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    Bitcoin Mentor Monday, October 05, 2020: Ask all your bitcoin questions!

    October 05, 2020

    Bitcoin Mentor Monday, October 05, 2020: Ask all your bitcoin questions!

    Mentor Monday, October 05, 2020: Ask all your bitcoin questions!

    Posted: 05 Oct 2020 04:00 AM PDT

    Ask (and answer!) away! Here are the general rules:

    • If you'd like to learn something, ask.
    • If you'd like to share knowledge, answer.
    • Any question about Bitcoin is fair game.

    And don't forget to check out /r/BitcoinBeginners

    You can sort by new to see the latest questions that may not be answered yet.

    submitted by /u/rBitcoinMod
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    A Major Tesla Investor Has Predicted Bitcoin Will Be Worth More Than $1 Trillion In Under 10 Years

    Posted: 04 Oct 2020 08:49 PM PDT

    Bitcoin is a Global South safe haven

    Posted: 04 Oct 2020 08:11 AM PDT

    This is an oldy but a goldy.

    Posted: 04 Oct 2020 10:14 PM PDT

    Power of the Command Line (bitcoin-cli, hwi, electrum, trezorctl)

    Posted: 04 Oct 2020 10:20 PM PDT

    I think some of the console tools available with HW wallets today are greatly under utilized. Here's a quick write-up on how to create and sign a TXN very similar to 43d27...1fc06 found on the SLIP-14 wallet. I'll be using TrezorCTL, Electrum, and HWI for the signing. I won't go much into the setup or install, but feel free to ask if you have questions about it. Note, you don't have to use all three of these. Any one will produce a valid signed TXN for broadcast. I just showed how to do it three ways. Whats more some of the Electrum and HWI steps are interchangeable.

    ColdCard also has a utility called ckcc that will do the sign operation instead of HWI, but in many ways they are interchangeable. KeepKey and Ledger both have libraries for scripted signing but no one-shot, one-line console apps that I know of. But HWI and Electrum of course work on all four.

    TrezorCTL

    This is the what most would think of to use to craft and sign TXNs, and is definitely very simple. The signing uses a script called build_tx.py to create a JSON file that is then used by the btc sign-tx command. The whole process is basically:

    1. tools/build_tx.py | trezorctl btc sign-tx -

    This just means, take the output of build_tx and sign it. To copy 43d27...1fc06, I wrote a small script to feed build_tx, so my process looks like:

    1. ~/input.sh | tools/build_tx.py | trezorctl btc sign-tx -

    But it's all very simple. Note... I used FW 2.3.0 (1.9.0) on this since there are some minor incompatibilities in later FW 1.

    input.sh

    ```

    !/bin/bash

    secho() { sleep 1; echo $*}

    secho "Testnet" # coin name secho "tbtc1.trezor.io" # blockbook server and outpoint (below) secho "e294c4c172c3d87991b0369e45d6af8584be92914d01e3060fad1ed31d12ff00:0" secho "m/84'/1'/0'/0/0" # prev_out derivation to signing key secho "4294967293" # Sequence for RBF; hex(-3) secho "segwit" # Signature type on prev_out to use secho "" # NACK to progress to outs secho "2MsiAgG5LVDmnmJUPnYaCeQnARWGbGSVnr3" # out[0].addr secho "10000000" # out[1].amt secho "tb1q9l0rk0gkgn73d0gc57qn3t3cwvucaj3h8wtrlu" # out[1].addr secho "20000000" # out[1].amt secho "tb1qejqxwzfld7zr6mf7ygqy5s5se5xq7vmt96jk9x" # out[2].addr secho "99999694" # out[2].amt secho "" # NACK to progress to change secho "" # NACK to skip change secho "2" # txn.version secho "0" # txn.locktime ```

    Electrum

    Electrum is one of the better GUI wallets available, but it also has a pretty good console interface. Like before you need your Trezor with the SLIP-14 wallet loaded and paired to Electrum. I'll assume Electrum is up and running with the Trezor wallet loaded to make things simple.

