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    Bitcoin Daily Discussion, February 27, 2021

    Bitcoin Daily Discussion, February 27, 2021


    Daily Discussion, February 27, 2021

    Posted: 27 Feb 2021 05:53 AM 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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    To the man at the grocery store...

    Posted: 27 Feb 2021 02:50 PM PST

    Saw an elderly man (maybe 65-75) today at the grocery store in a Bitcoin shirt. Didn't say anything the first time I saw him but told my wife and was like "adoption, that man gets it".

    Later seeing him at the checkout, I told him I love the shirt and he replied "keep stacking". That's why I'm a believer in Bitcoin bc if the older generation is starting to get on board and adapting then we have even more growth in our future, so from the guy at the store, Keep stacking.

    submitted by /u/ajdiddy
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    Finally got up to 1% of a coin!

    Posted: 27 Feb 2021 05:47 PM PST

    Guys I'm so broke, but 50 bucks here and there from paychecks and I've got my .01

    submitted by /u/Charlie272
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    I just love that the price has stabilized around 48k for this long.

    Posted: 27 Feb 2021 12:32 PM PST

    Behind a bull run...few things make me happier than when this baby stabilizes. Just had to say it, no one around me even cares.

    submitted by /u/CabinetNo4093
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    Found an old USB key...

    Posted: 27 Feb 2021 05:22 AM PST

    Used Gemini (Flexa) to pay for Baskin Robins and it was actually easier than paying with card...

    Posted: 27 Feb 2021 06:56 PM PST

    I think Elon musk should start a bitcoin mining farm with Tesla. He has all the infrastructure to build the most energy efficient bitcoin mining farm the world has ever seen.

    Posted: 27 Feb 2021 12:15 PM PST

    When did bitcoin become about simping for billionaires?

    Posted: 27 Feb 2021 02:30 PM PST

    Andreas Antonopoulos brought this up in a recent podcast. Bitcoin's narrative has shifted a lot from banking the un-banked, and replacing old corrupt institutions.

    Now, the community is simping for these same corrupt institutions, as soon as they started pumping the price. I can guarantee, these institutions do not care about Bitcoin's censorship resistance, decentralization, or about banking the un-banked. They've just bought Bitcoin, then created hype so that their own investments can go up.

    These institutions will not support changes that improve privacy, as that makes it harder for regulators. They will try to "normalize" Bitcoin into traditional systems. For example, Michael Saylor has said that Bitcoin isn't meant to be used as a currency, he said its just a store of value and a gold replacement.

    He's trying to make it fit into traditional systems. So called "normalization of Bitcoin" is bad. People are trying to make it fit into the same institutions it was meant to replace.

    This institutional investment into Bitcoin is only good, if the only you care about is the price of Bitcoin.

    This community overall has also degraded to where all anyone talks about is these institutions, and the price.

    This hype cycle will eventually die out, and the people who care about price will leave. The people who care about price will sell, and then the big institutions will also panic and sell, and 2017 will be repeated.

    To anyone who is newly into to Bitcoin and bought hoping the price will go up, I don't want to attack you. Instead, I highly encourage you to learn more about what Bitcoin, and cryptocurrency in general is. Learn about how it works, and what problems it actually solves.

    submitted by /u/TheFronkler
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    STOP DEFENDING BILL GATES

    Posted: 27 Feb 2021 02:24 PM PST

    I am tired of people defending Bill Gates and saying things like, "Microsoft uses open source development and accepts crypto" or "He is looking out for small investors by warning them against volatility". Microsoft is adopting these things because their attacks against them failed. Where was Bill when small investors were getting wrecked in the stock market or losing their pensions? Where was his love for open source when Microsoft attacked open source licenses? Let's take a look at the history of Bill Gates and Microsoft regarding open source and crypto:

