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    Bitcoin Daily Discussion, February 05, 2021

    February 05, 2021

    Bitcoin Daily Discussion, February 05, 2021

    Daily Discussion, February 05, 2021

    Posted: 04 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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    Who remembers when bitcoin was only $3500?

    Posted: 04 Feb 2021 12:22 PM PST

    OG bois where u at

    submitted by /u/-Number1Boss-
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    I’m finally a believer

    Posted: 04 Feb 2021 12:56 PM PST

    After all of this manipulation with amc/gme, I understand the thought process now. I am now in for life, decentralization is the only way to go!

    submitted by /u/Canine_X
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    The ONE short clip to watch to GET it.

    Posted: 04 Feb 2021 07:14 AM PST

    Inflation is a secret tax on the poor

    Posted: 04 Feb 2021 05:33 PM PST

    There are many ways you can raise money to do expensive things.

    1. You can borrow it. Examples are directly taking a loan with the promise to pay it back plus interest or a company selling shares which hold a promise for a share of future profits and ownership in the company's assets.
    2. You can earn it. Do useful work and get paid money for that work or for the goods and services you produce.
    3. You can take it. Direct theft. Taxes kind of toe the line of theft and earning. In theory, the government earns my taxes by keeping it's jurisdiction safe and secure. This isn't a problem to me unless I'm not allowed to exit or have a voice in how the government is run if I no longer like the deal I'm getting, then it crosses over into theft.
    4. You can make new money. Money printing. Illegal counterfeiting. Debasement. In the old days, you might take 1000 gold coins, melt them down, mix in some copper, and then have 1200 new coins. Today, we just type a number in a database.

    Number 1 and 2 are perfectly respectable ways to collect money, so long as the dealings and rules in place are fair for all parties involved.

    Number 3 is obviously bad. Almost everyone can agree that taking things without consent is bad for building a productive society. I'm ignoring the debate over taxes for this exercise.

    Number 4 is insidiously bad. It's insidious and poisonous precisely because it's not obviously bad.

    After all, by expanding the money supply, you're not DIRECTLY stealing anything from anyone. I still have exactly the same total amount of money in my bank account, so no harm, no foul, right?

    But it is stealing. It's not stealing the money you have, it's indirectly stealing what the money represents, which is proportional purchasing power in an economy.

    The people this form of theft hurts the most are those who simply don't understand money. It hurts the poor and middle class, who keep a large percentage of their wealth in cash and savings accounts, because they don't have the time or education to know how to invest it. Or don't have enough to even start investing it because of high cost barriers to entry.

    The rich get this. That's why they hold as little money as possible in fiat currency and instead hold things that are hard to debase, like desirable real estate, gold, stock, rare art, etc.

    And the poor are left confused why the number in their bank account or salary keeps going up, but their lifestyle keeps degrading.

    Money printing is insidiously bad because it works to maintain and even accelerate wealth disparity.

    Inflation is a secret tax on the poor.

    submitted by /u/consideranon
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    How about providing newborns a wallet with 1,000 dollars worth of Bitcoin locked for 18 years instead?

    Posted: 05 Feb 2021 12:31 AM PST

    Build your life on the rock of bitcoin

    Posted: 05 Feb 2021 02:10 AM PST

    I’m ditching my non interest bearing savings account for Bitcoin - I’m all in. 1-year experiment.

    Posted: 04 Feb 2021 07:33 PM PST

    I've read up as much as I can about BTC, and have read 'The Bitcoin Standard' amongst others. The macro-economic climate we are living in is unprecedented with the lowest interest rates we have seen in years and the endless supply of helicopter money.

    I've have struggled to save money in past, and now I understand why. Since December I've been saving in BTC instead of cash, whilst maintaining a small emergency fund in cash. Saving has never been easier. I don't have any urges to spend money, in hindsight can be explained by the fact that I don't want to let go of any of my precious sats. It's obvious to me that Bitcoin is the hardest money invented. I want to save in a money (or asset) that is deflationary rather than the continually debased fiat our federal reserve prints. I can't compete saving just dollars in a zero interest bearing bank account.

    I'm at the stage of life that I'm earning a decent living (not earning mega bucks by any stretch of the imagination), but can save around $1,000USD/month.

    My goal is not a lambo, or any other silly luxury, but is to have financial independence. One of my medium to long term goals is to be able to secure a future for myself, be able to live in a modest but comfortable home. I want to be able to put a decent deposit on a home in 4 years' time.

