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    Bitcoin Daily Discussion, February 04, 2021

    Bitcoin Daily Discussion, February 04, 2021


    Daily Discussion, February 04, 2021

    Posted: 03 Feb 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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    PayPal expects to start rolling out the ability for users to use their crypto balance as a funding source whenever they shop at Paypal's 29 million merchants, later this quarter.

    Posted: 03 Feb 2021 02:58 PM PST

    Report: Bitcoin Overtakes Gold in the U.S. as the 4th Most Popular Investment Vehicle

    Posted: 04 Feb 2021 02:28 AM PST

    I am thinking about selling all my stocks on RH and buying Bitcoin with the money.

    Posted: 03 Feb 2021 03:19 PM PST

    What is the easiest most efficient (for taxes) way to do this? Or is it just as simple as sell everything, transferring the money to my bank account, then transfer it to an exchange?

    submitted by /u/StevenTiggler
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    Guggenheim CIO "NO Institutional Demand for Bitcoin above 30k" then buys half $Billion worth during dip, now targets $600,000 for Bitcoin

    Posted: 03 Feb 2021 06:48 AM PST

    I'm a designer and I've been creating some Bitcoin style hoodies recently. Thought I'd post here.

    Posted: 03 Feb 2021 07:30 PM PST

    [Discussion] We all know Bitcoin is highly decentralized. But how does it compare to other forms of money over time?

    Posted: 03 Feb 2021 01:10 PM PST

    [Discussion] We all know Bitcoin is highly decentralized. But how does it compare to other forms of money over time?

    https://preview.redd.it/x2a4w7k3vbf61.png?width=910&format=png&auto=webp&s=2f9938f4c738969e9af9a69d4580651d4883dfc1

    I've been researching money profoundly (for an article series I'm currently publishing for a Lightning startup I'm interning with), trying to understand how centralization of money evolved over time.

    Historically, the overall trend of money has been towards centralization of power. Before money as a concept existed, anyone could barter anything, anytime, anyplace, without any interference. Ultimate decentralization.

    Over time, institutions became a necessary complement for barley money and weighted metal, and then went from complementary to fundamentally nuclear with metal coins and fiat bills. This trend towards centralization has been almost a constant over the last 5,000 years or more. Then came Bitcoin...

    Bitcoin is decentralized throughout the community of users. Creation and transactions are scattered through a worldwide network of servers to which anyone can join. All you need to participate in the system is to have access to the internet. Institutions aren't fundamental anymore.

    This decentralization might just be what we need in a time were people are tired of having to give up their power to those who they feel don't represent them. This is an age were we reclaim a freedom that we had long forgotten was even possible. Last week comes to mind with Robinhood going against their users and blocking them from the free market. Bitcoin might just be a shield to protect ourselves from those in power.

    submitted by /u/Mr-Procrastinator
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    Lets all take a moment too applaud Michael Saylor!

    Posted: 03 Feb 2021 01:07 PM PST

    Really is pioneering our cause!

    submitted by /u/Loltreeza
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    This might be the most beautiful sentence ever regarding Bitcoin:

    Posted: 03 Feb 2021 06:31 PM PST

    What I've Learned from the GameStop Fiasco...

    Posted: 03 Feb 2021 09:48 AM PST

    I'm fucking done with fiat.

    What even is our monetary system, policy and national goals with this shit? I bought enough GME shares to be interested in what was going on and it's a filthy sham. The hedge funds and capital management entities are pissing on the government, the people, the laws and the rest of the known world. They're blatantly and transparently breaking laws & regulations, lying and spreading misinformation to our news outlets, buying ads to redirect attention away from their scams, strong arming our brokerages into not selling shares, limiting shares, or straight up stealing peoples shares by forcing them to sell using limit stops that weren't set and couldn't be changed.

    How has absolutely nothing been done about their complete lack of accountability? SEC? DOJ? Congress? Melvin Capital has something to the tune of THIRTY employees, shorting a company's stock over 140% of the floated shares, evidence of counterfeiting shares to short, then failing to deliver, then resetting the cover to kick the can down the road. The evidence of shares being created and sold out of thin air is astounding. The ramifications of these actions could bring down themselves, their capital management firm and subsequently the banks and cause a global recession in the worst case scenario. These things were supposed to have been made illegal in 2008 and put to a stop. This is UNPRECIDENTED. A small group of 30 people should NOT have this much influence, should not be able to ladder attack a stocks price from $400 to less than $100 by trading the same few stocks back and forth between each other using lightning fast algorithms.

    This absolutely cannot be allowed. If they get away with this they'll just have a playbook by which to do this again and again. Toys R us, GameStop, AMC, Nokia, BlackBerry, just to name a few. Easy targets for these two dozen people to bleed dry, force bankruptcy, unemploy tens of thousands of people and effectively create less competition.

    However this ends up, I'm fucking OUT. I've lost all faith in the US governments ability to enforce anything. The pandemic showed us they couldn't step up to protect their own tax paying citizens, they drag their feet on regulations to improve healthcare, equality and the environment. They look the other way when the 1% control the media, the wealth, and are completely immune to laws.

    It's over. We've seen what our government is capable of (and not) these last few years. When difficult situations arise, what or WHO comes out to meet it?

