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    Bitcoin Daily Discussion, August 22, 2021

    August 22, 2021

    Bitcoin Daily Discussion, August 22, 2021

    Daily Discussion, August 22, 2021

    Posted: 21 Aug 2021 10:05 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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    IMF wants to tie web history to credit score.. WHY WE NEED BITCOIN

    Posted: 21 Aug 2021 02:13 PM PDT

    Don't own any cryptocurrency...

    Posted: 21 Aug 2021 03:52 PM PDT

    2025-bitcoin is 400k-and people say....

    Posted: 21 Aug 2021 12:31 PM PDT

    You bought bitcoin at $50,000? LUCKY they shout. Before our pride gets to us and our ego makes our head so big it can't get through the door, this is a repeat of what happened before.

    The people who bought Amazon in 2000.

    How about the crazy woman who put $5,000 into netflix in the beginning?

    How about that friend who has half his IRA in Tesla?

    That guy who took his sales commissions and kept buying real estate in 2014,2015,2016,2017?

    That family friend who bought gold in the early 70s (no joke my dad's friend did this-he sold and even borrowed to buy as much gold as possible in the early 70s).

    Most of society doesn't want to invest. We could state that most cannot invest due to wages. FAIR point. However, I know tons of people who could invest-they have the disposable income. They don't want to. I repeat -they do NOT want to. They don't want to learn. They want to just roll with it. Maybe they put some money into what their advisor recommends. And why does he recommend it? His boss told him it's a good investment.

    If you are buying bitcoin, unless you are trying to be a quick trader (hint: most traders lose money), you have done something different. Bitcoin is not close to on the radar for most people. You have accepted volatility in exchange for a long term vision. Best of luck!

    submitted by /u/throwaway29801A
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    A $220 Million Fortune Out of Grasp – Man Locked Out of His Bitcoin Wallet - Watcher News

    Posted: 21 Aug 2021 10:23 AM PDT

    Investing $10k

    Posted: 21 Aug 2021 04:57 PM PDT

    Guys I was saving for a car but I was wondering should I invest in BTC? I was looking for advice. I can hold for maximum of 2 years. I can survive by using public transport but my current job is really far away. I need to hear your opinion.
    PS. This is not my lifetime savings.

    submitted by /u/Hubsonq
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    India's Crypto ban bill sent to Cabinet approval. Time to vote them out.

    Posted: 21 Aug 2021 08:41 PM PDT

    So the bill seeking to ban non-government cryptos in India has been sent to approval.

    Apparently apart from banning cryptos (BTC,ETH - all), They want to keep using blockchains like Ethereum but ban the native currency ETH. Not sure how they plan to achieve that.

    The country has one of the fastest adoption rate and Bitcoin has a huge and growing following. Its a case of the Old trying to suppress the New. Constantinople fell to the very cannons they refused to take. Nokia refused to adapt to Android, they are nowhere now. When will they learn ??

    In any case it seems the govt is hell bent on screwing itself in the coming elections and the country's future in tech.

    -Reposted after it was removed from another sub as this is an important issue.

    submitted by /u/HelpfulDoubleHJ
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    Just sold it all!!!

    Posted: 21 Aug 2021 09:32 AM PDT

    Hey everyone,

    I know that people might not be happy with me, but I sold all my Bitcoin so that I could buy some Gucci Flip Flops.

    I've been a Hodler since 2017, but I really could not continue living without a few pairs of Gucci Flip Flops. I also had to get the matching belt, so I ended up having to cash out all of my Bitcoin.

    I am now back to stacking Sats, but am doing so in Gucci attire. I think we can all learn, from me, that buying depreciating material items with your Bitcoin is the best choice you can make.

    submitted by /u/Mango_Z14
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    Im 15 and wanna invest my 200bucks with bitcoin, ive grasped the concept of how it works is this investment to crypto worth it on the long run ?

    Posted: 21 Aug 2021 07:13 PM PDT

    what good platform should i buy btc, coinbase ?

    submitted by /u/mrpressydent
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    Bitcoin journalism is a joke

    Posted: 21 Aug 2021 04:01 PM PDT

    Seriously it's a fucking joke, and 99% of the articles pumped out seem to have zero actual knowledge on the topic at hand. Forbes is currently recycling the "quantum computers could destroy bitcoin" FUD. The lack of research done before articles are written is astounding, hard to believe they still have jobs. Click bait journalists should be rounded up, put into concentration camps, packed into shower houses like sardines and.... Pretty sure you know where I'm going with this 😂😂😂

    submitted by /u/Bitbuyer313
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    What 3 years of buying Bitcoin looks like! - Data Analysis

    Posted: 21 Aug 2021 03:24 PM PDT

    What 3 years of buying Bitcoin looks like! - Data Analysis

    Hi guys! I've been buying and holding Bitcoin for almost 3 years now. I manage my Bitcoin investments in Excel and I really like to play around and analyze the data, since I'm currently studying statistical analysis. So I want to show you some interesting analysis and I hope it inspire you to do something similar!

