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    Bitcoin Daily Discussion, March 28, 2021

    March 28, 2021

    Bitcoin Daily Discussion, March 28, 2021

    Daily Discussion, March 28, 2021

    Posted: 27 Mar 2021 10:07 PM PDT

    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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    Fourth stimulus check: Over 60 lawmakers now support further direct payments to Americans

    Posted: 27 Mar 2021 09:23 PM PDT

    Me trying to live a normal life

    Posted: 27 Mar 2021 04:52 AM PDT

    I never ever believe in my retirement fund

    Posted: 27 Mar 2021 10:02 PM PDT

    I have worked some 20 years as an engineer. Ever since I started working, I had this gut feeling that I would never get enough for retirement, that there would be depreciation, that the system might collapse.

    I grew up in a third world country, and I remember my father being VERY upset because of an 80% devaluation -overnight. He had his debts in usd, so we were financially screw. I was very young, did not even knew math, but when he literally eli5 the situation for my, I had complete understanding of the situation.

    He owe 10 american bananas and needed about 20 local bananas to pay. But now our bananas were cheaper and he needed 100 bananas to pay for the 10 american bananas. And we only had about 30, so we needed 70 extra bananas and that is how my sister, his wife and the girl she find in a forest ended up working in the streets at night, to get most needed bananas for us.

    Joke aside, I never in my life see my family being so miserable overnight.

    In 2014, there was "a voice" telling me to buy btc. I did not even understood what it was but I buy in and after the crash, I sold and lost (7 btc).

    2015, when the price went up again, the voice kept telling me to buy and I did. I kept doing that and in 2018, after the crash, I did not sell. I understood it was a cycle.

    And oh boy, are 3 years long? They are.

    But I kept buying, every month a little bit.

    If anything, I regret I did not put all my savings there. I kept accumulating satoshis.

    During this bullrun, I got probably 3x what I have in my retirement fund already, and I am not planning to sell like I did in 2015.

    Another thing I realize while growing up is that both my grandparents had big houses and a number of cars, and my father could only afford a tiny house and 1 car, and myself? I was never willing to get a credit to pay in 30 years for a house half the size of my parents and move on public transport. The system was obviously not working.

    All the fears that I had when I was a kid came back to hunt me. Devaluation is not just a phenomenon of third world countries.

    Today I do not give a fuck anymore about my retirement money. I am much more upset that the government takes taxes from the risk that I took since 2014. While they keep devaluating the money a little bit every year to a lot sometimes, they want us to pay for they stupid games. And all along, the people who make the rules, politicians backed by big money, keep doing more money.

    Is this a rant?

    TLDR, I never believe in my retirement fund.

    Edit: for people sending me PMs/DMs, as always, you will get immediately blocked. If you have something to say, do it public, in the comments.

    submitted by /u/OutOfWine
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    Whenever I feel restless, I just allow the soothing sound of Bitcoin transactions lull me to sleep. BitListen - Bitcoin Transaction Visualizer

    Posted: 28 Mar 2021 12:56 AM PDT

    AmericanAirlines Arena to be renamed for cryptocurrency exchange

    Posted: 27 Mar 2021 08:06 PM PDT

    UK crypto firm receives funding to create first entirely green mining pool

    Posted: 27 Mar 2021 01:00 PM PDT

    Bitcoin price of $80,000 at the end of April seems to be the target for most options traders

    Posted: 27 Mar 2021 08:22 AM PDT

    I looked into the Schiff Bitcoin bull theory. These are my findings.

    Posted: 27 Mar 2021 12:53 PM PDT

    I searched through Peter Schiff's entire history for every time he posted an origional tweet targeting bitcoin and no others. The criteria was that it could not contain an @, it had to be an origional tweet, it had to call for the failure of bitcoin in some fashion. The content could not be about alternate characters such as GameStop investors or Tesla Buyers, for example.

    There are only a TOTAL of 30 of these origional tweets. The past 10 days he has posted at least one origional anti-bitcoin tweet every day. I excluded this data for now, as it's the most he has ever tweeted these origional posts. The last lone standing day Schiff posted about BTC is Feb 20 2021.

