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    Bitcoin Daily Discussion, February 28, 2022

    February 28, 2022

    Bitcoin Daily Discussion, February 28, 2022

    Daily Discussion, February 28, 2022

    Posted: 27 Feb 2022 09:07 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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    Mentor Monday, February 28, 2022: Ask all your bitcoin questions!

    Posted: 27 Feb 2022 10:16 PM PST

    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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    Kraken’s CEO response to request to freeze civilians crypto account

    Posted: 28 Feb 2022 04:43 AM PST

    With the ruble collapsing, ATMs dry, banks closed... every single person in Russia now understands WHY Bitcoin.

    Posted: 28 Feb 2022 12:30 AM PST

    With inminent expulsion from SWIFT, Russian banks and companies will also understand soon. Russia will emerge from this war halfway on the Bitcoin Standard. Regardless of what Putin wants.

    submitted by /u/flix2
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    Fiat money is a weapon of war

    Posted: 28 Feb 2022 03:31 AM PST

    Russians have found out about the sanctions and the SWIFT ban. A Bank Run seems to have begun.

    Posted: 27 Feb 2022 02:33 AM PST

    The Prime Minister of Ukraine is now asking the exchanges to block all Russian users out. No matter the politics but this is a great reminder to take your coin out of any exchange. One day, your country could be on the list too. Not your keys, not your sats!

    Posted: 27 Feb 2022 11:52 AM PST

    oof, this ain’t it chief.

    Posted: 27 Feb 2022 12:43 PM PST

    Russia To Seize 60 Trillion Rubles of Citizens Deposits if Sanctions Get Worse

    Posted: 28 Feb 2022 12:45 AM PST

    Bitcoin

    Posted: 28 Feb 2022 02:26 AM PST

    How's that for a slice of fried gold?

    Posted: 27 Feb 2022 07:12 PM PST

    Bitcoin pools should NOT block Russian users. The entire point of the network is to be decentralized regardless of current situation.

    Posted: 27 Feb 2022 08:07 AM PST

    Miners are what keep the network alive. Regardless of the current situation the network should not be degraded or disconnected for Russian users.

    Russian civilian's don't want a war. It's unlikely Russia government is using the BTC network anyway.

    I too take Ukraine side in this disgusting act by Putin but we must maintain integrity of the Bitcoin network.

    Edit

    To clarify it has been reported that some cryptocurrency pools are blocking access to Russia. This is not solely limited to just BTC.

    Edit 2

    Just to be clear. I know exactly how the network works. I'm stating freely and clearly that all pools should remain online and active for everyone and not to impose any restrictions as to retain the integrity of crypto currency.

    As a pool owner you should NOT be making choices based of political decisions that may deliberately prevent end users from using the service.

    submitted by /u/FredrickandNeval
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    Everyone says we need easy and cheap markets for non-KYC BTC... So I have done this.

    Posted: 27 Feb 2022 10:59 AM PST

    Everyone says we need easy and cheap markets for non-KYC BTC... So I have done this.

    TL;TR: Bitcoin is slowly being captured by the tight grip on the fiat on/off ramps. We need convenient, fast and cheap markets for non-KYC bitcoin. I have worked my ass off for two months to create an easy and private P2P exchange that uses solely lightning hold invoices. It is called RoboSats and I believe it can potentially rival centralized exchanges in ease of use and fees, while being totally private and having a close to custody-less pipeline. You can use it from your smartphone right now: it is straightforward to use even for the very noob. The platform is fully open source and will always be. It works quite well, but it is experimental: read the info and trade only small amounts. Open it now with Tor Browser: Onion Link

    Background

    One of the main threats for the Bitcoin network and its users is the ability of a few entities to control the fiat on/off-ramps. The tight grip on them allows for censorship and surveillance by linking funds with identities and strips the freedom away from Bitcoin. While there exists several peer-to-peer alternatives to centralized exchanges, these are rather technical, slow and costly. Most users still prefer the convenience of a centralized exchange at the cost of their privacy and a difficult initial setup (submit passport, selfie-video, etc). Things do not look too well for a truly free Bitcoin ecosystem.

    However, there are opportunities too. Using the Lightning Network it might very well be possible to create a very user friendly, safe, fast and cheap peer-to-peer market. By using hold invoices as fidelity bonds and trade escrows, trust/security can be maximized. It will never be as secure as an on-chain escrow. But one can dream that an open p2p market like that could rival the ease of use of centralized exchanges and have very low fees too; yet, with minimal privacy invasion and a close to custody-less trade pipeline.

    ​

    Wait, is that u/Reckless_Satoshi wearing a hoodie... AGAIN!?. He must have been up to something.

