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    Bitcoin Daily Discussion, August 17, 2020

    August 17, 2020

    Bitcoin Daily Discussion, August 17, 2020

    Daily Discussion, August 17, 2020

    Posted: 17 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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    Fake Trezor website. All crypto syphoned from my wallets.

    Posted: 16 Aug 2020 04:33 PM PDT

    ​

    I did google Trezor Bridge to find the latest update, thats when I clicked into the fake Trezor website. Everything looks the same as the legit Trezor.io website, except the popup saying there is a need to recover the wallet and I did put in my seed words.

    I did contact Chainanlysis and the FBI and they found out that I visited a fishing site from Google.

    It turns out that the hacker took more than $1 million dollars in total from various users.

    The BTC address that stole the funds is:

    1DmsY3tkHTAtgzZaNAKu6ZTJJAJXfEnPB

    The Etherium wallet of the hacker is:

    0x46901272adea02036e7433265acc1ebdfe8b8a9a

    The LTC of the hacker is:

    0x46901272adea02036e7433265acc1ebdfe8b8a9a

    It seems that the hacker is using an Exodus wallet.

    The FBI is looking into it but they need all the victims to contact them and to file a complaint.

    Please send me a message if you have been a victim of a hack.

    Also report it to google and fill out this FBI form:

    https://complaint.ic3.gov/default.aspx

    If we all band together and make a complain, the FBI will hunt him/her or them down.

    submitted by /u/OkLet5529
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    Famed Jim Rogers warns that money-printing and exorbitant debt will make the next market meltdown 'the worst in my lifetime'

    Posted: 16 Aug 2020 10:13 PM PDT

    Famed Jim Rogers warns that money-printing and exorbitant debt will make the next market meltdown 'the worst in my lifetime'

    Paywall : https://www.businessinsider.com/stock-market-crash-jim-rogers-warns-exorbitant-debt-central-banks-2020-8

    'We are going to pay the price': Famed investor Jim Rogers sounds the alarm on central bank money-printing and exorbitant debt — and warns the next market meltdown will be 'the worst in my lifetime'

    ​

    https://preview.redd.it/vz4k1wrixhh51.jpg?width=1200&format=pjpg&auto=webp&s=581799c91aefe0440481984f7c13586fe3639a20

    ​

    Jim Rogers, the chairman of Rogers Holdings, thinks unprecedented amounts of debt will exacerbate the next economic downturn.

    Rogers points the finger at global central bank policy as the cause for his concern.

    Rogers is joined in his view by David Hunter, the chief macro strategist at Contrarian Macro Advisors, who expects an 80% decline in stocks.

    When the market started to unwind back in late February, the Federal Reserve battened down the hatches and threw just about everything they possibly could at the problem in response.

    As a refresher, here's some of what the Federal Reserve has been up to since the crisis shuttered huge swaths of the US economy:

    ​

    Cut interest rates to zero

    Announced unlimited quantitative easing

    Started purchasing corporate bonds

    Announced an initiative to buy state and local bonds

    The market response? A violent rally.

    ​

    Since bottoming out on March 23, the S&P 500 is now trading about 50% higher.

    ​

    And the US central bank — and others around the world, for that matter — are showing no signs of slowing down anytime soon.

    ​

    But Jim Rogers, the chairman of Rogers Holdings, thinks the repercussions stemming from these actions will be severe.

    ​

    "The next time we have a problem and we are having it now, it is going to be the worst in my lifetime," he said in an Economic Times interview.

    ​

    "It is a simple statement. The debt is much, much, much higher now. It has to be worse."

    ​

    To Rogers, the US — as well as countries around the world — are enacting short-term solutions in response to the pandemic that will result in long-term pain. Although central bank policies have been successful in propping up financial markets thus far, Roger's sees a bleak future.

    ​

    "Nearly every country in the world is printing and spending lots of money now and that money has to go somewhere. It is going into the markets and that is what has happened," he said. "However, the debt is going through the roof everywhere, the money printing is everywhere and eventually, we are going to pay the price."

    ​

    Roger's assessment of the current landscape is similar to that of David Hunter, the chief macro strategist at Contrarian Macro Advisors, who expects an 80% decline in stocks when investor exuberance from central bank stimulus finally wears off. Hunter cites "debt beyond anything we can ever manage," aiding and culminating in a subsequent "bear market of historic proportions."

