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    Bitcoin Daily Discussion, August 26, 2020

    August 26, 2020

    Bitcoin Daily Discussion, August 26, 2020

    Daily Discussion, August 26, 2020

    Posted: 26 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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    Bitcoin is in the bubble but not as you think

    Posted: 25 Aug 2020 02:52 PM PDT

    “We’ve been working for years now, towards building a decent lightning/fiat solution. Lastbit now has Visa’s support towards getting this one step closer to reality”

    Posted: 25 Aug 2020 12:27 PM PDT

    WARNING!Please guys be extremely careful!

    Posted: 25 Aug 2020 10:38 PM PDT

    WARNING!Please guys be extremely careful!

    I hope my story will help some of you to never repeat my mistake.

    I just got scammed the way I never even thought is possible ( some of you might heard about this but I never heard until today).

    Decided to cash some money out thru Coinbase, logged-in and copied BTC wallet address thru built-in Copy function as it shows on the screenshot below.

    Logged in Binance to sent the BTC to Coinbase and just pasted the address from the buffer without second thought. Pushed the transaction. 1hour later I realized that its different address and only first 4 symbols are same. Somehow my copy-paste buffer changed the address from right one to wrong one.

    Money lost. No way to recover it. Please dont repeat my mistake do not blindly trust to copy-paste buffer , your computer could be infected with malware that swaps addresses and it will be too late when you realize that.

    P.S:

    Since Coinbase not showing whole address and first 4 symbols were the same it was very easy to overlook

    https://preview.redd.it/qykt68tmaaj51.png?width=373&format=png&auto=webp&s=3489695e1c2e4b1d6a61d615568e20e7580ff97d

    submitted by /u/seraf1990
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    How to manage ASICs and GPU rigs efficiently with Hive OS

    Posted: 26 Aug 2020 01:07 AM PDT

    Bitcoin Core contributor Andrew Chow's (Achow101) Twitch channel where you can watch him programming for Bitcoin Core and explaining his thoughts

    Posted: 25 Aug 2020 02:20 PM PDT

    Bitcoin destroys gold

    Posted: 25 Aug 2020 12:10 PM PDT

    I can't sell my physical gold instantly while I'm at home. With bitcoin I can do it from home... naked.

    I can't tell if my gold is real or fake, it could just be a tungsten bar from China. With bitcoin I don't need to worry about such trivial things. Everything is open for me to verify without any third parties trust.

    I have no idea how much gold is really out there. With bitcoin I know exactly how much is being produced and how many exist.

    I can't send my gold anywhere in the world instantly. With bitcoin I can do it in the middle of the ocean from a satellite to someone anywhere on the globe

    I can't sell a small portion of a gold coin instantly or pay for things easily. I would have to melt it in the crucibles to buy a taco from jack in the box.

    I can't mine gold in my shed out back. I can with bitcoin, if I had the funds.

    Gold is for boomers.

    Bitcoin destroys gold.

    submitted by /u/Lagaru
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    After four years of explaining of the benefits, I finally convinced my dad to buy bitcoin!

    Posted: 25 Aug 2020 05:57 PM PDT

    Just wanted to let you guys know as I'm sure you're all just as excited as I am!

    submitted by /u/CravingDonut
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    Bisq Review: What is Bisq? How to Trade Bitcoin on Bisq? Fees

    Posted: 26 Aug 2020 02:29 AM PDT

    2 Canadian Firms are Now 'Holding Bitcoin as a Reserve Asset'

    Posted: 25 Aug 2020 05:32 AM PDT

    Stakenet Lightning DEX is now in Open Beta - Trade and use BTC over Lightning Network.

    Posted: 26 Aug 2020 02:46 AM PDT

    My college essay on Bitcoin and computers. First Draft. Thought you all might like this.

