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    Bitcoin Daily Discussion, August 07, 2021

    August 07, 2021

    Bitcoin Daily Discussion, August 07, 2021

    Daily Discussion, August 07, 2021

    Posted: 06 Aug 2021 10:02 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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    Don't be that 40 year old guy who blows millions on dumb stuff

    Posted: 06 Aug 2021 04:38 PM PDT

    Many conversations focus on the potential of bitcoin, the future wealth, tech, etc. This is NOT about this. This is about what I think to do and not to do.

    When I was 27, I met a guy at my apartment complex in 2011. He had made millions -yes, millions, in the mortgage market. He was making $800,000 a year-during 2007-that's like 1,200,000 today. And from what I understood, he was doing some shady ass stuff. He had the music video lifestyle-had a lambo, a house with an insane backyard, and god knows where he ate and what he did for fun. He had it all.

    The key word is HAD. He was in his early 40s. He said all he ended up with was a watch. He lost everything.

    The point I'm trying to get across is this-twitter/instagram/etc is filled with traders making tons of $-the cars, the watches, clothes, boats, etc. 99% of this is for show. Most wealthy people don't do this stuff. Nothing wrong with nice stuff, I'm saying what I know.

    Whether you love bitcoin or NOT, I hope you make tons of $. I hope you have a plan.

    1. The way to get ahead is to make money like a rich person and live like a poor person for 3 years. The way to get rich is to do this for 5years. The way to get wealthy is to do this for 10 years. I know plenty of people who make $20k a month and are flat broke.
    2. Pick a vice. If you make more money, it's perfectly normal and healthy to reward yourself. Pick one-trips, partying, a cool car, dining out, etc. And know it's a reward. Where people get into trouble is car + clothes + partying.
    3. The more you make, the more you will get leeched on. This sounds shit, but it's true. I was a generous person and my generosity got taken advantage of. Do not be an unnecessary target.
    4. Create an income stream. I don't care if it's $100 month. Create an income stream.
    5. Understand there are 100 people at party. 95 send checks. 5 collect them. You want to be in that 5.
    6. If you buy real estate, buy the shittiest house in the nicest neighborhood. Rich people want to live around other rich people.
    7. Don't tell your bosses/coworkers how much btc you have. Your boss will hate you if you are richer than she/he.
    8. Stay away from drugs and escorts. I've seen people ruin their lives over this. Just say no.
    9. Don't be an asshole. Bad karma.
    10. If you have tons of money, help the people who helped you on the way up. A gold rolex and baller penthouse won't make you happy. Giving your parents a vacation or car will.
    submitted by /u/throwaway29801A
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    My BTC Mining Operation sounds like an airplane taking off. I'll be switching to liquid cooling ASAP.

    Posted: 06 Aug 2021 06:02 PM PDT

    Please read and call your Senators and share!

    Posted: 06 Aug 2021 03:17 PM PDT

    I'm 35, pretty smart, have invested most of my adult life... Bitcoin was on my radar since about 2011, I casually disregarded it until 3 weeks ago... I *finally* get it, it's clicked, and I realize now that you are a complete moron if you don't own some bitcoin.

    Posted: 06 Aug 2021 11:42 PM PDT

    It's a brilliant financial instrument, it can't be controlled by governments, you can't print more bitcoins, there is a 21 million hard cap and we are at 18.8 mil.

    I like to think I have a pretty good grasp on how the world works. I got many lessons from the school of hard knocks early on in life. Prolly TMI but fuck it, never met my dad, mom smoked crack and killed herself in my teens, I joined the army for 6 months out of highschool and quit cause it wasn't for me, then pipelined for a couple years, then used that money to put myself through school to become a paramedic, and had the opportunity to see humanity in it's most raw forms. I only share this because I think it gives me credibility in terms of understanding how humans operate, and human nature in general. Basically, I've been around the fucking block and soaked up many lifetimes of experience compared to the average joe.

    I've always enjoyed reading, and love learning things. It's probably my saving grace, paired with an observational nature towards life. I've learned many lessons, I always do my best to keep my eyes open.

    This is probably my biggest observation from an early age.... Since the industrial revolution, the way we have structured civilization has blown my mind. People get caught up on the day to day, and don't put much thought into it, but the way we have set things up is truly insane. Our model since the industrial revolution is based around compound infinite growth, year over year, forever. Maybe it will change eventually, but I doubt it will happen in our lifetimes.