    ​

    "There's a lot of things you can't reach with money, and a lot of things you can't fix," Hunter added.

    ​

    Rogers agrees.

    ​

    "The US market has been going up for over 10 years, the longest in American history and it was sort of a bubble there, waiting to end," Rogers said. "Everything was going straight up for a while because of all the money printing and the market was due for a correction or for something to happen and along came the virus, but something always comes along."

    ​

    "We have these problems every few years. The next is going to be horrible."

    submitted by /u/mqrasi
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    Max Keiser taunts Warren Buffet, saying he will buy bitcoin at $50,000 as the Berkshire Hathaway billionaire offloads banking stocks to buy Gold

    Posted: 16 Aug 2020 06:08 AM PDT

    Well this just blew my mind

    Posted: 16 Aug 2020 08:03 PM PDT

    Gold is an ancient store of value.

    Bitcoin is a modern store of value.. plus it is instantly transportable, weightless, exists wherever the internet exists including space, easy to store, impossible to seize or censor, it just does so much more than gold ever could.

    Gold predictions going forward range from $5k per ounce to $20k per ounce. Lets say gold rises to $10k. Thats a 5x gain and a $50 trillion dollar market cap.

    Bitcoin matching golds market cap is not unreasonable at all. I actually think its quite inevitable eventually.

    If one day bitcoin and golds market cap are equal, at lets say around that $50 trillion market cap. This means a 5x rise for gold but, get this, a 250x rise for bitcoin and a price of $2.7 million per bitcoin.

    That is simply mind blowing..

    submitted by /u/slvbtc
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    Failing fiat, institutional adoption, mining economics and brrrr. The 4 reasons Bitcoin is beating out every other asset class.

    Posted: 16 Aug 2020 11:44 PM PDT

    Joined the party! Finally. Running my own node!

    Posted: 16 Aug 2020 10:03 AM PDT

    Bitcoin's hash rate hits a new ATH

    Posted: 16 Aug 2020 12:20 PM PDT

    Let’s keep the fees low | Starting the Lightning Network Fee Market

    Posted: 16 Aug 2020 06:35 PM PDT

    Can We Have Our Own Personal Crypto Wallets?

    Posted: 17 Aug 2020 01:15 AM PDT

    I hate the fact that I can only store my crypto with a third party who can lock me out of my bitcoin at anytime. Is there anyway I can build my own wallet to use for spending and transfers? I dont trust cash app or coinbase anymore. If its gonna be a decentralized currency why should the wallets be centralized?

    submitted by /u/themalichi
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    I've just been scammed trying to buy btc on telegram p2p

    Posted: 16 Aug 2020 11:42 PM PDT

    I got added to a peer to peer telegram group that uses escrow (the admin) to buy and sell bitcoin.

    after paying for 3000$, my comments got deleted from the group and I was deleted also. I didn't even know telegram allows admin to delete comments from other users on the group.

    I've been on the group for about a month and there was no complaints of scam so I thought it was legit. I'm sure the admin must have multiple accounts on the group where he pretends to make a successful trade and delete users after they've been scammed.

    I feel so terrible after saving to stack ahead of the bull market.

    submitted by /u/victhroway1234532
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    Sorry Goldbugs, this is the future

    Posted: 16 Aug 2020 11:35 AM PDT

    BTC hit 1 sat per byte recommended fee and mempool had less than 500 transactions

    Posted: 16 Aug 2020 05:44 PM PDT

    My bank can confirm the supply is intact and legit.

    Posted: 16 Aug 2020 01:56 PM PDT

    {

    "height": 644052,

    "bestblock": "0000000000000000000e71be43da804896364305f096b99881cf5379225d4aa9",

    "transactions": 40674170,

    "txouts": 66305447,

    "bogosize": 4980578454,

    "hash_serialized_2": "4d2841cb9846ae02385ec67ab41ba70d86d8696dbc9efcca8088e85fabffb563",

    "disk_size": 4023470313,

    "total_amount": 18462648.37865277

    }

    :)

    submitted by /u/Leader92
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    Buying bitcoin in Malaysia

    Posted: 16 Aug 2020 11:15 PM PDT

    Hi guys!