    • 1998 United States v. Microsoft was a set of civil actions filed against Microsoft Corporation by the United States Department of Justice and 20 U.S. states. The plaintiffs alleged that Microsoft abused monopoly power in its handling of operating system sales and web browser sales. Microsoft won their right to continue breaking the law.
    • 1998 leaked internal Microsoft documents state the following "OSS [Open Source Software] poses a direct, short-term revenue and platform threat to Microsoft, particularly in server space. Additionally, the intrinsic parallelism and free idea exchange in OSS has benefits that are not replicable with our current licensing model and therefore present a long term developer mindshare threat."
    • 2001 Microsoft's Steve Ballmer is quoted as saying "Linux is a cancer that attaches itself in an intellectual property sense to everything it touches"
    • 2002, Microsoft applied for 1,411 patents.
    • 2003, Microsoft began licensing its patents to other companies in exchange for either royalties or access to their patents (a "cross-licensing" deal). Microsoft's lawyers began calculating how many of its patents were being infringed by free and open-source software.
    • 2004 Microsoft had more than doubled the number of patents, totaling 3,780.
    • 2004 Microsoft recruits Bill Hilf to build an open source lab where he and his cohorts would build Linux systems and test them in tandem machines running Windows software.
    • 2007 Licensing chief Horacio Gutierrez claimed the total number of patents allegedly violated by open source software was 235. Gutierrez is quoted as saying "This is not a case of some accidental, unknowing infringement. There is an overwhelming number of patents being infringed."
    • 2007 Microsoft threatened to sue Linux based companies like Red Hat over patent violations.
    • 2008 Bill Gates said open source creates a license "so that nobody can ever improve the software"
    • 2008 Bill Gates outlined how open source development could work for Microsoft in a meeting with Sam Ramji (open source lead) and Ray Ozzie (lead developer).
    • 2008 Microsoft realized they couldn't destroy or "embrace and extend" Linux. Microsoft adopts Linux benefits in fear of being left behind.
    • 2008 Microsoft purchases Powerset, one of the first companies to run a web service atop the open source project Hadoop.
    • 2009 Microsoft prototyped an Amazon-like cloud service under Sam Ramji using nothing but open source software such as Zend, OpenNebula, Eucalyptus, OpenScale and Hadoop.
    • 2009 Sam Ramji left Microsoft.
    • 2009 Microsoft sued GPS navigation device maker TomTom, arguing that the company's Linux-based products violated a patent related to how operating systems handle file storage.
    • 2010 Microsoft releases open source project Azure
    • 2011 or earlier, Microsoft began threatening lawsuits against Android device manufacturers until they signed licensing agreements. Microsoft has never defended these patents in court. Rather than risk an expensive court battle, Android manufacturers pay Microsoft for a license.
    • 2011 Microsoft Windows announces ports for Node.js and Hadoop, both open source.
    • 2011 Microsoft contributes code to the open source project Samba.
    • 2012 Microsoft signed a patent deal with Amdocs covering its Linux use despite there never being any proof that Linux violates Microsoft's patents.
    • 2014 Microsoft CEO Satya Nadella is quoted as saying "Microsoft loves Linux."
    • 2014 Microsoft adds Bitcoin to payment methods on Microsoft Accounts.
    • 2016 Microsoft releases open source .NET Core
    • 2017 In competition with Bitcoin, The Bill & Melinda Gates Foundation released open-source software for creating payment platforms that will help unbanked people around the world access digital financial services.
    • 2018 Bill Gates on Bitcoin "As an asset class, you're not producing anything and so you shouldn't expect it to go up. It's kind of a pure 'greater fool theory' type of investment. I agree I would short it if there was an easy way to do it"
    • 2020 Bill & Melinda Gates Foundation asks Oxford to renege on their promise to open source a COVID-19 vaccine to drug makers.
    • 2021 Bill Gates on Bitcoin "The way cryptocurrency works today allows for certain criminal activities. It'd be good to get rid of that"
    • 2021 Bill Gates on Bitcoin "I don't own bitcoin, I'm not short bitcoin, so I've taken a neutral view"
    • 2021 Bill Gates on Bitcoin "Elon has tons of money and he's very sophisticated, so I don't worry that his bitcoin will sort of randomly go up or down. I do think people get bought into these manias who may not have as much money to spare. My general thought would be that if you have less money than Elon, you should probably watch out."

    If I missed anything let me know and I'll add it to the list maybe.

    TL;DR Bill Gates does not have your best interests in mind.

    EDIT: For everyone pointing to Bill Gates and his philanthropy, I could do another full post about how corrupt his foundations are. He is taking resource rights away from local businesses in third-world countries and disenfranchising family owned farms. This is all paving the way for large corps to control and sell the resources of a country instead of the local population (all under the guise of feeding the world). If it was appropriate for me to post a timeline of this as well, I would. But this ain't the sub for it.

    submitted by /u/shleebs
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    Bought my first Bitcoin today.

    Posted: 27 Feb 2021 08:04 AM PST

    I have been a lurker for the longest time. Finally bought my first Bitcoin today! 😄

    submitted by /u/fattybomm
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    Any other Canadians buying bitcoin because there is no alternatives?

    Posted: 27 Feb 2021 03:39 PM PST

    Canadian home prices have 3x since 2006. In markets with jobs for young people houses have more than 5x in that time. Anytime asset prices in Canada are going to fall the Bank of Canada is ready to step in and lower the short term interest rate and purchase long term bonds to suppress the long term yield. Despite low unemployment, low inflation and a booming economy they wouldn't even raise rates past 1.75% in 2018/2019.

