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    Bitcoin Daily Discussion, June 29, 2021

    June 29, 2021

    Bitcoin Daily Discussion, June 29, 2021

    Daily Discussion, June 29, 2021

    Posted: 28 Jun 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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    Korea news announcing that CU (a major convenience store) is to accept payments in Bitcoin

    Posted: 28 Jun 2021 11:29 PM PDT

    PSA Warning: Dear noobs, please remember, the sub /r/btc, bitcoin[dot]com (and their wallet), and blockchain[dot]info are malicious and are trying to trick newcomers into buying a fake BTC!

    Posted: 29 Jun 2021 02:50 AM PDT

    Although this has been repeated a million times before, I think it's still appropriate to warn new users in this space. I've seen a couple of noobs stumble upon the abovementioned sub / websites, thinking that these resources represent BTC. Indeed, they are trying very hard to conceil the fact that they are a miniscule and unimportant part of the space trying to gain significance. However, they failed doing so over the course of the last 3-4 years.

    In short, they are trying to push a fake Bitcoin clone called B.CH (I'm writing the dot because auto-mod doesn't like talk about alt-coins). If you don't know about the history of how these sites came about, google "the fork war" during 2017. You'll see that a faction of people split up from Bitcoin (thank god) to roll out their own shitcoin. However, at this point, they are basically a bunch of bitter propagandists, defining their community as being "against" BTC, and trying to trick noobs into thinking that their fork is the "real" Bitcoin.

    You'll see that their main argument is that this sub is heavily cens.ored (which is true, look how ridiculous I am trying to avoid auto-deletions), but the reason for that is not to silence opposing views (we can discuss about opposing technical views here all day), but mostly to keep this sub clean (imagine what it would look like here, if moderation wasn't harsh. Ever been on Twitter?)

    In any case: STAY AWAY FROM THESE TOXIC PLACES. They operate through hate and fear and you'll learn things only from one single perspective. Do your own research. Do not trust but verify.

    Edit: They have spotted this post! Shitcoin downvote army incoming, brace yourself! They will shill "why not diversify" or "there are better crypto's out there", "Lightning network doesn't work" and the same shxt they've been repeating over and over.

    submitted by /u/ANAL-Inverter-2000
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    The Bottom of the Bitcoin Rabbit Hole | The 10 articles/videos to understand.

    Posted: 28 Jun 2021 08:26 PM PDT

    Cathie Wood’s ARK Invest files to create a bitcoin ETF

    Posted: 28 Jun 2021 01:35 PM PDT

    El Salvador offers $30 of bitcoin to citizens to boost Its use

    Posted: 29 Jun 2021 03:16 AM PDT

    5 documentaries show how bankers are shameless parasites and why they are shit scared of Bitcoin.

    Posted: 28 Jun 2021 05:18 PM PDT

    Inside Job https://youtu.be/T2IaJwkqgPk

    97% Owned https://www.youtube.com/watch?v=j7-FmAfxMmQ

    Spiders Web https://www.youtube.com/watch?v=np_ylvc8Zj8

    Princes of Yen https://www.youtube.com/watch?v=p5Ac7ap_MAY

    Freedom to Fascism https://www.youtube.com/watch?v=uNNeVu8wUak

    'Goldman Sachs- The Bank that Rules the World' is another great watch if you can find the original French made AlJazerra version but it's usually not available on youtube because it keeps getting removed...

    submitted by /u/solomonsatoshi
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    Hut 8 Adds Over 500 Bitcoin to Balance Sheet in 3 Months

    Posted: 28 Jun 2021 05:40 PM PDT

    The First Bank In Mexico Is About to Start Accepting Bitcoin

    Posted: 28 Jun 2021 04:45 AM PDT

    Ricardo Salinas Pliego, the third richest man in Mexico, said that he wants his bank to be the first one in Mexico to accept Bitcoin. We heard about lots of banks that already have started to work with crypto, and BTC in particular. The main difference with this case is that Ricardo Salinas Pliego actually believes that BTC is a real equivalent of gold, and that fiat currencies in fact are a fraud. He says that the most significant feature of BTC is the fact that it has a total supply, which cannot be said about any fiat currency.
    What do you think? Is there a real difference? Will it be a successful project?

    submitted by /u/SimpleSwapExchange
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    One of the largest owners of bitcoin, who reportedly held as much as $1 billion, is dead at 41

    Posted: 28 Jun 2021 04:14 PM PDT

    Great visual on how slow blocks were being mined yesterday. On average it took 1398 seconds, or 23 (!) minutes for blocks to be mined yesterday, compared to the 10 minute target. Truly historic.

