Saturday, 12 November 2022

ATTENTION: GET YOUR BITCOIN OFF ANY/ALL EXCHANGES

Exchanges are for acquiring the asset, they are not for storing the asset.

If you lose "your" Bitcoin because you left it on an exchange that failed, you can blame yourself for that. "Not your keys, not your coins" is a saying that is repeated over and over for a reason.

Stop fucking around trying to earn yield that doesn't exist by transferring your ownership to people who do not have your best interests in mind. Just get the Bitcoin into a wallet that you own at the absolute bare minimum. Even downloading a hot wallet for your phone is infinitely better and more secure than keeping it on an exchange.

So just do the bare minimum, it is super easy, costs nothing and empowers you to actually own your Bitcoin.

Here are just a few mobile wallets for those that are looking:

Muun Wallet (On-Chain + Lightning)

Casa (on-chain, insanely simple backups)

Blue Wallet (On-Chain or Lightning)

All of these are available on iOS & Android, and have good reputations. This is all you need, at the very bare fucking minimum.

Just please, for the love of god, take your fucking Bitcoin off the exchange. You don't need to go buy a hardware wallet right away or at all if you don't want to. You do need to do at least this though.

submitted by /u/WhaleFactory
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Hard guy

Hard guy submitted by /u/Appropriate-Code-544
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Tether?

Tether? submitted by /u/Egon_1
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source https://www.reddit.com/r/btc/comments/ysmftu/tether/

What was going on during the 2018 crash bottom? Were exchanges going bankrupt? was china banning bitcoin? refresh my memory

What was going on during the 2018 crash bottom? Were exchanges going bankrupt? was china banning bitcoin? refresh my memory submitted by /u/hyperinflationUSA
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Buying the dip

I have a Coinbase account. If I buy bitcoin there is a 2 week hold on moving it to my Trezor.

I don’t feel comfortable with my bitcoin sitting on an exchange for 2 weeks.

Is there a way to purchase without the 2 week hold?

submitted by /u/snash222
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Friday, 11 November 2022

Bear market — get your backups in order and spin up a node!

Bear market — get your backups in order and spin up a node! submitted by /u/Think_Cat7703
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Tether releases attestation. Claims reserves held in ‘extremely liquid’ assets. FTX did the same thing and the assets were FTT. Are tethers also FTT or is it LEO?

submitted by /u/big--if-true
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source https://www.reddit.com/r/btc/comments/yrspw9/tether_releases_attestation_claims_reserves_held/

Serious: Is it *OUR* fault that the shit with FTX happened? What I mean to say is, "Should we withdraw every single BTC purchase we make, on the day we make it, to prevent exchanges from playing with our BTC again?"

Forenote: I NEVER had an account on FTX. I also hold shitcoins, and I'm aware of the risks associated with holding them. And I'm happy to buy bitcoin at today's discount price of 16,000 USD, but we should show sympathy for those who lost money with FTX today.

A long long time ago I remember posting somewhere on reddit about the amount of crypto anyone should keep on an exchange. Basically, one response that I got was, "If it's about the same amount as one month's salary, I'd get it off ASAP." and that's been my threshold ever since.

However, there's a group of people who will keep that amount on an exchange for the sake of generating profits or because they don't understand self-custody.

So, my question is, without any irony or sarcasm or anything like that, "Is it our fault that people were not immediately withdrawing any bitcoin they had purchased from their exchanges?" This is how we find out, very quickly, I might add, who is swimming naked.

I feel like there should be a more explicit incentive to do this.

On a side / unrelated note: I'm absolutely shocked that SBF, having accumulated billions of dollars in just 5 years' time through arbitrage trading, made a mistake that is at Mark Karpeles levels of "lack of attention to detail." In every interview that I saw him in, he seemed level-headed, didn't come across as arrogant, and seemed to have a solid idea of what he wanted FTX to do. Did the company have plans to IPO? All I know is they had plans to allow their users to engage in both stock and cryptocurrency trading on their platform. It's just that when you hit "billionaire" status, what could drive you to desire more?

submitted by /u/sgtslaughterTV
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The 2022 Bitcoin Cash Conference — Event Of The Year!

