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    Bitcoin Mentor Monday, September 27, 2021: Ask all your bitcoin questions!

    September 27, 2021

    Bitcoin Mentor Monday, September 27, 2021: Ask all your bitcoin questions!

    Mentor Monday, September 27, 2021: Ask all your bitcoin questions!

    Posted: 26 Sep 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, September 27, 2021

    Posted: 26 Sep 2021 10:04 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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    Random thoughts of a 38 year old

    Posted: 26 Sep 2021 09:14 PM PDT

    If you are on reddit bitcoin, maybe you are new to bitcoin, maybe you are considering putting in more $. Here are some thoughts of a random 38 year old.

    1. Are you still early? Super early? No. Early? Yes. The vast majority of people I know own zero bitcoin. I know people with real money who say "tulips". There is NO etf, and only 1 S&P 500 company that owns it. I personally know about 30 people with net worth above 500k. ZERO have more than 10% of their net worth in btc. For those that own it, we are talking between 3-10,000 worth.
    2. The dollar will NOT crash. I've heard this for a long time. The dollar is a measurement against other garbage currencies. I expect the dollar to stay in the same range for a long time. I do believe the dollar structurally crashes in about 20 years-we are far from this.
    3. Humans always chase. Let me repeat: humans always chase. 2017 crypto, 2007 housing, 2000 dot com. Those are the ones people talk about. How about fracking in North Dakota and Texas? People that took out loans to buy trucks and make money like water flowed and then lost it. The miami real estate bubble in 2008 was insane-we are talking about people flipping condos that the development had not even broken ground on. How about some of the NFTS? People ALWAYS chase.
    4. There are 5 things that will make btc go up: expanding balance sheets of central banks, more stimulus, rate cuts, institutional adoption, and the etf. I think this year brings a future based etf and next year more rate cuts as the economy, worldwide, is slowing. Taper is the new rate cut. So they have to taper AND raise rates...lol not happening.
    5. My belief is getting to 1 coin, or 2, is enough for the vast majority of people. Can people try to get to 10, 20, etc? yes, of course. However, if bitcoin goes to a path to 500k, then a million, it will be more than enough for most. Why? They can borrow against it or lend it out and use it as a 3-5% bond.
    6. I think trading is an art most lose money at, me included. The siren song of trading futures and leverage-most people I know with money are firm in their STAY AWAY stance. Bitcoin is an 80 volatility asset. The S&P is 10. There was a $1,000 swing in 1 hour today. Most people with leverage lose $. Most, not all. I think trading makes sense when you have hit your goal. Your goal is your goal alone.
    7. Your friends, co worker, boss, and family might ask you how much btc you have. I'd significantly understate it. Why? Most humans are jealous. It's not evil-people are interesting creatures. Let's say you have 5 btc. Let's say btc goes to $10,000. A lot of people will call you up, mock you, etc. However, lets say btc goes to $200k. You now have a million dollars. You will attract a lot of unwanted attention. Also, it might ruin your friendships (c'mon man, my radiator is down and work is slow, it's only $600, you have 5 btc!"). Look at a lot of young adult men who get quick money-it's gone fast. Also, people knowing you have money is actually a safety issue.
    8. Keep your job until you feel secure. I see a lot of people trying to gloat. Why not keep your job and build your stack?
    9. Unpopular opinion, but bitcoin or being rich won't make you happy. There are a lot of miserable people with a LOT of money. I think the vast majority of people on CT are actually unhappy even if they have tons of money and luxury goods.
    10. As a real estate person, I have been convinced that at this point, real estate is a worse bet than bitcoin. here's why:

    ROI= equity gained / down payment.

    The only way to max out this formula is to put as little down as possible.

    However, there are 2 types of real estate and why they go up. Non luxury is only going to keep going up because of money printing and lower rates. If this happens, btc skyrockets. Luxury does this and because it's very scarce and the demand for luxury will greatly increase-however, to go after luxury real estate, at least in the US, starts are 2 million, and realistically more like 3. This means you are paying in most places 2-5k a month in taxes alone. Let me repeat-2-5k in monthly taxes alone. Unless you have tons of liquidity, my bet is btc.

    submitted by /u/throwaway29801A
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    There's something about December, man.

    Posted: 26 Sep 2021 07:03 PM PDT

    In December 2013. One year after the first halving, Bitcoin touched $1k for the first time ever.