    Posted: 28 Jun 2021 09:07 AM PDT

    Nayib Bukele makes some clarifications about Bitcoin adoption in El Salvador

    Posted: 29 Jun 2021 01:16 AM PDT

    You can read the thread here (in spanish): https://twitter.com/nayibbukele/status/1409584377915269120

    I'll try to summarise it below:

    - The government bitcoin wallet (Chivo wallet) is a thing but any wallet will obviously work.

    - When using Chivo, they'll require some KYC data to protect the bitcoins of the user

    - Everything will be free of charge (paying, receiving and converting BTC to USD or USD to BTC).

    - They'll give 30$ in BTC to all users but those BTC will have to be spent and couldn't be converted to USD as it's not about giving money to their population but about giving an incentive to use BTC.

    - There will be 200 PoS in the country to deposit/withdraw USD on the app.

    ​

    For now at least they're taking good decisions (this could have been a shitshow), let's hope they continue in this direction :)

    submitted by /u/__short_your_euros__
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    In 1973, Chile was the laboratory of Capitalism. In 2021, El Salvador is the Laboratory for Bitcoin

    Posted: 29 Jun 2021 03:49 AM PDT

    In 1973 Chile was taken in a USA-backed coup d' etat by Pinochet and the CIA. The Novelty was that they applied the Chicago-School of Neoliberalism to the whole country ( restoration of laissez-faire capitalism ), selling pensions, healthcare natural resources and national industries to rich people for pennies. This was a "success" that is until today being applied around the world, expanding the difference of the haves/have nots (killing the middle class). El Salvador in the other hand is another experiment which could have ramifications around the world, but in a positive sense.

    submitted by /u/WenaChoro
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    Coinbase Has Secured The First Crypto License In Germany

    Posted: 29 Jun 2021 02:01 AM PDT

    I'm A CEO of A Small Agency in Norway and This Is Why Bitcoin Is Our Hedge Against Bad Hires

    Posted: 28 Jun 2021 01:58 PM PDT

    I'm A CEO of A Small Agency in Norway and This Is Why Bitcoin Is Our Hedge Against Bad Hires

    Hello fellow hodlers. I am guessing this will be a somewhat different post, and quite the long one as well. Hope you find it interesting and a nice addition to your own confirmation bias as to why Bitcoin is and will be lifechanging. Also, thank you for reading.

    First, a couple of caviats;

    - I am not a Bitcoin OG. I didn't know about it in 2013. I hated it in 2017. I FOMOed in 2018. I was surprised in 2020. And I love and understand it in 2021.

    - I am not a financial advisor, and I am speaking on behalf of the company I own which employs just south of 20 people.

    - We don't have a massive treasury and are inexperienced as a company investing in assets and other instruments

    - English is not my mother tongue, so bear with me.

    - Fuck you Elon.

    In this piece I'll do my best and explain from a small corporate perspective why accumulating Bitcoin became part of the corporate strategy and unanimously accepted by the general assembly.

    Next, some background to who we are as a company

    I founded the marketing agency back in 2017 and we quickly hired alot of people and attracted great clients. Our work is a combination of video production, copywriting, graphic design, web, podcast and everything social media. Basically, we are a marketing department that our clients "subscribe" to for 12 months with certain limitations for a fixed price. Our projected revenue 2021 EOY is about 2,5 - 3M USD.

    We are known for being provacative, experimental and the "go-to-place" for small B2B companies to jumpstart their marketing game.

    Again, our business model is not very scalable. It's human trafficking (it's a joke!!!) - we need one guy or gal to do some work, and that work can only be done so many times in a day. If we want to do more of that work, we need to hire a new guy or gal and so on. And if you don't have BCG or McKinsey in your logo - the ability to scale on premium price is very difficult as well. The avarage profit margin in Norway in our industry is about 3-4%. Eeeew. The "only" way to make big buck with this kind of business model is either scale massively on people, price or both. The cost that makes up about 85% of the total, is rent for office space and labour cost, so it requires alot to make that happen. It's very risky to scale an agency business with people if you don't have alot of cash on hand - which we don't have.