    For the last two months I have been locked in my basement, feeding protein shakes and listening to SaylorWaves instead of sleeping... yeah, living the good life. And... I have also built RoboSats during that time :)

    What is RoboSats?

    It is a BTC/FIAT peer-to-peer exchange over lightning. It simplifies matchmaking and minimizes the need for trust. RoboSats focuses in privacy, speed and user friendliness. RoboSats is an open source project.

    How does it work?

    Alice wants to buy bitcoin privately. She generates an avatar in RoboSats homepage (AnonymousAlice01) and stores her random token safely so she can recover the avatar later. She creates a new buy order. Bob wants to sell bitcoin and takes Alice's order. Both have to post a small bond using lightning to prove they are real robots. Then, Bob posts the trade collateral also using a lightning hold invoice. RoboSats locks the invoice until Bob confirms he received the fiat, then the satoshis are released to Alice. Enjoy your satoshis Alice!

    At no point, Alice and Bob have to entrust the bitcoin to each other. In case they have a conflict, RoboSats staff will help resolving the dispute. You can find a step-by-step description of the trade pipeline in How It Works

    Use it now

    Click the link below to start buying/selling non-KYC Bitcoin, no registration or any other BS required. Just visit the site using TOR Browser (Mobile works great). Brave is OK too:

    RoboSats6tkf3eva7x2voqso3a5wcorsnw34jveyxfqi2fu7oyheasid.onion

    ... if it does not work, you must download Tor Browser for your device

    ​

    They usually place fancy screenshots of the apps in the play store / apple store. This is just my attempt to conform to expectations. There is more to RoboSats that what can be seen here, make sure to read the how-to-use guide.

    In more details

    What payment methods are accepted?

    Basically all of them as long as they are FAST. You can write down your preferred payment method(s). You will have to match with a peer who also accepts that method as you pay each other directly. The step in the contract to exchange fiat has an expiry time of 24 hours before a dispute is automatically opened. So, I highly recommend using instant fiat payment rails.

    Are there trade limits?

    Maximum single trade size is 500,000 satoshis to minimize lightning routing failure. There is no limits to the number of trades per day. A robot can only have one order at a time. However, you can use multiple robots simultaneously in different browsers (remember to back up your robot tokens!). At launch RoboSats is limited to a maximum of 100 public orders at a time (...just a temporary safety measure).

    Is RoboSats private?

    RoboSats will absolutely never ask you for your name, email, phone number, country or ID. RoboSats does not custody your funds and does not care pinch about who you are. For best anonymity use Tor Browser and access the .onion hidden site.

    Your trading peer is the only one who can potentially guess anything about you. Keep your chat short and concise. Avoid providing non-essential information other than strictly necessary for the fiat payment. But don't forget to be polite! :)

    What are the risks?

    This is an experimental lightning application, things could go wrong. Trade small amounts! The seller faces the same charge-back risk as with any other peer-to-peer service. I do not recommend using Paypal or credit cards.

    What is the trust model?

    The buyer and the seller never have to trust each other. Some trust on RoboSats is needed since linking the seller's hold invoice and buyer payment is not atomic (research ongoing). In addition, disputes are solved by the RoboSats staff.

    To be totally clear. Trust requirements are minimized. However, there is still one way RoboSats could run away with your satoshis: by not releasing the satoshis to the buyer. It could be argued that such move is not in the platform's interest as it would badly damage the reputation for a small payout. However, you should hesitate and only trade small quantities at a time. For large amounts use an on-chain escrow service such as Bisq. You can build more trust on RoboSats by inspecting the source code.

    What are the fees?

    The trading fee is 0.2%. That's about the same as Binance, yet you will not have to pay a withdrawal fine (that same fee covers for the routing to your wallet). The fidelity bonds are sized 1% with respect the trade amount, these are automatically returned.

    What happens if RoboSats suddenly disappears?

    Your sats will return to you. Any hold invoice that is not settled will automatically return even if RoboSats goes down forever. This is true for both, locked bonds and trading escrows. However, there is a small window between the seller confirms FIAT RECEIVED and the moment the buyer receives the satoshis when the funds could be permanently lost if RoboSats disappears. This window is about 1 second long, so make sure to have enough inbound liquidity to avoid routing failures. If you have any problem, reach out trough the RoboSats public channels (Telegram).

    Is RoboSats legal in my country?

    In most countries using RoboSats is no different than using Ebay or Craiglist. Your regulation may vary. It is your responsibility to comply (lmao, sorry but I have to write this). If your country is shitty about p2p commerce start thinking about moving, it will only get worse.

    Can I access it without Tor Browser / Brave?

