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    Bitcoin Daily Discussion, May 10, 2021

    May 10, 2021

    Bitcoin Daily Discussion, May 10, 2021

    Daily Discussion, May 10, 2021

    Posted: 09 May 2021 10:03 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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    Charlie wants to sell his Bitcoin

    Posted: 09 May 2021 01:24 PM PDT

    Bitcoin’s upcoming Taproot upgrade and why it matters for the network

    Posted: 09 May 2021 06:00 PM PDT

    Ignore the FUD, become desensitized to the price... Then HODL'n becomes much easier.

    Posted: 09 May 2021 04:13 PM PDT

    ABC News (Australia) - A rare mainstream media report that totally "gets" Bitcoin and Crypto! Deserves more love/ views.

    Posted: 09 May 2021 04:00 PM PDT

    Ignorance is expensive

    Posted: 09 May 2021 08:32 PM PDT

    This quote my mom said.

    ​

    I would love comments...this story is told from a late 30s/older millennial perspective. I bought my first bitcoin in 2017 using gbtc and had no clue what it was. I am not super rich, but I own a home, have a retirement, and am a much bigger risk taker-or so I thought-until this year.

    I'm so frustrated-my friends want to be ignorant. It sucks. 50% would rather watch baseball and basketball then take 1 day off and watch an interview. I love the nba but I want floor seats.

    Financial reasons are NOT the reason many of my friends don't own bitcoin. Many are single earners making $150k a year or more and have over $100k in the bank. They don't own because they fashion themselves smarter than average and refuse to listen to idea and they think buying is risky...yet they hold cash. Infuriating.

    If I could go back 20 years here's the advice I would have told myself. If you know someone that is good at something, ask them for advice. Ignorance is expensive.

    That one friend who is always put together? Go talk to him-you'll learn he actually spends very little money, but everything is always perfectly clean.

    The friend who has 5 properties? Go ask her how she did it. You might be surprised she started in the ghetto and figured out how to get a loan as owner occupy and then move after a year. You might learn she put 5%-10% down and made a lot more in equity and gladly paid the mortgage insurance as it was $100,000 of equity gain versus $4,500 of MI.

    I have friends who refuse to even ask. PRIDE IS A MOTHERFUCKER.

    If you are in crypto-and I assume you are-open your mind. That doesn't mean you have to agree...but I will tell you I have friends, great friends, who have been sitting on a bus stop for 7 years waiting for a bus that isn't here.

    submitted by /u/mrbiggelsworth07
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    Michael Saylor : “The way to become rich is to put all your eggs in one basket and then watch that basket.” - Andrew Carnegie on Bitcoin

    Posted: 09 May 2021 03:11 PM PDT

    ‘Time to Switch to Satoshis’ says Novogratz

    Posted: 09 May 2021 08:45 AM PDT

    NFTs from a Bitcoiners perspective

    Posted: 09 May 2021 10:18 PM PDT

    I run a local Bitcoin meetup. Lately a lot of people have been intrested in NFTs

    I am personally sceptical of them. However its hard to convince people of my scepticism because I myself dont really understand how they work.

    Does anybody know of a good explanation of the mechanics of how they work?

    Esp. how does a token represen an artwork. How does it "prove" that an artwork is unique. Is there any tangible link between a token an an artwork?

    Is there any reason why this is not done on Bitcoin using coloured coins or similar?

    I post this in Bitcoin forum because I am interested in a Bitcoiner perspective, and to know if there are there any holes in this concept.

    submitted by /u/DanielWilc
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    1 sat/vB transactions are being mined

    Posted: 09 May 2021 09:56 PM PDT

    If you have lots of small inputs in your wallet (expensive to spend when fees are high) the next couple of days could provide defragging opportunities.

    Send yourself a transaction with many small inputs and they get combined into a single input.

    Each input uses 148 bytes (less for segwit) so any dusty bits in your wallet over 148 sats could be worth including in a 1 sat/vB defrag transaction for example.

    Keep an eye on the mempool: exchanges might submit large slugs of defrag transactions and clog things up.

    Note, only combine together small UTXOs: there's no point combining two UTXOs of 1 BTC into a 2 BTC lump. Large UTXOs also mean large change when you spend, raising privacy issues. The ideal UTXO sizes in your wallet are the exact amounts of your future transactions.

    Difficulty will rise ~20% on Thursday which could mean the mempool and fees going up again. Don't miss this opportunity.

    Beware that some wallets may not let you set a fee as low as 1 or 2 s/vB.

    submitted by /u/dappernock
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    Inflation is coming. Negative interest rates are coming. We are all being gas lit! Stack $SATS

    Posted: 09 May 2021 03:44 PM PDT

    Is the BITCOIN YouTube channel gone?

    Posted: 10 May 2021 03:11 AM PDT

    I used to watch videos of the following channel: https://www.youtube.com/c/BITC0IN/videos
    I am sure some of you watched it as well. Why is everything removed? Is there a back-up?

    submitted by /u/jaapiekrekel101
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    I am Dollar Cost Averaging (DCA) Bitcoin for next 3 years !

    Posted: 09 May 2021 11:53 AM PDT

    Hey Redditors,

    (initally posted in r/CryptoCurrency, but the bot removed due to lack of karma)

    One thing have learned by being involved with the markets is that it is very very difficult to time the market. We could think of the scenarios where we would think that it we would buy the next dip and before you know, you end up losing money. On the other side, if you plan to invest a lump sump amount, you never know where are you positioned during the bull run - if you are buying the tops, one is doomed. Imagine this, buying Bitcoin at $16000 just before the crash of 2018.