    We've been in business like I said since 2017 and so far we have not made a meaningful profit yet. We have OK salaries, but that's it. We are smart, creative and driven people - so the salary, even though it is OK, it is not extremely good. And we do want to create a company that can pay out significant dividends to make up for the struggle of building, running and owning a company. With current model, that seems to be a stretch medium-term.

    The Pandemic Gave Perspective On Things

    Like most other places, within a week from March 9th to March 12th of 2020, the semantics went from "yeye, I don't care", to; "OMFG". It literally turned most of our business upside down and was a really chaotic experience. The unthinkable paradox happened; everyone wanted to sell something, but none wanted to buy anything. Except fucking toilet paper.

    Marketing, and especially external marketing consultants, is not business critical to everyone, maybe even anyone, during a world crisis. And obviously we faced a lot of pushback from our clients. So we are grateful that most stayed with us, but some left. Leaving our business extremely volnurable as we don't have the liquidity to simply shut down.

    A few months in during the pandemic, my partner told me: "Dude, Bitcoin just hit 30k". We had been speculating somewhat back in 2017 and found crypto to be somewhat interesting, but at the same time a piece of shit idea. And I remember thinking to myself that we were going to see another meltdown like never before with crypto. But, then I started reading about it. I read about Michael Saylor, Tesla's purchase, banks recruiting experts, ETF's trying to be accepted, Queen Cathie Woods, white papers, Cointelegraph, Bitcoin Magazine and so on. Not only that, but our very own Kjell Inge Røkke (one of Norway's wealthiest) just put 60 million dollars in it and started a crypto company.

    I am not the smartest guy in the crypto room, but these guys are - and now I was on my journey of juggling a struggling company during the pandemic, firing bad people and also putting in the first 1000 hours of understanding Bitcoin, the money system and how this will be adopted as a revolutionary technology 5-10 years from now.

    And then I realized...

    Why Bitcoin Is Not A Risky Bet (for us)

    I've done several bad hires - actually a couple to many because of my own naivity. During the worst period of corona last year we knew that we had 4 bad hires in our organization. That is pretty significant as we were only 15 employees at the time.

    This might be a controversial line, but hiring bad people is a zero-sum game in which the employee is the winner and the employer is the loser. A bad hire is the true Rat Poison Squared as the faggot would say.

    Now, most of you I assume live in the US and I live in Norway. Two completely different hiring/firing laws. In Norway, you simply can't fire someone "just because". Making the bad hire outcome even worse, since the process of firing someone that don't create any value for the company is a tedious process - time consuming, energy draining, lawyer fees and always a "settlement package" including minimum 3 months of salary. I know of entrepreneur peers that simply went bankrupt because of a few bad hires early on that just dragged the process so long that the company didn't have any liquidity left. And yes, I agree that the employer has a responsibility of not making those mistakes. But, come on bro.

    The point I'm trying to make here is that if you have made a bad hire; it is like watching your stock go from whatever price to 0. It literally is a 100% loss. And the chances of getting even the slightest amount of value from a bad hire is also near 0%. Bad hire bad. Good hire good.

    So I thought to myself at first in winter 2021. What if we trim our agency to become a truly premium business, work on upskilling people, and invest in what we already have and add a few seniors to our team, and then re-invest the hypotethically cost of bad hires in Bitcoin? Either we double in size and go from about 20 people to 40 and making 5M revenue with 10% margin and along the way waste a shit ton of money on bad hires. Because, trust me, bad hires comes with volume in recruiting. There is no way past it.

    Or we invest and accumulate Bitcoin and dream about a 10x return within the next 4-5 years with alot less company risk, governance, stress and hazzle. I liked the latter idea so much that I wanted to pursue it as a core strategy for our company and change my role from being just a "CEO" to Master of Coin. A fun ego boost as well.

    I needed to convince the group of equity partners and also the small board we have. And I'd like to share with you guys how I did it.

    Maybe Some Instruments Are Better at Making Money Than All Of Us Combine

    ​

    Introduction

    ​

    Putting it in perspective

    ​

    ​

    img

    ​

    ​

    Fast forward only 30 years, and we already have buses and the roads are packed with cars. You don't see big change until it is mainstream.

