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    Bitcoin Daily Discussion, June 27, 2021

    June 27, 2021

    Bitcoin Daily Discussion, June 27, 2021

    Daily Discussion, June 27, 2021

    Posted: 26 Jun 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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    3rd richest man in Mexico on Bitcoin. ��

    Posted: 26 Jun 2021 07:29 PM PDT

    Bitcoin Art I made with my girlfriend!

    Posted: 26 Jun 2021 11:31 PM PDT

    If you don't believe me or don't get it, I don't have time to try to convince you, sorry" - Satoshi Nakamoto

    Posted: 26 Jun 2021 05:15 PM PDT

    I think time to time we need to remember this.

    Satoshi didn't try to convince people how awesome Bitcoin is or would be. We don't neither. BTC will prevail no matter what. This is what makes it great.

    If you wanna remember: https://bitcointalk.org/index.php?topic=532.msg6269#msg6269

    submitted by /u/eneskaraboga
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    JP Morgan accused of Manipulation because of Irrational and Unfounded Bearish Bitcoin Predictions

    Posted: 26 Jun 2021 10:33 PM PDT

    Nodes up 6%, Channels up 10%, capacity up 19%. Good day for the lightning network today

    Posted: 26 Jun 2021 02:45 PM PDT

    Crypto Is About to Become as Ordinary as Cash - And Bitcoin be the leader

    Posted: 26 Jun 2021 07:18 PM PDT

    Stop hoping and waiting for BTC to dip more.

    Posted: 26 Jun 2021 04:49 PM PDT

    It becomes a self fulfilling prophecy. The more people on here saying I'll buy when it hits $15k, $20k, $25k, etc. are shooting themselves in the foot. We want people to buy. We want new people interested in BTC and crypto and if they all believe this is going to dip, they won't enter the market and…. The correction/dip will continue. We need buying pressure, not selling. Wouldn't you rather have everyone going in now, in the low-to-mid $30,000s and just keep buying as it continues to stay sideways or go up? When we start hitting all-time highs, are you really going to care that you bought at $25k vs $30k?

    $65k to $30k is the dip. Start buying and stop talking about the hypothetical lower price you're going to buy at. Some broken record advice… DCA. Invest 1/52nd of what you want to invest in total every week. And if that dip comes that you've been waiting for… stop the DCA strategy and and back up the truck to buy as much as you want.

    steps off soapbox

    submitted by /u/Major_Bandicoot_3239
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    MICHAEL SAYLOR: BULL RUN is coming...

    Posted: 26 Jun 2021 04:32 PM PDT

    Andreas new video: "How Do Bitcoin Mining Pools Work? How are Bitcoin Mining Rewards Split?"

    Posted: 26 Jun 2021 11:27 PM PDT

    Are central banks trying to do damage control to avoid bitcoin being used as a hedge against their currency inflation?

    Posted: 26 Jun 2021 06:24 PM PDT

    I have read about the Turkish Central Bank banning bitcoin because people there were storing their assets in the cryptocurrency. The lira is experiencing volatile inflation rates. In December 2017 $1 USD = 3.79 lira but today $ 1 USD = 8.77 lira. In countries like Venezula, the Bolivar has experienced hyperinflation. Today $ 1 USD = 3,179,435.00 Bolivar. Unlike other countries, Venezuela has actually embraced bitcoin because their national currency is worthless.

    Countries like China are trying to restrict bitcoin through crackdowns, though it is not illegal to possess it. They consider converting the yuan to bitcoin money laundering which is a criminal charge that can land people in prison. They are actually all in for blockchain technology, but only a central banked coin issued by the CCP.

    In this worldwide recession with rising inflation rates, its understandable why ppl are putting their money away into crypto, but the reality is that central banks are being threatened. They will try to influence the markets with the hope of bitcoin crashing.

    submitted by /u/MOTTS_APPLES
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    I'm honestly so tired of Michael Saylor

    Posted: 26 Jun 2021 09:19 AM PDT

    Coming on all these interviews and making so much sense that people struggle to understand what true financial freedom and sound money can bring to the masses

    I call him cobra now, spitting facts everywhere

    submitted by /u/russiansausagae
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    Resorts World Las Vegas Announces Partnership With Cryptocurrency Exchange Gemini

    Posted: 26 Jun 2021 06:13 PM PDT

    FOMO as a 15-year-old.

    Posted: 26 Jun 2021 11:59 PM PDT

    I'm a teenager from Singapore. At this age, I'm not legally allowed to administrate a business or invest so I just try to grasp as much acknowledge as I can. Be it finishing 2 investing books a week or using my paper trading account to test out new strategies. I also recently started a finance blog site.