    A few things before starting:

    • All the data that you'll see here is with the price of 1 Bitcoin equals to $ 49.000,00;

    • Everything is measured in percentage for privacy reasons;

    • In my country we use comma for the decimal separator and use period to separate groups of thousands;

    • English is not my main language, so it could have some misspelling;

    ​

    Let's begin with the amount of money that I invested and the average price per Bitcoin in each year:

    https://preview.redd.it/9r5mactecsi71.png?width=828&format=png&auto=webp&s=ef18af1cd09dfa7f4bda5244258d2f12dd00dcd5

    In 2019 is where everything started, Bitcoin was my first investment ever. It only accounts for 4% of all the money with an average price of $ 6.345,69. In 2020 is when the pandemic hit and changed my perception, things started to click on my mind, understanding what money is, the true nature of Bitcoin and how it would impact my life and the life of others. It's 4x more money than 2019, accounting for 16% of all the money at an average price of $ 14.783,91. Now 2021 I went completely bananas, not only I sold a lot of things that I didn't needed (like my gaming chair and guitar) to buy more Bitcoin, I also got a fix job, meaning more money flowing into Bitcoin. It's 5x more money than 2020 accounting for 80% of all the money at an average price of $ 40.962,99. Now to the juicy stuff, profit:

    https://preview.redd.it/qixz1l3lcsi71.png?width=591&format=png&auto=webp&s=7359120c4b687893bdadcb169c59fe5ca69f77f9

    As expected, because 2019 has the lowest avg. price it has the biggest appreciation in price currently at 672%, followed by 2020 with 232%, and 2021 with only 20%. But let's join both charts to get the full picture and compare those gains proportionally with the money invested:

    https://preview.redd.it/xvw38zxvcsi71.png?width=886&format=png&auto=webp&s=7283df792149a9d2e8f14b405df2fc269eeb8e49

    Now things are starting to look beautiful, isn't it? The most interesting data is the % in yellow above the columns: it's the total amount of Bitcoin bought in each year. So even though 2019 I only invested 4% of my money, its responsible for 18% of all my Bitcoin! On the contrary, in 2021 I invested 80% of my money but it represents 53%. Adding the 2019 and 2020 equals to 47%. So, with only 20% of my money invested it represents almost half of my BTC! Another interesting chart to analyze is if you pick only the profits of each year and how much it is responsible for and compare it.

    https://preview.redd.it/1njld6m7dsi71.png?width=655&format=png&auto=webp&s=858cb4d323a309e471b8464da823f7fed0a56892

    Interestingly 2020 has the highest profit of all at 45%, followed by 2019 at 35% and 2021 at 20%. But of course, if the Bitcoin price keeps increasing, the % profits in 2021 will grow larger and surpass the other years because it has more money invested.

    To finish this analysis, in total I bought at an avg. price of $27.153,88 per Bitcoin currently at 80,5% in profit as shown here:

    https://preview.redd.it/hu4xbzobdsi71.png?width=606&format=png&auto=webp&s=cd8016c96ce2b8d3c909155d68edb9720799940c

    In conclusion, if there's one takeaway I believe this is the one: "Time in the market beats timing the market." I never traded BTC, for me trading is astrology of investment. You can trade for years looking at price and charts patterns and learn nothing about Bitcoin. Patience is key, I holded for only 3 years but want to hold for much longer. I don't even consider Bitcoin as an investment anymore, is more like saving account where I store my wealth. I hope you liked this analysis!

    TL:DR: The best time to buy BTC was 10 years ago, the second time is today. Keep stacking sats!

    submitted by /u/DestructorEFX
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    Huge thanks to this community!

    Posted: 21 Aug 2021 10:53 AM PDT

    Quick story: I got into Bitcoin right around the ATH in May. Didn't DCA, bought a big lump sum at around 60k. My crypto portfolio immediately took a nose dive. But thanks in part to this sub, I hodled (hedl?). I didn't sell any. I began my DCA immediately after the 50% crash. Kept it going, thanks to all your silly jokes, memes, and great information/advice.

