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    Bitcoin Daily Discussion, September 10, 2020

    September 10, 2020

    Bitcoin Daily Discussion, September 10, 2020

    Daily Discussion, September 10, 2020

    Posted: 10 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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    Everybody wants to be your bank in the future that's where they control you.

    Posted: 09 Sep 2020 03:59 PM PDT

    Rule number one in Bitcoin.

    Posted: 09 Sep 2020 11:42 PM PDT

    Move your coins off exchanges

    Posted: 09 Sep 2020 11:51 AM PDT

    I've recently seen way too many people advocating for keeping coins on exchanges.

    I don't know when people started forgetting about 'Not your keys, not your coins', but it could be due to an influx of new bitcoiners jumping on board.

    It's important to know that there absolutely are security and responsibility trade offs for owning your coins, but it's also important to remember that there have been many exchange hacks every time the bitcoin price increases.

    There are numerous reasons for these thefts, but they all boil down to the root of the problem; centralized control.

    This centralized control can also contribute directly to price manipulation and suppression by large exchanges.

    Bitcoin solved this with the ability to be the only custodian of YOUR money, and if you ignore this, you ignore the inherent risk of being a victim of one of these 'hacks'.

    Yes, gaining the knowledge of how to safely be the only one in charge of your funds takes some time and effort, but you should always be cognizant of whether or not that knowledge is worth it for your particular situation.

    Do you trust centralized entities? I don't and it's what got me interested in bitcoin in the first place.

    submitted by /u/ElephantGlue
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    BTC changing the way I think about opportunity cost and hours in a lifetime

    Posted: 10 Sep 2020 12:17 AM PDT

    I've known this intellectually for quite a while, but today I felt it.

    I've had a monthly bill (e.g. gym membership) that gets automatically charged to my credit card for some time now. I've had it in the back of my mind to finally cancel that thing so they'll stop charging me, but then I think "ehh it's not that much money, and I might use it some day". And since I'm paying in fiat, the cost of losing those euros/dollars just doesn't seem that high, because I can always get more fiat. But then I thought, "well, what if I were paying with sats...?". Suddenly I felt an urgent need to cancel the payment as soon as possible, as the thought of the opportunity cost of sats lost forever suddenly came into focus.

    In a moment, the realization hit me. Every wasted euro/dollar could have been a few sats saved. Over the years, those sats would add up. Sats are irreplaceable, like the hours of your life. Those are sats that I'll never get back. Those are hours of my life, forever misallocated.

    I've finally felt first hand how an inflationary currency causes us to misallocate our resources and our time. If more and more people start to feel this way, it would become a massive cultural shift, for the better.

    There will only ever be 2,100,000,000,000,000 satoshi in existence.
    Your life will only ever have 2,522,880,000 seconds (~80 years)

    submitted by /u/facepalm5000
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    HODL it

    Posted: 09 Sep 2020 05:07 AM PDT

    Why does nobody talk about how insane it is that the creator/s hasn't taken any profits?

    Posted: 09 Sep 2020 04:45 PM PDT

    Everybody I've ever heard talk about Satoshi's bitcoins just kind of glosses over it like it's no big deal. But whoever created bitcoin is obviously someone to whom money has little meaning. This person or persons has resisted the temptation to take profits for almost a decade now.

    Am I the only one who finds that just a little bit terrifying?

    submitted by /u/thorosaurus
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    Stacking sats until 1M

    Posted: 10 Sep 2020 12:43 AM PDT

    Next month is the 3rd year anniversary of my Bitcoin journey. Constant stacking, smallish purchases. Grinding that .1 after .1, getting my first full coin, then the 2nd, now i got 3+ already, soon it'll be 4. Bullmarket and the price increase is gonna flatten the curve but I'll stack as much as possible, 100% all in. When 1 million fiat net worth? Lets see. I bet it'll take less than 5 more years, might happen next year already.

    http://er-bybitcoin.com/stacking-em-volume-4-september-2020/

    submitted by /u/jamespunk
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    101 Articles

    Posted: 09 Sep 2020 09:49 PM PDT

    Hey guys.

    I am a teacher and I am interested in doing a unit on Cryptocurrency in general with highschool students. I have a pretty good understanding already but was hoping to find some well-written articles that I could use a primer for them instead of trying to write them all myself.

    Any succinct articles will be most welcome. thanks, in advance, Ceazor

    submitted by /u/Ceahorser
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    Lightning, meet real world.

    Posted: 09 Sep 2020 01:57 PM PDT

    I'm no longer a leecher, finally got an incoming connection on my node!

    Posted: 09 Sep 2020 11:29 AM PDT

    Joining the smart side of bitcoin

    Posted: 09 Sep 2020 07:31 PM PDT

    Just purchased my first Trezor & I'm planning on moving the precious coin over to it. Basically I'm just bragging and insisting you do the same if you haven't already. NOT YOUR KEYS NOT YOUR COINS!!

    submitted by /u/Satize
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    Bitcoin (re) denomination - Discussion

    Posted: 10 Sep 2020 02:35 AM PDT

    Hi comrades, I have been looking at the top 10 coin movement and noticed a shit coin named polkadot. Anyhow the post is not about the shit coin and what it offers but an action from the developers to re-denominated the token to x100. So any hodlers having 1 token before the change ended up having 100 after the change. This increased the supply of the token 100 times without changing the overall value of the coins that the people were already holding. It did though change the value of one token from 400$ to 4$ overnight (I actually not sure what the value was whe the change happened but you get my point). This resulted in increased interest and massive influx, although nothing really changed except the perceived value of one token.