    In December 2016. Five months after the 2nd halving, Bitcoin touched $900 after being in the $300-$500 range for 3 years.

    On December the 17th, 2017: Bitcoin hits ~$20k.

    On December the 17th, 2020: Bitcoin hits ~$20k.

    There's something about December, man.

    submitted by /u/Leader92
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    I had about $40 worth of Bitcoin in 2014, finally regained access to my coinbase wallet here soon and waiting for account review to see what is in there. So would that mean I have approx. $8k now? (Newbie here) if so, would it be smarter to sell or hold?

    Posted: 26 Sep 2021 03:26 PM PDT

    Nayib Bukele: Chivo Bitcoin Wallet Has Now More Active Users Than Any Salvadorian Bank

    Posted: 26 Sep 2021 04:24 AM PDT

    BTC has more than doubled (1.765x) it's user base with the Twitter adoption. Massive network effect upgrade.

    Posted: 26 Sep 2021 11:19 PM PDT

    BTC 200 million wallets + Twitter 353 million advertising audience = Massive network effect expansion.

    Add to this El Salvador and other onboarding countries plus their diaspora = another big upgrade.

    Add to this how quick and cheap the BTC + Lightning transfer are = The future is here.

    ​

    ​

    (gotta minus China tho)

    submitted by /u/Legonitsyn
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    SEC may approve a Bitcoin ETF by the end of October, says Bloomberg

    Posted: 26 Sep 2021 12:39 PM PDT

    Facebook doesn't want Bitcoin to succeed

    Posted: 26 Sep 2021 12:11 PM PDT

    Let's start this off with.. I don't have anything against Facebook.. In fact I spend an absolute ton advertising there, have stock in FB, and meet with FB regularly. I do have a problem with the Suggested news feed Algo items that FB spits out at me on a consistent basis so I decided to count how many Bitcoin negative sentiment versus Bitcoin positive sentiment articles they feed me and how I personally feel each time one is suggested to me. Today I finally hit 100 and the results shouldn't be shocking at all.

    The majority of sources for these articles are Forbes, Business Insider and Coindesk. You should know that all 3 of them are pay to play.. meaning if you want to pay $$$ your article can be featured on them.

    Without further delay.. of the 100, only 3 had a positive sentiment for Bitcoin. I don't follow any Bitcoin pages, don't follow any groups and don't contribute to any crypto discussions on the platform so the suggestion is purely FB's way of saying yes we know you're into crypto so here's what we think you should read. The headlines have been "Miamicoin set to grow faster than Bitcoin" .. "Find out why this viral TikToker has predicted Bitcoin's fall from #1" .. "Why Bitcoin is going to lose value due to X"

    I'm not fucking selling.. But why does Facebook want me to so badly? Why does Facebook want me to think that Bitcoin is going to lose to some random shit coin? Why does Facebook care that I read about Bitcoin with negative sentiment? Why doesn't Facebook share relevant positive sentiment articles?

    Facebook knows whether you're pro or not. Facebook knows if you hodl. So here's my 2 cents.. If libracoin can't succeed than why should the Winklevoss twins have something more valuable than FB and FB will exert it's power over the people with it's own agenda through suggested news feed articles to negative sentiment articles that people will read and recite as if it's the gospel..

    submitted by /u/PokePirat
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    Buy Bitcoin with no fees on Strike App. Looks like I won't be buying on Cashapp anymore..

    Posted: 26 Sep 2021 04:24 PM PDT

    Michael Saylor “You cant buy this kind of publicity.” Just another Michael Saylor knowledge bomb.

    Posted: 26 Sep 2021 01:53 PM PDT

    Bitcoin Miners Eye Nuclear Power as Environmental Criticism Mounts

    Posted: 26 Sep 2021 05:28 PM PDT

    Bitcoin and the FIRE movement.

    Posted: 26 Sep 2021 08:41 PM PDT

    Hello,

    The FIRE movement has become really popular among millennials. The simple fact behind it is that you need to accumulate an amount that is 25 times your annual living costs. If you spend $60k annually, you'll need 1.5 million (4% SWR) to be set for life.

    Millennials try to achieve this by drastically cutting down on their spendings, saving as much as 60% of their incomes.

    I believe we Bitcoiners can achieve this easier and faster, throw your ideas.

    submitted by /u/Leader92
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    I bought $40 worth of Bitcoin back in 2021. Since it’s now 2040 and Bitcoin is 6,000,000 a coin how much money should I have in my account?