    Cryptocurrency markets are extremely volatile; everybody knows this. Before even having experience at the stock markets (I am quite young in mid 20s), my first foray into investing (call it speculative trading) was losing 90 % of $ 1000 invested during 2018. Whereas for stock markets, even if the index loses 1-2 % it is a really big deal. When I started to monitor stock markets, I was in shock.

    I have planned (been doing it for 10 days) to invest 100 $ in Bitcoin every month for next 3 years irrespective of the the market movements. The investments would be divided over the number of days in a month and a purchase is triggered at 12 AM daily (2 * $100 * 12 months / 365 days = $6.57 / day).

    Why am I doing it ?

    1. You've heard about people who invest some fixed amount of dollars (systematic investment plan) and how their wealth has grown over years (3-5 years). What's popular for equity markets (DCA), why isn't it popular with cryptomarkets.
    2. A lot of young people investing heavily in cryptocurrencies do not realise that investing is all about patience. Those who reap some early rewards, would never realise the power of compounding and accumulating wealth over the number of years. If a markets moves up rapidly, it is bound to come down rapidly. Investing entire amount in lumpsum is a gamble.
    3. Deep inside, I would want it to grow to abnormal values, but even if it beats the CAGR of S&P 500 or NASDAQ and NYSE FANG+ index, I would be happy. Sometimes, beating the index is the hardest thing.
    4. I am long on Bitcoin. I believe that it could be a digital gold and investing systematically over long period of time should essentially yield good returns.
    5. Why 3 years ? It is May 2021. The next halving of miner reward, will during May 2024. It is an important event for Bitcoin lifecycle. During the next one year, I believe, it will go to around $ 100 thousant dollars and suffer a major correction post that. (basically, I am following Stock-to-Flow model).
    6. Think about investing in Amazon consistently after dot com bubble. Thing about consistently investing in Gold during the 90s.

    I will keep my guys updated about the progress on the sub-reddit and this point during the next few quarters. Let's see how things shape up from here.

    Thanks.

    submitted by /u/Beneficial-Neck1743
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    8 years ago Wired wrote "The world’s most popular digital currency really is nothing more than an abstraction. So we’re destroying the private key used by our Bitcon wallet." The loss is currently worth $770k

    Posted: 10 May 2021 04:11 AM PDT

    I’d be HEATED

    Posted: 09 May 2021 07:02 PM PDT

    Anthropologists are more interested in Bitcoin than Economists

    Posted: 09 May 2021 06:48 PM PDT

    Bitcoin’s Hash Rate Decentralization Progresses with a Gradual Shift Out of China

    Posted: 10 May 2021 12:45 AM PDT

    I'm forever long on bitcoin.. here's why.

    Posted: 09 May 2021 12:24 PM PDT

    https://youtu.be/ZgYv7u8tKcw

    ​

    Please remember to keep your eyes on the prize guys. Bitcoin is your 401k on steroids. Not financial adice.

    submitted by /u/Professional_Cost_16
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    Turkish Researchers Face Fines for Publishing Own Inflation Data

    Posted: 10 May 2021 02:04 AM PDT

    Spend less & stack $SATS

    Posted: 09 May 2021 09:40 AM PDT

    Spend less & stack $SATS

    There are 100 million units inside a single bitcoin called sats.

    One dollar can currently buy 1,740 sats.

    Seven billion humans divided by the maximum supply of sats would leave each person with 214,285 sats.

    Get yours while you can; they're going fast!

    https://preview.redd.it/0oztsibph4y61.jpg?width=2344&format=pjpg&auto=webp&s=bf6162ced87436dafc8e03d25ffd5b28edbd5281

    submitted by /u/teehugss
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    Could digital currencies put banks out of business? | The Economist

    Posted: 09 May 2021 07:25 PM PDT

    Blockstream Satellite, Let’s gooo!!

    Posted: 09 May 2021 02:58 PM PDT

    I just need to vent

    Posted: 09 May 2021 05:32 AM PDT

    I was a huge bitcoin sceptical. I followed what major "economists" said regarding bitcoin. "it's too volatile", "there's no value in it", "it's made for traffickers and criminals", "it will crash and people will lose their money". I swallowed media and assumed I was right thinking this bs. Heck, all those statements not only were wrong, but they were also unfounded by people who literally don't know shit. Big mouths.

    I forgot about bitcoin until I started to dig, out of curiosity about how Ethereum works, and the whole thing about Blockchain in general, then Bitcoin, and lately I just read Satoshi's paper on Bitcoin.

    Satoshi, if he was a single person, was a mastermind. He disappeared and his project just worked and is revolutionizing the whole finance industry.

    Right now, everything looks so well put together that it's hard for me to believe that this wasn't planned. Bitcoin's limited supply will just shield it from the Fed printing money - if this policy has any consequences, which I wouldn't be surprised.

    I wish I could go back in time and learn what I learned in these weeks. It took me a master in software engineering and a lot of research to wake up.

    submitted by /u/Inevitable_Fix_6636
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    Bitcoin on New Amsterdam

    Posted: 10 May 2021 12:50 AM PDT

    Was watching New Amsterdam a TV series involving a hospital. In one scene bicoin was mentioned

    It involved a uber driving character complaining about 2 millennial drunks arguing about the future of bitcoin then getting sick in the uber 🙄

    Did someone on this forum inspire this 🤔

    submitted by /u/Blades_61
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