Bitcoin Daily Discussion, November 12, 2020 |
- Daily Discussion, November 12, 2020
- It’s official: We have crossed $16000 for a new yearly high.
- I converted my entire 401k to Bitcoin
- Bitcoin Will Devour Gold, Says MicroStrategy CEO
- Just made my first Lightning Network transaction and it was easier than I could have ever imagined
- Post-hyperbitcoinization, looking forward to a quieter world
- Sweet Sixteen
- In total 81,154 BTC, or 0.5% of all BTC in circulation is held in the treasuries of publicly traded companies.
- Bitcoin’s Adoption Surges on the Backdrop of Coronavirus Pandemic, Grayscale Reveals
- Bitcoin at $ 100,000 in the Next Bubble - Kraken Draws it in its last report!
- Alex Gladstein explains how Bitcoin is vital to preventing human rights abuses.
- Never been so happy in my life. BTC hitting 16,000 is the best thing that happened in this year so far! Proud holder of 4.3 BTC. Long live BTC :)
- The greatest Bitcoin trade of all time.
- Threshold signature wallets
- 7 Misconceptions About Bitcoin (by Lyn Alden)
- It won't be long before your bank will begin accepting Bitcoin
- Should I transfer the BTC on my Ledger from a Segwit account to a Natvie Segwit account?
- Stumbled upon this accidentally, happy to see organisations supporting Bitcoin, especially for such nice endeavours ✌️
- Bitcoin finally hit the Daddy came home after 2 years at the store Price Pattern
- Major German News Explains Bitcoin's Rise
- “Change for Love" 90x100cm by Moabit
- What if Bitcoin Had to Cope With 700 Billion Transactions a Year?
- Bitcoin in 2020
- Breaking $8000 x 2
- Why stacking matters
| Daily Discussion, November 12, 2020 Posted: 11 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]  | ||
| It’s official: We have crossed $16000 for a new yearly high. Posted: 12 Nov 2020 01:58 AM PST | ||
| I converted my entire 401k to Bitcoin Posted: 11 Nov 2020 01:20 PM PST With about a 5 minute phone call to the financial institution that manages my 401k, I was able to cash it all out WITH NO PENALTY!!! The usual restrictions and penalties for cashing out a 401k early have been temporarily lifted due to COVID. I got 100% of the value of my 401k in icky fiat dollars and bought bitcoin with the full amount. Obviously, I have to pay normal taxes on the 401k withdrawal, but I didn't have the stupid penalties that typically exist when you try to get YOUR OWN money from a government-regulated retirement account. So, I got rid of my increasingly decreasing fiat-based 401k and turned it into a new type of retirement account - a "401₿" Now I can do whatever I want with that money whenever I want to do it. Thanks for the loophole, Uncle Sam! [link] [comments]  | ||
| Bitcoin Will Devour Gold, Says MicroStrategy CEO Posted: 11 Nov 2020 07:02 AM PST
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| Just made my first Lightning Network transaction and it was easier than I could have ever imagined Posted: 11 Nov 2020 07:41 PM PST Whenever I have read about using LN, setting up a node or channel, potentially losing funds, it has always turned me off from the idea. It seems too complicated (for me) and too much of a risk(constant smear from other subs). A few weeks ago I saw a video of a guy using LN to get around and it interested me. Well, today I made my first transaction today using Breez and Fold. It was a simple gift card purchase, but it was easy and very user friendly. On top of that, you get sats back. Sorry this isn't a post about achieving financial freedom due to BTC, but I used BTC to buy some new jeans, and that's awesome. Very excited for the future now that I've got a taste of lightning.⚡⚡ [link] [comments]  | ||
| Post-hyperbitcoinization, looking forward to a quieter world Posted: 12 Nov 2020 12:35 AM PST Before the process of hyperbitcoinization started in 2009, the world had no reliable store of value. With the average rate of fiat debasement being about X%, investors realized they needed to beat that X% ROI just to preserve the purchasing power of their saved wealth. Realizing they can't beat it with passive cash investments like CDs, money market funds and bonds, they turn to active investment strategies by buying other asset types that required regular active management (on a regular basis, some activity is required by the asset owner to maintain the asset, or the asset owner needs to pay someone else to maintain the asset). So other asset classes started to become inappropriately used as stores of wealth, such as real estate and stocks. The evidence for this being that the average prices on these asset