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    Bitcoin Daily Discussion, September 28, 2021

    September 28, 2021

    Bitcoin Daily Discussion, September 28, 2021

    Daily Discussion, September 28, 2021

    Posted: 27 Sep 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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    Federal Reserve Presidents Kaplan and Rosengren step down this morning following scrutiny over insider trading in 2020.

    Posted: 27 Sep 2021 04:37 PM PDT

    If you invested $3/day into bitcoin for the last 6 years, you would be holding over $172,000 USD today from a total investment of $6,576. If you instead put that money toward Gold or stocks, you’d have less than $10k today.

    Posted: 27 Sep 2021 03:03 PM PDT

    A Bitcoin Is Worth $4,000--Why You Probably Should Not Own One

    Posted: 27 Sep 2021 11:47 PM PDT

    There are so many countries that are sick of the U.S. and the bullshit they pull. These countries should simply form a coalition and phase bitcoin into their economies giving the middle finger to the U.S. No more war is something I'll sign up for.

    Posted: 28 Sep 2021 04:09 AM PDT

    Bitcoiners looking for fucks to give after hearing about China ban

    Posted: 27 Sep 2021 09:18 AM PDT

    12 Years of Bitcoin Development in 60 seconds

    Posted: 27 Sep 2021 04:51 AM PDT

    "So, That's the End of Bitcoin Then" - Forbes article published when Bitcoin was $15.15

    Posted: 28 Sep 2021 04:49 AM PDT

    Fed Chair Powell to warn Congress that inflation pressures could last longer than expected - plus the $3.5T Reconciliation Bill will also cost $0. (This is a major BUY signal to me)

    Posted: 27 Sep 2021 07:14 PM PDT

    Listening to Pomp/Maller, and they made me realize something that I hadnt quite wrapped my head around yet… the Lightning Network, is the most innovative technology in human history. Wow.

    Posted: 27 Sep 2021 04:18 PM PDT

    🤯🤯🤯🤯

    Never really put it into perspective before.

    🤯🤯🤯🤯

    For those who cant google it: https://youtu.be/P_MfXIRQIwc

    submitted by /u/thadiusb
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    Thanks to all the support from this community I was able to startup my soap making business. Introducing Bitcoin Soap:

    Posted: 27 Sep 2021 05:27 AM PDT

    I am a time traveler from the future, here to tell you to please keep going.

    Posted: 27 Sep 2021 04:09 PM PDT

    I am sending this message from the year 2089. Things have never been so good in all of human history, and some of you will still be here to see it.

    If you don't believe me, I don't have the time to try to convince you, sorry.

    I know you are all busy building, and I don't want to waste your time, so I'll simply explain what happened.

    On average, every year, the value of a bitcoin continued to grow at an over 250% annualized return, that is, of course, until hyperbitcoinization began in earnest. Arguably, hyperbitcoinization began with the genesis block, but when the US government started printing trillions of dollars during the old pandemic of 2019, the world, en masse, began to lose faith in their unit of account, the US dollar.

    The largest demographic in the US, the Baby Boomers, began retiring. They held most of their wealth in their homes and retirement accounts (mostly equities), and as they watched the financial markets and real estate pump and dump continuously, due to money printing and government handouts, tempered by schizophrenic fiscal policy, they realized there would eventually be no demand for their overpriced homes and Amazon stock (I'm not sure what this company did, but I've read about it being very large), and started to cash out.

    This, coupled with small countries beginning to adopt Bitcoin as currency, led the way to broader de-dollarization. China, for a few years, attempted a digital Yuan, but a civil war ended their dream by destabilizing CBDC rollout, all the while debtor countries in the Chinese Belt and Road initiative realized they could simply convert their treasuries to Bitcoin, and clear their debts in the weakened Yuan currency after a year or two, thus securing their financial freedom.

    Back in the US, all hell broke loose when Vanguard, Fidelity and Schwab started metering retirement account redemptions. I don't want to oversimplify those years, but scams abounded and confusion was the norm. Many lost their life savings while others 500x-ed what they had by buying Bitcoin as soon as possible. In all, it became clear when the dust had settled, that the digital scarcity of Bitcoin was the enforceable unit of account.

    One famous couple, whose son had been telling them to buy Bitcoin since 2020, lost everything in their retirement accounts. That is, until one Thanksgiving when he logged into the long forgotten Swan website and realized their auto DCA of $50 a week had been running continuously for the last 10 years. They quickly bought a plane ticket and moved to a Bitcoin Citadel community for their remaining years.

    "What is a Citadel?" you might wonder.

