Bitcoin Daily Discussion, November 07, 2020 |
- Daily Discussion, November 07, 2020
- When Bitcoin hits $100k, should we have a Reddit group celebration HANGOVER style in LAS VEGAS?
- Bitcoin gave me way more than financial freedom
- Overtaking other financial subreddits
- NotYourKeys.org - Why Self Custody is Really Important
- Bitcoin Astronaut planting citadel flag on the moon
- What happens when we hit $100k or whatever ATH?
- Comparing 2020 halving price movement with 2016
- PSA: 4 sat/b transactions now clearing...
- HODL on! Enjoy.
- Confusing transaction fees
- The Petrodollar Era - What is the Endgame?
- Bitcoin has passed the Russian ruble, for the first time ever. Puts it in *top 9* among all fiat currencies, ranked at #11 if you include gold and silver above ground.
- FOMO is kicking in hard
- Is there any way to hold bitcoin in a tax-advantaged account such as a Roth Ira?
- “Back in the Day” original artwork by Moabit
- Shout out to my new friend Andres, he's awesome!
- Wallet of Satoshi (WoS) fixed fee
- p2p fiat lending with btc collateral on hodlhodl
- Debating to drop a Grand
- Bitcoin & Friends presents "The Trial" (Episode 6)
- Bitcoin has broken above $15,000 just as Square reported almost 80% of its Q3 Cash App revenue came from the digital token
- Fake bitcoin wallet getting a lot of downloads please report
| Daily Discussion, November 07, 2020 Posted: 06 Nov 2020 11:00 PM PST 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. [link] [comments]  | ||
| When Bitcoin hits $100k, should we have a Reddit group celebration HANGOVER style in LAS VEGAS? Posted: 06 Nov 2020 08:29 AM PST
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| Bitcoin gave me way more than financial freedom Posted: 06 Nov 2020 11:45 AM PST [throwaway account for obvious reasons] I am by no means a whale. Actually, I'm not even close to that, but I'm now debt-free and have just decided to retire at less than 35 years-old. No credit cards, no mortgage, no debt of any kind and still have some spare change. Still, something was hammering my mind a while ago: what's next? I mean, the dream was to have means of studying and learn new things, get a job that pays well and keep going with life, maybe have a nice family. Suddenly I have all of that and life is not the same. It's not better or worse, just different. Bitcoin gave me a way of contemplating it from a completely new perspective: the one of a person that does not need to be "functional" to survive in our current society. Therefore, it also made me question life itself. I've bought lots of books in a way of understanding all of this better, as well as a way of understanding myself better, and the consequence of all of this, i.e. Bitcoin+heavy reading (around two books every week) is that, from a human perspective, we're but instruments of corporations. From a universe perspective, we aren't much of a thing. As for the first, I saw myself buying a shit ton of things I did not actually need. "Hey, let me buy this 27in spare screen for my latest and maxed out MacBook Pro". Then I realised the most I do is to surf on the web and get myself informed by the news. Result: I don't actually needed these 5k USD gadgets, I was merely induced and manipulated through social media to acquire it. I was exchanging time of my life and time with my family (by e.g. working for a company in exchange of some dollars), which are the only things I can't have back, for things I did not need, and all of this because I was induced by algorithms in social media, or because that influencer said so. I very often see people here wanting to buy lambos and mansions and these kind of things by taking profits from BTC, but my true question is: what for? Are you sure you don't want to buy these things only for showing off for people that can't have it? Who said it is cooler to have a lambo than a regular car? Very likely the marketing team of lamborghini. The status given to owners of expensive things make them more desirable to society's eyes, and very often we do want to have these things because everyone wants to be a desired member of society. I just would like to tell you that the people that truly love you - your family, your closest friends - will love you no matter what is the kind of car you have, and many people that do not like you at all will approach you looking for some of that spare change you've got. Don't take me bad: I starved when I was a