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    Bitcoin Daily Discussion, September 19, 2020

    September 19, 2020

    Bitcoin Daily Discussion, September 19, 2020

    Daily Discussion, September 19, 2020

    Posted: 19 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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    Bitcoin Art: Cyber Hornet “WikiLeaks has kicked the hornet’s nest, and the swarm is headed towards us.” - Satoshi Nakamoto

    Posted: 18 Sep 2020 09:08 PM PDT

    I’m all in

    Posted: 18 Sep 2020 06:33 AM PDT

    As the title suggests - I'm all in on Bitcoin.

    Background: 28 year old with no financial obligations (no house, wife, kids etc). I have a stable job working for a Hedge Fund in London.

    The way I see Bitcoin is essentially an asymmetric risk/reward bet. There's a possibility it doesn't take off from the $10k mark and the price falls indefinitely.

    On the flip side there is a multitude of bullish sentiment which could realistically 10x the price over the next 5 years.

    My argument is - with house and equity prices at all time highs, what is my best bet to maximise my income for the future? A provably scarce hard asset that has an enormous network effect and the possibility to grow into a multi trillion market seems like a sensible option.

    My strategy is definitely not for everyone. I am diversified in the sense that my salary is correlated with the stock market. If BTC and the equity market collapse simultaneously then I will cry myself to sleep for a few days but I'll still be debt free.

    In Satoshi we trust.

    submitted by /u/SoldMum4BTC
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    Why is Bitcoin Development so Conservative?

    Posted: 19 Sep 2020 02:12 AM PDT

    Fresh off the Bitcoin dev mailing list: An incredibly simple replacement for RBF and CPFP that brings significant improvements!

    Posted: 19 Sep 2020 03:40 AM PDT

    Argentinians Flee To Safe Haven: Bitcoin

    Posted: 18 Sep 2020 11:53 PM PDT

    Bitcoin is designed very similarly to the three branch system that creates and manages the US Constitution: legislative (developers), executive (miners), and judicial (nodes)

    Posted: 18 Sep 2020 04:00 PM PDT

    I never thought about it this way, but it's kinda interesting. I wonder if Satoshi intended it this way, or if it's just a common way of thinking about distributed systemic governance.

    submitted by /u/Turil
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    MicroStrategy founder: "Bitcoin scales just fine as a store of value"

    Posted: 18 Sep 2020 08:33 AM PDT

    It's hard to explain but it's important trust me. [meme]

    Posted: 19 Sep 2020 02:29 AM PDT

    MicroStrategy's $425M BTC investment thesis - "buy something that can either get cut in half or 10x"

    Posted: 18 Sep 2020 08:47 AM PDT

    Amidst all of the DeFi volatility, drama and excitement, Bitcoin has started to seem rather boring. Its price is more or less flat to where it was a year ago and you can't even farm Yams with it.

    While some have started to view Bitcoin as a useless digital rock, someone did find an interesting use case for it. This week, more details surfaced around how MicroStrategy CEO Michael Saylor convinced the board of a publicly traded company to allocate nearly all of the company's $500M cash position to bitcoin.

    Michael Saylor

    Saylor graduated from MIT in 1987 and founded Microstrategy at the age of 24. MicroStrategy is a "Business Intelligence" company, which basically creates software that allows companies to use their own data to drive decision making.

    Interesting side note - Saylor, like any good 90's internet entrepreneur, also bought a bunch of internet domains and was the guy who ultimately sold Voice.com to Block.One (EOS) for $30M.

    MicroStrategy's' $500M Problem

    To most people, having $500 million in cash doesn't sound like a problem. Up until recently, it wasn't for large corporations either. There was a time before the '08 financial crisis when the risk free rate of return on cash was 5% a year. This means a company could sit on $500M, earn $25M a year for doing nothing, and have cash on hand for a rainy day.

    Fast forward to today, when the risk free rate of return has plummeted to 0.69% due to loose fiscal policies (money printer go BRRRR) alongside inflating asset prices, and it's a different story. In Saylor's own words, "we just had the awful realization that we were sitting on top of a $500 million ice cube that's melting."

    Cash is Trash

    So what's a corporation to do with a $500M melting ice cube? It turns out it's not that easy to unload half a billion dollars in a short amount of time.

    You could buy back half a billion of your own company's shares. For a company like MSTR, Saylor estimated that would take 4 years. Time MiscroStrategy didn't have.

    You could buy real estate. However, commercial real estate prices have collapsed post COVID while property owners still believe their assets are worth what they were in January. In other words, good luck getting a fair market price.

    You could buy blue chip equities. Amazon, Apple, Google, Facebook. However, your risk is symmetric. They can each fall 50% just as easily as they can go up 50%.

