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    Bitcoin Daily Discussion, May 06, 2021

    May 06, 2021

    Bitcoin Daily Discussion, May 06, 2021

    Daily Discussion, May 06, 2021

    Posted: 05 May 2021 10:05 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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    An important lesson on sat stacking

    Posted: 05 May 2021 06:04 PM PDT

    My lovely wife gave me this as a gift.

    Posted: 05 May 2021 08:16 PM PDT

    Bitcoin is coming to hundreds of U.S. banks this year, says crypto custody firm NYDIG

    Posted: 05 May 2021 04:43 AM PDT

    I can't believe I can run a full validating node for a trillion dollar monetary and payment system on this laptop. This is why we don't want bloat on the chain. So everyone can validate

    Posted: 05 May 2021 06:21 PM PDT

    E-Commerce Giant MercadoLibre Discloses $7.8M Bitcoin Buy

    Posted: 05 May 2021 01:30 PM PDT

    Principle of Animation

    Posted: 05 May 2021 09:01 AM PDT

    Bitcoin Will DOMINATE 21st Century - Michael Saylor

    Posted: 05 May 2021 07:38 PM PDT

    Lebanon’s Currency Crisis. Great 8 minute Documentary. Watch this before you ever consider selling Bitcoin for fiat.

    Posted: 05 May 2021 08:28 PM PDT

    PSA: the actions of binance are best explained by insolvency

    Posted: 05 May 2021 04:13 PM PDT

    edit for clarity: this is mainly for for Binance.us

    This is a red alert to all bitcoin holders not to use the binance.us exchange. You can assess the facts yourself by going to the r/binance subreddit, and seeing all the support requests for locked accounts. If you look for a pattern, you will notice that accounts trying to transfer money out are locked down, and nobody trying to transfer money in.

    A convenience sample:

    Those are the facts. I don't have any additional information about binance, and can't make a statement of fact. However, the best possible explanation to fully explain their actions is that binance.us is insolvent, and should be treated as such.

    It pains me greatly to say it, because I need your deposits to achieve my own withdrawals, but I can't in good conscience be silent about this.

    If it adds anything to my credibility, I am a MtGox survivor, and managed to get my funds out just in time back then. In large part due to listening to warning like this one.

    Remember kids: not your keys, not your bitcoin.

    edit for a prediction:

    if there is any truth to this, the next thing that happens is their exchange rates start to diverged other exchanges, as they try to entice depositors with more crypto per dollar, or exchange fees near zero.

    if you see this happen, it's an even bigger red flag.

    second edit: I would think that financial news services like the WSJ would be all over this given their recent interest in reddit, but they can see all the same submissions on r/binance, and aren't connecting the dots.

    submitted by /u/appleflaxen
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    Watching the bull run on my new desktop ticker

    Posted: 05 May 2021 10:48 AM PDT

    Guys show some love to him, I think he does a great work, just need a little help from us..

    Posted: 06 May 2021 02:26 AM PDT

    You can now buy real estate with Bitcoin in Latin America with retail giant Mercado Libre (like Latin American Amazon.com)

    Posted: 05 May 2021 06:19 PM PDT

    ⚡ Lightning Thursday! May 06, 2021: Explore the Lightning Network!⚡

    Posted: 05 May 2021 11:07 PM PDT

    The lightning network is a second-layer solution on top of the Bitcoin blockchain that enables quick, cheap and scalable Bitcoin payments.

    Here is the place to discuss and learn more about lightning!

    Ask your questions about lightning

    Provide reviews, feedback, comparisons of LN apps, services, websites etc

    Learn about new LN features, development, apps

    Link to good quality resources (articles, wikis etc)

    Resources:

    submitted by /u/rBitcoinMod
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    New York Giants Ink Sponsorship Deal With Grayscale in NFL First - CoinDesk

    Posted: 05 May 2021 06:50 PM PDT

    Mercado Libre -e commerce company- adding 7.8million dollars in Bitcoin to their balance sheet ��

    Posted: 05 May 2021 01:23 PM PDT

    18,700,000 btc mined

    Posted: 05 May 2021 10:28 AM PDT

    This is more than 89% of the total amount of btc that will ever be in circulation.

    submitted by /u/Texugo_do_mel
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    Bitcoin is the result of 40 years of research.

    Posted: 05 May 2021 06:21 AM PDT

    Will Bitcoin adoption end up causing more inflation, which will then grow Bitcoin even bigger?