kid and I know what is like to desire things and expensive things. I also fall for this trap and bought expensive stuff that added nothing to my life. At the end of the day what matters the most is who you are seeing first thing in the morning to have breakfast with, not the kind of car you drive. All the structure we have today in our society, from sports to politics to banks to careers, was built to prevent us from thinking of the most human and natural thing of all: we all die; we're all animals and the ultimate goal is for us to reproduce our DNA, as it is the main goal of all the forms of life we know today. So, after BTC moons, because it will, make sure you have your sanity and mind ready for such a dramatic change in how much of society you can afford. Remember that people in your life that love you will love you no matter what, and don't fall for social media's manipulation in how to use your currency. Stay safe and be sure to get some mental assistance, because it is proven that many people who earn lots of value/currency at once get mental health issues. Your family and friends are the most important things in your life, no matter what society tells you. I'm now a minimalist and this is actually all I ever wanted, even though I've just discovered it. Safe journey everyone. [link] [comments]  | ||
| Overtaking other financial subreddits Posted: 06 Nov 2020 06:58 PM PST "bitcoin" is at 1.7m users 🎉🥳 I remember not to long ago we reached the big 1 million. If you look at the other biggest financial subreddits, we have "investing" at 1.2m, and "wallstreetbets" (wsb) at 1.6m and other smaller communities. For some reason, if you post or comment anything Bitcoin related, even if relevant to the questions like discussions about monetary policy, digital dollars, gold standard etc. You mention Bitcoin, and you instantly get downvoted as if it taboo to them and an outright scam. Then you have WSB who are autistically betting high leverage and making massive gains and massive losses on options/puts bets and get praised for it. (We're way more disciplined then that). Question is, when will Bitcoin ever become relevant to other investment and stock subreddits? How much more popular does Bitcoin have to be until it's universally accepted (or at least tolerated) in those subreddits? Maybe when r/bitcoin reaches 5m? 10m? users. Maybe for those of us who are in these other financial subreddits, we should upvote our fell comrades whenever we see them (relevantly) make good comments about Bitcoin, so they don't just disappear at the bottom somewhere, but then they can start to think about it, and maybe see this community is actually bigger then them and might actually be something.. What do you guys think about all this? [link] [comments]  | ||
| NotYourKeys.org - Why Self Custody is Really Important Posted: 06 Nov 2020 10:33 PM PST
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| Bitcoin Astronaut planting citadel flag on the moon Posted: 07 Nov 2020 12:57 AM PST
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| What happens when we hit $100k or whatever ATH? Posted: 06 Nov 2020 10:15 PM PST The plan we're being told is simple. Hodl and keep having faith until $100k. Maybe 5 years, 10 years? 30 years? And then what? Lambos and champagne, but then what happens to the market? We just waiting for a new wave of buyers to prop it up while we cash out? Is the hope that by then the USD will have been so overinflated that people lose faith in it and when you go to Walmart the cashier ask which one of the 36 coins you'd like to pay in? When you buy a burger at McDonald's, the price tags read $139.99/0.00001372 BTC/0.00000037Eth? You pull out a Mastercard and they look at you in bizarre wonderment at this archaic technology, holding up a QR code instead? USD is going into inflation, yes, that's not a question, but what's the realistic end goal for us here? Genuine question. I have been holding and it just occurred to me I didn't know how to answer this for myself. [link] [comments]  | ||
| Comparing 2020 halving price movement with 2016 Posted: 06 Nov 2020 05:44 PM PST I made a webpage with a couple of live interactive charts to compare the 2020 post-halving price with 2016 halving. It's interesting that this cycle has so far been tracking the 2016 cycle pretty closely. But if it keeps tracking it then we might see a sharp drop in price soon. After which there would be a gradual recovery and then an all-time high of $260,000 by mid-2021! Check out the charts, and let me know what you think! https://hookspoint.com/pages/2016-vs-2020-bitcoin-price-movement/ Better viewed on desktop or in landscape mode. Also, might not work if you're running an AdBlocker (but there are no ads on the page) [link] [comments]  | ||