    $BTC is getting so much press nowadays and is popular than ever. This gets me tremendous FOMO every time as it's gonna take me 4 MORE YEARS to really get started with investing. I've begged my parents several times for a custodial account but I'm in 10th grade and it's a very crucial year as I've got exams on the way so I'm unable to get a custodial account.

    Right now, I just have 2 income sources. 8 months ago, I tried flipping a guitar for a profit (I produce music too, so I've got a good knowledge about music instruments) and made 80% profit.

    I created a snowball effect with this and reached from $200 (saved up pocket money) to $6K just off flipping.

    I recently also started a finance blog site and that pretty much sums up my "income streams".

    ​

    What can I do at this age besides building my skillset to be geared up for when I turn 18 and am ready to get into the real world?

    submitted by /u/Maleficent_Primary_6
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    Story time…

    Posted: 26 Jun 2021 03:35 PM PDT

    So I'm pretty new around here, I bought in at ATH and have been averaging down like a crazy maniac ever since. Not the smartest move but I don't need the money for a long time and I knew this might happen when I got in. I'm prepared to hodl long term. It's still not easy though. I'm pretty sure I'm not the only one in this boat around here and I thought it would be nice if some of the OG's would do us noobs a huge favour and tell us stories about when they first got in, how hard it was to hodl and how happy they were when major gains started to come in type thing. I would really appreciate the encouragement and promise to pay it forward one day when I'm a bad ass OG like you. :) Thanks!

    Edit: Thank you so much for the replies and upvotes. Let's us noobs see that this community is strong. For ever live Bitcoin.

    submitted by /u/Joceman
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    Chinese Bitcoin mine being packed up after ban

    Posted: 26 Jun 2021 10:51 PM PDT

    Mempool is at 30mb. Fees are low.

    Posted: 27 Jun 2021 03:42 AM PDT

    Just a reminder that now is the time to move funds around if you've been waiting for low fees.

    submitted by /u/branchfoundation
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    Is it time to panic?

    Posted: 26 Jun 2021 09:04 AM PDT

    Was Bitcoin an awesome idea from the start? Yes.

    Does Bitcoin work? Yes.

    Is Bitcoin secure? Yes.

    Is Bitcoin scarce? Yes.

    Does Bitcoin continue to improve? Yes.

    Can a person tell much by looking at price changes over a relatively short period of time? No.

    Is Bitcoin's price volatile? Yes.

    Does Bitcoin's price volatility matter to long-term, buy-and-hold investors/owners? No.

    Do many people know what Bitcoin actually is, and the basics of how it works? No.

    Do many people understand fiat money? Fractional reserve banking? Central banking? No.

    Is the current global financial system still based entirely upon fiat currencies? Yes.

    Is fiat money backed by anything? No, not since 1971.

    Is fiat money created from thin air by central bankers? Yes, by the trillions.

    Is excessive "money printing" a form of theft? Yes.

    Do fiat currencies always devalue to zero? Yes.

    What about today's fiat currencies? They are well on their ways to zero.

    Did criminal bankers get bailouts about ten years ago? Yes.

    Did criminal bankers go to jail for causing the 2008/9 crisis? No, they got paid huge bonuses from the bailout money.

    Did anything significant get fixed as a result of 2008/9. No. In fact, today's situation is even worse than then.

    Are banker bailouts still happening? Apparently: recent Fed repo activities... looks like some Too Big To Fail / Too Big To Jail entity is insolvent. Stay tuned.

    Is the economy doing well? For the top one-tenth of one percent, yes. For the rest, the bottom 99.9% - with few exceptions, no.

    Are there asset bubbles due to central bank activities? Yes, in stocks, bonds, real estate, fine art, etc.

    Do asset bubbles always pop? Yes.

    Is there negative interest rate debt? Yes. Many trillions, and growing.

    In all recorded history, have there ever been negative interest rates? No, not until very recently.

    Are negative interest rates a strong warning signal. Yes.

    Is Bitcoin better than fiat money? For getting paid and buying groceries, not yet. For long-term, buy-and-hold investing, yes.

    Is Bitcoin a better long-term investment than stocks? Yes.

    Is Bitcoin better than bonds? Yes.

    Is Bitcoin a better long-term investment than real estate? Until the current bubbles pop, certainly. For all time? Yes, because real estate has significant holding costs, real estate can be confiscated, real estate is a sitting duck for high taxes.

    Is Bitcoin better than gold? In many ways, yes. Overall, for sure.

    Should people panic and sell their Bitcoin holdings because of a sudden change in price? That's not for me to decide. Still, I learned a long time ago not to panic.