    Posted: 26 Sep 2021 05:32 PM PDT

    So Glad September is Nearly Over, Very Ready for October. I've Included Bitcoin's October Returns from the Last Several Years as a Fun Reference.

    Posted: 26 Sep 2021 08:15 PM PDT

    Below are the historical returns for Bitcoin in October. I'd love to see something in line with what we saw for 2013 and 2017. What do you guys think will happen?

    Oct 2013: 58.43%

    Oct 2014: -15.58%

    Oct 2015: 42.68%

    Oct 2016: 18.49%

    Oct 2017: 54.45%

    Oct 2018: -2.92%

    Oct 2019: 12.42%

    Oct 2020: 29.55%

    Oct 2021: ???

    submitted by /u/Win_with_Math
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    This is what China are afraid of

    Posted: 27 Sep 2021 03:58 AM PDT

    2.1 million Salvadorans are ACTIVELY USING @chivowallet (not downloads).

    Chivo is not a bank, but in less than 3 weeks, it now has more users than any bank in El Salvador and is moving fast to have more users that ALL BANKS IN EL SALVADOR combined.

    This is wild!

    submitted by /u/TheCryptoDadd
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    This configurable stand-alone WiFi real time ticker I coded and 3D-printed a few months ago. All Binance pairs supported. No PC needed.

    Posted: 26 Sep 2021 10:10 AM PDT

    How much do YOU need Bitcoin to be, for you to be truly financially free

    Posted: 26 Sep 2021 03:23 PM PDT

    "financially free" being you do not have to work for money, and yet still can live the life style you would like to live…

    $500,000 for me, then I am 100% all set

    House, cars, booze, babes…. All covered

    submitted by /u/kadudu888
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    Bitcoin will never ban anyone. Bitcoin is true, open, acceptance.

    Posted: 26 Sep 2021 07:12 PM PDT

    Bitcoin is what everyone should be. Accepting of anyone, anything, anywhere.

    Bitcoin does not hate or discriminate.

    Bitcoin does not draw imaginary lines.

    submitted by /u/thadiusb
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    Bitcoin environmental FUD offsetting cost

    Posted: 27 Sep 2021 03:17 AM PDT

    Electricity consumption:

    This means that Bitcoin can offset it's carbon fingerprint by buying 1.6 billion dollars worth of carbon credits (600 Million dollars if we substrated the renewables), this constitutes 0.001% of the total bitcoin Market cap, and about 7% of bitcoin mining revenue.

    Mining ASICs recycling: - Bitcoin e waste is 30.7 metric kilotons annually.

    This means tha bitcoin mining ASICs could be recycled for 0.276 billion dollars, this constitutes 0.0003% of the total bitcoin Market cap, and about 2% of bitcoin mining revenue.

    I am not arguing the we should buy carbon credits or force recycling old ASICs, but I think we should remember the I don't cost that much to do so and to kill the environmental FUD once and for ever.

    submitted by /u/mujshanan92
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    According to this website, China currently holds 194,000+ Bitcoin.

    Posted: 26 Sep 2021 10:24 AM PDT

    Instead of paying for an app via the Play Store with fiat, I emailed the developer directly and asked to pay in Bitcoin. He agreed :)

    Posted: 26 Sep 2021 07:09 AM PDT

    After Google realize they're losing revenue on missed fees, they'll have to implement Bitcoin payment in the store

    submitted by /u/MuliBoy
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    Bitcoin revenge on China banning

    Posted: 26 Sep 2021 08:27 PM PDT

    CEO of MSTR Michael Saylor on Laser Eyes: “Laser eyes proclaim a technology to guarantee the human rights of life, liberty, & property. Laser eyes channel action even as they protect from dilutive distraction. Laser eyes signal intent to make Bitcoin an instrument of economic empowerment.”

    Posted: 26 Sep 2021 01:19 PM PDT

    Anyone use a safe to store their words? Looking for a recommendation

    Posted: 26 Sep 2021 03:42 PM PDT

    I've got my seed phrase written down, now I need a safe place to put it. Seems reasonable that I might want to put it in a safe in my home, possibly bolted down to something. Ideally a small one, that's easily hidden. But basically this post is to ask for suggestions / ask folks to share their experiences.

    submitted by /u/Snoo_94888
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