| PSA: 4 sat/b transactions now clearing... Posted: 06 Nov 2020 06:43 PM PST We'll probably see 3 sat/b fairly soon too, as it's the weekend. Yay! Your long wait may be over... [link] [comments]  | ||
| Posted: 06 Nov 2020 07:00 AM PST
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| Posted: 07 Nov 2020 01:27 AM PST So yesterday i sent around 10$ from my coinbase account to my ledger x to see if it works properly. Fee on coinbase is around 0.000098 btc - around 2$ Fee on ledger live shows up to be around 0.0049 - around 76$. What is this fee on ledger live and who pays for it? Can someone sxplain this? [link] [comments]  | ||
| The Petrodollar Era - What is the Endgame? Posted: 07 Nov 2020 01:39 AM PST After World War II, a new international monetary system called Bretton Woods was created. Bretton Woods established three main things: (1) the U.S. dollar was to be an international reserve currency, (2) the U.S. dollar would be backed by gold at a price of $35 per ounce, and (3) any country could exchange dollars for gold. Countries running trade surpluses with the US sought to exchange their dollars for gold, and this rapidly shrunk US gold reserves. This then led to the so called Nixon shock - President Richard Nixon effectively ending the Bretton Woods system in 1971. The world economy entered a new era: the US Dollar became the global reserve currency. The US made no effort to rein in deficit spending, in fact quite the opposite. Therefore, the US needed to continue to find ways to sell government debt (i.e. to find buyers of US Treasury Securities) without driving up interest rates. That is, the US needed more buyers for its debt. But by 1974, the enormous flood of dollars from the US into top-oil-exporter Saudi Arabia suggested a solution. That year, Nixon sent new US Treasury secretary William Simon to Saudi Arabia with a mission... The task: neutralize crude oil as an economic weapon against the US and find a way to persuade a relatively hostile kingdom to finance America's widening deficit with its newfound petrodollar wealth. The basic framework was simple: the US would buy oil from Saudi Arabia and provide the kingdom military aid and equipment. In return, the Saudis would plow billions of their petrodollar revenue back into US Treasuries and therefore finance America's spending. A win-win: the Saudis would receive protection from geopolitical enemies, and the US would get a new place to unload large amounts of government debt. This became known as "petrodollar recycling". By spending on oil, the US was creating new demand for US debt and US dollars. Moreover, since Saudi Arabia dominated the OPEC - the Organisation of the Petroleum Exporting Countries - this dollar deal was extended to OPEC overall, which meant that the dollar became the preferred currency for oil purchases worldwide. And so the petrodollar era began. This petrodollar system has had massive implications for US foreign policy, which has essentially involved imposing 'freedom' on any major oil-exporting state that moves towards ending its reliance on dollars. In 2000, Saddam Hussein, then-president of Iraq, announced that Iraq was moving to sell its oil in Euros instead of dollars. Following a particular catalyst event in 2001, the US invaded Iraq, deposed Saddam Hussein, and converted Iraqi oil sales back to the US dollar. Of course, this exact pattern was repeated with Gaddafi when he attempted to create a unified African currency backed by Libyan gold reserves to sell African oil. Shortly after his announcement, rebels armed by the US Government and allies overthrew the dictator and his regime. After his death, the idea that African oil would be sold on something other than the dollar quickly died out. Other regimes that have called for abandoning the petrodollar include Iran and Venezuela. The US has called for regime change in both of these countries... Although they have tried to keep it under wraps, Saudi Arabia is believed to be one of America's largest foreign creditors. Undoubtedly, Saudi holdings of US debt and other assets are significant. All else