    Of the twenty tweets I analyzed, I found an average return of 718%. Price was measured from the high of the day, to the current price. The lowest return tweet was 20 Feb 2021 with negative 3%. The highest return was his second on 11 Aug 2016 at 9,325%.

    If an investor had bought $1000 of Bitcoin for every one of his original tweets, their cost would be $20,000. The value of that sum today is $160,370.

    Not only are the returns great, but only 6 tweets have experience a lower price than their initial cost basis. The largest dip would have been 63% due to the covid deflationary crash. The second lowest was in 2019 of a downside on his fourth tweet of 22%. Talk about low volatility to the downside!

    Counter HODL Peter Schiff may be the greatest play of your life. What happens following the last 10 days he's tried to call a top? Did you buy?

    submitted by /u/Nzwiebach
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    Another Norwegian millionaire buys Bitcoin!

    Posted: 27 Mar 2021 09:32 AM PDT

    Having said that Bitcoin is "nonsense" a week ago in Norwegian newspapers, billionaire Øystein Stray Spetalen has in another interview said he has changed his mind and now owns Bitcoin!

    This happens only few weeks since another Norwegian billionaire Kjell Inge Røkke, announced buying Bitcoin with his new company Seetee. Great news!

    Edit: They are billionaires, not millionaires!!

    submitted by /u/Forever0ptimistic
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    All my money I use for retail therapy is in bitcoin. The Amazon buy now option was left in 2020.

    Posted: 27 Mar 2021 07:37 PM PDT

    Must stay strong.

    submitted by /u/midtownoracle
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    Mining Bitcoin on the Game Boy

    Posted: 27 Mar 2021 12:24 PM PDT

    Bitcoin's origin story gives me mega anime vibes so I had to draw her �� Comic coming next month!

    Posted: 27 Mar 2021 05:15 PM PDT

    Saylor Also Foresees Bitcoin Micro-Payments To Reduce Spam, Etc., Not Only Digital Gold | Mar 26th

    Posted: 27 Mar 2021 10:34 PM PDT

    Bitcoin Supply keeps dropping

    Posted: 27 Mar 2021 04:50 PM PDT

    Bitcoin Supply keeps dropping

    Since Bitcoin crossed All-Time-Highs in December, the amount of #Bitcoinon Coinbase has fallen off a cliff. Now -188,820 BTC ($10.66B) since ATH.

    ​

    https://preview.redd.it/efbhuzwrrnp61.jpg?width=1920&format=pjpg&auto=webp&s=f68f7e9e6aea2e8ab62d85355c2263dfd045d09b

    submitted by /u/harbsco777
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    �� Bitcoin

    Posted: 27 Mar 2021 10:11 AM PDT

    No one is checking the value of the US dollar

    Posted: 27 Mar 2021 10:27 PM PDT

    The us has spent over a trillion more (adjusted for inflation) in the last 12 months than they spent on WW2

    submitted by /u/bustbabyburst
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    Your experience with accepting Bitcoin for your small business?

    Posted: 27 Mar 2021 09:47 PM PDT

    Hi all,

    Signed up for BitPay to accept Bitcoin for my business, but it's taking forever to get the account approved.

    How's your experience with accepting Bitcoin for payment thus far?

    submitted by /u/rntjdwns8803
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    $35 a week

    Posted: 27 Mar 2021 12:16 PM PDT

    New to crypto here. I've been putting $35 a week in for the last month or so. Just curious if this is a good strategy or should I wait and purchase 1 month at a time when there is a dip?

    submitted by /u/okletstrythisout3
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    Rejoice. One more full node soon joining your ranks permanently

    Posted: 27 Mar 2021 05:17 AM PDT

    EASIEST way to set up a node?

    Posted: 27 Mar 2021 11:48 PM PDT

    Hi all. I'm looking to run my own full node. Looking for the quickest, easiest way to do this. Thanks in advance!

    submitted by /u/aubs_6
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    Why proof of stake will not work (in the short term) or why Bitcoin understands and caters to Human Nature

    Posted: 28 Mar 2021 02:58 AM PDT

    What is Bitcoin?