    This has been great for people born before 1990 as they can use their assets to get loans to purchase more assets while the debt is inflated away by the Bank of Canada. But unfortunately for people born after they have not had the same opportunity to enter the asset market because wages haven't kept up with asset inflation let alone CPI.

    The Bank of Canada has cheated an entire generation. They expect us to now spend 45% of our income on housing to give boomers a golden parachute to retirement. Even as rates rise they will just implement yield curve control to keep rates low.

    I am done with this system, I refuse to play their game anymore. I'm all in on Bitcoin, they can feel free to devalue their currency to keep bailing out asset holders but I won't be on the wrong side of that anymore.

    submitted by /u/icbcrepair
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    Anyone else have most of their net worth in bitcoin?

    Posted: 27 Feb 2021 08:06 PM PST

    How do you justify it? I've been told many times that it's not a good idea. Still do it tho 🤪.

    submitted by /u/duh_squad
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    Bitcoin Pizza tribute; Two pizzas for 10,000 BTC. It’s almost a legendary story by now. For many bitcoiners, it represents an important milestone in the history of Bitcoin.

    Posted: 27 Feb 2021 03:14 AM PST

    Miners Begin Accumulating Bitcoin Instead of Dumping, First Time Since Dec 27

    Posted: 27 Feb 2021 04:47 AM PST

    I’m about to make another deposit. Who’s with me?

    Posted: 27 Feb 2021 09:22 PM PST

    Time to stack sats

    submitted by /u/5dollaryo
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    Me this morning after seeing all the red..

    Posted: 28 Feb 2021 02:45 AM PST

    Bought more

    Posted: 27 Feb 2021 09:01 PM PST

    So im stressing about the sideways trend...so I bought 5K more....lets go ...HODL

    submitted by /u/Kindog99
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    "And then another time, Bitcoin went up to $58k..." - Stay strong

    Posted: 27 Feb 2021 10:08 PM PST

    Shower thought: You don‘t sell BTC, you just convert it to a weaker currency.

    Posted: 28 Feb 2021 02:11 AM PST

    People think ‚oh i've made profit, imma sell'. You are not selling, you are most likely converting from a limited currency to a currency thats being printed on the day. It's like profiting on a Argentine Peso -> USD Forex trade. No point converting back to Peso's, just hold the USD it's much stronger.

    submitted by /u/frankOFWGKTA
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    After Craig Wright claims to be the hacker who robbed MtGox, MtGox victim threatens to sue Wright over stolen funds

    Posted: 27 Feb 2021 08:45 AM PST

    The months and years ahead will be so interesting

    Posted: 27 Feb 2021 10:22 AM PST

    The economic landscape in the United States and around the World is currently in a fascinating place, and it seems as if a perfect storm is brewing:

    • Massive economic growth potential driven by tech acceleration
    • Record government money printing and stimulus
    • Loose monetary policy
    • High unemployment concentrated in the underserved
    • Record high asset prices
    • Anticipated inflation
    • Accelerated information sharing
    • A widening gap in innovation between government and private industry
    • Regulation that simply can't keep up or doesn't make sense

    I have no idea what will happen next. I have no idea where Bitcoin fits into all of this. We are living in one of the most interesting times in human history, and the story still has many chapters to go.

    submitted by /u/StubbedMyToez
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    buy buy buy

    Posted: 27 Feb 2021 08:14 PM PST

    looks like a good time to buy some crypto. longterm is key. all crashes and corrections go back up

    submitted by /u/Last_Fortune7766
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    My dad surprised me by supporting my BTC purchases.

    Posted: 27 Feb 2021 06:34 PM PST

    I was talking to my dad today and I told him about the anxiety I was feeling watching my bitcoin investment (a modest amount) drop in value. I assumed he was going to tell me how stupid I was for buying in to something dumb and wasting my money, but he totally surprised me.

    "No good investment goes straight up all the time, just put it away, stop checking the value and check in on it in a few years. That stuff is future."

    It 100% caught me off guard that my very conservative 56 year old father would ever say something like that, and he is absolutely correct. This is an investment in the future of currency, not a day trading scheme to me.

    It was a good reminder.

    Edit: thank you, didn't realize I shouldn't disclose

    submitted by /u/MilosSword
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    I finally did it!!

    Posted: 27 Feb 2021 02:35 PM PST

    I have been watching the 'falling' and rising of Bitcoin for years now. Kicking myself for not getting some earlier, but I'm finally in. I don't have much, but I'm finally in!

    submitted by /u/squall_liam
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    Dorsey, Saylor, Winklevoss Twins Join MIT Campaign to Protect Bitcoin

    Posted: 27 Feb 2021 03:35 PM PST

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