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    Bitcoin Daily Discussion, January 30, 2022

    January 30, 2022

    Bitcoin Daily Discussion, January 30, 2022

    Daily Discussion, January 30, 2022

    Posted: 29 Jan 2022 09:02 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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    Why HODL?! The answer ⤵️

    Posted: 29 Jan 2022 03:40 PM PST

    PLEASE do not politicize Bitcoin, it only hurts adoption

    Posted: 29 Jan 2022 11:29 PM PST

    Bullish AF! I always use my fortune cookies as financial advice.

    Posted: 29 Jan 2022 05:16 PM PST

    I'm a bank teller at a large North American Bank, and every day I'm reminded how much we need Bitcoin.

    Posted: 29 Jan 2022 12:47 PM PST

    As someone who works for a bank in a customer-facing retail setting I'm one of the first people they come to when they have banking issues they need help with, or complaints with our policies.

    These issues/complaints include any and all of the following:

    • Credit/debit card fraud in which their card is being used without their permission.

    • Card fraud in which their card/personal details where stolen either through phishing or a similar scam.

    • Cards being locked due to "suspicious transactions"(which might not even be suspicious in many cases which just frustrates people)

    • Checks being put on hold for anywhere between 1-6 business days, or even up to 10 for big checks.

    • Accounts being partially frozen or even closed due to potential fraud activity.

    • Payment apps like Zelle either not letting people link their accounts, or blocking payments due to lack of similar payment activity or whatever they deem "suspicious activity"

    • Customer cannot easily transfer funds from their old bank to ours because the other bank has no local branches

    • Customers wanting large withdrawals, but don't we don't have enough cash on hand to give it all to one customer

    • National coin shortage causing frustration for business customers

    • Wire transfer fees/processing time

    • Maintenance fees

    • Overdraft fees

    • Bank check/money order fees

    • Non-customer fees

    • Non-customer ATM fees

    • "Non-transactional account" transfer fees

    • Pending transactions taking days to post

    • Real companies making charges on people's cards when they haven't even been there in months

    • People complaining the ATM doesn't work after they just stuffed dozens of shitty dirty bills and water stained checks in it

    • A couple deposited all their money via bank check from their old bank and it was put on hold for over a week leaving them with no money.

    • Woman wanted to wire $100 to her family but was turned away because Intl wires cost $50 off the top and may or may not have fees on the receiving bank as well.

    • Guy couldn't access his money from his old bank across the country which required him to physically be there to initiate a wire.

    • Guy lost a fairly large bank check in the parking lot a few plazas over and took weeks to get in contact with him to put a stop on it.

    • Checks/cards not showing up in the mail, wasting people's time to have to come in and reorder and put stops on the lost items.

    • Old people who literally pay money to buy checks only to drive to the bank, stand in line, and write themselves a check for $100 cash and ask for a balance - only to repeat this every other day.

    The fact that these problems and inconveniences even exist is a problem in itself. Bitcoin fixes all of these because they are completely irrelevant on a Bitcoin system. In economics 101 they teach you that the definition of an efficient market is one where all information is transmitted perfectly, completely, instantly, and for no cost. Bitcoin dramatically increases efficiency in banking and will inevitably become the standard medium of storing money/value.

    Food for thought: Customers will often ask for their pay checks to deposited as cash. If we can tell the check is legit or if we're familiar with the person(kyc) we'll deposit it as cash even though the check is from another institution, meaning in reality the receiving bank isn't getting anything besides a piece of paper and a promise that the account on the check is good for the funds. Verifying those funds takes a business day or more, but meanwhile the funds get poofed into the persons account at the click of a button. Also as many of you know, since March 2020, deposit institutions are now required to keep 0% of their total deposit accounts in cash reserves. Zero percent!

    So that's why when I hear someone say that Bitcoin isn't "backed" by anything, my question is what the hell is a dollar backed by besides dirty green rectangles with some old guy's signature?

    submitted by /u/uqhg
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    My friend's fortune cookie knows things...

    Posted: 29 Jan 2022 09:23 PM PST

    4,425$ from referrals ( Got Banned )

    Posted: 30 Jan 2022 02:47 AM PST

    Bitcoin is about to explode in 2022. Want to help elevate its success?

    Posted: 29 Jan 2022 02:29 PM PST

    Withdraw your coins from the exchanges. Custody your own keys safely.

    There's only about 2500k BTC on the exchanges left (source: $BTC Balance on exchanges reached a 3-year low). If the stocks go down and the demand stay or goes up.. Well, do the math

    submitted by /u/LassezfaireOrSth
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    I’m willing to spend btc iff I can easily convert my newly earned fiat into btc without taking a huge spread and transaction fee.