    Posted: 25 Aug 2020 03:44 PM PDT

    I always thought computers were simple. At their fundamental level, they are just 1s and 0s. An invisible dance of yes's and no's running through a sheet of silicon at billions of times per second. Computers are amazing and unique machines that will forever be apart of our lives. Our sheer dependence on computers motivated me to research the topic? As my understanding of this concept grew, so did my curiosity. I started researching computers as much as I could. I would spend hours a day browsing Youtube and reading articles just to satisfy my interest. That's why when my dad first brought up the topic of bitcoin during my freshman year, I wasn't surprised to hear his enthusiasm. I had learned much about this currency over my couple years of research, but I knew very little about how to actually make money off it. He had been tracking the price for a few months and was considering buying a few, just to see what would happen. Little did either of us know; the price of this virtual coin would multiply nearly 30 times in just a few short months.

    A few weeks passed and eventually he brought up the topic of buying bitcoin again. His initial interest inspired me to look more into currency and how it worked. I told my dad there was another way to make money off of bitcoins: Bitcoin miners. These impressive and powerful computers are precisely optimized to earn these coins, and I knew I could make one. I explained how this was my once in a lifetime opportunity, like how he explained to me that he missed out on investing in Apple in the 80s. "It could be a money-printing machine," I joked. With our excitement peaked, we decided to split the $2,000 investment 50/50, and I started the buying process.

    I started the process by buying the parts of the machine. I had learned that like Legos, a computer consists of simple components to make the whole. However, unlike an ordinary everyday computer, ours would have a concentrated task. Mining bitcoin is not a complicated process for a computer to do. In essence, by completing simple math problems as quickly as possible, a computer process' bitcoin transactions from around the world and is rewarded in a tiny fraction of a coin. As more and more transactions take place, the higher the demand for processing, and the higher the reward.

    I was lucky enough to know how to build the computer. However, what I was not prepared for was the constant troubleshooting and maintenance I would have to give to this project. Sometimes the computer would simply turn off randomly, sometimes a part was not detected, and other times it merely just ran at half its optimized rate. I learned how to fix issues where there was no logical reason for the problem. Like a calculator, I always thought a computer could never mess up. My hundreds of hours of troubleshooting and blind hope quickly changed my view. I put a vast amount of free time into the project, knowing that potential it had. After lots of hard work, long nights, and determination, I had finally completed my dream project.

    I was proud of what I had created. The computer was placed in my room and was like a pet. The loud but rhythmic fans helped me fall asleep, and the heat kept me warm during the winter. From school, I would monitor the machine, and if it had run into an error, I would simply restart it from my phone. My plan was working, and in a little over half a year, our investment should turn into profit. In only a few months, we were already halfway to making our money back. We were lucky because the price of bitcoin itself had doubled since we started, going from nearly $10,000 to $20,000 in a few short months, but as I looked at my account, I had no bitcoin. A few days earlier, hackers had stolen $64 million dollars from the company I mined with.

    I felt like a victim. I had done everything right. I built the computer perfectly, I managed everything, I put the time in, and I put the effort in. I was robbed, and I was discouraged. Forced with no other option, we restarted our operation. Bitcoin was still increasing in price, we thought, so there was no reason to stop now. Our operation had restarted and was going well, but for the first time since we started, the price of bitcoin was not doing so well. The bubble was about to burst. It began with my hack, which made national news and hurt the price. Although the price recovered in a few weeks, it was going down again, fast. Believing it would improve, my dad and I decided to hold and not sell. A month later, Bitcoin was back to $8,000 per coin. The fad was over, and we couldn't even make a profit over our cost of electricity. Again, I was robbed. I did nothing wrong and still lost almost everything. I decided to put the computer in a box and wait a few months; however, the wait was worthless. The coin plateaued at about $10,000, and it simply was not sustainable to continue mining. A year later, we sold the computers for parts and managed to make back about half our initial investment. It was over.