    Like with TrezorCTL, Electrum feeds on a JSON file, but unlike TrezorCTL it needs that JSON squished into the command line. This is a simple sed command, but I won't bore you with the details, but just assume that's done. So the process in Electrum (v4.0.3) looks like:

    1. electrum serialize <smushed_json> (create psbt to sign)
    2. electrum --wallet <file> signtransaction <prev_pbst> (sign said psbt)

    Still pretty simple right! Below is the JSON I smushed for #1

    txn.json

    { "inputs": [{ "prevout_hash":"e294c4c172c3d87991b0369e45d6af8584be92914d01e3060fad1ed31d12ff00", "prevout_n": 0, "value_sats": 129999867 }], "outputs": [{ "address": "2MsiAgG5LVDmnmJUPnYaCeQnARWGbGSVnr3", "value_sats": 10000000 },{ "address": "tb1q9l0rk0gkgn73d0gc57qn3t3cwvucaj3h8wtrlu", "value_sats": 20000000 },{ "address": "tb1qejqxwzfld7zr6mf7ygqy5s5se5xq7vmt96jk9x", "value_sats": 99999694 }]}

    HWI

    HWI is an unsung hero in my book. It's a very small clean and simple interface between HW wallets and Bitcoin Core. It currently supports a good range of HW wallets. It keeps itself narrowly focused on TXN signing and offloads most everything else to Bitcoin Core. Again, I'll assume you've imported your Trezor keypool into Core and done the requisite IBD and rescan. And if you don't have the RPC enabled, you can always clone these commands into the QT-console.

    To sign our TXN in HWI (v1.1.2), we will first need to craft (and finalize) it in Bitcoin Core (0.21.1). Like in Electrum, we will have to use simple sed to smush some JSON into command arguments, but I'll assume you have that covered. It will take an inputs.json and an outputs.json named separately.

    1. bitcoin-cli createpsbt <smushed_inputs> <smushed_outputs> (create psbt)
    2. bitcoin-cli -rpcwallet=<wallet> walletprocesspsbt <prev_pbst> (process psbt)
    3. hwi -f <keypool_fingerprint> signtx <prev_pbst> (sign psbt)
    4. bitcoin-cli -rpcwallet=<wallet> finalizepsbt <prev_pbst> (get a signed TXN from psbt)

    A little more involved, but still nothing too bad. Plus this gives you the full power of Bitcoin Core including integrations with LND (lightning).

    inputs.json

    [{ "txid": "e294c4c172c3d87991b0369e45d6af8584be92914d01e3060fad1ed31d12ff00", "vout": 0 }]

    outputs.json

    [{ "2MsiAgG5LVDmnmJUPnYaCeQnARWGbGSVnr3": 0.10000000 },{ "tb1q9l0rk0gkgn73d0gc57qn3t3cwvucaj3h8wtrlu": 0.20000000 },{ "tb1qejqxwzfld7zr6mf7ygqy5s5se5xq7vmt96jk9x": 0.99999694 }]

    Conclusion

    This may all seem like very low level coding, but is surprisingly simple once you get a knack for it. Whats more, all these platforms support testnet which allows you to practice with valueless coins until you get the hang of it. And, like many things in bitcoin, this is all (mostly) python, which is one of the easier languages to learn.

    Enjoy

    Footnotes

    1 - https://github.com/trezor/trezor-firmware/issues/1296

    submitted by /u/brianddk
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    ⭐️ Wynn Nail Spa Hollywood | You might have missed this nail salon accepting cryptocurrency in Los Angeles, United States | Bitcoinwide

    Posted: 05 Oct 2020 02:19 AM PDT

    Warning: EARN IT ACT is an attack on crypto

    Posted: 04 Oct 2020 12:23 PM PDT

    We all knew something like this was coming. You can't expect them to roll over and allow central banks to become obsolete.

    What are your thoughts on this tragic travesty and its implications for crypto?

    submitted by /u/zlogic
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    Weekly update. 437 BTC were traded using LocalBitcoin last week,trading Bs. /BTC and BTC/Bs. (Bolivares, Venezuelan "official" currency, ISO VES). These 437 BTC were 1,852,000,000,000 Bs. One BTC is around 4,600,000,000 Bs. Monthly minimum wage is less 2 USD. PhD uni professor earns 4 USD monthly.