    Bitcoin is a protocol that aims to achieve consensus of strangers in a value exchange. It achieves this task by making sure everyone in the network is on the same page or "block". While the Blockchain is just a long book with all transactions ever taken on the network, what makes Bitcoin the genius invention is the understanding of human nature. To make sure everyone plays by the rules, it makes cheating ether A. Not as profitable as playing by the rules or B. So expensive in form of raw force needed that it is just not worth it.

    Having understood the fundamentals is key to see why proof of stake will (yet) not work in the short term, or at least on the same scale as PoW.

    While most people argue that the energy consumption is the key factor of why proof of stake is necessary, it ignores the main driving force in human wealth accumulation: Greed.

    It should be considered that Bitcoin digitalized our need for automatic consensus in an exchange, while at the same time triggering pretty much all primal impulses.

    What the Chyperpunk movement understood is:

    Humans are lazy (Automatic Consensus, everyone can mine)

    Humans are greedy (Automatic difficulty scaling that is key to security)

    Humans want everything now (Instant gratification in mining)

    Humans try everything to cheat the system for own gain (Unprofitable to cheat)

    Humans blame others ("Inventor" Vanished, Bitcoin is self-sustaining and cannot be stopped)

    Human nature

    While most of first world inhabitants take their surroundings for granted and mostly ignore the problems of others, nearly 22% of all living humans are in Poverty. 35-40% do not have a Bank account or access to the banking system. A lot of smarter people than me got into this problem on why we willingly destroy the planet and abusing and using others directly or indirectly with our actions but you can boil it down to one thing: Greed. As one of the seven vices in culture and literature, it perfectly fits into why we are what we are. Tracing the start of a commodity to the end of production, you will almost always find a human right violation until it is on your table. While this is a known fact, not many people really care about it: "That's how the system works.". How could they care in the tangle of life? This fact is woven into the protocol. While i highly doubt the inventors are too stupid to understand the consequence of mining, it is catered to our nature. In some terms – criticizing mining is criticizing human nature. This critic is of course necessary, but will only take roots in a long time span. One of the main drivers on why we don't burn ourself on the stake anymore, at least here, is this critique over time but I would argue that most of it has to do with a. Making things easy AND friendly to humans / nature b. Education.

    While things get better over time, the proof lies in itself because we are still here, ultimately it is foolish to believe that people will change in one or two or three generations.

    Greed

    While greed is only one of the vices, it fits very good into why Bitcoin is so successful. Not only counters it our will to betray anyone for more, the protocol itself has a fail-save for our own broad term stupidity. While there is no Human that distributes coins, the main problem is solved. With making it unprofitable or less profitable to cheat the system, the second problem is solved.

    The simple genius solution to greed is: No Human distributor.

    Now proof of stake does the same, but:

    PoW also caters to something more. Anyone can put muscle into it. Anyone can "physicly" participate. Its not a random number or lottery where you put money in and hope for better odds and more money. It is actual work that can be made and seen. Now you can build the smartest PoS system but I will bet anything it will not get the same participation in the short term as the Bitcoin network has.

    It caters to more vices.

    Future

    While I genuinely believe that bitcoin is one of the greatest invention with the internet (and many more) to bring humans away from destroying themselves, I also have my problems with the energy consumption. In the long term I can see banking swallowed and all smaller jobs in Finance/Archiving/Proofing that are not programming the system will be gone. We will invent chips that use less energy and go away from anything that is not sustainable. At least in the first and second world countries. You cannot expect anything from anyone that has problems putting food on the table or has no clean water.

    In the short term we will choose the system that caters best to our vices.

    In the long term we will use those systems to save us all.

    Thank you

    submitted by /u/NebuLa32
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    BITCOIN SCEPTICS

    Posted: 28 Mar 2021 03:18 AM PDT

    I had a conversation with a guy today about BTC, bear in mind this guy owns a software company and has a degree in computer science. I was left gobsmacked by his level of scepticism, lack of knowledge and utter dismissal of the crypto world. It made me realise how early we actually 👍

    submitted by /u/jamsmash2020
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    America understood that banning bitcoin is stupid. Europe will either realize it too, or a train will pass, says a cryptocurrency expert...

    Posted: 27 Mar 2021 03:45 PM PDT

    Twitter Reacts To Jack Dorsey's Bitcoin Blockclock: How Does It Work?

    Posted: 27 Mar 2021 10:21 PM PDT
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