    Posted: 05 May 2021 11:04 PM PDT

    If more and more people see the benefit of storing their value in the verifiably scarce digital asset (btc), that would mean less people will hold on to fiat.

    for example- money printing $1tril dollars would be stealing $1tril from all fiat holders (through currency debasement)..

    since there are now less fiat holders (as btc adoption increases), there will be less people to steal from. so they will have to print even more in order to steal the same amount of value, which will cause even more money to go into bitcoin. it's a never ending cycle, and the government will be forced to shrink, because their stream of value stolen through inflation will be eliminated and the value stolen must now ONLY be through taxes (which is visible to society, so the system will be a more honest and transparent system). amirite?

    submitted by /u/suuperfli
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    Energy consumption argument comes from the same idiots telling you Bitcoin will fail

    Posted: 05 May 2021 11:51 PM PDT

    Most of the electricity used for mining comes from excess energy sources that can't be used otherwise, like thermal energy in Iceland. The argument about wasteful energy use is artificially made up by the shit media to discredit bitcoin as an asset and spread FUD, especially among new & "conscious" investors. Bitcoin used to be exclusively for rapers and child trafficking and now it is the energy sinner nr. 1 on the planet. Bitcoin should better be compared with the energy usage of the central banks around the world or maybe the production of gold used as a store of value. Thinking in opportunity costs helps. Without corrupt fiat the politicians couldn't easily finance wars for example, they would instead need to convince the holders to spend their savings on war. Not many would do that, but the government can easily do that through expanding money supply. Arguments like this come from the same Karens telling you to stop getting babies, stop eating meat, stop flying, stopping basically everything. Ecosocialists and FFF kiddies pick this up because they are the same establishment shills like the leftist central planners. Wake tf up, it's so obvious who is spreading the FUD. The same media constantly telling that Bitcoin is failing since 2009,while it was the best performing asset. People who argue against bitcoin from this pov most of the time don't even want to dig deep into bitcoin and the reason why it was created. Blockchain instead of Bitcoin... We are humans and we are allowed to use energy for useful things, we aren't living in stone age anymore. It is absolutely not wasteful if you use the energy to build an economic system where you have no conflict of interest, is neutral, no corrupt bureaucrats and no money based on debt.

    submitted by /u/The_real_flamingo
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    U.S. court authorizes IRS to seek identities of taxpayers who have used cryptocurrency

    Posted: 05 May 2021 05:43 PM PDT

    No, BTC isn't a problem with energy. Ignorance, and Selfishness is.(P.S. I don't mine or Hold BTC outside of dust)

    Posted: 05 May 2021 12:28 PM PDT

    In fact, I'm not even a huge supporter of Bitcoin. I respect Bitcoin for what it has brought.

    It kinda sucks that all other cryptos tank when it tanks. I'd like to see Cryptos be their own market not depended on bitcoin's stability to be stable themselves.

    It's like owning stock in a company that's completely unrelated, and unreliant on google but watching your stock dip because google stocks dipped.

    That said, I'm not making this post to Shill against the FUD around bitcoins energy usage. I'm gonna lay down a well informed post that shows you how IGNORANCE wastes more energy than Bitcoin ever could.

    It's a long read, and even longer if you are fact checking it.

    So who am I?

    What are my qualifications to talk about energy usage?

    I'm a small business owner, I Run a Commercial HVAC/R Company (Heating Ventilation Air Conditioning Refrigeration).

    Unfortunately I started this company a month before lockdowns hit and lost pretty much all my contracts. (Non essential) Worst part about it Is I actually started it to specialize in Indoor Air Quality, and Curing Building Sickness(Viruses, chemicals In the air).

    You'd think I'd be booming but since Asia bought out all our available products, most companies were stuck on a 6 month waiting list to get a products for one job nevermind enough to last through the pandemic. You couldn't even find them online at the time even if you were willing to rip yourself off and pay 10x the price.

    Anyway. Being a high quality HVAC tech requires you to have a great understanding of electricity as 90% of repairs require you to troubleshoot...

    • Electrical circuits both AC and DC running off 5V/12V/24v/120V/208V/230v/240V/460v and 570Volts.

    • Electro-mechanical components such as compressors, Variable frequency Drives, ECMs(Electronic Communicated Motors), LED driven Motors, floating shaft drives that are suspended in air by EMF(Electric magnetic force) fields to prevent friction and lower energy usage.