    Posted: 04 Oct 2020 11:31 AM PDT

    Hi guys, wanted to updated last week numbers.

    This is only measured in BTC and LocalBitcoins. There are other exchanges that accept Bolivares like Binance and Airtm but I think they dont have a open API. Paxful stoped working here a few weeks ago.

    And remember, two years ago 5 zeroes were deleted from the currency. So the price of the BTC would be 460,000,000,000,000 "old" Bs.

    September will closed with around USD 20,000,000 (around 2000 BTC) traded with LocalBitcoin

    Here are more stats https://www.usefultulips.org/combined_VES_Page.html

    Monthly minimum wage is 800,000 Bs. one USD is around 440,000 Bs. So that is where the 2 USD monthly comes. These 800,000 Bs. already include a cash food bonus.

    https://www.caracaschronicles.com/

    Moons, tips and work by reddits have helped me so much!

    Some people insist that minimum monthly wage is not real, but it is. I have relatives that are public workers and earn that. Some with studies and time working could reach 20 minimum wages according to the tables, that would be anyway under 50 USD monthly.

    Private companies, well a little more. A cashier in a supermarket could earn around 50 USD monthly.

    The Venezuela College of Engineers, has a table for the recomended wages. The minimum wage they propose for a engineer without any experiencie is 90,000,000 Bs. / monthly, which is around 200 USD. And... good luck finding a place that pays that

    http://www.civ.net.ve/uploaded_pictures/70_d.pdf

    One professor with PhD, national science award and 21 years teaching earns less than 4 USD monthly. You can see the testimony here https://twitter.com/katika48/status/1304506604147159040?s=19 (I think you have the option to trasnlate the tweet)

    The average income of Venezuelan is 0.72 USD daily (2020 numbers), so we are talking around 20 USD monthly, and that is an AVERAGE with all that means.

    https://www.caracaschronicles.com/2020/07/08/yes-venezuela-is-now-the-poorest-country-in-the-americas/

    Any question let me know, AMA. But check my links and sources first.

    Sources:

    https://www.npr.org/sections/goatsandsoda/2019/09/06/757822363/a-doctor-or-nurse-might-earn-6-a-month-in-venezuela-if-theyre-lucky

    https://coin.dance/volume/localbitcoins/VES/BTC

    LBTC listings https://localbitcoins.com/buy-bitcoins-online/ves/

    submitted by /u/WorkingLime
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    Daily Discussion, October 05, 2020

    Posted: 05 Oct 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'm migrating funds over to Bitcoin as a store of value over the long term, especially given the current climate. What's your strategy?

    Posted: 05 Oct 2020 01:44 AM PDT

    Increasingly seeing this as a way to stabilize myself through ups and downs of int'l market volatility.

    https://www.sarsonfunds.com/bitcoin-an-emergent-long-term-store-of-value/

    submitted by /u/Qhueman
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    Cash app

    Posted: 04 Oct 2020 04:19 PM PDT

    I hold all my BTC via cashapp. Is there a better recommended way of holding my bitcoin? Has anyone ever had any problems with cashapp? Any advice/suggestions are welcome as for i am very new to BTC and do not know very much!

    Thanks for any advice you can give me.

    submitted by /u/hardballtaz
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    I'm looking for fantastic facts about Bitcoin

    Posted: 04 Oct 2020 04:44 PM PDT

    I'm going on a financial podcast for Boomers and they are looking for me to make the case that Boomers should allocate at least some funds to Bitcoin.

    Safety is a primary concern, so I'm thinking social proof is the way to go. I'm looking for examples of how big Bitcoin is (it's the X largest currency in the world) and how liquid it is (transacts X per day). Perhaps examples of large investors that have invested in Bitcoin (Paul Tudor Jones, Bill Miller, University endowments?) Companies that are in on BTC (Overstock, MicroStrategy) Countries that have adopted Bitcoin, (you can pay your taxes in Switzerland), etc.
    If there's a way to explain the massive computing power behind Bitcoin that makes sense to a Boomer, that would be good too...

