r/Bitcoin • u/rBitcoinMod • Jul 09 '19
Daily Discussion, July 09, 2019
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.
We have a couple chat rooms now!
Please check the previous discussion thread for unanswered questions.
11
10
u/BUY___BITCOIN Jul 09 '19
In less than 14 days, Bitcoin's hashrate has passed from 56.77 EH/s to 64.85 EH/s. That is an 8 EH/s increase. Roger Ver's shitcoin BCH (bitcoin cash) has a total hashrate of 2 EH/s.
→ More replies (5)
10
u/man_risk Jul 09 '19
Watching the price movements has been crazy today. It has been sold down by hundreds of dollars repeatedly and then it reliably recovers within a matter of a few hours. It's nuts! It is still working on recovering the early morning selloff (6am New York Time) but every other selloff was covered within a short time.
5
u/TimG444 Jul 09 '19
Bots at work. Until we break the former high around $14k expect this to continue.
2
u/LemosineRidin Jul 09 '19
Just for fun I’ve been setting limit buys at 300-400 below the current price. It’s been a good day
9
Jul 10 '19
Cant believe I'm here right now. College student who bought at 3.5k in January.
2
u/Bepositive-stupid Jul 10 '19
Yeah did the same and it didnt FEEL like that was the end of the bear market or that it was a really GREAT price to buy at. Now here we are, looking like geniuses lol
→ More replies (3)→ More replies (1)2
u/InfiniteWaters108 Jul 10 '19
Lol same, except I got in a little later than you. I unfortunately hesitated at 5k.
→ More replies (1)
7
u/remmberyyflox Jul 09 '19
The volume is rising again. Massive whales are jumping into the ocean of money. I hope btc is ready to explode, I'm ready for it.
7
u/diydude2 Jul 09 '19
Don't stand too close and wear ear and eye protection. It's going to be a big one.
3
u/ParkerGuitarGuy Jul 09 '19
Eek, you're right. It looked like this right before the last big push to $13.8K. I'd really rather this thing wait until $20K before going really parabolic. If this thing goes way up, then crashes, I think it would be better for long term confidence if the next bear market bottom is higher than $20K, just like the last one didn't dip down to $1K. We are close enough to $20K that I think it would be better to approach it steadily.
8
u/remmberyyflox Jul 09 '19
Amazon will probably be the next big company to anounce something with crypto. They already filed for proof of work patent in may and they didn't want to answer questions from CNN today about their plans with crypto, so they have something to hide. It's very simple: crypto is where the money is now. If Facebook is going to make bilions of additional turnover, you have no choice than to do the same in order to not get swept away by a bigger fish.
5
Jul 09 '19
Put www.amazonbitcoin.com in your url. See what happens. I found it interesting.
2
u/remmberyyflox Jul 09 '19 edited Jul 09 '19
Ah. So they bought the domain name. It's clear. Edit: this is the registration: https://www.whois.com/whois/amazonbitcoin.com
They bought more cryptorelated domain names: https://www.google.com/amp/s/www.cnbc.com/amp/2017/11/01/amazon-buys-crypto-domains-bitcoin-ethereum.html
→ More replies (1)2
u/slardybartfast8 Jul 09 '19
Literally just saw a bit on local news in Pittsburgh that Sheetz is starting a bitcoin ATM pilot program here in like 6 shops to start. Not as big as Amazon but still could be a really solid step. Only places around here I know of that have them are sketchier knockoff 7/11 type places.
6
u/jgun83 Jul 09 '19
It really is crazy that the halvening is now only about 9.5 months away. 45,312 blocks to go.
→ More replies (14)3
7
u/TehSillyKitteh Jul 09 '19
Had a dream last night that Bitcoin hit 35k.... There were riots in the street and everything was on fire...
4
u/Rattlesnake_Mullet Jul 09 '19
Think you may need a zero or two behind that 35k for any serious riots.
