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    Bitcoin Daily Discussion, January 21, 2021

    January 21, 2021

    Bitcoin Daily Discussion, January 21, 2021

    Daily Discussion, January 21, 2021

    Posted: 20 Jan 2021 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.

    submitted by /u/rBitcoinMod
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    2 MILLION MEMBERS!!!������������

    Posted: 20 Jan 2021 09:36 PM PST

    Where's our prize?

    submitted by /u/Crafty_Supermarket15
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    $10 Billion Worth of BTC is Used Illicitly, Compared to $1.4 Trillion in USD

    Posted: 21 Jan 2021 12:33 AM PST

    Bitcoin.org's response to legal threats by CSW

    Posted: 21 Jan 2021 12:38 AM PST

    Rewatching breaking bad right now, and I can't help but think how much simpler Walters life would have been if he had bitcoin.

    Posted: 21 Jan 2021 12:39 AM PST

    50 BTC Most Likely Gone Forever

    Posted: 20 Jan 2021 07:42 PM PST

    In 2010-2011, hard to remember, I bought approximately 120 BTC for Runescape gold.

    I believed to have about approximately 50 left, but I cannot remember at all what I did with them. I was a teenager at the time.

    I just want to throw this out to anyone who thinks A. Any amount of bitcoin is insignificant and B. Make sure you have all of your wallet info fully addressed and secured in your possession.

    submitted by /u/Prestigious-Soil-876
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    Sorry Janet and Christine, Criminals Still Prefer the U.S. Dollar and Euro to Bitcoin

    Posted: 20 Jan 2021 05:22 AM PST

    Online video generates over 300 million tons of CO2 per year, eight times more than Bitcoin

    Posted: 20 Jan 2021 06:47 PM PST

    Fuck ledger- just received a phone call from a scammer because of them

    Posted: 20 Jan 2021 02:07 PM PST

    Some scammer contacted me asking if I want to open a bitcoin/ethereum wallet with them. I wonder how they got my phone number and name since I don't use my phone number on sketchy websites. Then I check my email and saw ledger emailing me saying my personal info has been exposed.

    Update: Just downloaded the info to see what was on it (the source was given from ledger email) and now everyone knows my phone, name, address and the fact I own coins. Fuck this company and we need a class action lawsuit.

    submitted by /u/kola401
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    Bitcoin liquidity dropping, strong hodlers are accumulating quickly

    Posted: 20 Jan 2021 08:24 PM PST

    BlackRock Gives 2 Funds Go-Ahead to Invest in Bitcoin Futures

    Posted: 20 Jan 2021 11:26 AM PST

    WHY BITCOIN WILL NEVER GO TO ZERO: How Mt. Gox proved Bitcoin was here to stay.

    Posted: 20 Jan 2021 07:56 PM PST

    Many people are skeptical about Bitcoin and somehow still believe that a ~trillion dollar asset will become worthless. Well for those who are not familiar with the history of bitcoin, there was a period of time where there was a legitimate chance that the price of the this infamous asset would actually go to zero. Here is a brief history of Mt. Gox and how significant this event was.

    Mt. Gox was one of the first Bitcoin exchanges on the internet. Not only were they one of the first crypto exchanges, but they also contributed to 70% of the bitcoin volume. Considering that in these days, the total Market cap was sub 1 billion, even at times sub 1 million, this exchange had a Huge effect on the bitcoin price. The thing about Mt. Gox was that although it was the most popular bitcoin exchange, it had countless security issues. In the early years of the company trading bitcoin, someone was able to hack the computers on the Mt. Gox network and change the bitcoin price from around $17 down to $0.01. After this change in price, the hacker used the exploit to buy a bunch of bitcoin and scam many out of their holdings. Although the Mt Gox administrators were able to reduce some of the damage the hacker caused, the hacker still was able to make off with around 2,000 bitcoins. But this was only the beginning of troubles for Mt. Gox. A few years later, bitcoin was hitting it's all time high of $1,000 and for the first time ever, it was getting attention from the main stream news. With bitcoin lovers going crazy about how they were right, there was a bigger issue at play. Many of these investors kept their bitcoin on the famous exchange Mt. Gox, and for some reason, they were limiting the amount of bitcoin that could be withdrew from accounts. With growing concerns, bitcoin price started to drop fast. It went from 1k on Jan 1 2014, down to under $120 on February 24. Then on Feb. 25, Mt Gox went down and no one was able to get on. To put this in perspective, bitcoin went from a $12 Billion asset to a $1B asset in weeks. If there would be a time for bitcoin to go to zero, this would have been it. Not only was Mt. Gox down during this time, but just months before the Silk road got shut down which resulted in the government seizing 175k bitcoins, and to make matters worse Homeland security started penalizing Mt. Gox for breaking money transmitting laws, making many worried about government regulation. When Mt. Gox went back online it was discovered the site was hacked and lost around 850,000 bitcoin, around 7% of the total supply of bitcoin at the time.

