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    Bitcoin Daily Discussion, August 29, 2021

    Bitcoin Daily Discussion, August 29, 2021


    Daily Discussion, August 29, 2021

    Posted: 28 Aug 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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    Chinese government says Bitcoin "has no value" as it begins newest phase of its anti-crypto crackdown. All foreign crypto exchanges, websites, and corporate pages are now blocked across China's Internet.

    Posted: 28 Aug 2021 12:47 PM PDT

    Gold mining is the largest source of CHILD LABOR worldwide. The system Bitcoin threatens is more evil than I thought

    Posted: 28 Aug 2021 05:19 PM PDT

    Gold mining is the largest source of CHILD LABOR worldwide. The system Bitcoin threatens is more evil than I thought

    I was reading some articles today and went down a bit of a rabbit hole that has made me more passionate about crypto than ever before. Ever since I was young I've heard stories of child labor in places like China for toy/clothing companies; but I was shocked to hear that the mining industry is the largest source of child labor in the world; approx. 1 million children in 22 countries worldwide work in gold mines and somehow I've never heard about it once in my life. Its also one of the most dangerous industries that still "employs" children, most are small scale operations with little to no regulations, and quite frankly, they don't give a shit about them. These children are exposed to toxic gases/dust and are at risk of tunnels collapsing on top of them, explosions, etc. Many end up severely injured or dead. All for some awesome shiny bricks. I'll leave it at that for the details of what goes on in the mining industry, but I encourage you all to read about it as well.

    Its pretty heartbreaking to find out shit like this but I can't say I'm that surprised. The reason I thought I'd share this here is because Bitcoin is often compared to gold nowadays, and after I discovered this, I can't even believe I had never heard anyone bring this up in debate. Like really? Industry powered by millions of computers worldwide v.s industry powered by millions of children being exploited worldwide. Its surreal honestly. Is this actually what we've collectively decided is the most valuable asset in human history?

    Obviously its more nuanced than this and horrible stuff like this goes on all the time but this really struck me since a huge part of the philosophy in crypto is rebuilding a system that doesn't allow for the injustice the world has become so accustomed to.

    Putting all the other technical/philosophical reasons I love bitcoin aside, it feels pretty damn good to know we're challenging industries like this. I doubt this will ever be addressed by the media/politicians, especially considering how much money is in gold mining, but this reminded me of just how important this all really is and I felt obligated to share and hopefully some of you feel the same. To me, this is a metaphor for what Bitcoin is all about; disrupting and taking down systems built on taking from those they're meant to serve, and creating one that empowers them instead.

    *some key stats/points I gathered from the articles

    https://preview.redd.it/5070c1m7a6k71.png?width=597&format=png&auto=webp&s=6a8525be3c9f20a92331ed22dbbb9d709d999553

    https://preview.redd.it/qvyym1m7a6k71.png?width=921&format=png&auto=webp&s=d4d39ca4332ef345f834a01c517475221afb62af

    https://preview.redd.it/bjge32m7a6k71.png?width=1176&format=png&auto=webp&s=a73208c2cf34988f619e592ab1abd71d0368f99b

    submitted by /u/saccred
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    All The Gold In Fort Knox Will Not Buy You More Than 1% Of Total Bitcoin Supply

    Posted: 28 Aug 2021 11:09 PM PDT

    Major hotel in Swiss Alps now allows crypto payments - 0.03 BTC per night.

    Posted: 29 Aug 2021 01:35 AM PDT

    Square Plans to Build a Decentralized Bitcoin Exchange, Says Jack Dorsey

    Posted: 28 Aug 2021 11:22 PM PDT

    I heard you guys like to waste scammer time

    Posted: 28 Aug 2021 09:20 AM PDT

    Rise of cryptocurrencies can be traced to Nixon abandoning gold in 1971

    Posted: 28 Aug 2021 03:49 AM PDT

    China cracked down on Bitcoin 30 times in the past. There should be zero bitcoin activity left by now...

    Posted: 29 Aug 2021 01:23 AM PDT

    With the amount of Bitcoin that has been "lost" to boating accidents, forgotten seeds, and misplaced wallets, do y'all think there will be "Bitcoin Hunters" similar to treasure hunters, in the near future?

