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    Bitcoin Daily Discussion, August 19, 2020

    August 19, 2020

    Bitcoin Daily Discussion, August 19, 2020

    Daily Discussion, August 19, 2020

    Posted: 19 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 woke up to this text from my Grandad, a retired financial advisor (and Bitcoin skeptic)

    Posted: 18 Aug 2020 02:13 PM PDT

    Somebody should make a Bitcoin lightning ATM that accepts and dispenses quarters. Put them in laundromats, gas stations, and arcades. It would be a great way to grow the network and show off how fast the Bitcoin lightning network is.

    Posted: 18 Aug 2020 05:26 PM PDT

    And since it's so little value at once, they shouldn't be subject to AML laws. Somebody check me there. lol

    Plus this would be a great way for anonymous BTC, which means minors could buy Bitcoin lightning sats with their change instead of gumballs or whatever.

    Make the fees just enough to break even. Popularizing Bitcoin is worth far more than making ATM income.

    You might get too many quarters. Well, businesses are literally short on change. So you could probably get a premium on those quarters under the right circumstances.

    How would it work?

    Coin slot - quarters only, screen with instructions, indention with camera for scanning your QR code from your phone.

    You could add a button for batching. So if you want to buy $1.75 of BTC, you put in your 7 little quarters and hit the GO button.

    You don't even need a button. Just scan the phone when you're ready to withdraw the Bitcoin you paid for.

    You don't even need a screen, really. Just instructions:

    Test the speed of the Bitcoin lightning network for only a quarter.

    Put in quarters, scan QR code from your Bitcoin lightning wallet, get BTC.

    If QR code isn't scanned within 1 minute of last coin, your quarters are refunded. Don't reuse QR codes.

    submitted by /u/TurongaFry3000
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    Is bitcoin a good long-term investment for teenagers?

    Posted: 18 Aug 2020 09:16 PM PDT

    Edward Snowden got paid $35,000 to talk about Bitcoin

    Posted: 18 Aug 2020 06:25 PM PDT

    Rate multisig setup

    Posted: 19 Aug 2020 03:39 AM PDT

    Thinking of doing this:

    2 of 3 native segwit. Cosigners are coldcard (using PSBTs airgapped), trezor T and an electrum seed from tails. Coldcard and trezor have passphrases each.

    I would use tails (same computer), disconnect internet and create an electrum (emergency 3rd signer) key. Record seed on paper. Then create a multisig wallet on electrum on tails. Add the 3 signers and zpubs. Then exit tails and create a watch only.

    Store 1 seed + other 2 zpubs in a location. Repeat for all other seeds. For redundancy store another copy of that in each location. Separately to seeds, store both passphrases together and make a copy or 2.

    submitted by /u/Zaidinator7
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    Bitcoin Optech Newsletter #111

    Posted: 19 Aug 2020 04:50 AM PDT

    Keep your bitcoin a secret

    Posted: 18 Aug 2020 06:28 AM PDT

    Don't tell people how much you have. It protects your privacy. It protects your relationships. Envy is real.

    submitted by /u/Big_Panda_1638
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    BLOCKCLOCK mini development progress.

    Posted: 18 Aug 2020 08:21 AM PDT

    Collection of fee estimating tools (for saving on fees when sending a bitcoin transaction)

    Posted: 19 Aug 2020 03:06 AM PDT

    Here are some resources that can help you estimate fees when sending a bitcoin transaction, so you don't end up overpaying unnecessarily. Keep in mind that in order to take advantage of this, you need a proper bitcoin wallet which allows for custom fee setting. A selection of such wallets you can find here or here.

    The order here is roughly from advanced to easy.

    1) https://jochen-hoenicke.de/queue/#0,24h

    Here you can see a visualization of how many unconfirmed transactions are currently on the network, as well as how many were there in the past. Each coloured layer represents a different fee amount. F.ex the deep blue (lowest layer) are the 1sat/byte transactions, slightly brighter level above are the 2sat/byte transactions and so on.

