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    Bitcoin Daily Discussion, August 11, 2021

    August 11, 2021

    Bitcoin Daily Discussion, August 11, 2021

    Daily Discussion, August 11, 2021

    Posted: 10 Aug 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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    When you’re waiting to buy lower and Bitcoin pumps.

    Posted: 10 Aug 2021 07:08 PM PDT

    Officially a whole-coiner!

    Posted: 10 Aug 2021 09:45 AM PDT

    Sorry I know these sorts of posts are a bit annoying but honestly it's taken some time to get here and I'm pretty excited for what it could do for my retirement down the road sometime.

    I want to hold for the next 10 years and fingers crossed it works out well for me!

    submitted by /u/JammieJarJam
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    I'm Todd Brady and I want to make Iowa a Crypto Friendly State

    Posted: 10 Aug 2021 01:03 PM PDT

    If there is one thing this infrastructure bill has shown us, it's that we need more states that are crypto friendly. I have been in crypto since 2017, and feel there is a big opportunity for jobs, and income sources for states that adopt cryptocurrencies. I recently announced my run for the District 19 Iowa State senate seat, and hope to push Iowa to be a more friendly state for cryptocurrencies if I'm elected.

    A few things that need to be looked at are the capital gains tax laws around how digital currency is classified in Iowa, and the need for laws to make it easier for companies to buy and hold. We also need to look at how income is classified with proof of stake coins, as those become more popular.

    My campaign just started and I don't have a big following yet, here is a tweet I sent out this morning in the hopes to push the conversation around crypto: https://twitter.com/toddforiowa/status/1425113059077545984

    If you live in Iowa, that's awesome, tell your friends about me! Here is my website: www.ToddForIowa.com

    If you don't live in Iowa, but want to support my campaign, this is going to take a big effort! My contribution page is here: Contribute to Todd Brady for Iowa

    Please don't hesitate to send me ideas you think states need to adopt to be more crypto friendly. If we can push this at the state level, it will help our cause federally too.

    submitted by /u/todd123
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    Sen. Shelby trying to avoid responsibility for the amendment in the bill

    Posted: 10 Aug 2021 08:26 PM PDT

    Interstellar Saylor

    Posted: 10 Aug 2021 09:28 AM PDT

    Finally found the best bar in my country (Portugal)

    Posted: 10 Aug 2021 09:43 AM PDT

    Calling all my Runescape nerds. Bitcoin = Partyhat?

    Posted: 10 Aug 2021 07:44 PM PDT

    Last night i had an epiphany. Bitcoin is the real world version of runescape party hats.

    For those unaware of this game, Runescape is an MMO game that has a fully functioning inflationary economy. Nearly two decades ago "Party Hats" of various colors were introduced to the game, and eventually were discontinued, capping the supply and creating a scarce asset within the game. In this game due to its inflationary economy, the majority of valuable items in the game lose nominal value year after year due to ever increasing item and gold supply.

    However, Party Hats have increased in value almost every single year since their creation. In fact, they have increased in value so much, the game is not even programmed to allow you to hold enough gold in your inventory to purchase one. The richest players in the game even purchase them to hedge against the declining value of their other items.

    Have any you guys ever thought about this before?

    submitted by /u/_526
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    Panama, Brazil, Argentina and Paraguay positive about Bitcoin

    Posted: 10 Aug 2021 03:34 PM PDT

    Coinbase added 12million verified users in Q2 2021

    Posted: 10 Aug 2021 01:13 PM PDT

    That Shelby b*tch is exactly why and how empires fall

    Posted: 11 Aug 2021 12:16 AM PDT

    US has lost its production capabilities, now it is starting to lose its innovation talent. All is left is the ability to counterfeit money. Soon it will end up like a Rome. An empty shell tangled with web of stupid laws which prevents everyone from doing anything. Mostly lazy, fat citizenry used to get its checks from the government left with a huge military which sucks the last productive outcome and in the end will turn against its own citizens. Like a clockwork.

    submitted by /u/IndependentPassage52
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    When are people going to start actually learning what bitcoin is?

    Posted: 10 Aug 2021 11:53 AM PDT

    Viral Video: Ted Cruz Perfectly Explains Why Congress Shouldn't Regulate Crypto

    Posted: 10 Aug 2021 10:33 AM PDT

    Bitcoin Roars Back, Putting $100,000 Predictions in Vogue Again

    Posted: 10 Aug 2021 04:52 PM PDT

    Wow

    Posted: 10 Aug 2021 11:10 PM PDT

    I can't believe it, but I'm at the acceptance phase. Accepting that most people are in the denial phase.

    1. We've just gone through the largest recession in recorded history.
    2. We have lost reality with any type of debt management.
    3. Technological revolution is replacing jobs at a rapid clip.

    So what are people doing?

    1. Taking equity out of homes to put in pools.
    2. Vegas baby!
    3. No worry lifestyle

    I am reminded of 2007. I was in my early 20s and I saw NO fear. Everyone had a nice german car, was renting a luxury apartment or doing a neg am loan, and life was good. The difference this time is that the government can't let it be 2008 and on the next piece of bad news we are going with negative rates. Not for shock value, I think the Fed balance sheet will be 20 trillion by 2028.

    Most of your friends, colleagues, bosses, customers, etc, won't buy bitcoin. The smart ones won't tell you they have.