    Posted: 28 Aug 2021 07:39 AM PDT

    I love the idea of programmers and hackers wearing Indiana Jones hats sitting behind a wall of screens trying to track down and access lost Bitcoin. What do you think? Could this even happen, and would this shed light on wallet vulnerabilities?

    submitted by /u/Abject_Reporter_2506
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    Do you think this is the last four year cycle?

    Posted: 29 Aug 2021 04:14 AM PDT

    WillyWoo has been saying for awhile now that he believes that "four year cycles" are over, and that the price of bitcoin from this point forward will not correlate with the halving. He also believes that Bitcoin may have a 10x left in it, but after that it will just "stumble around like a drunken man walking" for the end of time.

    I think you can already see it happening now. The "halving pump" has been getting smaller each subsequent halving, right now we are only about 140% higher than the 2017 high. If you bought Bitcoin and Nasdaq on the December 2017 top and held until now, you would roughly have made the same amount of money.

    submitted by /u/ShotBot
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    Bitcoin returns to $48,000 after FED president speech: no rush to raise interest rates

    Posted: 28 Aug 2021 03:31 PM PDT

    With all this talk lately of Christmas being cancelled because of the shipping container problem, I have decided everyone I gotta get a gift for is getting BITCOIN.

    Posted: 28 Aug 2021 07:24 PM PDT

    Since the shelves are gonna be empty by December, everyone I get gifts for is getting some Bitcoin.

    Thats all.

    submitted by /u/thadiusb
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    Cubas Wikipedia now mention that Bitcoin is an official currency

    Posted: 28 Aug 2021 05:11 AM PDT

    Out of the Loop: what happened with the bitcoin regulations in that infrastructure bill congress was working on?

    Posted: 29 Aug 2021 01:14 AM PDT

    What’s your Bitcoin endgame?

    Posted: 28 Aug 2021 10:05 AM PDT

    We all say we're hodling forever. So what's your ultimate plan?

    Do you hodl till $1mil then start spending it? Take loans out against your coins?

    I'm just curious because I don't really have a plan, I'm just stacking for next 5 years or whatever. I'm running a BTC and LN node and I have a decent amount in LN channels, but even then I don't want to spend anything right now.

    Edit: ok, this exploded. Thanks for the info!

    submitted by /u/One_2_Three
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    Cuba set to Recognize Crypto for Payments

    Posted: 28 Aug 2021 11:07 PM PDT

    India 6th biggest country in terms of DeFi adoption: Chainalysis

    Posted: 29 Aug 2021 03:50 AM PDT

    18,800,000 btc mined

    Posted: 28 Aug 2021 02:19 PM PDT

    This is more than 89.5% of the total amount of btc that will ever be in circulation.

    Bitcoin is becoming more scarce as the time passes. Nowadays, we have only 2,200,000 bitcoins to be mined. It is the first time in human history that we have something so scarce and with this scarcity being measurable and guaranteed mathematically.

    submitted by /u/Texugo_do_mel
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    Us being A Fossil Fuel Civilization Can’t be Blamed on Bitcoin. Nothing Rewards Clean Energy More than Bitcoin. Bitcoin Energy Use Is It’s Strength.

    Posted: 28 Aug 2021 07:15 AM PDT

    Go to Google and ask what is the currency of Cuba.

    Posted: 28 Aug 2021 12:57 PM PDT

    Bitcoin generated $2 billion in profits for MicroStrategy

    Posted: 28 Aug 2021 04:01 PM PDT

    Don’t you wish you could just go back in time and dump everything you own into Bitcoin? People normally look back at this and kick themself. But I’ve never once sold Bitcoin, and since this it’s been straight DCA.

    Posted: 28 Aug 2021 02:22 PM PDT

    Bitcoin 4 Year Cycle — exponential highs, correction, accumulation and recovery.

    Posted: 28 Aug 2021 07:32 AM PDT

    Companies with the most bitcoin on their balance sheets

    Posted: 28 Aug 2021 09:15 AM PDT

    BlockFi new rates

    Posted: 29 Aug 2021 05:03 AM PDT

    Is it even worth staking Bitcoin with the new rates BlockFi have introduced?

    I always seen it as a great way to increase my Bitcoin but now having doubts and thinking of taking it out

    Tier 1 0 - 0.25 BTC 4%

    Tier 2. 0.25 - 5 BTC 1.5%

    Tier3 Over 5 BTC. 0.25%

    Interested in thoughts

    submitted by /u/Flaky-Tip-5858
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