    Just looking for memorable facts that Boomers could take away without getting too much in the weeds. (e.g. they may not understand hashpower, etc.)

    submitted by /u/MisterMaury
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    September 2020 - #Vietnam Update

    Posted: 05 Oct 2020 02:02 AM PDT

    Bitcoin on Ledger Live

    Posted: 04 Oct 2020 10:47 PM PDT

    I've moved my bitcoin to my ledger s. I've got the words written down and safe and I have a copy safe as well. Is my bitcoin safe now? Will I be able to continuously transfer to ledger live and not have to worry about my btc? Thanks

    submitted by /u/MarkJames2909
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    Will a Digital Gold Rush Save America’s Economy?

    Posted: 04 Oct 2020 11:01 AM PDT

    RPOW - Reusable Proofs of Work by Hal Finney (These pages are maintained for historical purposes.)

    Posted: 04 Oct 2020 01:28 PM PDT

    Where can I buy $20 worth of BTC without verifying my identity?

    Posted: 04 Oct 2020 12:01 PM PDT

    Hey, I was looking into buying bitcoin and every website I go to either needs me to verify my identity or $20 is too small. I don't want to buy more than $20 worth because I'm new to cryptocurrencies and just want to check it out for now?

    Thanks :)

    submitted by /u/r1000101
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    BlockSettle – decentralized settlement network now live

    Posted: 05 Oct 2020 04:54 AM PDT

    Announcing live trading on decentralized settlement network where bitcoin is settled peer-to-peer without exchange custody.

    The BlockSettle Terminal is an open-source desktop wallet with opt-in access to a decentralized settlement network, built on Armory's open-source code by Armory's lead developer. Three years of active development.

    Featuring hardware wallet compatibility, the option to run your own bitcoin indexing server, remote and offline signing, and a block explorer.

    Trading is now live with bitcoin vs fiat (EUR, GBP, CAD), colored coins (coinjoin trading) and FX.

    ​

    Webpage:

    https://www.blocksettle.com/

    Github:

    https://github.com/BlockSettle/terminal

    https://github.com/BlockSettle/BlockSettleDB

    CTO: goatpig

    https://bitcointalk.org/index.php?action=profile;u=7811

    submitted by /u/BlockSettle
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    Looking to work for Kraken

    Posted: 05 Oct 2020 04:51 AM PDT

    I have been invited for an interview with Kraken Digital Asset Exchange and I'm really excited.

    I've only ever worked for big banks so don't know what to expect at a high growth place like Kraken.

    Does anyone on here work there already/have any tips for me?

    submitted by /u/gbhreturns2
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    Recurring Triangle Pattern indicates a possible Break Out to 11K Resistance soon

    Posted: 05 Oct 2020 04:34 AM PDT

    Bitcoin Volatility Hits 23-Month Low as the Cryptocurrency Shrugs Off BitMEX, Trump’s Illness

    Posted: 05 Oct 2020 04:33 AM PDT

    As the market digests a lot of news all at once over a quiet weekend, some buyers moved to start reversing earlier declines, pushing BTC above $10,640 early Sunday morning, up 2.5% from last week's low of $10,375.

    https://www.coindesk.com/bitcoin-volatility-trump-coronavirus-bitmex-price

    submitted by /u/zrixes
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    Bitcoin, the key of the future!

    Posted: 05 Oct 2020 04:28 AM PDT

    Micro message in block 651363

    Posted: 05 Oct 2020 04:01 AM PDT

    This block contains no transactions except coinbase generation..

    https://blockchain.info/block/0000000000000000000afbef25d73258f56eb41358cf184240fe6615eb502cfa?format=hex

    when the hex is decoded a message is found - "Crypto for Congress 05/Oct/2020 Liberty and Bitcoin for All"

    someone is using a heck of alot of mining power for this! im curious for other examples? besides Satoshi's original block of course!

    submitted by /u/LDR12311
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