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    Bitcoin Mentor Monday, October 26, 2020: Ask all your bitcoin questions!

    October 26, 2020

    Bitcoin Mentor Monday, October 26, 2020: Ask all your bitcoin questions!

    Mentor Monday, October 26, 2020: Ask all your bitcoin questions!

    Posted: 26 Oct 2020 04:01 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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    This is what just happened with Bitcoin. How long do you think the next layer of weak hands willing to sell under 14k will last?

    Posted: 25 Oct 2020 09:02 PM PDT

    Stop Gatekeeping

    Posted: 25 Oct 2020 01:14 PM PDT

    I'm in a public group chat that's centered around Bitcoin and a person that's new to the space asked a question and the responses he/she received were extremely sarcastic and belittling. Want mass adoption? Be more understanding and open.... not everyone has 3 years of experience with Bitcoin.

    submitted by /u/witnessgreatness101
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    Just went on a 1st date..

    Posted: 25 Oct 2020 10:02 AM PDT

    Told the girl to invest in bitcoin..

    I feel like I used to be so interesting, this is all I talk about now. Anybody else turning into a maximalist?

    submitted by /u/RealPeezy
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    BITCOIN JUST CLOSED A WEEKLY CANDLE AT 13K!! ������

    Posted: 26 Oct 2020 03:30 AM PDT

    Congratulations to all the bitcoin hodlers. We held through the bear market. We held through the corona dump. Now first time closing weekly candle above 12k since all time high!! GREAT JOB!! BITCOIN FOREVER!!💥💥✌

    submitted by /u/BTC-brother2018
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    Bitcoin will do this until it's absorbed it all Fiat in circulation, & since Fiat Currency is infinitely printed, it will only continue to absorb all fiat being created, continue to grow

    Posted: 25 Oct 2020 08:55 PM PDT

    Bitcoin is gaining recognition

    Posted: 25 Oct 2020 05:42 PM PDT

    Someone in r/financialindependence made a post asking about bitcoin in their portfolio. The responses were mostly flooded with people saying bitcoin is a scam and will go away. Here and there people saying they have a small % in btc. I got in a back and forth with one guy that clearly has never looked into bitcoin at all just spewing inaccurate lies.

    Feast your eyes on the average person who claims to be financially literate (WE ARE STILL EARLY): https://www.reddit.com/r/financialindependence/comments/jhxtsr/does_bitcoin_have_a_legit_place_in_ones_portfolio/ga2x3xg/?utm_source=share&utm_medium=ios_app&utm_name=iossmf&context=3

    submitted by /u/da_engineer22
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    This is it.

    Posted: 25 Oct 2020 08:43 AM PDT

    I don't plan to sell ANY bitcoin for USD in the future. Instead, I will take bank loans against my bitcoin, using the btc as collateral and purchase more rental properties. Then, mortgage/refinance the property, and use that cash to pay back the bank for my bitcoin loan. Rinse and repeat, etc. Get more renters and properties, and with the cash flow, pay off the mortgages and buy more bitcoin.

    Remember kids, you pay capital gains tax when you sell your bitcoin. Take a low interest loan instead and use the loan to buy cash flow generating assets. Use your money to make more money, pay as few taxes as possible, and buy more bitcoin.

    I don't feel confident holding fiat cash, especially considering the USD money supply increased by 22% in year 2020 alone. I don't feel confident investing in the stock market with the state of the current economy, the aftermath and ongoing problems related to covid, and the incompetence of government handling stimulus.

    Now that macro investors like Paul Tudor Jones and companies like MicroStrategy and Square are making heavy moves into bitcoin, it makes sense to me now more than ever. I was feeling these kinds of investors and institutions were gonna come in eventually, and now it's finally happening. Obviously, its still early, more companies need to join in too. I have a feeling they will.

    I've been in for a long time. Im not a newbie in the space. I don't see a better monetary instrument to bet on in this moment.

    Im completely open and willing to be wrong, but I really don't think I am.

    Edit: thanks for everyone's comments. I'm Learning a ton. This was the sounding board I was hoping for.

    Don't worry, I'm not gonna do anything super risky. I don't plan to ever be liquidated. I'll continue to do more due diligence. These were just some ideas that I was stewing on, and since I don't know any bitcoiners in real life, getting this feedback is super valuable to me. Cheers

    submitted by /u/SpockSays
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    How come governments cannot slowly censor bitcoin by preventing new nodes from finding peers?

    Posted: 26 Oct 2020 02:07 AM PDT

    When you run a node, you need to do peer node discovery to find the ip of other miners in the network. Apparently, bitcoin nodes go to centralised registered DNS websites to get a list of potential peer nodes on the network. (Ie seed.bitcoinstats.com) Since the websites that give you ip of node peers are centralised, why can't governments remove them to prevent new nodes from discovering peers by removing these centralised websites?

    submitted by /u/peppergods
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    Even JP Morgan is starting to understand.