    Posted: 29 Jan 2022 11:48 PM PST

    This is one of the missing piece I believe. I'm a hodler, only because it's technically infeasible to maintain a steady btc stock if I were to spend them.

    Say right now I'm making $2,000 monthly in USD, and upon receiving the fiat immediately I would convert the entire sum into sats (by taking a hit in spread and fee). From that point on I would simply spend with Lightning and save up the leftover. Rinse and repeat monthly. This way I can maintain my hodl amount or increase it slightly over time. The recurring transaction cost is a hurdle, it needs to be addressed through competition in market offerings.

    Two things need to happen.

    1. A proliferation of LN pos adoption, and;

    2. An easy way to convert fiat into btc without incurring unreasonable fee and the kyc nonsense. Those bitcoin ATMs take huge spreads and it's just discouraging.

    1 is relatively easy to solve; any phone can be turned into a LN pos; it's just software, as the hardware infra already exists.

    2 is so so so much harder. Maybe Jack Dorsey should work on this since he's going all out.

    submitted by /u/Sealobo
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    Just rolled over my employer 401k to a BitcoinIRA. AMA.

    Posted: 29 Jan 2022 11:58 AM PST

    $400k. I need this to 10x in 15 years.

    (i did not cash out and buy the coins myself because there would be huge taxes and penalties as I am not old enough to cash out a 401k without penalty.)

    submitted by /u/Bright-Ad7091
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    Arizona Bitcoin bill and The U.S. Constitution. Winning this would be amazing but I think this will be a hard one.

    Posted: 29 Jan 2022 07:11 PM PST

    Argentina's inflation rate is 50%. Why are they not all buying tons of Bitcoin?

    Posted: 29 Jan 2022 10:19 PM PST

    I live in the USA, where the inflation rate of 7% is freaking everyone out. But Argentina's inflation rate has been 50% or more for the past few years. I cannot understand why people there would not be rushing to turn their pesos into Bitcoin. Even with the volatility and price drops of Bitcoin, it seems to be an obviously MUCH better place to put your money than the Argentine peso.

    https://www.msn.com/en-gb/money/other/argentina-e2-80-99s-dystopian-reality-where-inflation-runs-at-50-per-cent/ar-AASYk8K

    submitted by /u/Effective_Positive_8
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    Texas Governor Abbott Turns to Bitcoin Miners to Bolster the Grid and His Re-Election

    Posted: 29 Jan 2022 07:55 PM PST

    Gold "2022" Movie Scene

    Posted: 29 Jan 2022 10:50 PM PST

    Anyone else seeing an uptick in new accounts asking FUD questions previously addressed on this SubReddit or is it just me?

    Posted: 29 Jan 2022 01:35 PM PST

    Someone close to me said that he has read a lot of about Bitcoin…

    Posted: 29 Jan 2022 09:20 PM PST

    …from the mainstream media in the news that's it. Nothing technical, nothing philosophical, nothing moral. Just pure sensation and drama. He wrote it all off as scam and pure speculation. The thing is, he's a smart person. He just doesn't have the time to study it; the bite-size news headlines are all he got and over time, perception and prejudice have formed.

    This is a serious problem. I think this is still the case for a lot of people.

    Hm…

    submitted by /u/Sealobo
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    This aged well :)

    Posted: 29 Jan 2022 09:42 PM PST

    What happens to Tech Companies cash reserves during inflation events?

    Posted: 30 Jan 2022 03:12 AM PST

    This is an old article from last year but it states that the cash reserves of the top 5 Tech Companies equalled $558 billion.

    https://www.businessleader.co.uk/five-of-the-worlds-largest-tech-giants-hold-588bn-in-cash-reserves/

    Tech companies stock tends not to pay out dividends, instead giving value to shareholders by increasing the price of the stock by keeping their profits as cash and using it to invest in R&D and quickly buying out promising companies to acquire new technology. But what happens during an inflation event? Will their cash reserves start getting gobbled up by a weakening dollar? Will these companies ultimately have to seek an alternative to holding fiat to stop their purchasing power and share prices from dropping?

    I don't know enough about the subject so I thought I would see if anyone here had some insight into this. :)

    submitted by /u/RedshiftOTF
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    The number of days Bitcoin swung more than two deviations from its average (Bloomberg)

    Posted: 29 Jan 2022 08:08 PM PST

    My fortune cookie asking the real questions

    Posted: 29 Jan 2022 06:18 PM PST
    Read more
    at

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