The 2022 Bitcoin Cash Conference — Event Of The Year! submitted by /u/ExCathedraX
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source https://www.reddit.com/r/btc/comments/yrph4f/the_2022_bitcoin_cash_conference_event_of_the_year/

Bitcoin futures now at a 7% discount compared to spot. LOL @ SEC approval of bitcoin futures ETF to protect investors. The only thing that can protect investors is self custody your coins.

Bitcoin futures now at a 7% discount compared to spot. LOL @ SEC approval of bitcoin futures ETF to protect investors. The only thing that can protect investors is self custody your coins. submitted by /u/hyperinflationUSA
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BCHN Statement on CHIPs for May 2023

BCHN Statement on CHIPs for May 2023 submitted by /u/ftrader
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source https://www.reddit.com/r/btc/comments/yrn1q8/bchn_statement_on_chips_for_may_2023/

Thursday, 10 November 2022

Looks like Bitcoin is on sale.

Looks like Bitcoin is on sale. submitted by /u/foxy-agent
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Have you ever seen the documentary about Aaron Swartz? He was an undomesticateable genius & died at a young age, Its a MUST SEE for anyone who wants to understand cypherpunk culture & why #BCH is the tool of their choice #BitcoinCash is #Bitcoin

Have you ever seen the documentary about Aaron Swartz? He was an undomesticateable genius & died at a young age, Its a MUST SEE for anyone who wants to understand cypherpunk culture & why #BCH is the tool of their choice #BitcoinCash is #Bitcoin submitted by /u/helloworld1110111
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source https://www.reddit.com/r/btc/comments/yqrbkv/have_you_ever_seen_the_documentary_about_aaron/

Long long term future

I was wondering what the incentive to validate transactions would be after the last coin is mined circa 2140. Especially regarding BCH, since miners won't make as much in fees as for BTC.

submitted by /u/sven_goffman
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source https://www.reddit.com/r/btc/comments/yqr3rr/long_long_term_future/

so..... wtf?

so..... wtf? submitted by /u/Hopeful_Royal_1626
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Pouf.

Pouf. submitted by /u/_CypherIO
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Bitcoin died... again

Bitcoin died... again submitted by /u/bitcorner22
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Binance Is Strongly Leaning Toward Scrapping FTX Rescue Takeover After First Glance at Books: Source

Binance Is Strongly Leaning Toward Scrapping FTX Rescue Takeover After First Glance at Books: Source submitted by /u/CowboyTrout
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the voices wont stop screaming :,(

the voices wont stop screaming :,( submitted by /u/Marcus_Aguiar
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Wednesday, 9 November 2022

“The Fed Sledgehammer is pounding out an enduring foundation for Bitcoin right now.” - Mike McGlone

“The Fed Sledgehammer is pounding out an enduring foundation for Bitcoin right now.” - Mike McGlone submitted by /u/youcantkeepmedowneva
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"If you bought [BTC coin] on December 15, 2017, you are now down 7% over ~5 years."

"If you bought [BTC coin] on December 15, 2017, you are now down 7% over ~5 years." submitted by /u/Egon_1
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source https://www.reddit.com/r/btc/comments/ypzhmn/if_you_bought_btc_coin_on_december_15_2017_you/

The Bitcoin White Paper vs Dodd-Frank Act. Both came out within a year of the financial crisis. Good retrospective history article.

The Bitcoin White Paper vs Dodd-Frank Act. Both came out within a year of the financial crisis. Good retrospective history article. submitted by /u/bushy_eyebrows_100
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source https://www.reddit.com/r/btc/comments/ypy2ey/the_bitcoin_white_paper_vs_doddfrank_act_both/

A good place to buy BTC.