    Posted: 26 Oct 2020 01:26 AM PDT

    What makes BTC moon??? Being featured as plot-line in erotic entertainment, that's what!!!! (SFW)

    Posted: 25 Oct 2020 12:46 PM PDT

    Monday Art - Daria Usova

    Posted: 26 Oct 2020 03:29 AM PDT

    The Custodian Menace - a small number of custodians hold the private keys to a large amount of bitcoin. This is not good for Bitcoin (article by Jameson Lopp)

    Posted: 25 Oct 2020 06:50 AM PDT

    Looking for this bitcoin podcast / YouTube channel !!

    Posted: 26 Oct 2020 02:46 AM PDT

    Hi. I listened to this bitcoin podcast episode while going to sleep so I didn't bother to see the name. I ended up enjoying the episode so much that I need to know the name.

    The podcast has a white American guy talking about bitcoin and just rambling about the potential of btc. He even made fun of those who suggested silver and gold as an asset.
    He even randomly says "Pound that like button!" every now and then!

    submitted by /u/Uhntiss44
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    Bitcoin

    Posted: 25 Oct 2020 05:26 PM PDT

    I have been hearing a phrase about bitcoin and it is "not your keys, not your coins", my question is if you buy bitcoin thru and third party to store them, how do you store them yourself and how do you keep your own keys, people seem to repeat that sentence quite often but they do not a lot of explanations. Does any of you have any sources where I can find answers?

    submitted by /u/Auslanderr30
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    Monday Art - Adrian Chesterman

    Posted: 26 Oct 2020 03:29 AM PDT

    I feel redundant

    Posted: 25 Oct 2020 06:02 PM PDT

    Folks, at the old age I am I feel like I have lost my grip with technology.

    In my teens and early twenties I knew all about gadgets the latest craze etc....

    Every time I read about bitcoin even when it was being talked about on the good old bodybuilding.com forums I couldn't make heads or tails of it.

    As I'm getting older I have begun to think more about retirement, god willing I see that old age. In about 12 years if I leave early or 22 if my investments don't pay off.

    I pay into an ok private pension. I have paid into regular 10 year saving plans with the first to mature in three years with about £3k every year thereafter.

    My question is this and please forgive for sounding outdated and left behind. I want to invest in bitcoin for the long term. I have no desire to make payments with it as I prefer the old way of cash. I believe that it will hold me in good stead in 12-22 years.

    I am not switched on enough with terminology and the like with bitcoin. I can do stocks and shares that is easy. I don't trade I invest. I put my money into solid company's and forget about it for a few years unless I hear something detrimental.

    I just want to invest in a single bitcoin and forget about it... whether it goes up or down today tomorrow next month or next year makes no difference to me really just that hopefully when I do need it it'll have matured nicely.

    Can I just leave it and forget it in say Coinbase?

    submitted by /u/UnusualSayings24-7
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    Daily Discussion, October 26, 2020

    Posted: 26 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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    Giving away Reddit golds, if you tell me somthing about bitcoin I didn't know

    Posted: 25 Oct 2020 08:28 PM PDT

    Yes, again

    submitted by /u/justinCrypto
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    Michael Saylor a true BTC champion (2 hours)

    Posted: 25 Oct 2020 03:19 PM PDT

    Michael Saylor was going to be an austronaut or a fighter pilot, then went to MIT and started MicroStrategy Inc. This guy is as smart as it gets and a true pleasure to watch.

    2 hour interview by Raoul Pal (former Investment banker) that sums up why Bitcoin is the only choice for rational people.

    https://www.youtube.com/watch?v=Cg10yYZjK94

    submitted by /u/Tiny_Frog
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    Monday Art - Cody Seekins

    Posted: 26 Oct 2020 03:29 AM PDT

    The Lindy Effect & Bitcoin

    Posted: 25 Oct 2020 10:07 PM PDT

    Had an in-depth discussion about tainted coins, would like some insight.

    Posted: 26 Oct 2020 01:44 AM PDT

    What do people think about the idea of tainted coins? It's a pretty slippery slope and apparently already well implemented. I see nothing but negative consequences. Do you think this is a legit concern, why or why not?

    submitted by /u/Vigilias
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    Help With 2FA issues, broken phone

    Posted: 26 Oct 2020 02:50 AM PDT

    is there any kind soul that can guide me on this, or share with me any links on this?

    my google authenticator is in my old phone, it seems like the chip for wifi, let has broken and I cannot connect it to the internet and can't use my authenticator. there sense to be no one in my area which can help me fix my phone. and I can't access my cryptos due to it. I've tried many other ways to solve this, but so far came to a dead end.

    What can I do?

    submitted by /u/badbadnotgoodgood
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    Lets say you get 10 BTC today! What would you do with them?

    Posted: 25 Oct 2020 03:22 PM PDT

    I find this topic very interesting and I am quite curious about different points of view and ideeas. Please share yours! xD

    submitted by /u/30PercentRoi
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    Aussies - Just saw Bitrefill now has Coles!

    Posted: 25 Oct 2020 06:30 PM PDT

    Not sure when they added Coles but first I noticed it today. This is so awesome. It actually means I can live off Bitcoin now.

    Thanks Bitrefill!

    submitted by /u/jcoinner
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