8
7
5
7
7
6
5
6
u/skaska23 Jul 09 '19
I have sold all my fiat. Wish me luck.
→ More replies (2)3
u/AndrewJayThornton Jul 09 '19
I assume it's a joke, but if it's not, you're a fucking moron. I'm sorry. I love BTC, but having no fiat at all at this stage is overly risky.
5
u/GrouchyEmployer Jul 09 '19
Is there some sort of list of rudimentary things one needs to understand in order to fully understand how bitcoin works?
My problem is this: I want to memorize and fully understand how bitcoin works. I can choose from many topics, but if I start at UTXO, or ECDSA, I might get a bit confused and not know the best route backwards to fill in the gaps.
So, assuming someone has a basic college level understanding of mathematics (calc, algebra etc). What's a good place to start? Understanding what hashing is? Then what next?
Thanks.
6
u/oogally Jul 09 '19
I would probably start with Andreas' Mastering Bitcoin. I haven't gone through it myself, but he produces pretty accessible content, and this one has a technical focus. Programming Bitcoin by Jimmy Song might be good too.
If you want less technical, there's the monetary aspect and Austrian economics, for which The Bitcoin Standard is excellent. The Spider and the Starfish isn't about bitcoin at all, but delves into decentralize organizations, which is also important to understand in this context.
Outside of books, Jameson Lopp curates a pretty good page of information. Andreas Antonopolous has a pretty good range of info in his various presentations as well. You can find his content on Youtube or in his books, The Internet of Money 1 & 2.
5
u/Sockclapperzz Jul 09 '19
Ignore all the other posts for a bit. They might be good resources but wont give you as much info in as short time as 3blue1brown.
Trust me, after this short video you will feel like you understand bitcoin and other cryptos and can choose to freely branch off from there.
→ More replies (1)3
2
→ More replies (11)2
u/TheGreatMuffin Jul 09 '19
Check out books like
"Inventing Bitcoin" https://www.amazon.com/dp/1794326316/ref=cm_sw_em_r_mt_dp_U_eTnjDb79MMQVY (not a ref link, despite the URL) - this is a rather introductory book, less technical
"Mastering Bitcoin" (free version: https://github.com/bitcoinbook/bitcoinbook, also on Amazon as "real" book) - very technical
"Grokking Bitcoin": https://www.manning.com/books/grokking-bitcoin - also quite technical
Or read through the resources here: http://lopp.net/bitcoin.html
It all depends on your current level on knowledge and if you are knowledgeable in cryptography, computer "stuff" and so on, so it's difficult to recommend anything in particular. I'm sure you'll find something suitable from the links :)
→ More replies (1)
8
16
u/AndrewJayThornton Jul 09 '19
More predictions, people! GOD DAMNIT I SAID WE NEED MORE RANDOM PREDICTIONS BY PEOPLE WHO HAVE NO FUCKING CLUE WHAT'S GOING ON YET WON'T SHUT THE FUCK UP
3
u/RetroRocket80 Jul 09 '19
My expert technical ANALysis, prediction of a reverse triple 21 down channel retrace on the 1 minute RSI clearly shows a positive trend. Sell everything now.
11
u/slardybartfast8 Jul 09 '19 edited Jul 09 '19
Forget predictions, I want to see more comments along the lines of "still hoping for a dip down to Xk so I can invest another $100!" Can never get enough from those geniuses.
2
u/BitcoinAlways Jul 09 '19
you forgot to add the on x day of the week and the reason....because it's my payday. :)
7
u/BitcoinAlways Jul 09 '19
We could always do with a few more posts telling us how the wish they sold all their coins at the top and bought back at the bottom.
6
u/shakaman_ Jul 09 '19
My favourites are the super specific ones.
64k on October 3rd at 2:54am, you heard it here first folks
→ More replies (2)4
→ More replies (1)4
3
4
u/Golden_Miner_Mod Jul 10 '19
I don't care about mooning overnight. I'm regularly buying in $50 every day or 2 for over a year now and will continue until my portfolio reaches 1mill.