    You can have a company that makes a 100 million dollars a year profit, which is good, but next year if it makes 100 million dollars in profit (which is still pretty awesome), the stock will tank. People talk about bull markets, and bear markets, but it's all bullshit. Compound infinite growth forever, there is no such thing as a "bear market", only "bear speedbumps".

    When I was a kid, I remember being able to buy 3 subway sandwiches on a sunday with their special for 9.99, now you can buy 1 subway sandwich and a cookie for 9.99 assuming it isn't a premium sub. That took 17 years.......

    And that's the funny thing about inflation, it's also tied to the compound infinite growth forever model. Anyone that remembers high school math, exponents get pretty wild. They are flat with moderate growth for a long period, and radically turn into hockey sticks. Even with a 2% multiple (inflation is usually 2-3%), over 100 times it starts to get insane. If you take 100$ and compound it with 2% 100 times you get 724$, and if you compound that 100 times you get 5248$, and if you compound that 100 times you get 38,203$, and then you get 275,466$, and then you get 1,995,656$ and then you get 14,457,828$..... It escalates fucking QUICKLY. To really drive the point home, if you do the same thing 6 times with 3% instead of 2%, you end up with 5,038,889,366$ (5 billion instead of 14.45 million, with a 1% difference, exponents are so fucking insane!!!!)

    It's ok though, because banks can just keep printing out money. Fun fact, banks produce more fiat through loans than governments do.

    Anyways, I think we are at the start of a hockey stick over the next 20-40 years due to wild nature of exponential growth, and where bitcoin becomes fucking beautiful... Is that there can only ever be 21 million of them. We are at 18.8 million of them currently.

    I try to do my best to keep up with things and consider myself more informed than most, but honestly... I don't understand how the economy truly works, I don't understand how governments and social movements truly work, I don't understand how currency truly works. I try my best but it's too fucking confusing, but I 10000000% understand how compound exponential growth works, and it's what we have all encompassingly structured our civilization around since the 1800's.

    I had a couple whiskeys after getting home from work lol, thanks for reading my verbal diarrhea, bitcoin just finally clicked and I felt like had to share.

    TLDR: Is this gentlemen? (sorry I'm new, hope I did the meme right lol).

    submitted by /u/Fuzzyfoot12345
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    Sen. Lummis amazing speech on the Senate floor defending Crypto.

    Posted: 06 Aug 2021 10:46 AM PDT

    Edit 7: Important NEW TOOL---> Coinbase created a page that automatically generates an email to send to your senator to vote YES on the Wyden-Lummis-Toomey amendment and NO on the Warner-Portman amendment

    Link is legit---> https://twitter.com/brian_armstrong/status/1423746002360619015

    Edit 8: Watch debate LIVE later today

    🔴 LIVE | Senate Infrastructure Bill Vote | Debates Crypto Amendments | Support Lummis-Wyden-Toomey

    https://youtu.be/H8HS92IveEY?t=230

    We need to organize and unite around this serious issue. We need to act TODAY. Yes, calling your Senator works if it's in enough large numbers. Forget everything else today and let's act as ONE against this atrocity that could kill Crypto (at least in the US).

    If you live in the United States, CALL AND WRITE your Senator TODAY regarding this regulation which is being used as a weapon against Cryptocurrencies.

    > Cynthia Lummis Calls Crypto Community "We Need You"

    https://thecryptobasic.com/2021/08/06/out-of-the-blue-white-house-came-in-to-support-crypto-tax-proposal-changes-that-are-not-friendly-to-the-crypto-world-senator-cynthia-lummis-calls-crypto-community-we-need-you/

    Please call:

    Call your Senators right now at 517-200-9518 and tell them to support this amendment!

    ​

    We'll connect you to their offices and guide you through the process.

