34 PM PDT

    Hello everyone!

    After reading posts here for a while I finally decided to become part of the community. Yay me.

    I have some BTC I've been HODLing for a few years now... the thing is I can't find a comfortable way to store them. I have read about multitude of wallets and I always end up with the impression I'm going to lose them (if it's a physical device) or that I'm gonna get hacked elsewhere. Ironically this means my BTC are sitting at an exchange wallet which might be even worse.

    Anyone has found themselves in this position? Any recommendation is welcome

    submitted by /u/Qu4rko
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    For those who are unaware, think of your 12 or 24 word passphrase like your bank account pin code.... please don’t give it out.. Ever!

    Posted: 15 Aug 2020 04:19 PM PDT
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