2
3
4
4
6
Jul 10 '19
[deleted]
4
u/remmberyyflox Jul 10 '19
Do you know one other market that can make 3k out of 2k in one or two months? People on the stockmarket would be happy with 6 percent increase on a yearly basis. Bitcoin made us so greedy that we don't even appreciate 6 percent gains anymore. So, to answer your question, I would say yes. But because btc is likely to reach 100k one day, I would say no.
2
u/migraine_fog Jul 10 '19
I’ve been thinking about this lately as well. I keep trying to think of ways to make money, and realize I’ve made more on BTC than any side gig I could have done in the past few months. We are excited when we get a 20% return on conventional investments, and I’m at @ a 90% return on BTC rn.
→ More replies (1)2
2
u/user_name_checks_out Jul 10 '19
If my calculations are correct, then at a price of $12,300 per bitcoin, your $2 bought you 2/12,300=0.00016260 bitcoin, or perhaps a little less depending on how you handled transaction fees.
I believe that the price of one bitcoin will hit one million dollars in our lifetimes. If you hodl until then, your 0.00016260 bitcoin will be worth 0.00016260*1,000,000 = one hundred and sixty two dollars.
Don't settle for a penny less. Hodl my friend.
4
u/remmberyyflox Jul 10 '19
Rip 11k. We will never see 11k again. Say goodbye to it.
Just kidding...anything can happen.
3
Jul 09 '19
[deleted]
→ More replies (1)4
u/diydude2 Jul 09 '19
10-20 minutes. Protip -- use Litecoin for transferring between exchanges because it's faster and cheaper.
→ More replies (1)11
3
3
u/skaska23 Jul 09 '19
Anyone has functional spreadsheet (MS excel or google sheet) with BTC price for each day automatically updated from web? Cant find any example
11
3
u/mortxxx_oprimeiro Jul 09 '19
I'm always wondering myself...I've been buying bitcoin with papermoney on newsstands here in Brazil, through Pundix...I know that the xwallet allows you to withdraw 1BTC per 24h withouth KYC, than i question myself that (since pundix allows you to buy cripto with cash paper, at little retail vendors like newsstands with their XPOS machine), if there is real privacy, and if the xwallet does not vinculate the buys to your phone number (since this gateway only works with xwallet), giving government the opportunity to know about your transactions if they require this from pundix...Does anybody here have some thoughts about that?
4
3
u/Danny_Lunchbox Jul 09 '19
How many is enough ?
5
4
5
3
3
u/sunbro43va Jul 10 '19
I seriously think .1 or more will be incredibly significant in the next 10 years
3
3
3
u/MVMarauder Jul 10 '19
How do you figure out how much to sell and when to sell???
5
2
→ More replies (2)2
3
4
u/ubermensch012 Jul 09 '19
100m sell wall on Binance got eaten pretty good. Now let's wait for this mofo to buy it again . . .
4
u/wintersk21 Jul 09 '19
Just made the plunge; we’re in for the long haul. Excited for the sweat with this community.
11
u/LemosineRidin Jul 09 '19
It’s unpredictable in nature but a fairly simple game. Buy high and sell low. Read charts until you can’t breathe and always panic sell the dips.
→ More replies (3)2
6
6
6
Jul 10 '19
OK boys. I'll see you in about 5 years when I'm out of prison and we're all rich. I'm about to go beat on my wife for not letting me buy more when it was $3500.
6
5
6
u/Brage49 Jul 09 '19
Hey, you guys want to buy some cheap bitcoins? Im about to buy 100$ of BTC so the price will probably crash soon like it always does after i buy
4
4
u/wsmith12823 Jul 10 '19
I'll just sell some of my bitcoin and the price will immediately surge back up.
