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    Bitcoin Mentor Monday, August 16, 2021: Ask all your bitcoin questions!

    August 16, 2021

    Bitcoin Mentor Monday, August 16, 2021: Ask all your bitcoin questions!

    Mentor Monday, August 16, 2021: Ask all your bitcoin questions!

    Posted: 15 Aug 2021 11:14 PM PDT

    Ask (and answer!) away! Here are the general rules:

    • If you'd like to learn something, ask.
    • If you'd like to share knowledge, answer.
    • Any question about Bitcoin is fair game.

    And don't forget to check out /r/BitcoinBeginners

    You can sort by new to see the latest questions that may not be answered yet.

    submitted by /u/rBitcoinMod
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    Daily Discussion, August 16, 2021

    Posted: 15 Aug 2021 10:06 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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    It blows my mind how many people are sitting on the sidelines waiting to buy bitcoin at $15-$20k

    Posted: 15 Aug 2021 12:19 PM PDT

    I think a lot of people are going to be extremely bummed out if and when we breach critical resistance and hit new all time highs. I can't tell you how many people I know that passed up buying this 50% pullback because they're convinced the price will go lower. When it comes to bitcoin, you should never assume anything, be smart and dollar cost average rather than risk missing the next leg up in hopes of buying in at prices that we may never see again. Maybe set some extra cash aside in the slim chance the price does go lower and DCA the rest.

    submitted by /u/Bitbuyer313
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    AMC will allow bitcoin payments for tickets in their cinemas by the end of this year

    Posted: 15 Aug 2021 02:19 PM PDT

    Nothing like finding $2k worth of Bitcoin on an old, forgotten account.

    Posted: 15 Aug 2021 11:55 AM PDT

    I think I had like $10-$30 worth of Bitcoin back in 2015 that i never spent and forgot about until a couple days ago when I decided to check it on a whim after seeing an email from the wallet company. Sooo happy I never spent it and wondering how much I would have if I had bought more. Anyone else have this happen?

    submitted by /u/Azuriahm
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    Walmart is looking for a crypto product lead

    Posted: 15 Aug 2021 06:43 PM PDT

    On August 15, 1971, President Nixon suspended the convertibility of the US dollar into gold, subjecting the American citizenry to an unprecedented and disastrous economic experiment.

    Posted: 15 Aug 2021 02:45 PM PDT

    50 years ago today. August 15, 1971. This Announcement was made to remove the U.S. from hard money to fiat currency. #bitcoin

    Posted: 15 Aug 2021 05:10 AM PDT

    A rant

    Posted: 15 Aug 2021 10:44 PM PDT

    You plead to your family to listen.

    You plead to your friends.

    You plead to your coworkers.

    NOTE: It's not that they don't invest. It's that they don't listen.

    Wealth inequality skyrockets. No big deal.

    The country is morbidly obese, and kids are too. "You are a fat shamer". k.

    More people die a day from drugs then were dying per day in the vietnam war. "We're making progress". Really?

    The average 32 year old millennial has a negative net worth. The average 39 year old is around $100k. That means halving more than 100k puts you in the top 50%. At 40. This includes retirement. Holy shit.

    Food stamps are increased 25%. I'm glad we're putting a bandaid on while we solve the problem my friend says. How the f are we solving this?

    Carjackings? They are starting. No big deal.

    90% of your friends are ngmi. Most of your bosses will spend their checks on trivial shit. This reminds me of 2007 when everyone was going to the club while they rented their luxury apartments. They have jack shit now. It's not about lambos-it's about having security for you and your family.

    '

    submitted by /u/throwaway29801A
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    Protocol for crossing borders with hardware wallets.

    Posted: 16 Aug 2021 01:56 AM PDT

    I've seeing few posts here about some dark places to hide your hardware wallets during cross border flights, etc... consider loosing / being confiscated all your belongings and still be able to recover your coins.