classes have been pushed up much higher than their actual value (look at PE ratios and income/home price ratios). But now in order to store wealth in these assets, frenetic activity is required in order to manage the investments. For a business to hold its value, in needs to produce revenue, which requires frenetic activity...resource consumption, hiring, management, analysis, heroic efforts of employees to pull projects across the finish line, employees have to be hired to manage compliance with regulating entities. In real estate too, frenetic activity is required. Owners have to rent out the property, and they have to deal with tenants, or pay someone else to deal with tenants. They need to do regular maintenance on houses that are falling apart. New roof, fix siding, fix termite damage, repair the foundation, fix the plumbing, repair the water damage, replace the washing machine, x% of the value of the property in property taxes have to be paid each year to keep the county running so it can manage real estate records, police protection, etc, etc. Without a reliable store of value, in order to just maintain purchasing power, people in society have to get on a hamster wheel of their choosing and start running just to stay where they are. With btc, in order to preserve purchasing power, all that needs to be done is simply hodl. (ok, ok, learning how to use a hardware wallet and setting up a full node is also necessary, but that's a one-time fixed cost) I look forward to a world where there is far less noise from people needing to tread water just to stay afloat. Maybe then society can focus more on solving larger problems in medicine, science and engineering, rather than on political squabbling of who deserves to be closer to the money printer at the center of a giant, socialist, negative-sum fiat ponzi game. [link] [comments]  | ||
| Posted: 12 Nov 2020 02:02 AM PST
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| Posted: 11 Nov 2020 08:46 AM PST
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| Bitcoin’s Adoption Surges on the Backdrop of Coronavirus Pandemic, Grayscale Reveals Posted: 12 Nov 2020 03:40 AM PST | ||
| Bitcoin at $ 100,000 in the Next Bubble - Kraken Draws it in its last report! Posted: 12 Nov 2020 02:41 AM PST
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| Alex Gladstein explains how Bitcoin is vital to preventing human rights abuses. Posted: 11 Nov 2020 02:47 PM PST
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| Posted: 12 Nov 2020 02:20 AM PST | ||
| The greatest Bitcoin trade of all time. Posted: 11 Nov 2020 02:24 PM PST Back in 2011 when BTC flashcrashed to 0.01 and someone bought 261383 Bitcoin for 2631$. That induvidual made about 4 million $ in 15 minutes. Mindblowing. Proof. https://youtu.be/T1X6qQt9ONg [link] [comments]  | ||
| Posted: 12 Nov 2020 02:01 AM PST Which wallets would allow one to use TSS? I know about ZenGo but it's quite limited as it only allows you to create a 2-of-2 wallet afaik. [link] [comments]  | ||
| 7 Misconceptions About Bitcoin (by Lyn Alden) Posted: 11 Nov 2020 04:28 PM PST | ||
| It won't be long before your bank will begin accepting Bitcoin Posted: 11 Nov 2020 02:36 PM PST Banks have been highly skeptical of Bitcoin and cryptocurrency in recent years, but not for much longer. The countdown is on for mainstream banks to begin accepting bitcoin and cryptocurrency deposits. [link] [comments]  | ||
| Should I transfer the BTC on my Ledger from a Segwit account to a Natvie Segwit account? Posted: 12 Nov 2020 01:14 AM PST It's been a few years since I touched my BTC, but I recently made a small transaction from my Ledger. And when I followed the confirmations on https://blockstream.info it produced a message saying:
Like I said, it's been a few years since I tinkered with this, and as far as I can remember, there wasn't any "Segwit-Bech32" option around back then. But since this message from Blockstream made it seem like I was spending more than I had to on fees, I created a new "Segwit-Bech32" account on my Ledger (as far as I can understand, Ledger calls it "Native Segwit"), and was about to transfer all my funds to that, but realized that the fee for making this transfer would already be a sizable sum. So this made me very unsure if it would actually be profitable to make this move from Segwit to Native Segwit, or if I should just keep my BTC where it is? Additionally, since this "Segwit-Bech32" was not around back when I did this last time... Might that mean that there'll be yet another Segwit iteration in a year or two, so that I might as well wait around for whatever comes next? [link] [comments]  | ||