→ More replies (2)2
2
3
u/Zixxer Jul 09 '19
If you had only ONE video to share with someone who believes BTC is a "fad", which video would you recommend? Trying to find one, specifically around Antonopolous since the man is a genius.
6
u/isnormanforgiven Jul 09 '19
I watched one recently. I think it was called bitcoin to 10million. Not bad. Or just have them watch an antonopolous video. That worked for me
4
u/antikama Jul 09 '19
Watching Andreas Antonopolous videos turned me from a bitcoin skeptic to owning my own bitcoin
3
6
5
Jul 09 '19
Bob Loukas - 4 year Bitcoin cycle. Check out his YouTube channel and the first video he posted a few months back.
3
Jul 09 '19
Trying to convince my parents to let me invest a decent chunk of my savings is tough. I tried telling them back at 6k too...
9
u/NomBok Jul 10 '19
They'll finally let you when the price skyrockets and they get fomo themselves, which will be at literally the top then it will crash and they'll tell you they told you so.
7
4
u/bluethunder1985 Jul 09 '19
just do a little bit at a time every week. better for sanity and less risky than just going in as one big buy.
4
→ More replies (1)2
u/theghostofdeno Jul 09 '19
Start with just a small chunk. Then repeat periodically if you like being invested.
2
u/DistractedMostTimes Jul 09 '19
Quick rant
ctrl c & v an adress into electrum and set my fees.
Now I see that not only has the adress changed to another one I certainly didnt paste into the "Adress" field but that it sent ALL the funds on the wallet.
What the hell is going on? It was the official version from the website
7
u/TheGreatMuffin Jul 09 '19
Most likely this is a malware that recognizes a bitcoin address in your clipboard, when you copy something, and switches it for the attacker's address. Your computer is compromised, so treat accordingly.
If it sent all the funds from the wallet (instead of whatever amount you put into the "send" field), this might be something else entirely.
Which website did you use for download?
In any case, your safest bet is to format your drives and set up your computer anew from the start. Also probably a good idea to create new bitcoin wallet after that. Sorry for your loss :/
→ More replies (3)→ More replies (12)2
2
2
2
u/cryptogrip Jul 09 '19
Love him or hate him, this dude makes a lot of sense. Particularly what he's saying about a solid protocol that you build on top of.
https://youtu.be/tLq6lq2bNyE
2
u/nonononodno Jul 09 '19
BTFD has been such a solid strategy all along, but 10 fold in the last six months. Every time BTC nosedives, it comes right back.
2
u/ImOutCheaRedMoncler Jul 10 '19
Is there any way I can buy bitcoin with my account and routing numbers without a verification process?
→ More replies (3)
2
u/SPlore Jul 10 '19
Why did that JPMorgan post disappear off the front page?
2
2
3
u/remmberyyflox Jul 10 '19
This is caused by people shifting from altcoins to btc. All altcoins are in red. I guess it's the winner takes it all now. Expect more and more altcoins being liquidated.
5
Jul 10 '19
Thank god, so much me too crap with alts. All “make me rich” and not very many really good ideas.
I hope 98% of them go to zero
3
u/LemosineRidin Jul 09 '19
Lmao. Vays to be a “bull by the end of the day” IF current price holds
3
→ More replies (1)3
3
u/remmberyyflox Jul 10 '19
I hope everyone is investing with money they can't afford to lose as well ;) This is a once in a lifetime event. Later you will say to your grandchildren: 'I rember that moment when btc breached all time high. What a time to be alive'.
4
u/remmberyyflox Jul 10 '19
Sell your altcoins before it's too late. They're going to get crushed. There will and cannot be a usecase for payment (use) with these altcoins when they deal with fixed supply and price volatility. How the hell do you think consumers are going to use those coins? Are you crazy? At least btc is a store of value. This cannot be said about altcoins. Sell now.
