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    Home Unlabelled Bitcoin /r/Bitcoin will be matching ~12BTC of your BTC donations. Made gains? Pay it forward, double!

    Bitcoin /r/Bitcoin will be matching ~12BTC of your BTC donations. Made gains? Pay it forward, double!

    December 19, 2021

    Bitcoin /r/Bitcoin will be matching ~12BTC of your BTC donations. Made gains? Pay it forward, double!

    /r/Bitcoin will be matching ~12BTC of your BTC donations. Made gains? Pay it forward, double!

    Posted: 30 Nov 2021 06:34 AM PST

    The Bitcoin price has gone up a lot over the past year, so why not prove that the new economy is better than the old one by giving some of your gains to worthy causes? This year, /r/Bitcoin is a sponsor of The Giving Block's #BagSeason event, and the first ~12.155 BTC in donations made on this special page will be matched from the /r/Bitcoin ad fund. You can donate to any of the hundreds of charities supported by The Giving Block, and /r/Bitcoin will match it.

    (There are also significant tax benefits to donating crypto.)

    Let's change the world for the better! Donate here. Make sure that you donate on that specific page, or your donation won't be matched. Whether or not you donate, let us know in the comments which charities supported by The Giving Block you think are the best.

    About the ad fund

    In 2010-2011, the previous top mod of /r/Bitcoin collected BTC donations with a vague idea that this BTC would be used to promote /r/Bitcoin and/or Bitcoin itself using AdSense ads or something like that. About 22.5 BTC was collected, at the time worth less than $300. When he resigned and made me top mod, he also gave me the MyBitcoin account containing the ad fund. (I luckily moved the BTC out of MyBitcoin right away... a few weeks later they ran away with everyone's BTC.)

    In the past, some of the other mods used parts of the ad fund to promote /r/Bitcoin by sponsoring some eSports tournaments and by buying some Reddit ads. But I was personally never very interested in the whole ad fund idea, and there haven't been many other people interested in spearheading ad-fund projects, so the remaining ~12 BTC has been sitting around collecting dust for the past several years. I decided this year to finally empty the ad fund, and this donation sponsorship/matching event seemed like a good way to use the BTC for something worthwhile while also maintaining the spirit of the ad fund.

    submitted by /u/theymos
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    Daily Discussion, December 19, 2021

    Posted: 18 Dec 2021 09:05 PM PST

    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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    People keep asking me about the different types of bitcoin addresses and what they mean. Here's a simple breakdown...

    Posted: 18 Dec 2021 10:22 AM PST

    A lot of people have been asking me about the different types of bitcoin addresses they see in wallets and the difference between each of them. Understandability, for a nontech person, it can be a bit confusing to see different types of addresses in their wallet and what all of it means.

    Here is a simple breakthrough of the types of addresses you see in your bitcoin wallet.

    Legacy: This is the original form of a bitcoin address that has been in existence ever since bitcoin.

    A simple way to recognize these addresses is they all start with a "1".

    Example:

    1BvBMSEYstWetqTFn5Au4m4GFg7xJaNVN2

    Issues:

    • Case-sensitive
    • High transaction fee due to the large size

    Segwit: The second version of the bitcoin address helped save in transaction fees by reducing the transaction size.

    All of these addresses start with "3".

    347N1Thc213QqfYCz3PZkjoJpNv5b14kBd

    Issues:

    • Case-sensitive

    Native Segwit: The third edition of a bitcoin address. These addresses further reduce the fee and offer better usability by eliminating case sensitivity. They even offer an error-detection mechanism.

    All addresses start with "bc1"

    Example:

    bc1qar0srrr7xfkvy5l643lydnw9re59gtzzwf5mdq

    Issue:

    • A bug was reported in its error detection mechanism
    • Not very common with crypto exchanges

    Bech32m: An updated version of native segwit, bech32m fixes the error that was in its previous version plus it supports taproot [a latest bitcoin technology development]

    Issues:

    • It's a new development so support is very limited.

    ​

    Address compatibility:

    By design, all addresses are compatible with each other. It's the wallets where the bitcoin address support varies.

    Most popular wallets support all 3 address types, while some others only 1 or 2. It's best to pick the wallet that supports all 3 and will also provide support for bech32m in the future.

    As for the address, bech32/bech32m offers the lowest fee.

    ​

    Source: Blockonomics - Types of Bitcoin Addresses

    submitted by /u/primalfabric
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    Stop posting rhetorical questions

    Posted: 18 Dec 2021 05:26 PM PST

    "If I have $50,000. Should I buy bitcoin" "If you had $10,000 would you buy bitcoin" Or my favorite "Should i buy bitcoin ?"