    I'm already invested in Bitcoin, but after this I'm ALL in. Every penny that I don't need for the immediate future, bills, food etc. is going into Bitcoin. The hedge funds can trade their stocks back and forth until the value of everything is zero. Fuck'em.

    submitted by /u/SeniorMuchachito
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    It's pure !@#$ Robbin'theHood dares to advertise on this forum.

    Posted: 03 Feb 2021 10:55 AM PST

    RH gave up its neutrality; either because they were incompetent and didn't have the assets to backup the purchase of GME....

    ....or worse, they actively colluded with people on one side of a financial transaction, at the expense of their customers.

    It's sick that they advertise here in a forum dedicated to the dream of a censorship resistant, permission-less form of money!

    They are the antithesis of Bitcoin!

    submitted by /u/AManInBlack2020
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    Next time someone shills their payment shitcoin and says Bitcoin is old tech that doesn't scale, just link this

    Posted: 03 Feb 2021 10:52 PM PST

    I made a Bitcoin portrait of Michael Saylor who got the most upvotes in my last post for a portrait. Should I do Janet Yellen next?

    Posted: 03 Feb 2021 09:15 AM PST

    Michael Saylor entering the BTC seminar today like....

    Posted: 03 Feb 2021 05:09 AM PST

    NYDIG Expects to Hold $25B in Bitcoin for Institutional Clients by Year End

    Posted: 04 Feb 2021 01:08 AM PST

    My BTC redemption story

    Posted: 03 Feb 2021 07:31 PM PST

    Got in BTC was back in 2013 (around $27) Was trading with friends buying and selling. Had a wallet with a couple BTC and lost my password. Resented BTC for years and wouldn't invest. Got back in last year when it was around 4K. Bought the dips and eventually had .65 Bitcoin. Still always had that nagging feeling about that old wallet, but could not remember my password.

    About a month ago I came across Wallet Recovery Services. Went through the process and after weeks Dave Bitcoin was able to get me back in my wallet. Now I can finally enjoy this ride to the top without regret (other than not buying 100 @ $27).

    Had to share with people that may care. All I get from friends and family is "sell before it goes down".

    submitted by /u/Original_Writing_539
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    Bitcoin core link in right panel is outdated

    Posted: 04 Feb 2021 12:33 AM PST

    The bitcoin core link in the right panel should be updated to 0.21

    submitted by /u/varikonniemi
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    Visa has announced it plans to help banks roll out bitcoin and cryptocurrency buying and trading services with a new Visa crypto software pilot program, set to launch later this year.

    Posted: 03 Feb 2021 05:35 AM PST

    How isn't Lightning Network not the center focus of bitcoin?

    Posted: 03 Feb 2021 11:37 AM PST

    Lightning Network has improved SO much. My experience with LN has been so good and easy.

    Wallets like Phoenix are so simple, users doesn't have to care about any technical details.

    There was barely any LN back in 2017. If there's a surge in bitcoin price, LN and community around it is the only thing I can assign this value to.

    How are we not talking about it?

    EDIT: I'll add some advantages that makes LN special

    • Improved privacy. Onchain level suffers a lot from privacy leakage.

    • Scalability

    • Low fees

    • Great community: Many merchants and businesses involved with an excellent bunch of open source builders.

    • Staggering amount of innovation and ideas in mailing lists and forums.

    submitted by /u/HarambeTownley
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    There is every reason to believe the NSA tried to subvert commercial cryptography in the 2000s, and now one of the architects of that work runs applied crypto at Amazon.

    Posted: 04 Feb 2021 02:02 AM PST

    3 Years Ago on r/Bitcoin, Robinhood got 12.1k upvotes. Here are my favorite buried comments from that thread!

    Posted: 03 Feb 2021 02:22 PM PST

    Every reason Bitcoin will not fail

    Posted: 03 Feb 2021 11:19 PM PST

    Found this gem a while back and thought I'd share it. There's more reasons than listed as to why Bitcoin won't fail, but this is a good start. This is my first thread so I hope I'm doing it right, my wife's boyfriend told me how to do it and he eats crayons for breakfast (favorite color are blue ones).

    https://safehodl.github.io/failure/

    submitted by /u/Hodl2
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    Bitcoin is the real war against corrupted wallstreet

    Posted: 03 Feb 2021 07:35 AM PST

    The $GME squeeze appears to be over right now. What surprised me the most is that only a small amount of people from WSB ended up joining the Bitcoin subreddit. The real short squeeze is Bitcoin, we have been working on this revolution for 10 years now and we're coming closer and closer to changing the system. The Bitcoin hodlers are the only investors out there with true diamond hands, Bitcoin doesn't produce anything, it doesn't pay dividends, all it offers is a change and a new system of money. The wallstreetbets users should be joining Bitcoin, we have the knowledge, the power and the hodlers to really change the system. We've been winning this war for the last 10 years and the final blow will be this decade.

    submitted by /u/thomascr9695
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    MicroStrategy Bitcoin for Corporations Conference Live Stream here

    Posted: 03 Feb 2021 08:07 AM PST

    Elon Musk, The World’s Richest Person, Wants To Be Paid In Bitcoin

    Posted: 03 Feb 2021 05:32 AM PST

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