I've been looking for a place where I don't need to use an ID and doesn't have a withdrawal fee for my Bitcoin. Most exchanges charge a 0,0005 withdrawal fee and that's way too much for me. FTX doesn't charge withdrawal fees but it also asks for KYC. So I wanted to see if you guys could help me, thanks.

submitted by /u/SuperPacocaAlado
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Reduced trading volume in bitcoin’s futures since last December shows that traders are speculating less on the future price direction of the coin.

Reduced trading volume in bitcoin’s futures since last December shows that traders are speculating less on the future price direction of the coin. submitted by /u/coindesk
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source https://www.reddit.com/r/btc/comments/ypwd8v/reduced_trading_volume_in_bitcoins_futures_since/

$UST = $FTT = $BNB = CONTAGION

$UST = $FTT = $BNB = CONTAGION submitted by /u/VanGogh66
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source https://www.reddit.com/r/btc/comments/ypu9qu/ust_ftt_bnb_contagion/

Tuesday, 8 November 2022

Metrics: Bitcoin Is More Stable Than the Stock Market

Metrics: Bitcoin Is More Stable Than the Stock Market submitted by /u/Material_Manner8274
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source https://www.reddit.com/r/btc/comments/yp14mm/metrics_bitcoin_is_more_stable_than_the_stock/

In 2011, user Casascius minted 11,000 btc in tamper-evident, physical coins and bars. There are only 2 bars in the world left unopened.

In 2011, user Casascius minted 11,000 btc in tamper-evident, physical coins and bars. There are only 2 bars in the world left unopened. submitted by /u/FD435
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US Federal Agents Seize Over 50k Bitcoin Stemming from the Silk Road

US Federal Agents Seize Over 50k Bitcoin Stemming from the Silk Road submitted by /u/CoinControversy
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STOP STALKING ME REDDIT MODERATION TEAM. 🗿

This is a test to see if i'm being tracked. You can delete this (as long as it is the subreddit mods doing it, otherwise I know i'm being stalked. Just because my account got hacked doesnt mean you have to supervise me. I'm fine already. 🗿🗿

submitted by /u/maykelten
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source https://www.reddit.com/r/btc/comments/yozuj3/stop_stalking_me_reddit_moderation_team/

every. freaking. day.

every. freaking. day. submitted by /u/RafaelSwi
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Never trust, always verify.

submitted by /u/maykelten
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source https://www.reddit.com/r/btc/comments/yov83h/never_trust_always_verify/

Monday, 7 November 2022

One of the best Bitcoin videos I've watched: Bitcoin is Element Zero. (This awesome channel need more subs, all of their videos are mind-expanding)

One of the best Bitcoin videos I've watched: Bitcoin is Element Zero. (This awesome channel need more subs, all of their videos are mind-expanding) submitted by /u/s3k2p7s9m8b5
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Binance to sell FTX token holdings, Alameda CEO says leaked balance sheet is incomplete

Binance to sell FTX token holdings, Alameda CEO says leaked balance sheet is incomplete submitted by /u/Egon_1
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source https://www.reddit.com/r/btc/comments/yo3cup/binance_to_sell_ftx_token_holdings_alameda_ceo/

It do be like that.

It do be like that. submitted by /u/qdqyt
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So ummm I’ve gained access to an old email address and saw a screenshot of my old bitcoin wallet and apparently I have over 73,000 BTC. Could this even be possible, I really don’t want to get my hopes up but I must be reading something wrong.

So ummm I’ve gained access to an old email address and saw a screenshot of my old bitcoin wallet and apparently I have over 73,000 BTC. Could this even be possible, I really don’t want to get my hopes up but I must be reading something wrong. submitted by /u/OnePiglet3249
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What happened to Andreas Antonopoulos?

He stopped posting like 5 months ago. Anyone knows what's up with him?

submitted by /u/greenmantis43
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In light of recent revelations: Do NOT keep your coins on exchange. NOT YOUR KEYS, NOT YOUR COINS. I repeat: They are technically NOT your coins anymore.