    I know the way the value of 1bitcoin is presented has been beaten to a pulp for years now and I know we could just switch from tracking the value of bitcoins to milibits (0.001 BTC) and we would actually have the perceived price of buying be reduced but practically that is not very effective or attractive to people who are used in buying shares.

    Think of the following:

    1)There are 21,000,000 BTC. I can buy 1 BTC for 10k$. Noob thoughts: "It is too expensive.. I missed the boat". The noob does not know about milibits or satoshis. Even if he understands the denominations, he will still thing 1 BTC is too expensive. Because it does not feel right to buy a small part of something. People like completness. You see the pride when newcomers achieve ownership of 1BTC. Having 0.999BTC feels incomplete although practically not different much. Nobody will ever own 0.999BTC and think: "I don't feel like buying more. I have put enough into this"

    2)There are 21,000,000 BTC. I can buy 1mBTC for 10$. Noob thoughts: "What the hell is a mBTC? I want a BTC. It is too expensive". People tend to think Tokens as shares. They don't want to buy one thousandth of a share in amazon. Even if they could they want to buy a whole one, if they can't they may buy a whole one of something else. Additional problems: How much fees do I have to pay to buy 1mBTC. The same fees that I have to pay to buy 1BTC. That kind of sucks. You are paying for 1mbtc and you will receive 0.9mBTC or even less.

    3)There are 21,000,000,000 BTC. I can buy 1BTC for 10$. Noob thoughts: Awesome, that shit used to be 10k$! Also the fees are divided by 1000 so in order to buy 1BTC I will pay 0,0001 BTC, which I suppose sucks for the miners. Obviously The block reward will be x1000 to keep the mining reward the same but the fees will be reduced to one thousanth. Market cap of BTC goes to the moon. Price of 1BTC climbs to 100$ and people still think it is dirt cheap. People who had previously 1BTC valued 10k$ end up having 1000BTC valued 100k$. Also BTC can be used for smaller transactions immediately

    Now I am not any kind of developer to be able to judge if scenario 3 is impossible to implement or not. Also I am not sure how this going to affect participation in securing the network (miners) due to the reduced fees, but it does seem to me away to boost attractiveness and therefore adoption.

    Thoughts?

    submitted by /u/totopsgr
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    Looney Tunes on Twitter tweeted about Bitcoin

    Posted: 09 Sep 2020 11:25 AM PDT

    BTC is going up with the election, no matter the results.

    Posted: 09 Sep 2020 08:01 PM PDT

    Bitcoin is a vote against the established financial market. And no matter what happens in November, the established financial markets are going to get fucked.

    The markets need a catalyst for a crash, and the election is the perfect event for it to occur. Buy and Hodl for November

    submitted by /u/Elbeske
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    How do I sell bitcoin and withdraw to a US bank account without being a US resident?

    Posted: 10 Sep 2020 01:51 AM PDT

    I have a US bank account, which I used to get some savings and payments from sites like Upwork. Coinbase started requesting SSN and adding that type of bank with another country is not an option, so I am looking for alternatives.

    I would prefer to know other options besides localbitcoin and bisq for example.

    Thanks for your help!

    submitted by /u/Berek8
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    Belarus Nonprofit Helps Protestors With Bitcoin Grants

    Posted: 10 Sep 2020 03:43 AM PDT

    This is a great watch of Bitcoin in Africa

    Posted: 09 Sep 2020 08:52 AM PDT

    Wrote my first Medium article. Advocated Bitcoin. Please give me some feedback!!

    Posted: 09 Sep 2020 12:56 PM PDT

    Bitcoin "wholecoiners" hit a new high of 823,000 addresses as August capital inflows continued to increase on top tier exchanges, according to Glassnode and Cryptocompare data.

    Posted: 10 Sep 2020 01:54 AM PDT

    Is there a python (or other) library to send raw bitcoin protocol commands to a peer?

    Posted: 09 Sep 2020 08:55 PM PDT

    From the protocol docs, there are some interesting low level commands that aren't really surfaced in the client RPC API. Is there a python, ruby or nodejs library that will allow you to connect to peers and send protocol commands?

    Something like:

    python bitcoin_wizbang.py start python bitcoin_wizbang.py connect 88.99.167.175:18333 python bitcoin_wizbang.py send_command getheaders python bitcoin_wizbang.py stop

    Thoughts?

    submitted by /u/brianddk
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    Bitcoin: The battle of the 20 week MA - Week 2

    Posted: 09 Sep 2020 11:03 PM PDT

    Bitcoin Inventory Out-of-Memory Denial-of-Service Attack (CVE-2018-17145): Discovered by the bcoin team over 2 years ago and disclosed responsibly. Finally safe to disclose publicly.

    Posted: 09 Sep 2020 07:19 AM PDT
    Read more
    at

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