    .. REALLY? It's a fuc#$ng bitcoin subreddit..

    submitted by /u/BeeCommon1594
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    German Volksbank Raiffeisenbank Bayern Mitte educates all 800 employees on Bitcoin. Says only Bitcoin is decentralized. Vows to trade Bitcoin only and promotes self custody. Plans to train staff to become Bitcoin experts. Link in German

    Posted: 18 Dec 2021 12:28 PM PST

    Thailand wants to attract tourists who got rich from cryptocurrencies to recover economy

    Posted: 18 Dec 2021 06:09 PM PST

    As a multiple fullcoiner I cant be bothered to work again.

    Posted: 18 Dec 2021 01:32 AM PST

    Its been a year since I worked.

    So I live in a country where cryptos are not being taxed.

    My monthly expenses are 5-7 million sats.

    I have currently over 600 million sats in my offline hardware wallets.

    As the time goes by my monthly expenses gets lower. In about 4 year I think my expenses will be just 1-2 million sats per month and by 2030 as low as 100.000 sats. There is even a good possibility that a whole coiner will get over 6 million sats in interest yearly by future institutions.

    Knowing that my sats will last decades, even maybe forever I just can be bothered to work for some a-hole again. Instead I use the time to do what I want to, not what I have to.

    The daily stress is gone.

    Thank you Bitcoin.

    submitted by /u/eatmymeatbitch
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    Bitcoin continues to high new all time highs in Turkey. Protection against hyperinflation

    Posted: 18 Dec 2021 11:21 AM PST

    I finally got my first million sats!

    Posted: 18 Dec 2021 10:09 AM PST

    I know to most this is nothing, but I've been DCAing for sometime and I've finally maid it to 7 digit sats and wanted to share it with everyone, especially those like me that can't afford to save much!

    Keep it up and slowly it will build up!

    submitted by /u/dirpydip
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    China’s Huobi exchange dumped 320,000 bitcoin?

    Posted: 18 Dec 2021 06:06 PM PST

    Here's my Bitcoin family Christmas photo. Find all the easter eggs.

    Posted: 18 Dec 2021 05:06 PM PST

    Turns out Bitcoin's price is actually... reasonable?

    Posted: 18 Dec 2021 07:26 AM PST

    South Park nailed it…. #HODL

    Posted: 18 Dec 2021 10:55 PM PST

    Bitcoin has as many users as the internet did in 1997. But it's growing faster, presumably because the infrastructure is already built. Netflix was founded in 1997. Google went public in 1998. Apple was still in bankruptcy court. So yes, you're very early--HODL

    Posted: 18 Dec 2021 05:53 AM PST

    Your officially hooked on bitcoin when you get more satisfaction out of purchasing bitcoin than buying “stuff” you don’t need but want ��

    Posted: 18 Dec 2021 06:27 PM PST

    When we reach hyperbitcoinization

    Posted: 18 Dec 2021 12:23 AM PST

    Imagine thinking S2F is dead because the projection was off by a month or 2

    Posted: 18 Dec 2021 09:38 AM PST

    Just because we hit $100k+ in January, instead of end of year, doesn't mean the model was wrong.

    It's become in fashion to say "nobody knows shit about fuck" but that's a cope - some people actually do. Haters are about to learn!

    submitted by /u/Idunnowhy2
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    Ray Dalio warns Fed’s hands are tied and higher U.S. inflation is sticking around. Democracy, maybe not.

    Posted: 18 Dec 2021 07:13 AM PST

    Anyone else starting feel like Bitcoiners and sound money advocates are becoming a minority in this industry?

    Posted: 18 Dec 2021 05:43 PM PST

    Bitcoiners were once 100% of the people in this industry. Now it seems maybe we occupy maybe 25% and most of the 25% don't really hold the values of sound money. They are just here for number go up.

    Our love for sound money was once the unifying glue that held the entire crypto industry together under shared interests. We were all working together to bring sound money to the world.

    I don't think the broader industry does love sound anymore, because when I point out obviously scammy attributes like grifters making premines coins, VC token allocations and centralizing governance, I get booed out of town and called a "boomer" or a "fudder". To these people, crypto isn't about building sound money but instead just a mechanism to get rich.

    If your goal is just to get rich, then yeah making a premined shitcoin scam and leveraging your influence to get others to buy in is an easier way to make money than to own Bitcoin. That's why everyone with money, power, and influence are creating their own shitcoin, it's a 0 risk way of building a pyramid scheme where they are at the top of the pyramid and the funds get shuffled back to them.

    It's all a giant fucking scam and hate it all. It's the antithesis of what I am here for.

    Anyone else feel like we are losing the battle of sound money?

    submitted by /u/ShotBot
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    People want stocks and Bitcoin as presents this year.