    Fast forward 7 years and bitcoin is approaching a 1 trillion dollar market cap, is held on the balance sheet of multibillion dollar tech companies, being traded on wall street, and is talked about on every financial TV show and podcast there is. If bitcoin was going to die, it would've died when it was worth $1B. Billion dollar assets die all the time, just look at Quibi. But when is the last time you heard of a $1T asset going to zero? Bitcoin has withheld test and trials that no other asset has ever had to go through and its still thriving. Those who say bitcoin has not withheld the test of time has not looked deeply enough into the history of bitcoin. Bitcoin has went through more tribulations in its 12 years of existence than other assets have went through in the last hundred years. Bitcoin has shown time and time again that it can not be killed and those who think otherwise are ignorant.

    submitted by /u/bitbuggs
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    Blackrock (the largest asset manager in the world) taking the first step to buying Bitcoin

    Posted: 20 Jan 2021 02:45 PM PST

    Bitcoincore.org removes Bitcoin whitepaper from their site after Craig Wright's request enforcing Bitcoin copyright.

    Posted: 20 Jan 2021 11:44 PM PST

    I pledge to host the bitcoin whitepaper since CSW is filing lawsuits...lets make him go broke with lawyer actions by all hosting this pdf together

    Posted: 21 Jan 2021 02:57 AM PST

    Bitcoin To $500,000: A Comparison To Gold And A Brief History Of The Dollar

    Posted: 21 Jan 2021 01:28 AM PST

    Why would bitcoincore remove the whitepaper? Do they need an attorney?

    Posted: 21 Jan 2021 02:04 AM PST

    There is ABSOLUTELY NO GROUNDS for CSW to make this copyright claim.

    ​

    Even a first year trademark attorney would immediately be able to determine this.

    ​

    Why the hell would bitcoincore remove the whitepaper under false threat from CSW?

    Does bitcoincore seriously not have a single competent attorney amongst their ranks?

    Do they need one?

    ​

    I'd volunteer to respond to CSW pro bono (because fuck CSW).

    submitted by /u/ArabiLaw
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    Just a measly 10million moving on the btc network without any interference from anyone have to love it.

    Posted: 20 Jan 2021 07:46 AM PST

    Many missed this, but it's very bullish for Bitcoin: Prof. Gary Gensler is the new SEC Chief

    Posted: 20 Jan 2021 11:25 AM PST

    'Blockchain and Money' course taught by DCI Advisor Gary Gensler is now available on MIT Open Courseware

    Level Graduate

    This course is for students wishing to explore blockchain technology's potential use—by entrepreneurs and incumbents—to change the world of money and finance.

    > The course begins with a review of Bitcoin and an understanding of the commercial, technical, and public policy fundamentals of blockchain technology, distributed ledgers, and smart contracts. The class then continues on to current and potential blockchain applications in the financial sector.

    https://dci.mit.edu/research/2020/2/11/blockchain-and-money-course-taught-by-dci-advisor-gary-gensler-is-now-available-on-mit-open-courseware

    submitted by /u/simplelifestyle
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    Bitcoin is not threatening banks, Bitcoin threatens Central banks.

    Posted: 20 Jan 2021 12:16 PM PST

    I know that banks have a bad reputation, but they are in charge of a crucial economic task in a healthy capitalist system: they connect lenders and borrowers; they canalize resources (savings) from people that don't have ideas, to people that have ideas but need resources to implement them. They move the capital trhoughout the economy from those who create it to those who put it to produce wealth.

    The success of Bitcoin goes through banks integrating with bitcoin, custodying bitcoins from investors, transferring value using bitcoin's network (instead of shitty SWIFT channels), embracing bitcoin in a regulated, secure, mature finantial network that everyone already trusts.

    We don't want to substitute banks by unsafe, unprotected, phone applications that can bankrupt tomorrow like Celsius, Ledn, etc.

    And no, not everyone wants to be his own bank: some people wants to pay someone else to do that job.

    And yes, DeFi is promising, but it is just that, a promise. Bitcoin is already here and it needs to be generaly adopted fast.

    Bitcoin is here to create hard scarcity in relation to weak scarcity provided by Central Banks.

    In fact, Bitcoin is GOOD for the banks.

    submitted by /u/mredda
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    Blackrock buys Bitcoin

    Posted: 20 Jan 2021 11:33 AM PST

    Sold it all today - my story since 2013

    Posted: 20 Jan 2021 06:01 PM PST

    Well not all, but about 20 coins. I'm just writing this to get it off my chest.

    Here's my story:

    After missing my buy at $20 in early 2013 due to my laziness of having to sign up for an exchange, I didn't let my chance slip up later that year: I bought at the peak of the boom in late 2013. I ended up averaging in at about $800 for 40+ BTC ($35k total). I had been successful in an online business, and as a young kid I decided to throw half of my net worth into this magic internet money. I didn't understand the concept of decentralization back then, but I liked the idea of an internet currency, it made sense and I loved taking risks so I went for it.

