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    Bitcoin Daily Discussion, September 05, 2020

    September 05, 2020

    Bitcoin Daily Discussion, September 05, 2020

    Daily Discussion, September 05, 2020

    Posted: 05 Sep 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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    The rise of Bitcoin looks waaaaaay too similar to the rise of the internet. Exciting times ahead!!!

    Posted: 04 Sep 2020 10:14 AM PDT

    The rise of Bitcoin looks waaaaaay too similar to the rise of the internet. Exciting times ahead!!!

    NO! You're not seeing double. The Nasdaq (proxy of the development of internet-based companies) in the 1990s-2010s period and the price of Bitcoin in 2016–2020 look almost identical.

    https://preview.redd.it/zzn996fjy5l51.png?width=918&format=png&auto=webp&s=2346174cc5dc87bb191aa9e19a30bfd677c53457

    Big tech companies, such as Amazon and Google weren't always the titans they are today. First there was a nascent technology with limited adoption, then some market excitement, and before the final boom, a massive crash.

    Bitcoin saw its massive crash in 2017, it's time for its final boom.

    ​

    If you want to know more, you can read my full article here. I write about Bitcoin, economics, and my journey in entrepreneurship with lastbit.io

    submitted by /u/bm_bkly
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    Peter Schiff Gold or BTC - Made this a while back, hope you enjoy

    Posted: 04 Sep 2020 05:48 PM PDT

    I took a snapshot of r/bitcoin over the course of a week. Bitcoin is reaching more people every day!

    Posted: 04 Sep 2020 04:09 AM PDT

    If you're stressed out by Bitcoin 20% price drop , Watch this video by Mike Maloney on how the government, Federal reserve and the treasury and the big banks has robbed our freedom and wealth using Fiat currencies. Bitcoin can be used to fight and wipe out those scammers. We are early.

    Posted: 05 Sep 2020 01:54 AM PDT

    Bitcoin-qt datadir alternative storage location

    Posted: 05 Sep 2020 12:39 AM PDT

    I tried asking this in the bitcoincore sub yesterday, but it only has a handful of members and got no answers, so i now try here.

    When bitcoin-qt is first started, it asks for the location of datadir. If it is set to a custom location, it remembers it on subsequent launches. Where is this location stored, as no bitcoin.conf is generated in the default location, and i have not seen any other documentation to specify datadir except command line option and bitcoin.conf file?

    submitted by /u/varikonniemi
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    Grayscale has published a document/analysis, "Valuing Bitcoin"

    Posted: 04 Sep 2020 02:39 PM PDT

    They include mention of the (Plan B's) stock-to-flow model there. They tweeted about that, here: https://twitter.com/Grayscale/status/1301204000625356800

    This is the pdf, Valuing Bitcoin (August-Sept 2020): https://grayscale.co/wp-content/uploads/2020/09/Grayscale-Valuing-Bitcoin-Sept-2020.pdf

    submitted by /u/HumbleWalker1235
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    Possibly scammed, need any technical advice please! :)

    Posted: 04 Sep 2020 08:32 PM PDT

    Hi r/bitcoin!Situation:

    I am a professional poker player and ventured deep into the abyss of shady/dodgy sites. Why I did so is still a mystery to me. Long story short, I finally made two withdrawals totaling approximately $3,500 to $4,000 via BTC. Next day, I load up my Ledger and see I have my balance. Awesome!

    Oh wait...it's not spendable.Surely it just hasn't confirmed yet, right? No big deal.

    Then I look at the transactions...https://blockstream.info/tx/35c1ff29f22c251b67829ce6046a7441aa81dd67d1b6b3fffb3c518fa7a19b2b

    andhttps://blockstream.info/tx/e65394e7a7c8fce0eeabef3709368ad032bee7a531fed6ac002823c4ad697970

    Previous withdrawals were sent to me with a more normalized fee structure.These were sent with what looks like a near-zero fee.

    With my limited technical understanding of BTC, this means the transaction will either get stuck for a VERY long time, or it will never confirm and eventually be returned to him.This person has blocked me on socials and has said on the discord server for the site that "the site is better off without him"

    (Basically as a good professional player he didn't want me beating his small community of players)

    I'm ok with this as long as I don't get scammed.

    Is there anything I can do at this point?

    ​

    Edit #1: Thanks a ton to u/jcoinner for the extensive help with spending the unspent coins via CPFP (child pays for parent) The transaction appears to be confirmed!

    Using CPFP has successfully spent the unconfirmed coins back to a different wallet of mine.

    The txid is: 6d65c98ea01bad8d98045794729b7d1b93936a11faad0e3bd126e9223d2ee297

    and appears to show a confirm and my coins are spendable.

    I believe this persons' intention was

    "Send a transaction that's very likely to fail and if it does I'll scam and if it doesn't...oh well."

    ​

    Thank you so much reddit!

    ​

    submitted by /u/toast4breakfastSB
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    Best platforms for dollar-cost-averaging bitcoin?