    The most interesting graph is the third one, which shows you the size of the current mempool in MB and the amount of transactions with different fee levels, which would compete with your transaction if you were to send it right now. This should help you estimating how high you need to set the fee (in sat/byte) in order to have it confirmed "soon". But this also should help you to see that even the 1sat/byte transactions get confirmed very regularly, especially on weekends and in the night periods, and that the spikes in the mempool are always temporary. For that you can switch to higher timeframes in the upper right corner, f.ex here is a 30 days view: https://jochen-hoenicke.de/queue/#0,30d. You clearly can see that the mempool is cyclical and you can set a very low fee if you are not in hurry.

    2) https://mempool.space

    This is also an overview of the current mempool status, although less visual than the previous one. It shows you some important stats, like the mempool size, some basic stats of the recent blocks (tx fees, size etc). Most importantly, it makes a projection of how large you need to set your fees in sat/byte if you want your transaction to be included in the next block, or within the next two/three/four blocks. You can see this projection in the left upper corner (the blocks coloured in brown).

    3) https://whatthefee.io

    This is a simple estimate tool. It shows you the likelihood (in %) of a particular fee size (in sat/byte) to be confirmed within a particular timeframe (measured in hours). It is very simple to use, but the disadvantage is that it shows you estimates only for the next 24 hours. You probably will still overpay by this method, if your transaction is less time sensitive than that.

    4) https://twitter.com/CoreFeeHelper

    This is a very simple bot that tweets out fees projections every hour or so. It tells you how you need to set the fees in order to be confirmed within 1hour/6hours/12hours/1day/3days/1week. Very simple to use.

    Hopefully one of these tools will help you save fees for your next bitcoin transaction. Or at least help you understand that even with a very low fee setting your transaction will be confirmed sooner or later. Furthermore, I hope it makes you understand how important it is to use a wallet that allows you to set your own fees.

    submitted by /u/TheGreatMuffin
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    Bitcoinschläger or Satoshischläger?

    Posted: 19 Aug 2020 04:18 AM PDT

    I want to start a new line of cinnamon schnapps in Zug that celebrates BTC as much as Goldschläger celebrates the excesses of gold.

    1) What should be floating in it? BIP39 codes? Lightning bolts? 2) Do you prefer the name Bitcoinschläger or Satoshischläger? (Or have a better one)

    submitted by /u/Blockchainauditor
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    Technical Questions: Mac Nodes & Servers

    Posted: 19 Aug 2020 12:07 AM PDT

    Hi guys, I posted this over at BitcoinBeginners but it hasn't received a lot of useful input. I've read the FAQ there and searched around the web for answers, but could really use your help.

    I have a dedicated 2011 MacBook Pro running High Sierra that I'd like to use in support of Bitcoin. So far, I have installed and verified GPG Suite and Bitcoin Core following instructions from bitcoin.orf. It is now synced, and I hope to add block explorer, a lightning node, and an electrum server. Once complete, I'd like to create some tutorials and guides to help others who have old Macs, since there is already a lot of good info for Windows and Linux.

    I found this guide on Medium talking about Power Node Launcher, but it's doesn't have the same emphasis on security as the other tools I've setup. Before taking next steps, I'd like input from the community on the order of steps and trusted sources for installing the aforementioned programs.

    If there is anything else I can do with my computer and bandwidth to help Bitcoin, please let me know. Specifically, if I am able to setup a lightning node, would it help if I stored some bitcoin on it to support transactions? Should I setup a slow simple mining program or run an older ASIC miner that is not part of a pool just to help diversify the network? Should I setup a satellite connection as Andreas suggested in one of his older videos? Thanks for your input.

    submitted by /u/itfwg
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    What are the legalities concerning selling your bitcoin to someone peer-to-peer in person for cash in the U.S.? Is that legally allowed as long as I report my cash income or do you have to go through an exchange?