    Posted: 18 Dec 2021 01:38 PM PST

    How does a 12 word seed phrase generate 256 bits for a private key? (BIP 39)

    Posted: 18 Dec 2021 08:45 PM PST

    Talking about BIP 39...

    I understand how a 24 word phrase is used to represent 256 bits (the private key).

    But how does a 12 word phrase, which can only be represented from 128 bits, generate a private key of 256 bits? Where do the other 128 bits of the private key come from? Is it just randomly generated from the BIP 39 process?

    submitted by /u/Apita2000
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    Any P2P Providers that do NOT require ID Verification?

    Posted: 18 Dec 2021 07:10 PM PST

    Is it just me, or has bitcoin / blockchain kind of lost the whole point? What in the actual f**k is up with ID verification? Maybe I'm missing something, but I thought a level of anonymity WAS THE POINT?!

    Are there any p2p networks that still do NOT require ID verification? I mean, I'm at a point where I'll just need to make multiple accounts on a single provider to bypass the limits set in place -- the point of this is so that these greedy governments and their corporate shills can't tax me / track my purchases, but here we are... welcome to 2021.

    Any help is appreciated. I'm attempting to use Localbitcoins, but it seems even they have gone to the dark side of ID requirements (please correct me if I'm wrong, as I just received an email telling me that I'm required to provide that, as well as my SSN/PIN).

    Thank you in advance, and apologies for the rant. Again, maybe I'm way off...??

    submitted by /u/LunitaPodcast
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    Plenty of room to go

    Posted: 18 Dec 2021 10:03 AM PST

    The altcoin crash of 2022 and 6.5 coinbase

    Posted: 18 Dec 2021 12:28 PM PST

    The altcoin crash of 2022 and 6.5 coinbase

    ​

    On a cold winter morning in the Southern District of New York, SEC Chair Gary Gensler receives a text message he's been waiting for. It's been a year. The judgement has just come back against Rip*le. Their token has been designated a security. The company and its defendants are given 90 days to register with the Securities Exchange Commission. Gensler assembles his team and lets them know that Operation OP_RETURN will begin. In a span of 24 hours, thousands of prewritten cease and desist letters have been sent, dozens of calls made to CEX legal teams, several subpoenas have been served, and the FBI is in place ready to raid the offices of Unis**p, Teth*r, and others.

    News of the raids break first that Friday, and crypto-assets are on edge. The initial drop is 15%, but prices stabilize until after markets close.

    It's now 4 p.m. and the cost of a single Et*ereum transaction has already reached $250.

    https://preview.redd.it/lktegxp30d681.jpg?width=714&format=pjpg&auto=webp&s=e81c2c3dcb601db38fee9770c5ba5b70046679f6

    Press drops shortly after markets close. One. After. The. Next.

    By 5 p.m. a single Et*ereum transaction has doubled to $500, and most tokens have fallen 25%.

    The worst part of the legislation is for stablecoins, and already the other side of the world is wide-awake and selling.

    The weakest stablecoins wobble on their pegs. But arbitrage to help stabilize them is useless, it's too expensive, and transactions too slow. Any dapp planning a rug-pull at any point in the future does it now. Exchanges suspend trading and withdrawals; emergency meetings are called by all of them.

    By 7 p.m. a single Et*ereum transaction reaches $1000 in gas, and layer 2 bridges are all down.

    Binance International is on the phone with their subsidiaries Binance.US and Binance.UK, making certain everyone is on the same page. An argument erupts when their chief financial officer CZ demands that crypto-assets from both be sent to Binance International to cover some of the liabilities that they have as stablecoin collateralizations are being undone. The call is unproductive ending in legal threats from both sides.

    Con-men like Brad Garlinghouse or your favorite YouTube shill are busy on Twitter denouncing the SEC's actions. Brad has his assets frozen, passports flagged, and reputation flushed one final and permanent time.

    Any CeFi or CEX that offers APY on deposits, dump their rates to 0%.

    By 9 p.m, media in Asia is running wild with it. Most altcoins have cratered 50% and a single transaction on Ethereum has peaked at $1250, trapping the most vulnerable people as the reactor melts down. Cries for centralized behavior and a centralized savior predictably ring out:

    "Isn't there a way we can shut down or reset the system?"

    "Where's Vitalik? We need his help and to explain what the hell's going on ASAP."

    All the gambling junkies masquerading as investors also look for scapegoats to pin their choices on--elaborate conspiracies never more welcome:

    "Worst President of all time."

    "Soros!"

    George Soros

    The meltdown continues. Non-fungible tokens can't find any buyers, regardless of what double-digit percentages keep getting knocked off their ask.