    I'm recently debt free (followed Dave Ramsey's plan to obliterate my student loan debt), and now, it's time to build my life financially.

    So, for one year, I am going to continue this experiment. Every dollar allocated in savings is going into Bitcoin. It will likely continue for many more years. But for now, New Year's Day - 2022, I will update you all with my progress.

    See you next year 😁

    submitted by /u/Anon10532
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    The founder and CEO of Twitter, Jack Dorsey, has launched his own Bitcoin node.

    Posted: 05 Feb 2021 01:00 AM PST

    Visa Reveals Bitcoin And Crypto Banking Roadmap Amid Race To Reach Network Of 70 Million

    Posted: 04 Feb 2021 08:39 AM PST

    Bitcoin just became my primary saving account

    Posted: 04 Feb 2021 05:59 PM PST

    Around 10 years ago politicians in Belgium funneled lots of money from a specific bank which i was using that time, resulting in bankruptcy and they literally blocked my accounts and stole my money to "rescue" that specific bank.

    I later moved to Colombia because i had family there and was fed up of that corrupt bullshit in Belgium, also it opened up lots of job opportunities for me because i work a lot in South American countries. and duo ridiculous tax rates in Belgium (70% because they double tax first per month then per year on the same income)

    However 2 years ago before the Corona bullshit started i sold my apartment and bought a house, i was short for $3000 USD and requested a loan, the bank tried to fuck me by trying to snatch my deal away and try to buy the house from the seller (because they require the seller details for a loan)

    I was lucky and the seller recorded the call and told me how the bank was trying to cheat on me (he hates banks)

    This forced me to sell my car with $3000 USD loss in order to get the amount needed, all my bad experiences with banks have made me trust Bitcoin even more, also the bank cheated on my with my portfolio of stocks that i was keeping with them, they lied about my investment profits and kept half of the profit for themselves.

    I started buying when bitcoin was around $10,000 usd, now my investment has increased 3fold and im still holding and buying.

    And the best part, taxes can't know what i own and i can trade my Bitcoin into cash without locally without anyone knowing.

    i bought $300 USD more today and i spread my savings in 2 hardware wallets so no fuckery and my seed is safely stored in a vault at home with instructions for my wife in case something happens to me.

    submitted by /u/Lemons81
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    Twitter CEO Jack Dorsey Has Set up His Own Bitcoin Node

    Posted: 05 Feb 2021 02:26 AM PST

    PSA: The Elon Musk Bitcoin giveaway scam is now using Social Capital's Chamath and the Winklevoss twins to steal Bitcoin. Nearly $80,000 in BTC has been sent to these scam addresses since they went live TWO DAYS AGO! DO NOT SEND!

    Posted: 04 Feb 2021 10:20 AM PST

    THEFT ALERT! Unknown Blockchain.com employee is stealing customers funds

    Posted: 04 Feb 2021 05:43 AM PST

    I have to take out a student loan of about $10k, thinking about loaning double and buying $10k worth of bitcoin.

    Posted: 04 Feb 2021 09:26 PM PST

    Is this so foolish it might pay off?

    submitted by /u/greyfragoo
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    Gas station across Croatia starts accepting Bitcoin

    Posted: 05 Feb 2021 01:27 AM PST

    No. of active bitcoin addresses rising exponentially, don't forget to keep our BTC safe...

    Posted: 05 Feb 2021 12:54 AM PST

    Bitcoin's usage is on the rise and we are seeing increased adoption in its usage with each passing day. It is estimated that there are currently ~200 million wallets with the no. of active addresses rising exponentially.

    As we see more people entering bitcoin one topic that often gets overlooked is security. Despite bitcoin blockchains SHA-256 encryption that make transactions extremely secure, there have still been instances where hackers and cybercriminals have managed to steal bitcoin from people.

    Albeit these hacks have majorly been on exchanges and social media one cannot stress enough the need for proper measures to safeguard your bitcoin.

    Here are some quick tips to keep your crypto safe:

    #1 Use Hardware Wallet: Store your crypto in hardware wallets. They are not connected to the internet making them safer than other options. Trezor is the best bet right now.

    #2 Never Store your Bitcoin on Exchanges: Exchanges have been the prime target for most hackers. Once the desired trade is made, withdraw your bitcoin and any other crypto and keep it in your personal wallet.