    ​

    When a staff member answers, tell them:

    ​

    "Hi, I'm calling to ask that you support Senator Wyden, Toomey, and Lummis's amendment to the cryptocurrency provision of the infrastructure bill (H.R. 3684) . This amendment will ensure that the provision does not dramatically expand financial surveillance, harm innovation, or undermine human rights. Policies that impact basic freedom and the future of the Internet should be debated carefully and should never be attached to must-pass bills. Thank you."

    https://np.reddit.com/r/Bitcoin/comments/oxylqf/update_last_week_news_broke_that_hidden_within_an/

    Also you can use this link below to do it easily:

    https://www.fightforthefuture.org/actions/stop-the-senate-from-sneaking-through-total-surveillance-of-the-crypto-economy/

    Edit: Another very fast and easy way to do it here:

    https://resist.bot/petitions/plwpcn/

    Edit 2: Watch this excellent rant by Charles Hoskinson: Warner-Portman-Sinema v Toomey-Wyden-Lummis

    Edit 3: Thanks u/crypto_grandma

    For those that think it won't make any difference, I saw this comment in the pinned post on this issue in r/Bitcoin that hopefully will encourage people to see they can make a difference:

    I interned for an organization that works on calling/emailing congressmen and senators on acts that we need to pass.

    I never knew how this actually DOES make a difference.

    You don't even need to say the paragraph, you can say some simplified short sentence like "I support this amendment to this act". An intern answering your call will add a tally to "support this amendment to this act" to the call report that is sent to the congressional leader and their staffers. It is an email containing numbers of how many people called about what. We can really work together to make this staggering.

    True, there may be some senators that are being disgustingly lobbied out of their decisions. But there are also those who are genuinely interested/confused on cryptocurrency and this shows them the general public consensus to support.

    You can literally call/email every week on repeat, it goes on a fresh new report each week. Please help in making this work.

    Edit 4: Late, but I just saw this +excellent +explanation

    Source---> https://np.reddit.com/r/Bitcoin/comments/ozgw7w/please_read_and_call_your_senators_and_share/

    Edit 5: Another great way to contact your Senators:

    https://www.cop.senate.gov/senators/senators-contact.htm

    Edit 6: Keep the pressure! They are bringing out the big guns--->

    Jeff Stein of the Washington Post wrote that Treasury Secretary Janet Yellen has personally lobbied against the earlier amendment, even going so far as to contact Wyden directly.

    https://www.theblockcrypto.com/amp/post/113774/dueling-amendments-on-crypto-tax-reporting-become-key-battleground-over-senate-infrastructure-bill

    submitted by /u/simplelifestyle
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    Just got my BlockFi Bitcoin Rewards Credit Card

    Posted: 06 Aug 2021 03:28 PM PDT

    You are ahead of 95% of all Bitcoin users by following these steps

    Posted: 06 Aug 2021 07:13 AM PDT

    EXCHANGES

    Don't store your Bitcoins on an exchange long term, it doesn't matter how reputable the company behind it is, the biggest and most trusted exchanges were victims to exit-scams and hacks in the past.

    Exchanges are good for one thing, exchanging, buying or selling for the best rates. That's it.

    WALLETS

    A Hardware wallet will always be the safest method of accessing your funds. It's a device that stores your 24 word seed offline on a chip. The private key won't be exposed even if your computer is compromised. Note that no Bitcoins are ever stored on the device itself but on the Blockchain.

    The most trusted hardware wallets by the community are: BitBox02, Coldcard, Ledger & Trezor

    Every device has their upsides and downsides, do a comparison yourself to find out which device fits you the best. Make sure to only order from the official website and no third party source. Also request the deletion of your customer data, Ledger was victim to a data breach that revealed personal information.

    SEED BACKUP

    You should always back up your 24 words that are the keys to your Bitcoin address. The most common methods are either a plain sheet of paper or a metal plate. I would recommend a metal plate since they are resistant to water, fire and earthquakes.

    Here is a good overview of metal backups, rated and stress tested.

    Only store your keys offline. Never ever type them in any device other than your hardware wallet. There is numerous malware out there that targets this information.

    USE COMMON SENSE

    • If it's too good to be true, it's too good to be true.

    • Never share your Bitcoin balance anywhere, you'll be targeted by scammers, hackers and other individuals.

    • Don't hand out your keys to anyone. Not to official exchange support, friends, invesment bankers etc. (With the key your Bitcoin can be stolen from anywhere in the world.)

    • Most Bitcoin are lost because they lose their private keys. Be responsible, don't make it overly complicated by splitting the seed. Just store it somewhere securely.

    submitted by /u/sikeig
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    Important New Tool---> Coinbase created a page that automatically generates an email to send to your senator to vote YES on the Wyden-Lummis-Toomey amendment and NO on the Warner-Portman amendment

    Posted: 06 Aug 2021 10:15 PM PDT

    Coinbase Enables Crypto Buys With Apple Pay, Instant $100K Cashouts, Google Pay to Follow – Finance Bitcoin News

    Posted: 06 Aug 2021 03:54 PM PDT

    "Call your senator bla bla bla...." Stop the BS

    Posted: 06 Aug 2021 04:50 PM PDT

    Crypto didn't came to say "excuse me government, would you let me become currency?"

