Bitcoin Daily Discussion, May 07, 2021 |
- Daily Discussion, May 07, 2021
- "There's a good chance that crypto is the future currency of Earth." - Elon
- Square reports $3.51 billion in Bitcoin revenue via its Cash app for first quarter of 2021
- Im so proud of myself. Did this yesterday with my laser device.
- Why I changed my mind about Bitcoin
- Square Bought 3,318 BTC, Made $3.51 Billion In Bitcoin Revenue In Q1 2021
- Soo many people are in denial about inflation. If you asked them 2 years ago "hey if one day the fed randomly decided to print 10 trillion dollars, that would cause hyperinflation, right" everyone would agree. But when it actually happens, 90% of people come up with some excuse as to why nah not....
- Jack Dorsey's Square reports Q1 bitcoin revenue grew 1,000% to $3.5 billion - and is the 3rd-largest corporate holder of the cryptocurrency
- I finally understand.
- My story - from 2017 to now: How I have learnt to ignore everyday Bitcoin price movement, instead I am now focusing around the 2024 halving. Safe to say Bitcoin will be at least $500,000 in 2025.
- Never bet against Bitcoin
- Investing time into Bitcoin is proof of work...
- Protect your family with Bitcoin!
- Iran declares that only Bitcoin mined within the country can be used to transact
- Is it too late to join the BTC bandwagon?
- Is it true that each single Satoshi can be traced back to the block it was mined in?
- Next difficulty adjustment will cause the fees to raise big. Now is the time to SegWit all of your Bitcoins and get your Lightning Channels loaded!
- Metromile insurance now accepts Bitcoin for premiums and for claim payments
- This is why BTC will thrive and fiat will fail
- In a somewhat bizarre move from the Central Bank of Iran, trading of cryptocurrency mined from outside the country has reportedly been banned
- Made this Neon Led Bitcoin
- Institutions have added over $90 billion of Bitcoin to their holdings so far in 2021
- I've decided to take a shot and write an article gathering everything I have learned about the history of money, the failures of fiat, and Bitcoin over the past 4 years. Inspired by the works of Saifedean Ammous, Nik Bhatia, and more.
- PSA: Don't rely on SMS based 2FA to secure your exchange account
| Daily Discussion, May 07, 2021 Posted: 06 May 2021 10:04 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. [link] [comments]  | ||
| "There's a good chance that crypto is the future currency of Earth." - Elon Posted: 06 May 2021 10:51 PM PDT
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| Square reports $3.51 billion in Bitcoin revenue via its Cash app for first quarter of 2021 Posted: 06 May 2021 02:16 PM PDT
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| Im so proud of myself. Did this yesterday with my laser device. Posted: 07 May 2021 01:24 AM PDT
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| Why I changed my mind about Bitcoin Posted: 06 May 2021 06:43 AM PDT For the last two years, my small business has been put on hold due to covid. I had spare cash and decided I wanted to look into investing instead of letting the money sit there so I did some research. To clarify, I was completely new to this until September. I NEVER thought I'd be buying into crypto. Cryptos just seemed far too complicated - I didn't understand any of it because, along with bitcoin, you're thrown 100 other crypto coins or tokens that do other things and it just wasn't easy to get into. I don't feel the community of people into cryptos ever truly explained why you should buy fake internet currency or what it does. Being told Bitcoin is 'decentralised' and 'deflationary' meant nothing to me. I thought, how does that provide use or value? This seems like one big pyramid scheme of a huge community promising the price will keep going up because 'there are only 21m Bitcoins and 7bil people' just made me think there's a huge bubble that will burst like all the times before and I'll be the one holding the bag. It wasn't until I found SIMPLE reasons - that I had to dig for - as to WHY that made me change my perspective completely. So, here are the things that convinced me. Bitcoin isn't about making money off an investment. The reason for Bitcoin isn't about getting in early, the value goes up and then selling. If you look at it like that, there's no point investing. Bitcoin is an alternative - better - performing currency. It can be used anywhere in the world better than our current financial system. Bitcoin is a faster, global, one currency for all. It can be turned from Bitcoin into any currency in a few minutes and visa versa. Stored online or offline by your phone, computer or