    That left Saylor with silver, gold, Bitcoin, and other alternative assets. A move the company announced it was exploring on a July earnings call.

    A Bold Purchase

    Saylor ultimately wanted something that could either get cut in half, or go up by a factor of 10. An investment akin to what buying Amazon or Apple in 2012 was. In other words, asymmetric risk.

    As a student of technological history, Saylor observed that the winning strategy over the last ten years has been to find some kind of "digitally dominant network" that dematerializes something fundamental to society. Apple dematerialized mobile communications. Amazon dematerialized commerce. Google dematerialized the process of gathering information.

    Something Saylor noted was common to all recent 10X opportunities is buying when they've achieved $100B+ marketcaps and are ten times the size of their next biggest competitor. As Bitcoin is the dominant digital network dematerializing money that's 10x the size of any cryptocurrency competing to be a store-of-value (not counting ETH here), it fit the bill.

    Making the purchase

    With the thesis in place, the next thing Saylor had to do was get everyone at MicroStrategy to sign-off on the unorthodox decision. To do this, he simply made everyone go down the same Bitcoin rabbithole that most people in the industry have gone down.

    He made everyone at the company watch Andreas Antonopoulous videos, read The Bitcoin Standard, watch Eric Vorhees debate Peter Schiff and listen to Pomp and NLW podcasts. With no strong detractors, MicroStrategy turned to execution. They first put $250M to work purchasing 21,454 BTC in August and another $175M (16,796 BTC) in September for a total $425M and 38,250 BTC.

    What's fascinating is that MicroStrategy was able to open such a large position without really moving the market or anyone even taking notice. This speaks to just how liquid of an asset BTC has become. To acquire the September tranche of BTC, Saylor disclosed that they traded continuously for 74 hours, executing 88,617 trades of .19 BTC every 3 seconds.

    One for the history books

    Skeptics noted that shares of MSTR have been on the downtrend since 2013, as the real reason behind MicroStrategy's bold move. Regardless, the move has interesting implications for the company's shareholders. As TBI observed, MicroStrategy is now both a software company and with ⅓ of its marketcap in Bitcoin, a pseudo Bitcoin ETF. At the time of writing, MSTR is up 20% on the week.

    Only time will tell if history looks back on this move as a brilliant strategic decision or a massive corporate blunder. In the short term, it scores a massive win for Bitcoin's digital gold investment thesis.

    Billionaire hedge fund manager Paul Tudor Jones is in. A publicly traded corporation has made Bitcoin it's primary treasury asset. As CFOs and fund managers around the world undoubtedly take notice, one has to wonder, who's next?

    PS - I based a lot of this article on Pomp's interview with Michael Saylor, which I recommend giving a listen.

    Original article

    Source

    submitted by /u/CryptigoVespucci
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    What is a good wallet I can use for free?

    Posted: 19 Sep 2020 02:12 AM PDT

    So I just started with bitcoins an did a bit of mining but now I want to get my coins so I can use them but I don't know what wallet is safe to use. so, what is a good wallet for free?

    submitted by /u/ricardo0139
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    "The Social Dilemma" - Where does Bitcoin enter in all this?

    Posted: 18 Sep 2020 09:17 PM PDT

    After watching Netflix documentary "The Social Dilemma", I started asking myself: can Bitcoin somehow fix or improve the situation in a way?

    Most of the documentary focuses on how the big tech companies are collecting/selling our data, manipulating our opinions and effectivelly changing who we are. This is partially caused by the business model that they run where rich advertisers fund these companies for a certain goal, whether it's the dissemination of fake news, cause political polarization or just really sell a product.

    The ending of the documentary is somewhat vague. It feels like the solution to the problem is simply "exit the system" by deleting social media accounts, protesting against the big tech companies and hoping that they will "happily" change their algorithms for a "better world". This sounds too naive to me.

    So how can Bitcoin help us in this matter? Will we have the same problems in social media even if Bitcoin becomes the standard? Or the documentary doesn't have anything to do with Bitcoin? The fact that it mentions privacy, centralization of data and business models funded by easy money are topics that in my opinion have everything to do with Bitcoin.

    Will the big tech companies be less incentivized to promote instant gratification and short-term thinking in a world where Bitcoin is the standard?

    Will the "global currency" ideal of Bitcoin eliminate the political polarizations that threaten democracy and society nowadays?

    Or is the humanity really doomed with or without Bitcoin?

    EDIT: Although I posted on r/bitcoin and my questions mention Bitcoin, I think I can extend them to other cryptocurrencies as well. Bitcoin may be limited today to tackle the complex problems that social media pose us, but isn't it plausible to think about a shift towards decentralized platforms for instant messaging, video sharing, etc, where you, and just you, are in full control of your data, just like Bitcoin provides us full control of our money?

    submitted by /u/rafnasc
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    What are the latest LN developments?