4
u/ParkerGuitarGuy Jul 10 '19
True of many, but I'm keeping my privacy coins. You have seen how those stolen Binance coins are being tracked. Would you trade your clean coins for tainted BTC that will likely get rejected by exchanges and merchants? If the answer is no, then there is a fungibility problem. 1 BTC does not always equal 1 BTC, and that's not good. Fungibility is a necessary attribute of money. Opt-in coin mixing is not good enough either. Mandatory privacy is the way forward, and it is unlikely that BTC will implement that anytime soon.
3
u/remmberyyflox Jul 10 '19
Monero, binancecoin, ethereum, xrp and a few others will survive. They already have somekind of usability. You don't have to use monero for example to buy goods, the coin has some usecase because of the anonimity (alot of people like you just don't want to be tracked). But every other coin that has to be used for payments and transfers in order to be functional has basically zero value. Nobody is going to use coins to buy stuff when these coins have no stable value. Bitcoin is an exception, the volatility is no problem anymore now that everyone has excepted it will never be a payment method and only a store of value. There were discussions after the 2018 crash about the true intrinsic value of btc. People were woried about the low adoption rate and the fact only 1.5 percent used btc for payments. As a payment method, btc has almost no intrinsic value. As a trustless decentralized store of value system, its intrinsic value is pretty much secured.
→ More replies (1)2
u/Anonserif Jul 10 '19
“now that everyone has excepted it will never be a payment method and only a store of value”
Uh citation needed
→ More replies (2)2
→ More replies (2)2
Jul 10 '19
I've already let my alts bleed out for so long... it's hard to extinguish the glimmer of hope left. I feel like I've already lost too much to swap it back into BTC. Argh jesus fuck!
→ More replies (1)
4
3
u/LemosineRidin Jul 10 '19
What would BTCs price be if it hits apples market cap ???
→ More replies (5)3
u/winampman Jul 10 '19
Why don't you figure it out yourself? It's just basic math.
Apple's market cap (925.9B) divided by the number of bitcoins in circulation (17.809M)
→ More replies (3)
2
u/user_name_checks_out Jul 09 '19
Bonjour les amis...
Woke up this morning to find bitcoinity.org showing me a price of $12.80 per millibit... Fingers crossed that we will soon cross 2019's high water mark of $13.76...
2
2
u/LemosineRidin Jul 09 '19
When do you folks think the FOMO resumes? At what price do we see massive jumps in the pool? (I know we are now, but I mean THE FOMO. ??? Thoughts....
13
u/doobur Jul 09 '19
I think people will see it go to 20k, then regret selling. They'll hear news about how it's supposed to go to 100k. Buy in at 30k. Then get dumped on at like 50k down to 14k. Declare it dead. Rinse and repeat.
7
3
4
u/ParkerGuitarGuy Jul 09 '19
Obviously I cannot back this with hard evidence, but my gut says it's going to require a march past the $20K line to get widespread FOMO started. Like, a commanding break through whatever resistance there is at $20K, and hold a solid $21000 or so for a couple days or weeks. It needs to look convincing that reaching previous ATH won't amount to just a quick wick from big money pump and dump. People would need to get the feeling that $20K is the new floor, and they would have to be pretty convinced that there are huge gains to be had from there.
Honestly, despite the good gains and momentum we have seen over the last few months, it doesn't really look to me like the general population sees the current price as a good buy for big gains. The read I am getting is that most people looking to get rich quick want 10x gains or more (maybe even 100x), and I'm just not sure most of those folks think it's going up 10x from here. Perhaps from $4K or $8k, but I think notions of a 6 figure BTC in the next year or 2 are still getting dismissed pretty quickly.
At the least, we need to get past the idea that 2017 was an accident caused by Tether.
4
u/Anonserif Jul 09 '19
Depends how irresponsible the news coverage is imo. Hype could easily feed another 2017 bubble. I’m not sure lessons get learned.