    I have no clue what millenials without bitcoin are going to do unless they are wealthy.

    Being a contrarian means being early. We are early.

    submitted by /u/throwaway29801A
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    How confident are you with bitcoin right now?

    Posted: 10 Aug 2021 02:09 PM PDT

    I'm 100% confident in bitcoin right now. What makes you confident in bitcoin?

    submitted by /u/Broad-Gap-732
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    I Made a HUGE Bitcoin Mistake After Having the Same BTC on my Ledger Since 2017

    Posted: 10 Aug 2021 11:00 AM PDT

    So...I remember setting up my Ledger Nano S years ago...but one thing I did NOT do, was test out the recovery phrase.

    Well...here recently, i was updating all my wallets...ive got a collection of em...ledger nano s, nano X (still havent used), ColdCard (Still setting up), Trezor ONE (Brand new, gave it away) and Trezor Model T (Holds all of my alts unless they are staked).

    But my Nano S, holds ALL of my BTC since 2017.

    So I decide today to test my recovery phrase....FOUR YEARS later...and guess what.
    It did NOT WORK!

    Scared the living SHIT out of me.

    Luckily i had access to all the funds and i still have like 2 other ledgers that i dont use so I used one of them and first checked the recovery phrase TWICE and both times were successful, and then sent all my BTC (Nerve Wracking as FUCK!) to my other Ledger...and was pretty shocked at how cheap it was to move all of that but while waiting I was literally sweating bullets and shitting bricks.

    So i want to tell ALL of you, DO YOUR RECOVERY CHECKS ON YOUR HW WALLETS RIGHT AFTER YOU SET IT UP!!

    I consider myself EXTREMELY LUCKY that nothing bad happened or i would have ROYALLY SCREWED.

    Def a humbling experience for me.

    submitted by /u/F0xxenz
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    The CEO of FTX, Sam Bankman-Fried, copied the Robinhood model of using the data his exchange gives him access to, to trade against his own customers.

    Posted: 10 Aug 2021 06:03 AM PDT

    The CEO of FTX exchange, Sam Bankman-Fried, was the ***number one volume trader*** on another cryptocurrency exchange, Bitfinex during Febuary 2020. Why would the CEO of FTX trade in such enormous volume on another exchange that is owned by Tether/Bitfinex?

    The answer is simple: he uses his own private FTX analytics to front run his customers...and he is proud of it too! In this video he posted to FTX's official youtube, you can watch him and his team front run FTX users in real time as he proudly moves massive amounts of liquidity back and forth between exchanges.

    There was a lawsuit in 2019 (Case No. 3:19-cv-07245) alleging Sam Bankman Fried is racketeering and counter trading his customers, but of course Sam Bankman Fried lawyered up and settled the case. It wouldn't be the first time Sam Bankman-Fried bribes people, as he was Joe Biden's largest donor, second to only Michael Bloomberg.

    EDIT: For legal disclaimer, front running has specific legal definitions and I don't have enough proof to say that this is 100% happening. There's a lot of smoke, but I don't have a smoking gun. In order to have a smoking gun, I would have to be in the room witnessing such an act happening and have access to a spreadsheet of their trades.

    submitted by /u/ShotBot
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    My explanation of bitcoin as a store of value

    Posted: 10 Aug 2021 07:28 PM PDT

    I've spent the last three weeks obsessively learning about bitcoin, from saylor to breedlove to ammous.

    I've taken their ideas and put them into my words like this:

    You spend your time and energy in the present in exchange for money. If you hold on to that money and don't spend it, you are transferring your current life's energy into the future. It's like putting it into a pipe that transports it to your future self to be spent on things later. But fiat money (money that can be printed) is like a pipe that's leaking (through inflation). In fact, it's leaking like crazy! A dollar you put into the pipe now won't be worth as much on the other side in 10 years because it loses value. Bitcoin is like the perfect pipe without leaks, perfectly moving your life's energy through time all because it has an immutably fixed supply cap, making inflation impossible, ensuring your life's time and energy is protected.

    #whatismoney

    My mind is being absolutely blown... I've never thought about any of this...

    submitted by /u/youbehasbeen
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    “Should I Buy Bitcoin?” Is an Irrelevant Question Because the Answer Is Obvious. You will end up buying Bitcoin sooner or later. It’s just a matter of time.

    Posted: 11 Aug 2021 12:31 AM PDT

    Me trying to explain Bitcoin to my mates.

    Posted: 11 Aug 2021 02:36 AM PDT

    We spend as much as China, Russia, India, France, Germany, UK, Japan, South Korea, And Brazil COMBINED on military! That’s about 55% of our discretionary spending! Not enough apparently! Let’s add another 50B on top of that!

    Posted: 10 Aug 2021 01:29 PM PDT

    So excited about this BlockFi ₿Itcoin Rewards card! Every reward today in ten years, can grow to be more valuable than what I spent to get those ₿Itcoin rewards. This will be my card for everything now

    Posted: 10 Aug 2021 06:15 PM PDT

    1% of a Bitcoin costs now 461$ / 394€

    Posted: 11 Aug 2021 02:27 AM PDT

    I try to stack sats every month until i get a full coin. So every percentage counts and i am excited for
    every % i get closer.

    But the higher the price the more difficult it gets. i hope i make it in time.

    submitted by /u/GurkenZorro
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