    • Completely up to date with Local, state, and federal electric codes

    • System Harmonics

      Newer more energy efficient systems are getting more and more complicated, and some are known to send harmonics through the buildings electrical systems. Which can set a building on fire.

    It's not surprising that an well experienced, well educated HVAC tech knows more about electricity than your everyday electrician.

    I also have to have a decent understanding of plumbing on top of all this, Manual J(Heat load calculations) for permits, Manual D(Air flow dynamics).

    You have to be very efficient in all this stuff..At least if you're looking to get paid Top dollar by a company. But even lower end average joe hack and slash cold beer can techs that replace your home AC unit have some understanding of this stuff. I'd stupid how much you have to know. One fuck Up and you can not only get sued out of business, you can actually get yourself killed.

    Ok enough of this. These are my qualifications. I know a lot about energy usage.

    Now let's talk about How Ignorance, and Selfishness for that matter wastes way more energy than Bitcoin ever could.

    Let's start off with selfishness

    Rich people who own huge unnecessary homes. I've done HVAC service for plenty of these homes. I've seen enough.

    More than 10% of homes in America are values at $1,000,000 or more.

    There are 850,000 Primary residential homes valued at over $1,000,000+

    now of course not all of these are bigger than an average home. A regular sized house in NYC running just one HVAC system can cost MILLIONS. I'm not talking about those. I'm talking about outside of the big cities.

    Let's take homes in and around Alpine, NJ where Chris Rock Lives. Bergen County, NJ I believe the second richest county in the US. Ho-ho-kus NJ is close. I've seen and worked on many of these homes.

    The amount of HVAC equipment that's needed to heat and cool these completely unnecessary oversized homes is equivalent to running 10 Antminer S9s a day.

    1 Antminer S9 running 24hours a day is using a total of 36KWH

    1 5 Ton central AC unit running 12Hrs a day is using 60KWH

    Rule of thumb is 1KWH per ton. 5 TON = 5KWH x 12 = 60KWH. The average home in these areas are running FIVE 5 ton ACS and a couple 3 Tonners. You know..to keep the guest house in the back cool at all times in case you get an unexpected guest. No most of the time they aren't "Energy efficient 16 Seer(Seasonal energy efficiency Rating)".

    I'm not even considering poorly maintained systems that are older still running off O-Zone depleting R 22 Refrigerant. A lot of these homes still have older systems like that aren't properly maintained to run as efficient as possible. Let's not forget all the add ons these people get to their systems. Those numbers are just Bare bone systems. Most have Humidifiers (for winter) attached, zoning controls, alarms , condensation pumps.

    It's stupid.

    Sure, most people who are rich want a big mansion. But at the end of the day, rich or not if you cared about the environment so much, you wouldn't need an stupid oversized home like that and most of these people are never home but they have their systems running all the time. They have house sitters to watch their homes when they're on vacation. Yes. House sitters. Usually a friend to just come by and live in your home. God knows why you need that shit but you're rich. Why not hire someone to put your shoes on in the morning?

    Guess who has huge stake in the news networks that tell you BTC is wasteful??? It's not people on this sub hoping to go lambo one day that's for sure.

    Now enough complaining about rich people.

    Let's talk about the Ignorance part of regular folks that waste more energy than a Bitcoin miner.

    Ignorance

    Most average homes not occupied by rich people run one 3-5Ton HVAC unit at least 10hrs a day and again many homes are still running O-zone depleting R22 (CFC) systems that are easily using at least 50% more power than new systems.

    Let's not even consider the amount of copper needed for these units. Which is around 30lbs of copper. That's more copper in one system than is needed to make 100,000 pennies made after 1982. I'm also proficient in melting metals. We have to understand melting points of metals for various reasons not getting into it though. There's 100,000,000 air conditioned homes in America and like mentioned above , not all are running just one system. That's enough copper to make 10,000,000,000,000 pennies and like I said. That's considering 1 per home and not considering how many system replacements each year. That's also not considering the AC in your cars which run a 3 Ton system on average.

    Yes, your average car needs enough tonnage to cool a home because it has to have the ability to bring the temp down from 100 degrees to 75 degress in a minute where is a home needs a gradual decrease in temp over the course of a few hours.

    So where's the ignorance part?

    Most of these people are pumping their ACs when they don't need it. I know this from experience and also understanding of psychrometric charts. Yes, I also have to have an understanding of meteorology basics.