    I'm software engineer, and I use following method to store some sensitive info for easy access even if I loose all my devices. AES256-encrypted DMG images are pretty cool and might be useful for temp. seed phrase storage.

    Also you might want to research Steganography and secure memorable passwords.

    So curious what you guys think about this mental exercise:

    1. On a machine with no internet connection create an encrypted, writable DMG (use a Mac VM / Bootable ubuntu usb if you are extra paranoid )
    2. Create memorable, but strong and long encryption key (password) for your DMG / image. This will be a weak link, so might get creative with it.Might use some combination of info on your ticket/etc that will be available to you after travel is done.Do not name the file MYCRYPTOKEYS.dmg
    3. Write your seed in a text file and put it inside the image
    4. Send it to your iCloud drive (or other cloud storage if you trust any) and log out. Best to use a "burner" cloud account, and not your usual one.
    5. Reset your hardware wallets.
    6. After you feel being safe again, immediately login to your cloud storage, restore hardware wallets from seed phrases and delete the image.
    7. For extra paranoid: send your crypto to a new address.

    It takes a decade to crack the encrypted DMG.

    The reason it's so slow is because your AES256-encrypted DMG uses 250,000 rounds of PBKDF2-HMAC-SHA-1 to generate the encryption key. The ludicrous round count makes it extremely computationally expensive, slowing down the HMAC-SHA1 process by a factor of 250,000.

    If you suspect someone has a possession of the file, send the crypto to the new address long before it can be cracked.

    submitted by /u/wintermute-89
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    Millennials from age of 18 to 29 grown alongside internet revolution prefers Bitcoin over Gold.

    Posted: 15 Aug 2021 07:50 AM PDT

    The real game changing reason Bitcoin will surpass gold, and become the next global currency.

    Posted: 15 Aug 2021 10:20 PM PDT

    A lot of people dont realize this, and they really should. The dollar was effectively an IOU for an amount of gold. The reason we used a dollar was because gold is heavy, a target for physical theft, difficult to split up, and challeging to transport for larger transactions. Therefore it was easier to give someone a slip to transfer the ownership of that gold for transactions, ie the dollar. Then Nixon came and made the dollar monopoly fiat money.

    Bitcoin IS the game changer of money because you dont need the dollar anymore. It solves every single problem that the gold standard had. It can be divided into satoshi, physical theft (bank robbery, mugging, government garnish, etc) cannot be done and security is completely up to you, logistically it can be transported almost instantly anywhere (even interplanetary) in any quanitity and is weightless.

    Bitcoin is the future of not only gold, but money itself. These arent tulips, and bear no resemblance.

    Thats why I hold bitcoin, and DCA every paycheck. Mass adoption is already starting.

    submitted by /u/Capable-Raccoon-6371
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    a simple explainer video on Bitcoin Mining

    Posted: 15 Aug 2021 04:44 PM PDT

    Ordinary Afghan people using Bitcoin to escape and move assets out of Taliban's reach?

    Posted: 15 Aug 2021 09:23 PM PDT

    The rapid collapse of Afghanistan is an opportunity for ordinary people to use Bitcoin to escape the country and hide assets from the advancing Taliban. When Venezuela collapsed economically a couple years ago, there was an immediate surge in Bitcoin activity there. Will we see the same in Afghanistan? Bitcoin can potentially save lives there.

    submitted by /u/Extremely-Bad-Idea
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    Everytime I see this at grandmothers house I buy more bitcoin.

    Posted: 15 Aug 2021 03:02 AM PDT

    Michael Saylor says "Bitcoin is hope for Canada" - Quebec alone has enough unused hydro electric power to run the entire network.

    Posted: 15 Aug 2021 08:59 AM PDT

    WALMART is looking for a crypto product lead!

    Posted: 15 Aug 2021 09:21 PM PDT

    Crypto billionaire Sam Bankman-Fried donates $450,000 to a nonprofit that supports bitcoin developers

    Posted: 15 Aug 2021 09:59 AM PDT

    The Modern Financial System is a Debt-Based Pyramid Scheme and an Investment-Based Ponzi Scheme With Extra Steps...