    I had lost over $1,000 and months of time and effort. However, as I moved on and started to reflect on the experience, I was the winner. I learned so much about computers and how they operate. In the end, I had learned many skills, from patience and compassion to planning and researching. I had learned not only to build a computer but to manage systems and multitask. I learned countless lessons and gained essential and unique skills that I hope will carry me throughout life. This unique experience has taught me to always keep trying at what I believe in. There's always an award for doing whatever I think is right. I hope to bring these beliefs and lessons with me throughout life, as I learn and grow from what I was taught. Whenever people ask me what computers are, I always laugh and explain how a computer is just a bunch of simple lego bricks working together to do complicated tasks. However, inside I still have trouble answering this simple question. It is merely just parts working together, but a computer is so much more complicated and beautiful than that. Honestly, I still don't understand them.

    submitted by /u/NetgearX6S4000
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    Here's a teaser for our new Bitcoin Lightning Network enabled game, TURBO 84. It's a follow up to the first bitcoin game we released this year, Bitcoin Bounce.

    Posted: 25 Aug 2020 04:14 PM PDT

    What's the difference between a regular wallet and a lightning wallet?

    Posted: 26 Aug 2020 02:58 AM PDT

    I've downloaded a Blue wallet for iOS and I have a (sub wallet)bitcoin wallet and a (sub wallet)lightning wallet. Why are they different?

    submitted by /u/sserbianb
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    Bitcoin isn’t trying to impose its world view on anyone. It is simply trying to show humanity a new way forward, like so many technologies before it.

    Posted: 25 Aug 2020 05:35 AM PDT

    Tails - Donate to Tails

    Posted: 25 Aug 2020 09:43 AM PDT

    Major LND Upgrade Enables Bigger Lightning Channels

    Posted: 25 Aug 2020 11:42 AM PDT

    Southampton FC welcome Sportsbet.io (cryptocurrency-based sports betting platform) as main shirt sponsor

    Posted: 25 Aug 2020 03:58 PM PDT

    Keiser Report | Bankers Will Protest in the Streets + Simon Dixon on Bitcoin | Summer Solutions | E1584

    Posted: 25 Aug 2020 02:04 PM PDT

    Another Bitcoin Lightning Startup Is Working With Visa to 'Fast Track' Card Payments

    Posted: 25 Aug 2020 07:41 AM PDT

    Should I move bitcoin from X input address to 1 or X output addresses when making new wallet?

    Posted: 25 Aug 2020 11:25 PM PDT

    I want to make a new wallet with a new seed phrase because my current 24-word seed phrase has potentially 80 bits of entropy (log2(24!)) instead of 256. I had entered it in shuffled order during standard Trezor recovery, and have since learned how to do it on device with advanced recovery.

    I have successfully created my new seed phrase, but am wondering whether I should transfer my bitcoin spread out across X input addresses to X output addresses or 1 output address. Is my understanding right that if I transfer to 1 output address, then the bitcoin that was spread out across the previous X input addresses could be traced together because they now reside in the same location? Because of this, should I transfer to X output addresses (with a 1 to 1 mapping)?

    submitted by /u/TheeNinjaa
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    Why Bitcoin Now: Saifedean Ammous on Why Bitcoin is the Most Advanced Form of Money

    Posted: 25 Aug 2020 11:51 AM PDT

    How to buy and sell $1,000,000 in bitcoin.

    Posted: 25 Aug 2020 12:44 PM PDT

    What is the best way to buy 1 million dollars worth of bitcoin and then sell it a couple years down the line? How would you go about doing so? You can't even buy 1 million worth of bitcoin on Coinbase in a day. So, how to buy the 1 million in bitcoin. Also, I'm guessing the best way to hold is in multiple ledger hardware wallets. Then, how would you sell? What exchange or website would you use to sell $1,000,000 worth of bitcoin? Which is the best way to avoid big fees when dealing with this amount?

    submitted by /u/chess415
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    Trezor and Unchained Capital Team Up To Make Multisignature Safer

    Posted: 25 Aug 2020 09:08 AM PDT

    I am an accounting student in a California university. No professors or students even know what Bitcoin or crypto even is.

    Posted: 25 Aug 2020 03:03 AM PDT

    With fiat failing the world day by day no one seems to care. Monopoly money keeps printing and the wealth gap between the ultra rich and everyone else increases. How much are people exposed to Bitcoin and crypto at your college or workplace?

    submitted by /u/Papa_Jee
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