ledger wallet (like a USB). It can be accessed anywhere at any time. Everything is backed up by a unique seed phrase in case you lose your wallet. Everything is VERY easy to use and access. Bitcoin holders are their own banks. Imagine a relative has an emergency in another county and needs money. Normally, this would take 1-3 working days to transfer due to banking networks. With Bitcoin, you would transfer your bitcoin to their wallet and they could instantly change this into their local currency within 10 minutes. No heavy exchange rate. No waiting. No forms. No long back and forth of bank details, account numbers, sort codes, swift numbers etc. Any day, anytime. Bitcoin is actually easy to use. Receiving bitcoin into your wallet address and sending it to other wallet addresses. Simple. The value comes from Bitcoin being the new age of currency. Governments can ruin their own economy by printing their own currency and cause hyperinflation. The more they print, the poorer their own people become. Obvious examples are Zimbabwe and Turkey. However, this also applies globally. One in five US Dollars were created in 2020. This means your money is worth less through no fault of your own. Imagine being in Zimbabwe during their worst financial crisis. People had no option but to watch their entire life savings turn to ashes because of their government. Bitcoin can provide financial stability on a global scale. So for now, I have put a large portion into bitcoin. Not for an investment but what I feel is the future of financial freedom. I now see why people are believing in and buying bitcoin and don't feel like it's bad idea at all. Please note, I'm not trying to raise the price of Bitcoin (I don't think my reddit post will have an impact on trillion-dollar market cap currency) but show awareness to the average-joe who may not be aware of why this thing exists and why it is gaining such a massive following. [link] [comments]  | ||
| Square Bought 3,318 BTC, Made $3.51 Billion In Bitcoin Revenue In Q1 2021 Posted: 06 May 2021 02:55 PM PDT
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| Posted: 06 May 2021 05:38 PM PDT ...nah not hyperinflation that can't happen here. In drugs, its called the onset when you take a pill and wait for it to kick it. During the onset you feel 0 effects. The onset lasted from maybe March 2020 to Jan 2021. Next is the come up, when you start to feel effects but its not full strength yet. The come up started once the vaccine rolled out and people started spending, inflation starts small. The come up started Jan 2021 once the vaccine started allowing poeple to leave their house. After the come up is the Peak - I except the peak start once we reach 80% to100% vaccination in the USA, we are currently at about 33% vaccinated. Current estimates say it will take until 2022 to get their. The come down, come as the fed raises rates. Hyperinflation is only temporary, as it only last a few years in every country in history. But your savings will be worthless by the time of the come down. [link] [comments]  | ||
| Posted: 07 May 2021 01:32 AM PDT
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| Posted: 06 May 2021 10:18 AM PDT I finally get it, it was like a wave that hit me in the face and I just wanna say I'm sorry I ever doubted bitcoin from the beginning but I was blinded. I've got a background in finance so naturally everything we were taught at college is that stocks, indices, etfs they all are either part of a company or track an underlying asset hence when bitcoin was first introduced to me in 2017, I laughed and say there's not shot this shit isn't even real nor does it track anything its gonna collapse, but boy was I fucking wrong and I am sorry to the bitcoin community, I finally understand why bitcoin is so valuable, every finance tute there is a specific saying "A dollar today is worth more than a dollar tomorrow" with bitcoin it's literally the only asset apart from gold where a bitcoin today is worth more than a dollar tomorrow, and it doesn't matter if you own 1 bitcoin or 0.00001 as long as you have some bitcoin in your portfolio (excluding the profits) I can't find anything better whereby your wealth is preserved especially with the insane amount of inflation that not only is occurring but that has already occurred and I'm gonna continue to DCA my way buying into bitcoin because while some might think this is close to the tip of the iceberg, bitcoin is only just beginning. [link] [comments]  | ||