    The weakest stablecoins have lost their pegs, crashing to pennies. These undid collateralizations, which undid their collateralizations, which undid…the chain reaction is almost complete hitting even dapps once considered safe. In the end, it was all a collateralized Ponzi scheme. Everything secured by?

    https://preview.redd.it/ssp8mnj11d681.png?width=637&format=png&auto=webp&s=a5626114b916c2d42458de0afef36f0c18fcf0aa

    Early the next morning, the only stablecoin to survive is US*C, which has broken beyond arbitrage and trades at a staggering premium of $1.85, which is dangerous as the boomerang of liquidations in the opposite direction will follow eventually as it falls back to $1, but for now what are the safer alternatives? Only wrapped bitcoin, but smart money already swapped into that and there's none left, for the ones that are, their premium is rising quickly. Et*ereum has cratered to $1600 with fears that a move below $1000 is inevitable. Those fears are well-founded. The US dollar is flexing its dominance…but so is bitcoin.

    As for other altcoins, things are no better, maybe worse. Charles Hoskinson's social token that tracks his YouTube career (starts and ends with an A) is under .50 cents. Meme coins are quickly returning to their shitcoin roots near or under .01 penny. So*ana meanwhile, has leveraged its centralization and shut down, re-booting every so often when the developers get calls from their venture capital friends. Most alts will never be heard from again.

    CEX's remain shuttered until the bottleneck of transactions clear the mempools. Their accountants are going over the damage, and their insurer's have sent actuarial teams to look over their shoulders. Some CEX's have lost their own stablecoins. The smallest CEX's around the globe have gone dark. But all of them are sitting on enormous losses. Their large expenditures and foray into the Proof of Work node and shitcoin business have not paid off. The stock price of the largest one gets obliterated in the open market that Monday.

    But what's that noise? The brrrr of an ASIC is what it is. For what money has fled to safety? What money has come to the asset declining the least? Smart money.

    Daddy

    Every 10 minutes a block is mined producing a 6.25 BTC coinbase reward. It's business as usual for the bitcoin blockchain, and in the midst of the crypto route, bitcoin pivots, gaining dramatically, reasserting its dominance in a way not seen since the second Obama Administration. This was inevitable.

    In the aftermath, alts lose 50%-90% of their value. Et*ereum bottoms at $900 and now trades at $1100, stuck in a limbo as its own developers have been served subpoenas. It will never rise again, its tokenized orgy of swaps, wraps, burns, mints, and stakes…effete. Its dapps that did nothing but optimize token interactions to keep the orgy going suffer a similar fate. Soon scriptless script comes, as does Zk full composability, and this technological independence ushers in the Decentralized Autonomous Organization era, these dumping their L1 taxation into Boston Harbor, and placing bitcoin in their treasuries instead. This was inevitable. So are the Senate hearings.

    CEX's lose much of their bitcoin business afterwards and feel added pressure as the Lightning Network continues its parabola of growth with next to zero fees, speed, and instant settlement.

    https://twitter.com/HODLneverSODL/status/1467573571312570370?s=20

    Judgment:

    Take your bitcoin off all exchanges and use hard wallets. If you're in any shitcoins, exit those now. If you use any centralized companies to buy your bitcoin, make certain they deal with only bitcoin, and not shitcoins, and you'll be just fine. This is where Lightning Apps and places like Swan Bitcoin shine. Otherwise get your popcorn and melted butter ready.

    submitted by /u/Mallardshead
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    Article: 'Turkey's Inflation Is An Example Of Why We Need Bitcoin'

    Posted: 18 Dec 2021 07:24 PM PST

    Global Fiat Hegemony is currently held by the USA Fed Res via SWIFT but China has declared its intention to Challenge USA SWIFT with DCEP- USD vs DCEP vs BTC this will be the big story emerging in 2022. China reverse engineering the US Global monetary hegemony via Hong Kong and DCEP.

    Posted: 18 Dec 2021 12:54 PM PST

    My wife's nerves about my years-long bitcoin investments have now been settled... Because she just realized it's possible to borrow against it for a new home down payment, at an interest rate that blows banks out of the water, all the while immune to Fed rates. Her eyes are now open.

    Posted: 17 Dec 2021 10:42 AM PST

    [edit] Because so many have asked: Celcius, w/ 1% APR @ 25% LTV... Calm down everyone - I'm not doing this for our ENTIRE HOME DOWNPAYMENT or some shenanigans like that. This is a proof-of-concept venture, and we won't be leveraged deep AT ALL. I've HODL'd since 2016, so I'm totally aware of the volatility. And Yes, I'm totally aware that CeFi is not ideal - We plan on getting our coinage back ASAP, for this reason. Again, this is a proof-of-concept venture with relatively small leverage. BTC would have to hit 15k for liquidation to even begin. Anyway, thanks for all your advice! _^

    submitted by /u/ComfortableSwimmer92
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