    Again. It's stupid how much things you need to know to be efficient in this field we don't get enough credit for it. The human comfort zone is 70-75 degrees 45-55% RH(relative humidity)

    Most people are setting their thermostats to 68° to 72° on a 70-75 degree day when really they only need to have their window open because....

    meh...it's just a little too stuffy in here honey...btw did you read that article on how Bitcoin wastes energy? What greedy selfish people they are

    Not only that. Most of these older systems are leaking that CFC refrigerant.

    Did you know 1 chlorine atom can destroy up to 100,000 Ozone molecules???

    That is stupid pollution.

    Honey, call the HVAC guy...we need to top off our system with refrigerant again...it's 77 degrees in here I can't sleep like this

    maintenance

    Most systems are not properly maintained even if you get a maintenance on your system every season.

    The reason why a properly maintained system needs updated electrical components to run as energy efficient as possible. Most have "pitted contactors" that arch. Pitted contactors can be compared to pitted spark plugs in a car. Yeah, these pitted contactors are driving up everyones electrical bill $50-$100 a month. But most people aren't going to pay the extra $100 on top of a $150-$200 maintenance to get this done.

    The convo goes like this

    Hvac guy: Sir, your contactor should be replaced as well. It's causing your system to use more energy then it needs and it's hurting the longevity of your system

    Home owner : how much

    Tech : I will put it in for $100

    Know it all Ned: can it run through this season without replacing it?

    Tech: yes it could but..

    Owner: ok fuck it ..I will take care of it next year.

    Point here.
    You don't need to run your air conditioner when it's 75° in your home. The key to comfort is low humidity. You can spend an extra few hundred bucks and get a dehumidifier attachment to your system that lowers the humidity in your home and uses only 10% the electricity that the system needs the run. Being outside in 100° and high humidity and walking into a home that's 77° with low humidity is a huge difference in feels very comfortable. You don't need to pump your AC down to 68° all freaking day.

    Another common misconception is that people think they're saving energy by completely shutting off their systems when they go on a day vacation and then coming home to a house that's 85° and then running the system. That actually uses more energy than running the system to maintain a temperature. Because now this system has to pump hard for the next few hours to get that temperature down to where it needs to be so you can sleep properly without rolling around and sweat.

    But...its common sense to turn it off when I leave

    No it isn't. If Common Sense was all that was needed to save energy we wouldn't need scientists we wouldn't need high qualify technicians to work on things.

    So there you have it. Selfishness, and Ignorance wastes WAY more energy that bitcoin can ever. In fact if you used half the world's energy to mine Bitcoin at the current hash rate all the bitcoins would be mined and exactly 68 days. So no it's not a problem half the world's energy is not going to be used to mine Bitcoin.

    EDIT Part 1:. It's kinda really really selfish That Rich People in the US Alone waste more energy than the world does mining Bitcoin Yet they want to use their Financial power , and their stake in major News networks to blame you...the regular working citizen that you're not allowed to use a little extra energy for a quick buck?

    Want to make a real change in energy usage? Instead of protesting to fight other people who aren't the real cause of issues, march into these 20 million dollar home areas and demand everyone to stop running their HVAC units equivalent to running 10 miners 24/7/365 when they only spend 20 days out of the year in the home.

    If you can get those people to abide to this somehow then you will have plenty of energy saved for Bitcoin usage.

    Don't be a hypocrite. Don't waste energy equivalent to one miner and then complain about mining. Old saying still holds true to day...

    • "Put up or Shut up"

      • "Do onto others as you do to yourself"
      • "Practice what you preach"

    Keep that on repeat in your head until You stop knocking others for how they choose to use energy.... Selfish F**Ks

    submitted by /u/JuicySpark
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    I Think I have Enough BTC to get into the Citadel

    Posted: 05 May 2021 07:26 PM PDT

    However, I am worried I may be living on the streets when I get in. I'm not looking for anything palatial, just a two bedroom townhouse would be fine.

    I know I should be grateful for being able to enter the Citadel at all, and I am. But the thought of being homeless terrifies me.

    Those with single digit BTC balances, how do you cope knowing that life within the citadel might be so hard?

    submitted by /u/BurmaHappy
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    I am a proud son

    Posted: 05 May 2021 02:09 PM PDT

    I know nobody asked but my mom just texted me she wants me to show and explain bitcoin to her after i showed her my gains ive been hiding since 4 years 😁

    submitted by /u/Thueringerkloesse
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    Bitcoin is Coming to Hundreds of US Banks This Year

    Posted: 05 May 2021 04:38 AM PDT

    KEY POINTS For the first time, customers of some U.S. banks will soon be able to buy, hold and sell bitcoin through their existing accounts, according to crypto custody firm NYDIG.