    Has Bitcoin seen sudden and significant price changes in the past? Yes, both up and down.

    What is Bitcoin's long-term ROI? More than 100% per year, on average.

    Is there any reason to believe the long-term ROI trend will continue? Read this post again, from the top...

    submitted by /u/Mark_Bear
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    Newbie

    Posted: 27 Jun 2021 02:37 AM PDT

    Hello people of Reddit lol I just bought in Bitcoin around 32-31k with $200. I tried DCA with up to 1$-$5-$20 .. 🤞 Hopefully I don't regret, I can afford to lose this, but I have no knowledge on how to trade so I'm just holding for now. Any opinions and and good sources where I can do some research? Appreciate anything 🙏

    submitted by /u/111Muddy
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    The current bear trend is most likely the result of Chinese miners having to sell some holding to fund their relocation. This will be transient, and a great opportunity to DCA more sats.

    Posted: 26 Jun 2021 11:00 AM PDT

    Patience...

    submitted by /u/patriceac
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    Blockchain.com Scammed Me...

    Posted: 26 Jun 2021 12:23 PM PDT

    Blockchain.com Scammed Me...

    don't use blockchain.com. so this is my story with blockchain :

    on December 22, 2020, I mistakenly deleted the Google Authenticator app from my phone and couldn't recover it, and unfortunately, I lost my Blockchain Exchange account 2Fa

    when I realized that, I immediately requested blockchain to reset my 2Fa

    they said you can reset it with your 2Fa backup code or verifying yourself by taking a photo from yourself holding these informations:

    1. Today's date;
    2. Today's BTC price;
    3. A handwritten text "2FA reset for the Blockchain.com Exchange";
    4. Email Address registered to your Blockchain Exchange account;
    5. Your full name, address and date of birth.

    Since I didn't have my 2fa back up I was forced to verify myself.

    In summary, I end up sending my information and verify myself but there was a problem, some of my information when signing up was fake because blockchain wasn't supporting my country

    but on January 13, 2021, they ended up accepting my verification and they answered me with this message :

    https://preview.redd.it/gff0si0uln771.png?width=885&format=png&auto=webp&s=b832555e07bbfd6b45dcd913b23a6516694681d3

    so they said the funds will be refunded, and I send them a BTC wallet address to refund my money

    and this is what they answered

    https://preview.redd.it/gsqk9vdbmn771.png?width=930&format=png&auto=webp&s=91141ea6d364809e29b2fa040cc03f2304467ee0

    I asked them, when? but I kept getting the same message and they set my request to SOLVED

    so after about 2 months I create a follow-up to my previous request and asked them to give me an estimated time but they set my request to solved with no answer

    I created few more follow-up requests but the same thing was happening until I tried to do it once more after 2 months, but this time this is what they said :

    https://preview.redd.it/nltk9w1ynn771.png?width=1056&format=png&auto=webp&s=4259f9dc04530b143e198bf3357fd13ed1d85f7b

    I was so confused and I was like what does that have to do with my problem I don't know what they were talking about and at the same time I realized my blockchain exchange account is deleted cause when I was trying to sign in it tells me to sign up and an account with this email doesn't exist I tell the new support the whole story again but after about 5 months they still haven't answered me and my request is still open.

    after all that and a few months later I create a follow-up to my first request again, first time I explain everything again but all they do was setting my request to SOLVED with no answer did the same thing again after few months but all I get was a SOLVED request with no message and now its been almost 8 months and still haven't got even an answer.

    hope they even hear me out or people in here help me.

    submitted by /u/Sad_Luciferr
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    Spent $500 Million Buying The Dip, Bringing Total To $3 BILLION - Why MicroStrategy's CEO Believes In Bitcoin's Future...

    Posted: 26 Jun 2021 12:52 PM PDT

    Best place for Bitcoin staking without a centralised entity?

    Posted: 27 Jun 2021 03:38 AM PDT

    What's the best way to make productive use of your Bitcoin holdings?

    I am aware that you can lend on Blockfi / Celcius but I don't like those as they are centralised.

    Other options include wrapping BTC to wBTC and then staking on Badger.

    Any other good ways?

    Thanks!

    submitted by /u/ironmen12345
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    Is it safe to store thousands of dollars worth of crypto on a multisig wallet?

    Posted: 26 Jun 2021 10:54 PM PDT

    I know the general advice is to get a hardware wallet, but what if someone uses an open source mobile wallet like Blue Wallet and makes a multisig wallet that requires 3 (or more) signatures to approve a transaction? How safe or unsafe is this type of setup?

    submitted by /u/TurtleSpiral88
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