    The concept started as a term of art to describe a hard money response to the fiat world pre-BItcoin. Today you probably think of the 'fiat world' when you see over-processed foods, low quality imported products designed with planned obsolescence, or hyper bureaucratic organizations that seem to produce little. Those things are alien to us in my time, I've only read about them, but I believe you'll understand what I mean when I mention them. The Citadel concept has become a cornerstone of Bitcoin and most people in my era see the concept of a Citadel as one of the following:

    1. The Personal Bitcoin Citadel: This is the high standard of personal care and sovereignty that Bitcoiners (everyone nowadays) hold themselves to. It includes working out, eating clean foods, maintaining healthy relationships, and working on emotional and spiritual betterment. With Bitcoin as a standard, people started to realize that they were extremely capable of taking care of themselves and dove in headfirst. The Personal Citadel movement extended outside of the self to the immediate family, one's home, and one's work/schooling environment. People became empowered by the responsibility of earning and holding their own wealth and developed a culture of protecting it while respecting what others had.
    2. The Bitcoin Citadel Community: These developed as both free and paid communities dedicated to both member improvement and extending the social mission of Bitcoin. Some organizations operated like what you would, in your time, call a 'meetup group', focused on particular skill development, self refinement or community issues, other organizations developed like what you would call 'investment clubs'. After hyperbitcoinization many Bitcoiners, now extremely wealthy, dedicated their lives to allocating capital to the building of a refined hard money world. These groups operated on principles of non-aggression, decentralization, permissionless-ness and opting-in. Sometimes they were meant to generate income and other times they were pure donations. The best example I can use is when I once read about the great capitalists of the 20th century, who often spent the latter halves of their lives giving away what they had earned. You may know Max Keiser and Michael Saylor, these two men, upon becoming some of the wealthiest individuals to have ever existed, spent their later years in campaigns to bring self sovereignty, energy independence and universal education to the world. They are the reason every country on Earth now has both fully funded trade, liberal arts, and research institutions.
    3. The Physical Citadel Community: During and immediately after hyperbitcoinization, the building of physical citadels became extremely popular for early adopters seeking to 'ride out' the volatility and confusion that abounded. Some individuals lived in mountain homes with abundant security, some on tropical islands they purchased, and others simply bought entire city blocks and retrofitted them to become entirely self-sufficient. Many of the later adopters of Bitcoin initially hated these citadel builders, seeing them as elitists or isolationists, but as hyperbitcoinization completed, most came to understand that physical citadels were meant as protective and self-sustaining structures, and were never used to offensively harm or attack anyone. What's more, many of these citadels, post hyperbitcoinization began operating on an 'open door' policy to provide shelter, food and health care to both average citizens looking for something to eat for lunch or somewhere to stay on a road trip, as well as the few impoverished who still struggle in our day and age.

    Initially governments tried to fight hyperbitcoinization by ostracizing early Bitcoiners and maligning them as dissidents or radicals. The Federal Reserve printed tens of trillions of dollars and distributed them widely, thinking that they could turn the average person away from Bitcoin. This provoked serious inflation and this plan backfired egregiously when the federal government shot and killed 25 peaceful protesters who had assembled in front of the White House to advocate for banking the underbanked in America's major cities with Bitcoin. After this event, it became clear to nearly everyone that they could not stand for a government that enacted violence on those trying to improve the lives of others.

    As more and more individuals opted out, government receipts faltered. The US, flush with cash but lacking any purchasing power, capitulated and announced they were buying Bitcoin. This announcement, combined with the flood of Baby Boomers retiring and smaller countries opting for a Bitcoin Standard is still seen today as the moment Bitcoin had won a peaceful revolution.

    After governments realized they could not defeat Bitcoin as a network, they became obsessed with energy production and chip manufacturing as a way to participate in the network. Geopolitical advantage went to the country who was able to produce massive amounts of energy at a low cost and with low environmental impact. Natural gas and oil consumption are non-existent in my day and age. Some people still drive around in vintage internal combustion vehicles, but that is seen as an expensive hobby because oil is so difficult to find. Today we use various forms of fission and fusion reactors to power everything from our homes and devices, to our cities, planes and ships . Our chips are 100,000 times faster than your fastest quantum computers and fit in handheld devices that never require charging.

    What you might call my 'cellphone', the device I keep with me most often for communication, work and play, is running a full bitcoin node and mining bitcoin! It only generates three to six Sats a month. I chose this model, one of the most expensive in the market, because of the more powerful 350 tera-hash mining computer inside of it. It won't pay for itself and is nowhere near as advanced as the 100,000 tera-hash units some of the larger energy companies have, but it is nice to have a few Sats a month to get lunch or go on a coffee date with.

    Even the most staunch talking heads against Bitcoin capitulated when they saw what was happening in Africa, South America, and Southeast Asia. With the introduction of a hard money standard and near limitless energy and computing power available to all, slavery and government tyranny disappeared entirely as the demand for goods produced on these continents for 'fiat' products dried up. These locations in particular flourished immensely as their people were able to utilize their skills and resources at home, own their own wealth and labor, and keep the rewards nearby. Service markets that used to rely on geo-arbitrage like design, programming, marketing strategy or website building, became more equitable when everyone was transacting in a shared currency and governments around the world had to compete for citizens. Some later scholars interpreted this as a global redistribution of wealth, while others saw it as the major social turning, when governments across the world started to think of their citizens as customers to be served and not taxpayers to be audited.