    ​

    People in the mid 90's were nerds, freaks, geeks for using the internet. And those who didn't use the internet had 0 clue of what the internet was. Until they did... Sounds familiar too you? Maybe you didn't give jack shit about Bitcoin a few years ago, but now you do? Same story all over again.

    ​

    ​

    Same thing. You don't understand when it's mainstream before it is. How stupid was smartphones back in 2005? Yes, because we didn't have real 3G/4G, apps, internet was in the early stages and bla bla bla. Now, not anymore.

    ​

    ​

    15 years ago, you would never believe that you were going to have a digital identity open to the entire world. But now you do. Facebook, YouTube, Snapchat, Instragram and many others. In 05-08 all you did was play Zynga poker.

    ​

    ​

    I explained to my owners that this train is leaving very soon, and everything else that is revolutionary, you don't see when it is mainstream until it is. Now let's bet that we can be among the first 5% in a 100% game.

    ​

    ​

    Here I gave my partners a simply explanation of how Bitcoin works. I showed them a few examples adressing each point made. Im not going to share this here, since we all know this from before.

    ​

    ​

    Here I give them the copy & paste explanation of the Stock to Flow Model.

    ​

    https://preview.redd.it/74wgjq97l4871.png?width=1918&format=png&auto=webp&s=212f76166724143cc3404c845217a7150a3b6f4e

    ​

    https://preview.redd.it/nme66fy7l4871.png?width=1933&format=png&auto=webp&s=a2c19b7440c940654b918cfe0a0e43cc051988d8

    ​

    The S2F model doesn't account for Elon Musk tweet, China bans, FUD - nor does it account for great news. It is just purely based on supply and demand. But it is interesting when comparing the perceived value of gold and bitcoin together.

    ​

    Here is a bad ass picture of me with a bad ass quote of why, amongst 100 other reasons, should invest in bitcoin.

    ​

    ​

    I reinforce how difficult it is to be bullish on something fundementally different that is yet not mainstream. Here is the clip from CNBC coverage of Bitcoin when it hit 100 dollars.

    ​

    And here is the same thing with internet back in 1995.

    ​

    I start my ending by showing that crypto, even tho it has had an amazing run in 2021, is still in its infancy and it is a long way to go.

    ​

    Yes it will put a strain on our liquidity to put money into bitcoin, but the marketing gimmick, PR and branding we can create out of it will most likely put us on the table infront of new clients. Just because it is something different and exciting. MicroStrategy has proven that this initiative infact have given them more clients.

    ​

    Here is another bad ass picture of me, and ending the presentation with my summarized proposal to the owners.

    Everyone voted yes, and now we are accumulating bitcoin on our balance sheet every month.

    Edit 1:
    I just wanna be clear that since we have had so many bad experiences with bad hiring (our fault), and bad hires (not productive people), we simply wanna scale back. We want to focus on increasing margins 3-5 fold, instead of doubling in headcount. And by doing that we massively reduce the chance of making bad hires and will leverage that hypotechical cost into bitcoin instead.

    ​

    Edit 2: Take my wording a few places in this piece with a grain of salt. I am trying to be sarcastic and ironic. Don't get triggered just to get triggered.

    submitted by /u/Catch44Nasdaq
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    El Salvador and Twitter will onboard millions to Bitcoin's Lightning Network. Few understand this.

    Posted: 28 Jun 2021 06:23 PM PDT

    Just got hacked on Coinbase!!

    Posted: 28 Jun 2021 12:55 PM PDT

    Hey everyone,

    I have been with Coinbase since 2016/17 and today my account was hacked and emptied of its entirety. My son mentioned I should come on this forum to see if anyone has a way to get Coinbase to respond to me. It's my life savings for my wife and I and for our kids...I am just getting auto responses from Coinbase and not sure where to go from here for justice. Prayers needed.

    Paul Z

    PS - If anyone has a connection to support at Coinbase, any direction in that area would be much appreciated!

    submitted by /u/GuiltyStreet2631
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    Bitcoiners need to be more tolerant of opposing views, no matter how unpopular they may be.

    Posted: 28 Jun 2021 12:31 PM PDT

    I consider myself an open-minded person who believes in innovation that will improve the world and make it a better place. I think the poor and underprivileged deserve a chance to improve their lives and I am not opposed to helping them out. However, I am against Bitcoin because it's obviously a scam.