    After the past two weeks, I'm finally in the green. It feels great, huge thanks to everyone here! Thanks to the scammers as well, who reminded me that I need to take my online security seriously. Fuck the big banks.

    submitted by /u/Raine386
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    I overhauled my low-cost attempt at a price display! (Prev version int the comments)

    Posted: 22 Aug 2021 12:37 AM PDT

    Mayor Scott Conger: FED keeps printing USD, Bitcoin keeps rising

    Posted: 21 Aug 2021 11:48 PM PDT

    If there’s only 21 million bitcoin in existence and more millionaire HODLers than that isn’t it possible that there would be basically no BTC in circulation?

    Posted: 21 Aug 2021 07:34 AM PDT

    I heard some projects are there to claim smart contracts on bitcoin. Is it true?

    Posted: 22 Aug 2021 01:20 AM PDT

    Mentioning, they built smart contract on bitcoin to support defi.

    submitted by /u/ulTron91x
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    What is the point of all the altcoins?

    Posted: 22 Aug 2021 01:52 AM PDT

    I'm still trying to fully understand this whole thing, and I started from a book called The Bitcoin Standard.

    The book makes a really good point about the fact that it doesn't make sense for more than one single cryptocurrency to exist.

    As a matter of fact, crypto exists to solve many of our current monetary issues. And one of these issues is all the different currencies in different countries and trying to keep up with their relative price fluctuations and their inherent inefficiencies.

    If that's the case, then what is the point of more than one crypto? Wouldn't we just be swapping a host of national currencies to a host of crypto currencies?

    Additionally, aren't all these altcoins developed around a small group of developers who usually have quite a lot of control on how the code of the currency works? Isn't this a sort of currency centralization?

    I understand the appeal of investing in these altcoins for speculation.
    Hell, I do it myself. I understand there's an opportunity to make a quick buck investing in these altcoins, and I often do this. However, am I correct in assuming that when cryptocurrencies become mainstream and fulfil the purpose they were created to fulfil inevitably every crypto that is not Bitcoin will basically disappear?

    submitted by /u/tiopepe002
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    My first post jan 2014

    Posted: 21 Aug 2021 02:47 PM PDT

    https://www.reddit.com/r/Bitcoin/comments/1x9gue/my_protest_at_mtgox_offices_5_to_7th_february/cf9i9lf?utm_source=share&utm_medium=web2x&context=3

    Came a long way since then . Retired now and comfortably wealthy. Just came back to say hi, hodl, thank you Reddit, thank you BITCOIN.

    submitted by /u/kerls
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    To the moon!!

    Posted: 21 Aug 2021 11:42 AM PDT

    Having a hard time understanding why someone would sell any BTC?

    Posted: 21 Aug 2021 12:44 PM PDT

    According to history… the gains are insane. So now at this point in time… how does anyone think it's good to sell? I feel like buy and hold is a perfect strategy for everyone

    submitted by /u/Overall-Hisenberg
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    Private keys!!

    Posted: 22 Aug 2021 01:18 AM PDT

    Is the 12 word seed phrase our private keys… like i know it's used to decrypt the private keys but should we just remember/ backup the 12 word phrase?? Or should we store the private keys too. Is the 12 word phrase decrypted in any wallet or just the one you signed up for. Thanks!!

    submitted by /u/neganation
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    Proof of Life – Why Bitcoin is a Living Organism by @Der Gigi

    Posted: 22 Aug 2021 01:51 AM PDT

    Can I recover my wallet on a different wallet provider?

    Posted: 21 Aug 2021 11:18 PM PDT

    I have some Bitcoin that I bought a few months ago but it's still on the exchange. I now want to take it to a cold storage. There's just one question that has been bothering me that I haven't managed to answer despite my reading on the internet: Let's say I move my Bitcoin to an Electrum wallet. For some reason, Electrum becomes non-existent while my coins are still there. Can I use the same recovery phrase to recover my Bitcoin on a wallet by a different provider, let's say Muun wallet?

    submitted by /u/galaxyMiriad
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    Just completed a Strike BTC purchase

    Posted: 21 Aug 2021 01:59 PM PDT

    Thank you Jack.

    That is all

    submitted by /u/Dez_easter
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    Bitcoin Is The Future

    Posted: 21 Aug 2021 07:25 AM PDT

    InFLaTiOn iS tRaNSiTorY

    Posted: 21 Aug 2021 08:42 PM PDT

    My mother's friend runs a small business as a hairdresser. Hasn't raised her prices in over 10 years but has to this fall. If that's doesn't tell inflation is real then I don't know what does.

    Buy Bitcoin and opt out of this bullshit fiat system we were all born into

    submitted by /u/Unaffected-Octopus
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