    You might wonder, what is our plan now? To say we live in a utopia is incomplete. Some individuals have attempted to use their newfound wealth to create militias, take over lands, or attack and rule over others. But, these types of attacks work less and less as the years go on and Bitcoin becomes more and more decentralized. As countries themselves fight mainly to innovate, they fight less and less to dominate. They focus more on serving their citizens and protecting fundamental rights. This has led to a mass de-radicalization of politics and media as businesses and governments insist on maintaining peace, otherwise their citizens will simply leave for a better country.

    Of course, in some sense hyper-bitcoinization is not yet complete, but we are living in a far more just and peaceful world because of what you created in the early 2000s.

    This is also the reason I contacted you.

    Keep going. What you see now as a vision becomes a reality. I don't know how to explain to you that it was all worth it, you won, and the human race itself has become something better for your work. I can't imagine the difficulties that you have gone through, and the ones you are about to go through.

    However, I have seen where it leads.

    - RW

    ​

    NOTE: This is an homage to the original Citadel Reddit post HERE.

    You can find a version of this same post at Bitcoin Magazine HERE.

    Thanks so much for reading!

    submitted by /u/BikesandBitcoin
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    Chivo is adding 150,000 users per day - Next stop : 3 Mil lightning users of Bitcoin

    Posted: 27 Sep 2021 02:46 PM PDT

    The goldbug Lawrence Lepard describing Bitcoin as sound money

    Posted: 27 Sep 2021 09:20 AM PDT

    Morgan Stanley doubles exposure to Bitcoin through Grayscale shares ����

    Posted: 27 Sep 2021 03:56 PM PDT

    Coinbase users can choose to deposit paychecks directly to accounts

    Posted: 28 Sep 2021 12:15 AM PDT

    MicroStrategy's latest 10-K annual report

    Posted: 28 Sep 2021 02:09 AM PDT

    Stumbled upon this after looking a bit more into Mr Saylor and MicroStrategy.

    Couldn't help but think that whenever I see a post about anyone feeling unsure whether to sell because the market is too volatile or whatnot, THIS GUY is just the definition of diamond hands/nuts. It really helps put things in perspective.

    HODL!

    "At June 30, 2021, we carried $2.051 billion of digital assets on our balance sheet, consisting of approximately 105,085 bitcoins and reflecting $689.6 million in cumulative impairment losses attributable to bitcoin trading price fluctuations, and held $56.4 million in cash and cash equivalents, compared to no digital assets and $420.9 million in cash and cash equivalents at June 30, 2020, reflecting the shift in our liquid asset holdings following the adoptions of our Treasury Reserve Policy and our corporate strategy to acquire and hold bitcoin. Digital asset impairment losses of $618.9 million incurred during the six months ended June 30, 2021 represented 77.4% of our operating expenses, compared to no digital asset impairment losses for the six months ended June 30, 2020, contributing to our net loss of $409.4 million in the six months ended June 30, 2021 compared to net income of $4.0 million in the six months ended June 30, 2020."

    EDGAR Company fillings

    submitted by /u/bandikut2020
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    Michael Saylor takes Raoul Pal to school ��

    Posted: 27 Sep 2021 10:56 PM PDT

    Michael Saylor takes Raoul Pal to school

    Posted: 27 Sep 2021 06:19 PM PDT

    Michael Saylor takes Roaul Pal to school

    Look at Raoul Pal's body language around the 2 minute mark... says it all.

    Takeaway: SEC Regulations threatening. Sell your altcoins, Buy Bitcoin.

    Anyone got a link to the whole discussion?

    submitted by /u/Tweldorian
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    Coinbase dives deeper into banking by letting users deposit paychecks into their accounts

    Posted: 27 Sep 2021 01:49 PM PDT

    US Senators Launch Bill to Keep Tabs on Overseas Crypto Mining

    Posted: 28 Sep 2021 04:21 AM PDT

    EQIFI CEO Brad Yasar on CNN, talking about Bitcoin wallets and lost passwords

    Posted: 28 Sep 2021 12:56 AM PDT

    Billionaire head of JP Morgan Jamie Dimon recently admitted that Bitcoin can 10x in value after calling it a fraud or another "tulip mania" in the past

    Posted: 27 Sep 2021 03:41 PM PDT

    Which hardware wallet is best?

    Posted: 27 Sep 2021 10:53 PM PDT

    Hi, I need to transfer my btc to a hardware wallet. Any recommendations beyond just trezor? Or if just trezor any one specifically or are they all the same? Thanks for any tips!

    submitted by /u/YogurtclosetFresh991
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    Dont wait to buy Bitcoin. Buy Bitcoin, and wait.

    Posted: 27 Sep 2021 08:11 AM PDT

    Happy Monday everyone.

    Heres to a good week!

    submitted by /u/thadiusb
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