    Eventhough I don't really know how it works or how to use it, I have the feeling that it will not improve the world or make it a better place. I think I know what it is enough to judge it without needing to learn about it because the name sounds simple.

    It's a coin on the internet.

    Eventhough I will never pretend to know how physics, neuroscience or chemistry work, I know how bitcoin works without needing to learn about it. Eventhough I have no experience with decentralized systems, cryptography, peer-to-peer networks, or money itself, I have enough experience with scams and empty promises to know that Bitcoin is a scam.

    I do think I am smarter than most people. Most people don't believe in Bitcoin. I , like 99% of the population, think Bitcoin is a scam and only morons would buy it. Because we are smart, we won't get scammed.

    We don't need Bitcoin because it is not backed by anything. My money is backed by a government. I can trust my government because all governments are trustworthy and never print out too much money that will devalue our currency.

    This is why house prices have been the same for the past 100 years, and are affordable for everyone. This is how my parents bought this house for us 50 years ago. Now if we sell it, we can make half a million dollars. This is thanks to the government.

    Bitcoin is backed by what? It's backed by nothing. There is no government, no bank, no institution or company behind it. It's just a bunch of computers. Computers are untrustworthy. You can't trust a computer. Computers crash. They malfunction. You can trust the government because people are more trustworthy and uncorruptable.

    And don't even mention the fossil fuels used by Bitcoin itself. This is just ridiculous. I don't want to be part of that. I don't want to contribute to destroying the planet. I consider myself a person who cares and protects the planet that's why I only use electric cars and eat organic.

    Eventhough I understand poor people can't afford anything because their savings get devalued every year, I think their problems will be solved once they get a real job and work harder. Then they can retire in the house their parents bought them and contribute to our cause by getting their own electric cars.

    Why do we even need to waste so much energy on Bitcoin when we have banks? Banks don't use up fossil fuels.

    I have the feeling that the Bitcoin community is just full of greedy people who only care about making money. In my opinion, and in the opinion of almost everyone I know, only greedy people would buy something like that.

    I don't have any experience. And I don't care about Bitcoin. It's irrelevant to my life. I won't use it and I don't want to use it.

    submitted by /u/kola401
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    Then and Now: BTC Wealth Distribution 2014 and Today

    Posted: 28 Jun 2021 04:28 PM PDT

    El Salvador to install bitcoin-friendly ATMs

    Posted: 29 Jun 2021 05:23 AM PDT

    “This Bitcoin technology will destroy your favourite altcoin”

    Posted: 29 Jun 2021 03:51 AM PDT

    According to this article, Bitcoin side chains could be developed that implement any features and characteristics of any altcoin on a side chain using BTC as collateral.

    What are your thoughts on Bitcoin side chains? Is there really potential for Bitcoin to metamorphosis into every altcoin? Or are there some key limitations that could stop this from happening?

    submitted by /u/A117Z
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    Robert Kiyosaki Advises to Purchase Bitcoin as Safeguard Against Impending Global Economic Crisis

    Posted: 28 Jun 2021 03:49 PM PDT

    Can we have a database for scam wallets?

    Posted: 28 Jun 2021 09:46 PM PDT

    This was removed in cryptocurrency as I didn't have enough karma, I am hoping the Mods are kind enough to let me post here.

    I was wondering if there was a public database that contains the address of scam wallets and we could link our wallets to that database, so whenever we are trying to send a crypto it could check whether the address is a scam address or not and give a warning accordingly.

    Edit: It has been pointed out to me that this idea would not work, as scammers can make as many wallets they want.

    submitted by /u/Tribalboi69
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    Willy Woo: Congrats to the Fed ��. New high score!!! If you’re not getting 22% ROI on your investments in 2021, you’re going backwards. -Black: M2 monetary inflation- Red: CPI inflation

    Posted: 29 Jun 2021 04:52 AM PDT

    you know you are early when WSB steals BTC memes and have no idea it comes from this sub

    Posted: 28 Jun 2021 08:09 PM PDT

    keep on stacking! do your own due diligence and do not be manipulated by social media

    submitted by /u/AOR66
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    Bitcoin is not going to go away

    Posted: 28 Jun 2021 10:02 PM PDT
    Read more
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