| Posted: 12 Nov 2020 02:42 AM PST
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| Bitcoin finally hit the Daddy came home after 2 years at the store Price Pattern Posted: 12 Nov 2020 01:08 AM PST This is a pattern I like to call the "Daddy finally came home after over 2 years of searching for cigarettes to buy at a liquor store" Price Pattern. It's when Bitcoin recovers back to a price it hasn't seen in on average over 2 years since dropping from a previous all time high. Not the all time high price itself, but a price on the way down during the drop from an all time high. It's a price many lose hope in ever returning after the drop, and believe will never happen again because of how long it's been gone. The price itself feels like a father who left for "cigarettes" long ago, who you never expect to return. And just like in that situation, the kids tell themselves that if their dad ever did return, they'd they'd be so happy and excited to see him that they would do everything so he never leaves again. And that's exactly what happens to Bitcoin's market when this pattern emerges. The market gets so excited to see it return, that it sends itself into a supply shock, and demand explosion frenzy that makes Bitcoin run up in price at record levels and rates for as long as a year+. An endless loop that always repeats itself thanks to the halving and Bitcoin's finite 21 million total Bitcoin supply network causing an endless feedback loop of price and stability increase attracting new buyers, traders, and hodlers growing demand for this infinitely finite asset. A perfect balance. Back in November 2016, that price was $700, and it had not been seen in over 2 years since last appeared way back in February 2014, dropping from a $1,300 all time high price reached 2 months prior in December 2013. Every time this happens, the market gets excited and it triggers up to over a year long bull run to discover a new all time high price. This will happen again, and I suspect it will happen throughout 2021, possibly spilling into the start of 2022 before correcting, and restarting the cycle. Too see this price chart pattern throughout all of Bitcoin's history, check out this video: It reminded me of this pattern I had completely forgotten about since it last happened in 2016, and the $700 price return in November 2016 after a 2 year hiatus lead into the year long 2017 run up to $20k [link] [comments]  | ||
| Major German News Explains Bitcoin's Rise Posted: 12 Nov 2020 04:46 AM PST "Tagesschau" is the news site belonging to the tv-program ARD which may be compared to British BBC. High reputation; roughly 13 Million Germans watch it on tv at 8 p.m. Today, the website features an article about bitcoin and that it might rise to 20,000 Euro this year and possibly 50,000 Euro next year. [link] [comments]  | ||
| “Change for Love" 90x100cm by Moabit Posted: 11 Nov 2020 02:14 PM PST
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| What if Bitcoin Had to Cope With 700 Billion Transactions a Year? Posted: 12 Nov 2020 04:32 AM PST
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| Posted: 11 Nov 2020 05:52 PM PST
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| Posted: 12 Nov 2020 02:09 AM PST
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| Posted: 11 Nov 2020 11:14 PM PST Human intuition is not very good at understanding exponents and log functions I'll demonstrate why stacking sats is so important and how it eventually lands you in a very exclusive club of Bitcoin HODLers. It is already understood that if you own 1 BTC you are among a very elite club. How elite? Only 21 million owners can own 1 BTC theoretically. So you are in a ultra elite club of 0.3 % of the world What's interesting is what happens if you own 2 BTC. The number of people who can own 2 BTC drops significantly. You would think its closer to 21 million people but actually its half of that - only 10.5 million owners can own 2 BTC making you part of 0.15% of the world So similarly if you own 7 BTC only 3 million people like you can ever exist (0.04% of the world) Do you see the pattern? Every increment reduces the exclusive membership by half. This applies down to the Satoshis. Every stack of satoshis you HODL, makes you member of a group that significantly gets smaller. We are witnessing a real power dynamic here that will shake the foundations of the world and only a very small group of humans will be driving it [link] [comments]  |
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