You have been warned.

submitted by /u/ShadowOfHarbringer
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source https://www.reddit.com/r/btc/comments/ynyopt/in_light_of_recent_revelations_do_not_keep_your/

Sunday, 6 November 2022

The Bitcoin Cash Podcast #63: Regulation & Twitter Takeover feat. Joël Valenzuela

The Bitcoin Cash Podcast #63: Regulation & Twitter Takeover feat. Joël Valenzuela submitted by /u/Shibinator
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source https://www.reddit.com/r/btc/comments/yn6v4n/the_bitcoin_cash_podcast_63_regulation_twitter/

When trolling crypto scammers becomes a hobby

When trolling crypto scammers becomes a hobby submitted by /u/prodALIENCULT
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Block Subsidy Maturation Time and TX Fees

I know that block subsidy has to "mature" at least 100 blocks before it may become an input to a TX. Does that rule also apply for the TX fees collected in a block or can TX fees be spent immediately?

Bonus: pointer to a relevant source or code.

Info: https://bitcoin.stackexchange.com/questions/1991/what-is-the-block-maturation-time

submitted by /u/McJvck
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“There are now rumors of solvency from two different major exchanges.”

“There are now rumors of solvency from two different major exchanges.” submitted by /u/Egon_1
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source https://www.reddit.com/r/btc/comments/yn2b7u/there_are_now_rumors_of_solvency_from_two/

Multi-sig question/help

I'm at the point where I'm getting a bit more comfortable with self-custody/cold storage where I'm ready to move forward with multi-sig.

I see in Sparrow where I can create a new wallet, but this makes it seem like the private key is then on my computer (I'll explain more why I may be missing a key piece of understanding below).

I also see where I can add the signing devices and the scheme (2-of-3, 3-of-5, etc) and saw a video on using PSBT exports and imports where those devices become the multi-signatures required to move.

Is there a way to confirm the address shown in Sparrow is a multi-sig using my Umbrel node (via Mempool in the Umbrel)? This would help reassure me that even if the private key from Sparrow is on the PC (and backed up) that it's not a "normal" hot wallet since it requires mutli-sig to move.

Is it more like Ledger Live where Sparrow has the wallet, but the private keys are on the devices themselves (and not on the PC)? If so, do I just set up those other devices like I would if they were regular cold storage 1-of-1 devices with addresses and 24 words backed up as normally done then later essentially link them together in Sparrow as 2-of-3 for example?

I also see multi-sig detail export from Sparrow in a few different formats so you can properly reconstruct the multi-sig setup if your computer were wiped/crashed.

Using 24-words you can backup with steel/metal, but is there a preferred way to back this multi-sig info? Is that safe for something like cloud storage and an SD card in a safe or something like that to prevent a fire taking out your computer and the backup)? I'm assuming it's alright to back this multi-sig file up in multiple less secure places as it's not the actual private keys or given it's multi-sig?

In sparrow when you create this new address and set it up as a multi-sig, going back to the standalone 24-word backups for signing devices, how would I backup this Sparrow address or is there no real backup since it creates no private key and those keys instead reside on the signing devices and they're backed up as you normally would backup a wallet there?

Since you'd have an address then on each signing device (2), what happens if you send btc to those addresses instead of the Sparrow address? Does it just behave like 3 different addresses where one of the 3 requires multi-sig?

I think I'm somewhat close to understanding this, but really would like to get a better grasp of what's happening under the hood so to speak and want to make sure the backup process is sound as well as my understanding of the flowchart of how this works.

I've tried to find videos, but not sure they quite go into the nuances I'm trying to learn or figure out in this (perhaps I'm more fundamentally missing something and a piece of information missing would make it click for me).

Thanks for any help trying to clarify some of these gaps in understanding for me and sorry if some of this seems basic, but want to understand it a little more before setting it up (will still test with small amounts first). Don't have many offline I associate with that could assist with this sort of nuanced topic and aren't any meetups in the area unfortunately. Any help for a fellow pleb trying to secure their setup and learn more how this works under the hood would be appreciated.

submitted by /u/Snoo_32766
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Pirates were the first to use "Bit-coin"! Yarr!

Pirates were the first to use "Bit-coin"! Yarr! submitted by /u/CoincadeFL
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