| Posted: 06 May 2021 01:55 PM PDT I started to hear about bitcoin in 2017 and started buying when Bitcoin was $5,000 Went through the 2017 hype and hodl through the 2019 crypto winter. I have to give myself credit for being a humble believer because i have seen so many people just giving up and quitting chat groups and just gave up on crypto between 2018 and 2019, which was totally understandable coz Bitcoin was at one point $3,500 and ethereum was $80 (from $1,400 atm). Yes that was grim and cold and hard and it was the most depressing period for all believers. I lost some coins due to trying to be clever and tried to trade the market but luckily i managed to keep most of the coins untouched. Yet after the 2020 halving, the price is now $55,000..... 10x of what it was when i first moved in. Bit instead of getting mega excited like i was like at the 2017 year end $20,000 atm, for some reason i am ultra calm, like happy about its latest ATM but still calm. Perhaps it is because i have been through this once already, how it may just gonna go mega crazy up up up and perhaps may slide down once again from $300,000 to $60,000 (80% fall just like before), like having that mental expectation relieves me from having to check price every 5 minutes Instead i am looking forward to the 2024 halving, and most likely how it will be under priced (again) at that time, how the Republican may win again, and how maybe some central banks would start to buy. Yet the most sure thing is: in 2025 Bitcoin will reach $500,000 And so relaxed I am.....Bitcoin can go down 50% and up 300% like a yoyo like it has always done for the past 12 years and its cool.....Bitcoin will get us there. Lets mark this post, and we will recircle back to this in 2024 - happy hodling everyone I hope this brief experience share will help. [link] [comments]  | ||
| Posted: 06 May 2021 11:15 AM PDT
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| Investing time into Bitcoin is proof of work... Posted: 07 May 2021 02:15 AM PDT I told my friend about Bitcoin in Dec 2020 at $18k. Since then it has somewhat consumed my life and I have put in countless hours of reading, watching, listening and learning about bitcoin, blockchain technology and the many wide reaching benefits and consequences of crypto assets and currencies. I have since taken profits from my stock market portfolio and now sit at well over 50% of my net worth in BTC. I feel calmer, both in the present and about the future. I feel smarter, more inquisitive, more curious and more eloquent. I won't bore you with too many other personal details, but my life is a LOT better since I chose to learn about bitcoin and dedicate hours of my life to the pursuit of educating myself about this fascinating new technology. I have recently learned that my aforementioned friend did not choose to take this path. Instead, he invested his money in the stock market, notably in stocks that have been 'hyped' online on social media. He only started to take a look at bitcoin at the most recent ATH, and basically fomo'd in at $63k without any research. I have gone out of my way to share numerous podcasts, news articles, documentaries and essays with him, and he hasn't even bothered to look at them. I'm not mad, at all, he can do what he wants. The Saylor quote "everybody gets bitcoin at the piece they deserve" has really struck a chord with me recently. I have put in the effort, the hard yards - this is the 'proof' of my 'work' - and not only are my finances and spending habits healthier as a result, but my social life, my self-esteem, and my relationships have followed suit. (I just went for a poop and have no idea what I'm even saying any more. There's something important in here, maybe, whatever.) I guess it's just another one of life's lessons. There's nothing free in this world. You can't profit in life, financially or otherwise, without putting in the 'work'. There is also no hard, sound, scarce money without it. There will always be a trade off and the harder the work, the greater the reward will be. I'm so glad I put the work in. [link] [comments]  | ||
| Protect your family with Bitcoin! Posted: 06 May 2021 07:26 AM PDT
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| Iran declares that only Bitcoin mined within the country can be used to transact Posted: 06 May 2021 12:30 PM PDT
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| Is it too late to join the BTC bandwagon? Posted: 06 May 2021 07:33 PM PDT Hello everyone. I'm not looking to be an instant millionaire through Bitcoin, nor aiming to reach 1 BTC. That ship is long gone (kinda). I will just do what I can and plan to put in about $100-$200 monthly in BTC and hodling forever. Is this still a viable option and forgive me for asking, will DCA-ing $200 or so in BTC still give me massive gains in say, 20 years or so? (I'm planning to invest in the top 5 coins as well to diversify). [link] [comments]  | ||