being equal, the US should be growing less dependent on foreign holders of debt, certainly in terms of Saudi and OPEC-held debt, since the global role of OPEC and the Saudis has been diminishing in terms of global market share. But all else isn't equal, and the US has been piling on ever-larger amounts of debt in recent years. In 2019, for example, the annual deficit topped one trillion. This immense growth in debt obviously makes the US regime more sensitive to changes in demand for US debt, and ever more reliant on foreign demand for both US debt and US dollars. In order to avoid a crisis, the US must ensure that interest rates remain low and that foreigners want to acquire both US dollars and US debt. Were petrodollars and petrodollar recycling to disappear, it would have a twofold effect on US government finances: First of all, a sizable decline in petrodollar recycling would put significant upward pressure on interest rates. The result would be a budget crisis for the US government, as it would have to devote ever-larger amounts of the federal budget to payments on the debt. (The other option would be to have the US central bank monetize the debt by purchasing ever-larger amounts of it to make up for a lack of foreign demand. But this would lead to growing price inflation.) Furthermore, if participants began to exit the petrodollar system (and, say, sell oil in euros instead) demand for dollars would drop, exacerbating any scenarios in which the central bank is monetizing the debt. This would also generally contribute to greater price inflation, as fewer dollars will be sucked out of the US by foreign holders. The result could be ongoing declines in government spending on services, and growing price inflation. The US regime's ability to finance its debt would decline significantly, and the US would need to pull back on military commitments, pensions, and more. Either that, or keep spending at the same rate and face an inflationary spiral. Or...how about another option? Anyone fancy a Great Reset? https://www.youtube.com/watch?v=AjK0nRSUNgU CREDIT: Ryan McMaken Huge Debt Got Us Hooked on Petrodollars — and on Saudi Arabia [link] [comments]  | ||
| Posted: 06 Nov 2020 06:02 AM PST
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| Posted: 06 Nov 2020 07:11 AM PST Guys it's so hard being underage and not having any significant amount of money to buy satoshis and you just sit there and see the price going up. I know it's going to be so devastating in some years when you think about 2020 and bitcoin being so cheap. At least I could buy some small amount at 7k this year. [link] [comments]  | ||
| Is there any way to hold bitcoin in a tax-advantaged account such as a Roth Ira? Posted: 06 Nov 2020 05:40 PM PST | ||
| “Back in the Day” original artwork by Moabit Posted: 06 Nov 2020 09:22 AM PST
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| Shout out to my new friend Andres, he's awesome! Posted: 06 Nov 2020 07:07 PM PST
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| Wallet of Satoshi (WoS) fixed fee Posted: 07 Nov 2020 02:14 AM PST Hello, I wanted to try Lightning Network and sent 0.0001 BTC to Wallet of Satoshi (WoS). I want to send this amount to my Binance account, however WoS asks 0.0008 BTC fixed fee to do that. Is there any way to pay less fee ? Maybe going through another wallet ? [link] [comments]  | ||
| p2p fiat lending with btc collateral on hodlhodl Posted: 06 Nov 2020 04:42 PM PST hodlhodl has a new platform lend.hodlhodl.com (trimmed) live video of loan setup https://twitter.com/adam3us/status/1324850398214180866?s=20 video link https://www.youtube.com/watch?v=6ZJmf5Z29hY [link] [comments]  | ||
| Posted: 07 Nov 2020 12:17 AM PST So seeing how the market is right now what are you guys think I should do I have the ability to drop one grand I really think it's a good idea you guys will help [link] [comments]  | ||
| Bitcoin & Friends presents "The Trial" (Episode 6) Posted: 06 Nov 2020 03:27 PM PST
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| Posted: 06 Nov 2020 05:59 AM PST | ||
| Fake bitcoin wallet getting a lot of downloads please report Posted: 06 Nov 2020 04:29 AM PST It is schildbach's clone on the top results, pointing to bitcoin.org as the main site and stealing from people... Fake app: https://play.google.com/store/apps/details?id=com.bitoin.app.wallet [link] [comments]  |
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