    #3 Store your Private Keys/Wallet Seed Offline and Never Share Them:

    Always remember;

    Not your Keys, Not your Bitcoin

    Make sure that your private keys and wallet seed are securely stored offline. This is the most secure way to protect your wallet from hackers.

    #5 Keep Backup: If by any chance you lose access to your wallet and your private keys, this backup is the only way you can recover your bitcoin.

    #6 Use separate wallets for daily use and savings: Always separate your bitcoin into different wallets based on their purpose. Even if one of your wallets gets compromised at least the rest of your bitcoin will be safe.

    #7 Never click or access unverified bitcoin links: This goes without saying but, avoid clicking any unverified links claiming to be investment opportunities, bitcoin giveaways, or anything similar asking for your private keys or asking you to send bitcoin.

    ​

    Source: How to keep BTC Secure

    submitted by /u/primalfabric
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    Croatian petrol company Tifon allows crypto payments at all its stations

    Posted: 04 Feb 2021 05:50 AM PST

    So when Bitcoin hits $408,569, what good changes are you going to make to the World?

    Posted: 05 Feb 2021 01:36 AM PST

    Just a bit of fun as the week is almost wrapping up...

    When you finally reach your Bitcoin moon, when you can quit that 9-5 job, look your boss in the eye and say 'goodbye'. What good things are first on your list for making a real change to those around you?

    Everyone always talks about Lambos and girlz but this is an opportunity for us the small guys, the apes, to make a real change to the World around us.

    I've always liked the Samuel L Jackson theory in Pulp Fiction, where he says he is simply going to 'walk the earth'. It'll be cool to be one of those 'secret millionare' dudes and make someones life real happy that deserves it.

    Peace...

    submitted by /u/BitcoinNBeever
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    You know, if I was Elon Musk, and I had just deposited 26 billion into the crypto markets to buy some Bitcoin, then I would be pumping the fuck out of another sh*tcoin I have close 1% in right now to slow down the Bitcoin price surge while my 26 billion is still entering the market.

    Posted: 04 Feb 2021 07:05 PM PST

    GreyScales CEO Tweeted at Elon to let him know he's seen him on the markets buying up Bitcoin:

    ​

    https://twitter.com/RRunner144/status/1355687704793673732

    ​

    ​

    ​

    Yesterday, the CEO of Ridgecrest on MicroStrategies Bitcoin for Corporations conference yesterday said he has 26 billion in deposits on his order books entering the market. That would be just a bit over 10% of Elon's net worth. Who knows though. I just know if I was entering the space in such a massive way and saw the price running away, then I would do everything to take attention away from it.

    ​

    Furthermore, the timing of Elon's tweets last night with the popping YouTube video showing evidence that he could be the 1 billion dollar sh*tcoin owner who pumped that market recently with a $700 million purchase of said sh*tcoin during its price run up.

    If I was a billionaire worth $185+ billion trying to put in $26 billion into Bitcoin, then spending $700 million to pump a sh*tcoin to distract people from the coin I'm actually trying to buy is exactly the kind of thing I would do.

    submitted by /u/SatOnMyBalls_
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    Solve this mystery for me will you?

    Posted: 05 Feb 2021 03:21 AM PST

    1. We know that NYDIG is currently buying at a rate greater than all the bitcoin being mined per month.
    2. We know that Greyscale is currently buying at a rate greater than all the bitcoin being mined per month.
    3. We know that Paypal should probably be buying at a rate greater than all the bitcoin being mined per month.

    Given the above how is it feasible for the price to go sideways for a month? Is it possible that many HODLers hands are being shaken loose? I don't think so. Leads me to the conclusion we don't know what we think we know.

    submitted by /u/bell2366
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    $25 Billion Institutional Investors Coming to Bitcoin

    Posted: 04 Feb 2021 08:20 AM PST

    i've made this piece 'ALL TIME HIGH' that i'm now selling on the blockchain! enjoy the ride!

    Posted: 04 Feb 2021 03:03 PM PST

    Stone Ridge CEO Says 'A Wall Of Money' Is Coming To Bitcoin

    Posted: 05 Feb 2021 02:27 AM PST

    Another 14 thousand bitcoin left coinbase for cold storage. That’s 30k in 7 days! Very bullish

    Posted: 05 Feb 2021 03:19 AM PST
    Read more
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