    Banks are asking for bitcoin because they can see their customers sending dollars to Coinbase and other crypto exchanges, according to Yan Zhao, president of NYDIG. ———- After rolling out the initial bitcoin product, NYDIG plans on other services, including debit card rewards paid in bitcoin, and a new type of bank account that is FDIC insured, but pays interest in bitcoin, he said.

    For the first time, customers of some U.S. banks will soon be able to buy, hold and sell bitcoin through their existing accounts, according to crypto custody firm NYDIG.

    The company, a subsidiary of $10 billion New York-based asset manager Stone Ridge, has partnered with fintech giant Fidelity National Information Services (FIS) to enable U.S. banks to offer bitcoin in the coming months, according to the two firms.

    Hundreds of banks are already enrolled in the program, according to Patrick Sells, head of bank solutions at NYDIG. While the firm is in discussions with some of the biggest U.S. banks, many of the lenders that have agreed to participate are smaller institutions like Suncrest, a California-based community bank with seven branches.

    "What we're doing is making it simple for everyday Americans and corporations to be able to buy bitcoin through their existing bank relationships," Sells said. "If I'm using my mobile application to do all of my banking, now I have the ability to buy, sell and hold bitcoin."

    Until now, bitcoin adopters have relied on apps from a new generation of fintech players like free trading brokerage Robinhood, payments giants PayPal and Square, or crypto-centric firms like Coinbase. Banks, on the other hand, have steered clear of bitcoin for retail customers, only recently announcing plans to allow rich wealth management clients to be able to wager on the cryptocurrency.

    But banks are now asking for bitcoin because they can see their customers sending dollars to Coinbase and other crypto exchanges, according to Yan Zhao, president of NYDIG.

    "This is not just the banks thinking that their clients want bitcoin, they're saying `We need to do this, because we see the data,'" Zhao said. "They're seeing deposits going to the Coinbases and Galaxies and Krakens of the world."

    Peer pressure

    As hundreds of smaller banks sign on, giants like JPMorgan Chase and Bank of America could face pressure to offer crypto to their retail banking customers, according to Rob Lee, head of digital banking at FIS.

    In March, Morgan Stanley was first among banks to offer bitcoin funds to its clients, CNBC reported last month. Goldman Sachs quickly followed with an announcement of its own, and JPMorgan is reportedly looking at its own product in conjunction with NYDIG.

    But in those cases, banks have relegated bitcoin to ultra-high net worth individuals and family offices with tens of millions of dollars.

    "Most people can't invest in things that institutional investors get to invest in," Zhao said. "With bitcoin available through your bank to be purchased with as little as $1, now you have an attractive asset that's available to be owned by anyone in any amount. We think that's huge for economic empowerment."

    While FIS, which is a vendor to banks with nearly 300 million checking accounts, will handle the link to lenders, NYDIG will take care of bitcoin custody and trade execution. Disclosures will make it clear that it is NYDIG, and not the banks, that handles the bitcoin, and the cryptocurrency won't be FDIC-insured, according to Zhao.

    FIS, based in Jacksonville, Florida, caters to banks, providing access to services like chatbots or Apple Pay. It's also a heavyweight in the payments industry, and two years ago bought processor Worldpay for $35 billion in the sector's biggest acquisition to date.

    Banks will determine how much to charge their customers for bitcoin trades and will retain most of that fee revenue, according to Sells. After rolling out the initial bitcoin product, NYDIG plans on other services, including debit card rewards paid in bitcoin, and a new type of bank account that is FDIC insured, but pays interest in bitcoin, he said.

    More people would own bitcoin if they could do so through their existing banks, according to a survey commissioned by NYDIG. That allows them a single view of their financial assets and avoids the need to sign up with another institution and fund the account with a money transfer that typically takes three to five business days.

    https://www.cnbc.com/2021/05/05/bitcoin-is-coming-to-hundreds-of-us-banks-says-crypto-firm-nydig-.html

    submitted by /u/astockstonk
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    Banks Pursue Bitcoin for Consumers After Losing Billions in Deposits to Cryptocurrency Exchanges

    Posted: 05 May 2021 09:06 AM PDT
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