    Posted: 15 Aug 2021 05:28 PM PDT

    Mining vs Buying

    Posted: 16 Aug 2021 03:27 AM PDT

    Hi guys, just a quick one, do you think is still profitable starting mining now? Or should I just buy Bitcoin

    submitted by /u/New-Base-6316
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    My DCA on Strike just cost .14%

    Posted: 15 Aug 2021 10:58 PM PDT

    My BTC limit order for the week didn't fill (it was set for $44k) so I just bought my weekly allotment thought Strike. Instead of using the Buy Bitcoin function, I just put deposited money into Strike and then sent that money as a payment to my cold storage wallet. Not only was the fee low (.14%) but it was in my wallet instantly (I have to wait 4-5 days for my deposit to clear on exchanges) AND their Bitcoin ticker value was lower than the exchanges (type BTC into google and check that price against coinbase... coinbase will be higher).

    submitted by /u/RandomTask100
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    GoSats Unveils Bitcoin Cashback Card in India

    Posted: 16 Aug 2021 03:14 AM PDT

    I got this notice from the Gemini exchange accusing me of illegal activity. Anyone else get one of these?

    Posted: 15 Aug 2021 05:52 AM PDT

    Colombian President’s Advisor: Bitcoin Is the Most Brilliant Piece of Software (Exclusive)

    Posted: 15 Aug 2021 06:41 AM PDT

    Walmart seeking to hire Crypto/Bitcoin lead

    Posted: 15 Aug 2021 09:12 PM PDT

    It’s happening!!!!!! Soon, global acceptance!!! @crudos @wynwood @miami

    Posted: 15 Aug 2021 06:24 PM PDT

    Lightning Addresses are a thing now!

    Posted: 15 Aug 2021 07:11 AM PDT

    Zebedee CTO André Neves has built a spec for lightning addresses.

    For example, I can now receive payments not only at [fittiboy@lntxbot.com](mailto:fittiboy@lntxbot.com), and [fitti@zbd.gg](mailto:fitti@zbd.gg), but also at my own domain, [tips@fitti.io](mailto:tips@fitti.io). There are many ways to set this up, from fully custodial (lntxbot and zebedee), to fully self-hosted (my fitti.io domain). There are also steps in between.

    You can set up some DNS records and use fiatjaf's bridge server to use your own domain and node, but have the server handle the requests.

    You can also use fiatjaf's satdress server and either self-host – using your own domain and node – or use someone else's instance (like ln.fitti.io). In the latter case, you use their domain, but your own node.

    This builds on top of lnurl's lnurl-pay subprotocol, which makes it very easy to implement.

    The amazing part about this is that it seamlessly opens up the ability for sats to flow between different platforms. You could use your Zebedee wallet to send [jack@twitter.com](mailto:jack@twitter.com) some sats because he retweeted you and you gained some followers. You could send sats to [someone@strike.me](mailto:someone@strike.me), instead of having to go to strike.me/someone first, and generating an invoice. Like what "username" said in a Telegram group? [username@lntxbot.com](mailto:username@lntxbot.com) is already a thing, you can already send to that from lntxbot and LNbits!

    I can easily see this gaining a lot of traction, especially since "Paying to static internet identifiers" (the sending part of this protocol) is part of the lnurl-rfc now, and Zebedee is immediately implementing it.

    Let me actually demonstrate how trivial this is for services to implement.

    Sending to [username@example.org](mailto:username@example.org):

    1. Look up https://example.org/.well-known/lnurlp/username
    2. Pay to the lnurl-pay link you found in step 2

    Receiving at [username@example.org](mailto:username@example.org):

    1. Serve your lnurl-pay link at https://example.org/.well-known/lnurlp/username

    Since I already had lnurl-pay links set up on fitti.io via LNbits, it took me less than 10 minutes to read the spec and implement it.

    submitted by /u/Fittiboy
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