    Well shortly after that I discovered Dogecoin (or was it created then?) so naturally I dumped ALL my BTC into it thinking this meme coin would be an even better form of internet money. Over a year or two I watched my crypto dwindle down to sub $2k. At that point I was thinking alright might as well let it go to 0. I eventually switched it all back over to BTC when it went back up to 7-8k (IIRC), but at this point I lost a few BTC, I was down to 30-35 or so. A couple of other memories include spending 0.3 BTC on a porn subscription when BTC was worth $200 or so. I also sent 0.25 BTC to a website that said they would send 1 BTC back, needless to say I'm still patiently waiting for them to send it back. Lost a couple of coins at that casino that was up in 2014 as well, but I forgot the name of it.

    Anyway, 2017 rolls around, and I break even! I had moved on in my life at this point and having 35k was nice but not life changing, so I never thought about selling at that point... But then that year it just kept climbing and climbing. Once my portfolio hit 100k was when it hit me that something special was going on. I was incessantly checking the prices at work and did more and more research about decentralization and understanding what Bitcoin and cryptocurrencies really were. And that's when I discovered altcoins...

    Thinking I was ahead of the curve I threw all my BTC into alts right after the BTC Cash fork. Within the next month my ~40 BTC dropped down to 15 (but it stayed about even in $) while BTC was mooning. Dec 2017/Jan 2018 comes and it rockets up to 75 BTC! My portfolio was worth over a million dollars. Wow. I was right in my thinking and I was rewarded for it. Everyone was talking about crypto at that point and I started throwing a BTC into all sorts of alts and ICOs.

    Luckily I also reluctantly sold 15BTC to lock in some profits, but feared I'd miss the next rally hence the small amount. Turned out to be a good idea - that was the top. Scam after scam, the rest of my coins run down to 20 or so BTC. I was a millionaire on crypto-paper for about a month.

    Over the next couple of years I ended up holding pure ETH as it eventually dwindled down to sub 100k. Depression hits and I see what could've been, kicking myself for not cashing out. But I knew there would be another bullrun one day so I didn't sell.

    Fast forward to the COVID crash - I wake up one day to BTC at $3k and knew I had to trade it. My ETH was down to ~12BTC at the time, and being jobless and quarantined, I traded "full time" and ran it all the way up to 100+ BTC (on the way up from 3k-10k). I felt like a god, I called every move and I didn't lose. I was a millionaire again! But only for a moment...

    I then went on to lose ~75 BTC margin trading. I was taking on ridiculous trades. From July 19 thru September I built up a 1000BTC long position (lol) which got me stopped out when it dipped back down to ~9800. My stop was at 9900 and I lost a massive amount of money. Had I not been stopped out I would've made 10-30 mil. But that's not how it works and I probably would've given it back one way or another. So with my last 25 BTC I forced myself to sit on my hands in spot while I watched it go up and up and up.

    Anyway here I am now. I'm done riding the crypto rollercoaster. I have been fully exposed to crypto ever since learning about decentralization in 2017. And although I'm extremely bullish on crypto, I'm going to lock in some money so I have a stable lifestyle over the next decade+, as well as diversify my investments. It really does a number to you when your future is uncertain - life with 10k vs 100k vs 1mil vs 10mil net worth is very different, at least for me. I had let money control my mood and life goals over the past few years in both the ups and downs. But there is so much more to life than money and being glued to a screen. I sold about 20 coins for $35k average which will set me right for a very good amount of time. I'm out, I'm done stressing and having sleepless nights. I have major major FOMO that we'll ultra moon from here, but I can't take another cycle of this. A million dollars is a lot of money, and while 10m+ would be nice to have, this is life changing enough for me.

    Good luck to y'all out there whether you've been around a while or are new to crypto. Crypto has gifted me freedom and I've learned so much over the years. Please remember to take care of yourselves. Bitcoin prices aren't everything.

    The best thing money can buy you is an awakening to your potential, and for that I am thankful. The real work begins now.

    ​

    TLDR;

    35k->2k->1mil->50k->1mil, potentially 10+m->1m->I'm OUT

    submitted by /u/SOLDITALLFOMONOW
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    Glassnode: "Bitcoin is seeing the largest depletion of liquidity since years."

    Posted: 21 Jan 2021 01:45 AM PST

    George Gilder: Forget Cloud Computing, Blockchain is the Future

    Posted: 20 Jan 2021 08:52 PM PST

    Bitcoin's price made the exact pattern it's in right now in very similar circumstances 4 years ago.

    Posted: 20 Jan 2021 08:45 PM PST

    MIT OpenCourse Video Lecture Series about Bitcoin and crypto w Professer Gary Gensler, incoming SEC chairman.

    Posted: 21 Jan 2021 01:39 AM PST
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