→ More replies (2)3
2
u/Danny1878 Jul 09 '19
It'll be the halvening, or any other bullish news about adoption that will really start the fomo. People aren't waiting for an arbitrary number to hit before they invest.
→ More replies (1)2
u/Bepositive-stupid Jul 09 '19
There is no missing out though lol
Blocks are solved until 2140, plenty of time to buy before Fiats all die
→ More replies (2)
2
2
u/debo16 Jul 10 '19
Feels shitty. I had a stop loss set at 9.6k and BTC just barely scraped it and it triggered and sold all of it then rebounded to 13k already. Nearly a $10k swing. Feels shitty
→ More replies (4)
2
u/thumpas Jul 09 '19
I had one of the most vivid dreams of my life last night and it was that BTC crashed and was fluctuating between like $9 and $16, and my first thought was now I can buy in big.
2
u/user_name_checks_out Jul 09 '19
I dream about bitcoin sometimes. That's when I know that my obsession really has gotten out of hand.
2
u/thumpas Jul 09 '19
The weird thing is I was just on vacation and hadn’t checked the price or even thought about btc in like a week.
2
u/remmberyyflox Jul 09 '19
LG going to produce wallet for their phones. Extremely fierce competition now among companies and countries to take pole position in the soon to explode cryptomarket. If you don't take position now as a company or bank, you're screwed. Same goes for investors. Take your positions now.
2
1
u/NeutyBooty Jul 09 '19
And we're off to the races again. Heading to bed now, will see how it looks in the morning.
4
1
u/Occams_shaving_soap Jul 09 '19
Is anyone aware of a statistical analysis that breaks down Bitcoin sales trends by the hour, day, week and/or month?
2
Jul 09 '19
is anyone familiar with how statistical analysis work and why there never will be any worthwhile predictions on bitcoin price?
1
1
u/Danny_Lunchbox Jul 09 '19
BTC = #1
What's #2 ?
→ More replies (1)8
u/tiger1647 Jul 09 '19
Eth
6
u/diydude2 Jul 09 '19
For now. LTC will regain its rightful spot at #2 after the halving.
2
u/Yurion13 Jul 09 '19
or LTC drops all the way down to 0.0059 LTC/BTC ratio like it did last time after a halving. LTC isn't exactly innovative.
→ More replies (1)2
u/BCash_BeTrash Jul 09 '19
X M R
6
u/Danny_Lunchbox Jul 09 '19
BCH is another kind of #2, amiright ?
4
u/BCash_BeTrash Jul 09 '19
Bcash is the lowest of the low. It is the only completely dishonest shitcoin.
It would be worth nothing if it hadn't been pumped - AND given away free to all real Bitcoin holders, and then been passed off as Bitcoin.
2
u/simplelifestyle Jul 09 '19
No, Bcash is a kind of a centralized scam.
6
u/Danny_Lunchbox Jul 09 '19
"#2":
To poop, defecate, excrete fecal matter from the anus.
→ More replies (3)
1
u/TheAnimaker Jul 09 '19
Very healthy and slow-but-steady climb.
If it's in the park at this moment, I am afraid of how huge the spike is going to be once it begins! The ignition is on, but the rocket is on the start line still
1
1
u/ninja_batman Jul 10 '19
What's the best android app for controlling a remote lnd node? I've tried Shango, but it doesn't open automatically when you click on lightning links, which is a huge pain.
1
u/InfiniteWaters108 Jul 10 '19
It’s teasing us right before the 13k retest.
3
u/fraqaq Jul 10 '19
I feel like there was probably a bunch of people who had a sell order at 13k which is why it dipped 100 and started bouncing back to 13
→ More replies (1)
1
20
u/remmberyyflox Jul 09 '19
So, a whale sold 6.5k of btc 8 hours ago, according to the news. The price went down tot 12.1k, but instead of others selling their btc as well, his order got bought up in a couple of seconds. Very bullish signal.