    Crypto came to say "get the fuck out of the way government!"

    In the same way that Torrents didn't asked for permission when the music industry attacked. crypto won't ask for permission, nor they will give it.

    If the protocol (Crypto) you use is centralized in one step of its usage (either because of mining pools, lack of decentralized scalability, or bad design) and therefore censorship resistant, maybe you should invest in something that actually solves the problem, and stop the naive believe that calling your senator for permission, will cause them to stop controlling the monopoly of money.

    submitted by /u/Current_North4661
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    Photo illustration showing a proposed 200,000 square-foot, nuclear-powered #Bitcoin mine in Pennsylvania. It would occupy four football fields.

    Posted: 06 Aug 2021 05:04 PM PDT

    U.S. Senator Wyden rails against "the most damaging form of crypto tech, called proof of work" during a speech against the Warner-Portman-Sinema amendment to H.R. 3684, a so-called "infrastructure" bill. How again are these Congresspersons defenders of bitcoin?

    Posted: 07 Aug 2021 02:05 AM PDT

    Debunking Bitcoin FUD

    Posted: 07 Aug 2021 04:01 AM PDT

    This is a nearly-exhaustive collection of Bitcoin anti-FUD reasons for everyone!

    https://endthefud.org/

    We come from all walks of life and from myriad backgrounds.

    • For the OG old-timers, this is concise list of reminders.
    • For the recently joined, this is an easily readable resource and a great starting point.
    • For those who want to spread the word of crypto, this dramatically saves your time in answering anti-crypto questions.
    • For those against Bitcoin, if you happen to stumble upon this post, perhaps give it a try. Perhaps some of your concerns have already been answered on there. No harm giving it a go!

    It would be great to save it and spread it. Hope it helps!

    submitted by /u/pm_me_your_tinder
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    Crypto-Amendment Fight Holds Up $1T Infrastructure Package ¯\_(ツ)_/¯

    Posted: 07 Aug 2021 01:02 AM PDT

    El Salvador is a tipping point for Bitcoin adoption in Latin America

    Posted: 06 Aug 2021 05:21 AM PDT

    #Bitcoin 43k ����

    Posted: 06 Aug 2021 09:59 AM PDT

    This market will give us another great bull run.

    submitted by /u/beautyofhelin
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    We’re trying to separate money from the state over here. And you’re worried about politicians banning bitcoin?

    Posted: 06 Aug 2021 09:34 AM PDT

    Advise on the best crypto book

    Posted: 07 Aug 2021 12:34 AM PDT

    Hi , I am an English economics student about to go off to university and have been interested in crypto for just about a year. I see a lot of videos online that try to explain its principles and how to buy Bitcoin properly but all seem to be either bulls or gurus looking to make easy money. This Reddit seems to have provided me with the most useful amount of information so I was wondering, does a good book on crypto actually exist ?

    submitted by /u/Kriispy66
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    Super easy link that handles calling your senator for you, took me 3 min

    Posted: 06 Aug 2021 06:49 AM PDT

    Interesting Twitter thread on why the US government is seemingly bullish on Bitcoin.

    Posted: 06 Aug 2021 10:35 AM PDT

    Bitcoin May-August

    Posted: 06 Aug 2021 10:11 PM PDT

    When Covid stops Bitcoiners from hanging. The Virtual Bitcoin Citadel comes to the rescue.

    Posted: 06 Aug 2021 04:59 PM PDT

    When Covid stops Bitcoiners from hanging. The Virtual Bitcoin Citadel comes to the rescue.

    Nothing can stop the power of this community. This Bitcoin Conference in a virtual castle (part of the Bitcoin Zitadelle conference in Germany happening this weekend) comes as a response to not being able to make public events. What do you think? Will we see more of these events soon?

    The Lastbit Castel at Bitcoin Citadel

    submitted by /u/bm_bkly
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    Fiat is dying. Bitcoin is the solution.

    Posted: 06 Aug 2021 12:23 PM PDT
    Read more
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