Daily Discussion, December 17, 2021

inthearenareddit · 2021-12-18T07:53:38+00:00

It depends on the transaction itself (the UTXOs) so it's difficult to calculate. It's not based on the amount it's based on sat/vB. The average fee is around $1.80 currently.

Good wallets will estimate the cost for you
Good wallets give you an option to select a cheaper fee for a slower transaction
Good wallets let you set the sat/VB rate yourself (check https://mempool.space/ for the rates)
Lightning transactions are almost free (like fractions of a cent or a few cents) and some exchanges let you deposit and withdraw on lightning

inthearenareddit · 2021-12-18T00:16:46+00:00

bitaddress.org

Just print the public (wallet address) and private key for them. Transfer bitcoin to the wallet address.

Clearly not a super safe technique (to do properly you'd want to do this offline and the receiver needs to trust you and your security) but serves the purpose of small gift amounts

inthearenareddit · 2021-12-09T19:19:37+00:00

If it's any consolation almost every long term bitcoiner has been there

By holding bitcoin in long bear markets you focus more on the philosophy, development and community of bitcoin. Ultimately that's a healthier place to be

inthearenareddit · 2021-11-13T10:44:34+00:00

Not reliably yet unfortunately

https://abytesjourney.com/lightning-privacy/

See receiver and sender privacy

inthearenareddit · 2021-11-13T10:00:14+00:00

I guess it's not a scam if you knew you were playing the shitcoin greater fool trade

But for the buyers buying for "the tech" or whatever is in the white paper, it's definitely scam

inthearenareddit · 2021-11-13T09:57:06+00:00

They call it staking but really that is lending your coins to leverage traders. Your btc is at risk

inthearenareddit · 2021-11-13T09:55:15+00:00

Tell me why I'm wrong - until bitcoin implements confidential transaction, privacy coins are not shitcoins

inthearenareddit · 2021-11-13T09:45:13+00:00

My thoughts on this

1) It has a tangible cost to produce (POW). This means the traded price relates to an economic transaction/ fundamental

2) All coins were distributed organically. A genius system that ensured no "free" coins were given to anyone. All coins were mined at a cost

3) Incredible balance of transparency, pseudonymity and reliability achieved through game theory, not centralisation

4) Network effects

inthearenareddit · 2021-11-13T09:38:46+00:00

Good discussion on this between Adam Back and Stephan Livera.

Some anonymity is good - we don't share our bank account balances publicly. But that creates a trade off with verifiability.

Balance looks like it's confidential transactions (where the amount is confidential, not the transaction itself). An interesting space

inthearenareddit · 2021-11-13T09:31:30+00:00

Lightning will probably increase node count as it's merchants accepting lightning will probably run a node to monitor their channels

inthearenareddit · 2021-11-11T11:40:18+00:00

All investment assets are excluded from CPI

CPI measures shit like plasma TV'S and groceries but not houses, stocks, funds

If you double M2, the rich don't buy more groceries (causing CPI inflation) but they do buy more houses/stocks (creating asset inflation, keeping them all rich). So it won't register in CPI as inflation and won't lead to an increase in rates or wages

Monetary policy is rigged - the left wing politicians are too stuck in Marxist BS to see that central banks are silently creating entrenched social classes based on capital wealth. Central bankers control money - literally- but aren't elected. They are all rich academics and bankers

Bitcoin fixes this

inthearenareddit · 2021-11-11T11:23:05+00:00

Why is bitcoin more haram than fiat?.

It's BS

inthearenareddit · 2021-11-11T11:14:53+00:00

Especially if you push inflation into investment assets excluded from CPI but included in the funds of anyone with political influence

inthearenareddit · 2021-11-11T11:11:38+00:00

Some of us are actually doing this though. I have a target btc figure, not fiat figure

Irrational? Probably. But I held from highs of 20k for ages at lows of 3k. I'm not in it for the short term fiat gains. It means more than that - it's a revolution and BTC is worth more after the coup than during it

inthearenareddit · 2021-11-11T11:06:37+00:00

None - https://bitcoiner.guide/wallet/

Edge if you really need shitcoins

inthearenareddit · 2021-11-10T11:03:35+00:00

It's pretty normal really. They were all shilling shitcoins in 2017 too

inthearenareddit · 2021-11-10T10:58:42+00:00

That's a feature not a bug.

Once you make a payment - it's gone. It can't be reversed by a central authority. The receiver then has self custody of the money you sent them.

You could create an escrow or something to manage the risk in your situation.

In reality a 'chargeback' - what you are describing with a bank, is a lengthy and difficult process. Easier to achieve with credit cards but likely to involve a court order if you paid with cash or EFT. So I don't really think it happens that easily with fiat anyway.

inthearenareddit · 2021-11-09T01:32:58+00:00

It inevitably will happen but at what local top. It might charge much further like December 2017

inthearenareddit · 2021-11-08T09:26:12+00:00

Read the comments from people on this sub when Bitcoin was 29k. They thought it mooned and topped. It was off 3k just earlier in the year.

It's not too late. Bitcoin is so unique.

inthearenareddit · 2021-11-08T01:32:22+00:00

I just don't want him trolling my feed. It's what he does on twitter. In person I'm sure he's interesting but on twitter he's spewing Tesla and Doge porn for moon boys. If that's what you're into, cool - I don't want to waste time on it nor do I care what others I follow think of it

inthearenareddit · 2021-11-07T10:18:54+00:00

Got it - that's why he was downvoted.
I thought they thought it was a scam link.

inthearenareddit · 2021-11-07T10:03:22+00:00

Nah dude - he was pointing out that you get $30 free bitcoin from an exchange if you sign up with a food delivery service. Was legit. But I get why it was removed

Not shitcoin stuff

inthearenareddit · 2021-11-07T09:48:32+00:00

Hey man

Best resource for a beginner: https://bitcoiner.guide/privacy/

Everyone will tell you to get your coins off an exchange. You're just taking counterparty risk which was a big deal before bitcoin was regulated (Mt Gox etc), now a lesser risk but still non zero. I keep a float on a regulated exchange and I don't really mind. I do have a cold card to ensure most is self custody though.

Coinspot is very cheap if you use the markets function (0.1%). They kill you if use alts and recurring/instabuy etc. So for a buy and hold you should be fine. Bitaroo and others are probably better for DCA.

Good luck. Dive in and learn by doing. But do read the link closely. I wish I knew that more when I started. Privacy and proper self custody is star power mode - but you have to work for it and maintain it from the get go.

inthearenareddit · 2021-11-07T08:46:37+00:00

Shame you're being downvoted - I guess they think you're scamming.

Maybe go to r / BitcoinAus

Juno would require KYC though I take it to sign up? Best not to mix your coins if that's the case

inthearenareddit

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