| Is it true that each single Satoshi can be traced back to the block it was mined in? Posted: 07 May 2021 02:14 AM PDT With the recent (stupid) talk about "blood" bitcoin and "dirty" bitcoin, there often comes the assertion somewhere in the comments, that it is possible to trace back each single Satoshi all the way to the block it was mined in. I don't think that this is actually true in cases where multiple UTXOs were consolidated into a single UTXO - or is my understanding of how Bitcoin transactions work flawed? Let's say I have in my wallet 2 bitcoin. One of them in address A (in a single UTXO) and the other in address B (also in a single UTXO). The bitcoin in A can be traced to CleanBlock, the bitcoin in B to DirtyBlock. Now I consolidate these two bitcoin into a single UTXO in address C by creating a transaction that includes both of these UTXOs as inputs, with the UTXO in address C as the single output. So at the end I have 2 bitcoin minus fees in address C, again in a single UTXO. Now I want to pay Bob 1 bitcoin. I use address C for this and make a transaction that sends Bob 1 bitcoin and that sends the rest back to one of my change addresses. At this point, wouldn't it be impossible for Bob to know if the 1 bitcoin I sent him originally came from CleanBlock or from DirtyBlock? If he followed the tracks in the blockchain, he would see that his bitcoin came from the single UTXO at address C, and he would see that this UTXO was in turn funded from two different UTXOs that ultimately lead back both to CleanBlock and to DirtyBlock. At this point, Bob would no longer be able to trace back his bitcoin to the exact block it was mined in, but he would end up with two blocks, that were both possible sources of his bitcoin. And obviously, if the history of Bob's bitcoin is a bit more complex and includes a few more UTXO consolidations before it reaches Bob, there would probably be many more other possible source blocks. And it would indeed be totally impossible for him to trace back his bitcoin (or every single one of his 100 million Satoshis) to the exact block it was mined in. He could only determine a set of blocks where his bitcoin/Satoshis potentially came from. Unless I am overlooking something? If so, I would be thankful to learn what it is. [link] [comments]  | ||
| Posted: 07 May 2021 12:26 AM PDT
Tic Toc! [link] [comments]  | ||
| Metromile insurance now accepts Bitcoin for premiums and for claim payments Posted: 06 May 2021 07:05 PM PDT
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| This is why BTC will thrive and fiat will fail Posted: 06 May 2021 07:29 PM PDT
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| Posted: 07 May 2021 01:46 AM PDT
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| Posted: 06 May 2021 05:48 AM PDT
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| Institutions have added over $90 billion of Bitcoin to their holdings so far in 2021 Posted: 06 May 2021 08:41 AM PDT
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| Posted: 06 May 2021 09:56 AM PDT
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| PSA: Don't rely on SMS based 2FA to secure your exchange account Posted: 06 May 2021 05:00 AM PDT Many of us consider it common knowledge that SMS based 2FA is not secure. But as I recently found out, this knowledge actually not all that common. My niece bought some bitcoin on Coinbase back in mid-2017. Since then, I have advised her multiple times about properly securing her account and/or taking custody. I could see her eyes glaze over each time I brought it up. She did eventually buy a Ledger wallet, but unfortunately, she never withdrew to it. Nor did she set up app-based 2FA, or even move her bitcoin into the Coinbase vault. You can probably guess how the story goes. Yesterday she called me, told me that her bitcoin had been withdrawn from her account, and asked how to get it back. Turns out, she had been SIM swapped, the hacker used SMS to reset her coinbase password and withdraw her bitcoin, and was attempting to transfer more money from her bank account to buy more. Please, don't be like my niece. It's painful to see. If you insist on keeping your bitcoin on an exchange, at the very least, set up 2FA with Google Authenticator, Authy, or some other 2FA app (I use AndOTP). If your exchange has a cold storage vault, use it. Even better, take a little time to learn and understand how to safely take custody of your bitcoin with a reputable hardware wallet. [link] [comments]  |
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