    Posted: 05 Sep 2020 12:57 AM PDT

    Hi fellow redditors, like the title says I'm trying to do bitcoin dca. I've already looked at coinbase but I think the fees would be a bit too high. Can you guys recommend other platforms with relative low fees to do this?

    (I'm from Germany)

    submitted by /u/umi97
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    mempool.observer - Useful site to find and see the current state of the mempool, bitcoin fees, and blocks

    Posted: 05 Sep 2020 02:44 AM PDT

    Potential reasons that could cause Bitcoin to fail

    Posted: 05 Sep 2020 01:19 AM PDT

    Hello everyone, I'm a long term HODLer, a firm believer in cryptocurrency and it's importance in the future of financial independence. Recently I transferred all of my Bitcoin to a hardware wallet and I'm planning on keeping it there for a long time. I'm always trying to reassess all my decisions and therefore, one question keeps popping in my mind.

    What would be the cause/event/reason for Bitcoin (or cryptocurrency in general) to fail as a store of value or as an asset? Governments banning it? Tether manipulation? The lack of people actually using it as a currency?

    Feel free to share your opinions!

    TLDR; what would be the cause/event/reason for Bitcoin (or cryptocurrency in general) to fail as a store of value?

    submitted by /u/HolidayInternet
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    Tippin.me - Tip people on Twitter using Lightning using this webapp, which integrates easily with Twitter

    Posted: 05 Sep 2020 02:49 AM PDT

    FOSSA, FOSS ATM, lightning network ATM tutorial

    Posted: 04 Sep 2020 03:38 PM PDT

    To become a HODLer, you have to see the past. This drop was nothing, there's much bigger dips in the pipes for us. HODL!

    Posted: 04 Sep 2020 08:14 AM PDT

    Does anyone here have experience with shopinbit?

    Posted: 05 Sep 2020 01:14 AM PDT

    https://shopinbit.de is the store, I would like to buy a computer monitor from there and I am curious if anyone here has experience with this buisness.

    Also please don't come here to tell me to spend my fiat only - I know what I'm doing I just need help with the reputation of the store.

    Thanks.

    submitted by /u/BubblegumTitanium
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    Google Trends searches for "bitcoin" seem to be quite low on a 12 month basis

    Posted: 04 Sep 2020 08:49 PM PDT

    Nigeria is now the country with the most "bitcoin" searches by a wide margin. USA comes in at 25. 5 year search history doesn't look too good either with searches approaching all time lows.

    submitted by /u/Spl00ky
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    Central Banks Are Buying Assets Equal to 140,000 BTC Every Hour

    Posted: 04 Sep 2020 01:10 PM PDT

    Buy the dip bois!!!

    Posted: 04 Sep 2020 07:36 PM PDT

    It ma not be related to Bitcoin, But could someone please Explain What is DeFi is dummy language?

    Posted: 04 Sep 2020 11:09 PM PDT

    i saw a couple posts about DeFi here in Bitcoin Sub and i searched some and looks like it has some tokens. Didnt understand if its just another altcoin or it has competition with Bitcoin?!

    submitted by /u/SEAR_ME
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    Just a reminder to just HODL(to myself)

    Posted: 04 Sep 2020 08:22 PM PDT

    Gained 0.01 BTC then lost it the day after , just trying to time the market and go all out and the buying back again , first time it worked and I made 0.01 BTC second time it didn't and I lost it plus transaction fees, so future Saman please don't do this again.

    submitted by /u/Saman93
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    Bitcoin Has Entered Phase 5 with PlanB, Jeff Booth & Preston Pysh — What Bitcoin Did

    Posted: 04 Sep 2020 05:59 AM PDT

    Seed phrase backup to iCloud?... I think I’ll pass.

    Posted: 04 Sep 2020 05:06 PM PDT

    /r/CryptoCurrency was not a fan, maybe you guys like it better

    Posted: 04 Sep 2020 07:51 PM PDT

    New funding model for the web using the Bitcoin Lightning Network

    Posted: 04 Sep 2020 05:05 AM PDT

    We've been working on a new funding model for the web as we believe content creators should be paid for their hard work. satotious.com is a unique twist on paywall, users can access content by viewing ads or with micropayments(on the Bitcoin Lightning Network).

    We think the time is right to try micropayments again as an increasing amount of content is going behind subscriptions and ad revenue is declining. Reasons we are different:

    1. We have a free option with ad views.

    2. We run on the Bitcoin Lightning Network as it makes micropayments feasible without the need to track users.

    3. We tackle cognitive cost associated with micropayments with our browser extension/app which can auto-pay the paywalls.

    For more details of our vision have a look at our site and blog posts, satotious.com. Right now we're in beta and are looking for content creators, no matter how big or small, please get in touch: [ruby@satotious.com](mailto:ruby@satotious.com)

    You can test out the paywall on our site, all feedback welcome :)

    submitted by /u/Satotious
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    Hey guys after a few withdrawals I’m not still sure what Blockstream Green wallet charges.

    Posted: 05 Sep 2020 02:10 AM PDT

    What's their fee rate to send out bitcoins to other wallets?

    submitted by /u/SerialtheChiller
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