    Posted: 19 Aug 2020 12:05 AM PDT

    Confused how all that works. I seem to see a lot of grey area in how this works, in regards to not selling via an exchange aka KYC. I hear from one source its completely legal as long as it declared as income (profits) and then on the other hand I read all these random articles about people getting arrested for selling their bitcoin for cash such as this article https://www.escapeartist.com/blog/selling-bitcoin-crime-united-states/#:~:text=It's%20official%E2%80%A6,government%20is%20coming%20for%20you.

    .... so I'm really confused

    submitted by /u/Ocelot859
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    Question from a beginner

    Posted: 19 Aug 2020 04:16 AM PDT

    I live in Japan and have a difficulty to find a way to buy bitcoin. Does anybody here live in Japan and managed to solve this? I try to buy with more than 6+ different debit/credit cards (from binance and others) and none of these banks accept to buy btc from all the known sites.

    submitted by /u/evil_chicken86
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    Free electricity! How do I get into mining

    Posted: 18 Aug 2020 09:20 PM PDT

    I've recently access to free electricity and am wondering what the best/easiest way to get into mining would be.

    Any Help WOuld be great! Thanks :)

    submitted by /u/znf555
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    My partner and I make Nixie Bitcoin Tickers! They live stream the current price. Here's the IN-14 Tubes in Vintage Dip (:<3 CQ

    Posted: 18 Aug 2020 12:49 PM PDT

    It’s Time to Open Your Eyes Right Now, Bitcoin Is a Monetary Revolution

    Posted: 18 Aug 2020 10:39 AM PDT

    "Fiat is the money for boys, gold for men; but he who aspires to be a hero must use Bitcoin.” - Samuel Johnson

    Posted: 18 Aug 2020 02:33 PM PDT

    What is lightning?

    Posted: 18 Aug 2020 01:45 PM PDT

    I've seen a lot of posts and even made a wallet, but I still don't understand what exactly lightning is and how it works. If anyone can point me in the right direction that'd be awesome.

    submitted by /u/AgentSalamander
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    Blockchain Wallet Hacked, Help!

    Posted: 18 Aug 2020 10:17 AM PDT

    I just did a bitcoin deal and it did not go well.

    They demanded that I use a fresh blockchain.com wallet. I created a new wallet (usually I use Samourai), because I did not see why this would be a problem. Blockchain is an established company so no problem.

    They sent me the coins. We waited for 2 confirmations. The guy left. As I was just about to send the money to my other wallet, I saw a new transaction in my wallet, sending all the money away. I quickly tried to double spend myself by writing a manual transaction but I wasn't fast enough. The money is gone.

    How is this possible?!

    They guy never touched my phone. I had a brand new wallet. And we waited for confirmations on the chain (I checked on other block explorers as well, the confirmations were real).

    My only guess is that my phone is compromised somehow, or that there is a blockchain hack. He sent me a smaller test amount first. From that first transaction, could his hacker friend who was obviously doing the attack in the background have learned something?

    What the f***k happened?!!

    submitted by /u/CryptoTrader1024
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    The World of Data Post Pandemic — On-Demand Delivery by Everyone.

    Posted: 18 Aug 2020 11:11 PM PDT

    Bitcoin & Blockchain News for 19 Aug 2020

    Posted: 19 Aug 2020 04:48 AM PDT

    US Banking Regulator: The Crypto Phenomenon Cannot Be Ignored

    Posted: 19 Aug 2020 04:28 AM PDT

    A CryptoPotato report on August 19 recorded what Brian Brooks, the acting Comptroller of the Currency, said during an interview with CNN's journalist, "we cannot ignore the crypto phenomenon," especially in a world where 50 million American citizens hold cryptocurrencies and many more millions outside the U.S. Banks in the country were allowed to offer cryptocurrency custody services a little less than a month ago. Brooks said that this is the time when people depend on the banking system a lot more than before and they "need to get to a place where payments can be transmitted virtually instantaneously, where errors can be eliminated." The solution is blockchain and other such networks.

    https://bi.city/s/XVmic4

    submitted by /u/notcredibleyet
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    Bulgarian Startup Will Pay You Bitcoin When Your Flight Is Delayed

    Posted: 18 Aug 2020 10:23 PM PDT
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