    Posted: 18 Sep 2020 04:39 PM PDT

    Feels like Lightning Network has been under heavy development for years now. Where did the technology stand as of today? What are the next big milestones? Any pointer would be welcome. Thanks!

    submitted by /u/patriceac
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    London Black Cab accepting bitcoin :)

    Posted: 18 Sep 2020 03:41 AM PDT

    The design of fiat system supports spending. The design of Bitcoin system supports saving.

    Posted: 18 Sep 2020 11:52 AM PDT

    And that is exactly what we need to transit from this current broken system that is based on a fairytale of never ending economic growth and resulting in consumerism. Here is the core cause of many of today's problems including climate change. A learned compulsive spending that is encouraged by the fiat system. A Never ending material growth to compensate for our mental and emotional abandonment. Am not saying Bitcoin is a perfect technologically, but there is a great potential in the incentive structure of it. A potential that can change the mentality of people from reckless consumerism to conscientious spending of wealth.

    submitted by /u/blueprint80
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    Microstrategy CEO Michael Saylor Thinks Bitcoin Could Be "1,000x" Better Than Gold (18-second clip from his appearance on The Pomp Podcast)

    Posted: 18 Sep 2020 09:55 AM PDT

    The system is trying to stop me

    Posted: 18 Sep 2020 02:46 PM PDT

    Long story short, I have the Trezor model T. Love it everything is great. Bought $100 worth of bitcoin for a test run, everything went fine. I tried to buy a larger amount and It would not work. Got in touch with my bank and they said that Mastercard (My debit and credit card are both Mastercard) does not allow you to buy crypto currency. The employee told me that the first $100 payment should not have went through and this is why I cannot purchase anymore.

    So my question is. If I cannot buy bitcoin with my credit or debit card, how can I purchase large amounts of bitcoin without switching banks?

    submitted by /u/BrainTrain69
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    Why does the FED not buy up all the Bitcoins?

    Posted: 19 Sep 2020 04:02 AM PDT

    Why does the FED not buy up "all" the Bitcoins?

    I mean they have the power to print infinite amount of Fiat.

    Sometimes I think that the central banks is the creators of Bitcoin. I mean Bitcoin was created during the 2007/2008 recession and released 2009, so what is the possibility that Bitcoin is a planned project by the central banks?

    submitted by /u/At0m11c
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    The biggest LN channel's capacity is now 5 BTC !

    Posted: 18 Sep 2020 08:37 AM PDT

    With Wumbo update of LND, channels up to 10 BTC can be created.

    The biggest channel is now between LOOP and OpenNode. LOOP is a node that draws a lot of inbound liquidity from its neighboors because it swaps offchain bitcoins with onchain ones. Before Wumbo, the big LN nodes with a lot of inbound liquidity openned only one or two channels with the maximum capacity of 0.16777215 BTC.

    Now big nodes can create big channels to easly consume their excess of inbound liquidity against routing fees of swapping payments. This will reduce a lot the routing fees to loop out and I expect the inbound liquidity to be more distributed in the network, great news !

    https://1ml.com/channel/713222406712524800

    submitted by /u/Pantamis
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    In Mac system, how to use wallet.dat to recover bitcoin core old addresses & balance?

    Posted: 18 Sep 2020 11:30 PM PDT

    In Mac system, how to use wallet.dat to recover bitcoin core old addresses & balance?

    submitted by /u/Jo_ddit
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    Can you store/use bitcoin safely without a hardware wallet?

    Posted: 18 Sep 2020 10:35 PM PDT

    There is something about hardware wallets. I don't trust them at all and I don't think they are useful, especially if you need to pass through airport security.

    ​

    Is there a way to come up with a setup so that you can use bitcoin safely for storing and also paying online for different things?

    ​

    Why do people push the hardware wallet narrative so much? Is there REALLY no other good way?

    submitted by /u/abcdefgcode
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    Bitcoin ATMs Are Increasing at a Whopping Rate

    Posted: 18 Sep 2020 10:12 PM PDT

    Understanding Lightning Part II – One-Way Channels

    Posted: 19 Sep 2020 04:41 AM PDT

    Why has my coinbase payment still pending after 7 hours?

    Posted: 18 Sep 2020 11:49 PM PDT

    Hi all this is my first post on reddit so please be patient with me ☺I am new to using bitcoin this is my first time using it, and i am doing it through the coinbase android app. I have sent it to my electrum wallet which is also an app, I can't find much help online for the app but I have been watching videos online about buying and sending bitcoin so I understand it a bit. Is it normal for bitcoin to be pending for so long? Any advice would be much appreciated.

    Thank you all for your reply's it's actually coin corner I'm using not coin base 😳.

    submitted by /u/HairyHoop87
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