    Does anyone have an idea on the best and easiest exchange for buying bitcoin in Malaysia. Thanks in advance.

    Cheers.

    submitted by /u/almostadoctorr
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    Cash app

    Posted: 16 Aug 2020 07:58 AM PDT

    I bought some Btc using this app for the first time last night and this morning, then transferred to my long term hodl wallet. Went smooth and the fees was less than Coinbase.

    submitted by /u/Admirable-Name45
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    What did Bitcoin Core contributors ever do for us?

    Posted: 17 Aug 2020 03:15 AM PDT

    Lightbulb moment

    Posted: 16 Aug 2020 08:47 PM PDT

    What was the moment where it "clicked" for you and you felt the strong conviction that bitcoin is here to stay?

    submitted by /u/nitra007
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    Belarus drama: Why Lukashenko might rush into Bitcoin mining

    Posted: 17 Aug 2020 03:01 AM PDT

    Watch This Before Sept. 7th! Massive Amounts Of Money Will Flow Into Bitcoin Says Ex-Prudential CEO

    Posted: 16 Aug 2020 06:36 PM PDT

    Should the bitcoin reference implementation consider lowering the min-relay fee to 0.500 SAT/vbyte?

    Posted: 16 Aug 2020 11:12 AM PDT

    With the mempool emptying daily, there is plenty of opportunity for TXNs below 1.000 SAT/vbyte to clear. Unfortunately, although it is configurable, most nodes take the default config as gospel so low fee TXNs don't propagate through the network to the miners.

    Why not have allow lower fee TXNs into the mempool, or make the floor more dynamic like:

    if(mempool.size < _10_MB) { min_relay_tx_fee = min_relay_tx_fee >> 1; }

    Just seems like eventually, if the market price keeps rising, that it might make since to lower the floor to give miners more TXNs to choose from. I'm sure a miner would prefer a low-fee pool to an empty one.

    submitted by /u/brianddk
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    Completely Offline Bitcoin Transactions

    Posted: 16 Aug 2020 09:45 AM PDT

    jp-ex.io : a bitcoin ponzi that is running in my home country. How can I report and stop this?

    Posted: 17 Aug 2020 01:52 AM PDT

    Throwaway for obvious reasons.

    During the past few years, there have been a number of bitcoin "gurus" popping up in my country (Hong Kong). While most of them are the run of the mill "online gurus" (follow me and I will teach you how to earn money type), some of them have recently started to promote an online service to "make easy money while doing nothing".

    The service that they are touting is jp-ex.io or Japan Exchange. This fake exchange has nothing to do with Japan or Japan Exchange Group (JPX). From my research, it is most likely based in Shenzhen China. Users have noted the poor japanese and english translations on the website, most likely coming from google translate.

    One of the services in jp-ex.io is called Arbitrage, which promises over 40% returns from bullshit arbitrage technologies. All you have to do is to just deposit the money and you will receive the returns daily.

    This is a classic ponzi scheme which has been replicated many times (plustoken/bitclub). To make things worse, most of the people currently invested in the service are making some form of returns. These returns are the "proof" that they hang onto and believe that this service is legit. In the "gurus" chat groups, any mention of the word ponzi or any doubts about the service will be subject to a torrent of verbal abuse.

    As much as I would like to just sit back and watch this whole thing implode from afar, I believe in Bitcoin and its future. When plustoken finally blew up, the dumping of btc by the scammers caused a sharp decline in its price. I believe there are currently hundreds, if not thousands of people invested in this ponzi, judging by the size of the chat groups.

    So how can we put a stop to this?

    jpex arbitrage screen

    iOS app store app

    Android app

    ​

    edit: typo fix

    submitted by /u/throwaway01011989
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    Mentor Monday, August 17, 2020: Ask all your bitcoin questions!

    Posted: 17 Aug 2020 04:00 AM PDT

    Ask (and answer!) away! Here are the general rules:

    • If you'd like to learn something, ask.
    • If you'd like to share knowledge, answer.
    • Any question about Bitcoin is fair game.

    And don't forget to check out /r/BitcoinBeginners

    You can sort by new to see the latest questions that may not be answered yet.

    submitted by /u/rBitcoinMod
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    IMF and Worldbank Debt are on the strangle.. good news for Bitcoin.

    Posted: 16 Aug 2020 02:13 PM PDT
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