    Not yet, and why should you? Use Tor and improve your privacy! However, the site robosats.com will be accessible at some point. It will be a simple web2tor bridge to widen the access to any browser and improve URL memorability... It comes with a huge set of caveats for privacy and security: so you should always use the .onion site and Tor Browser if possible!

    You make RoboSats a great place

    If you like what you see, there is a lot of ways you can become part of this open project. The most needed contributions are: develop code (funding might be possible, ask); create tutorials and guides; open outbound LN channels towards RoboSats node (1ML); create art (logo, banners, they are shitty rn); and help newbies in our community groups (Telegram: English and Spanish). Needless to say, simply using the platform, telling a friend or sharing your idea/criticism is a huge help!

    Give it a try now and contribute to make this open source project glorious!

    Cheers,

    Reckless_Satoshi

    submitted by /u/Reckless_Satoshi
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    Take note of laws they are passing using this war as an excuse: Asset seizure and greater surveillance.

    Posted: 28 Feb 2022 06:10 AM PST

    You'll get red on you.

    Posted: 27 Feb 2022 06:56 PM PST

    Bitcoin remains neutral during war.

    Posted: 27 Feb 2022 09:23 PM PST

    I am amazed every week by something that BTC is doing that every other shitcoin fails. During a military conflict, Bitcoin demonstrates that all sides need it. Plus, it can't be used as a device of punishment. Ukraine is asking for BTC to help fund itself in a time of need. The people fleeing are finding that they can take their wealth with them without a bank. Russia and China could use it to stay from under the US's thumb. Bitcoin is yet again proof that decentralization matters. The first global monetary system working as intended. Although I know it went from theory in a white paper, it is always neat to see it proved out.

    What shitcoin has these properties? What material comes close? It is amazing to see the hash rate continue to increase.

    submitted by /u/Plane_Baby
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    Good morning HODLers! Just wanted to share something happy this morning.

    Posted: 28 Feb 2022 04:24 AM PST

    🚨🚨🚨 Liquid Cooled 🤑 Asic Mining 🚨🚨🚨

    Posted: 27 Feb 2022 04:55 PM PST

    Kraken CEO Backs Truckers And Bitcoin As Defense Against Canada’s Weaponized Financial System

    Posted: 28 Feb 2022 12:59 AM PST

    Russia blocks sale of stocks and bonds held by foreigners, Bitcoin investors not affected

    Posted: 27 Feb 2022 03:58 PM PST

    For the first time the 200 week moving average #Bitcoin price has just passed $20,000.

    Posted: 28 Feb 2022 02:08 AM PST

    Bitcoin got what it needs for the pump

    submitted by /u/Nasty_slutX
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    Russian Bitcoin

    Posted: 27 Feb 2022 11:00 PM PST

    And so it begins. 20 minutes ago I heard the term Russian Bitcoin for the first time per Wall Street Journal.

    https://www.wsj.com/articles/russian-bitcoin-and-other-cryptocurrencies-could-be-part-of-future-sanctions-11645902740

    It appears that this may be the way that cryptocurrencies are covertly and overtly taken down by world governments.

    submitted by /u/N0body_In_P4rticular
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    The Russian Ruble is down 30% in one day. Everyday citizens who had nothing to do with Putin’s decision are having their assets frozen and are unable to conduct business. Don’t EVER let them tell you that fiat is “safe”, it is everything but.

    Posted: 28 Feb 2022 06:42 AM PST

    The past few weeks should be all the evidence you need that fiat is on its way out and crypto is the future.

    The ruble is in shambles.

    People are having their assets frozen.

    People are being prevented from sending and accepting money for business.

    People are finally waking up to see fiat is a joke, magic paper that can be stolen and lose all its value in a short amount of time, guaranteed to lose all its value over a long period of time.

    submitted by /u/UsernameIWontRegret
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    “Energy is not lost or destroyed, it is merely transferred from one party to the next.” – Sir Isaac Newton

    Posted: 27 Feb 2022 08:30 PM PST

    Russian ruble plunges nearly 30% against the dollar amid sanctions over Ukraine invasion

    Posted: 28 Feb 2022 06:20 AM PST

    Nearly 7000 BTC is now in taproot (p2tr) outputs

    Posted: 27 Feb 2022 07:54 PM PST

    Blockchain Analyses tools flagging mixing transactions destroy fungibility. CoinJoins shoud become the default in every wallet.

    Posted: 28 Feb 2022 03:34 AM PST

    (Trustless) CoinJoins did a great job improving anonymity, however, blockchain analysis tools that have been licenced by most custodians are flagging coinjoins as suspicious events, thus harm usability of Bitcoin. Tainted funds destroy fungibility.

    Coinjoins must become the default in every wallet offered and recommended to private users.

    submitted by /u/Nerolation
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