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Bitcoin Reddit Roundup – July 2020

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Welcome to the second edition of Reddit Roundup by Nik and Flip of Bitcoin Magazine!

This roundup contains 45 links to the best quality content that was uploaded to Bitcoin Reddit this month. Most links come from the popular r/bitcoin, but we also retrieved posts from other forums as well, such as r/BitcoinMining.

In this roundup there are 10 different categories of links: Privacy, Adoption, Development, Security, Mining, Business, Education, Regulation & Politics, Archaeology (Financial Incumbents) and, last but not least, Memes, Fun, And Other.

Big shoutout to Sam Wouter, creator of BitcoinSnippets. From October 2016 to October 2019, he was creating these monthly link summaries to help everyone keep up to date with Bitcoin. He’s kept adding to his plate and has less time to put these together, so we decided to pick up the torch where he left off.


Recap Of r/Bitcoin In July 2020

The most impactful news from around Bitcoin is about how we move forward protocol enhancements through soft forks. In particular, how we go about activating Taproot is the focal point for the majority of the core developers. There have been active conversations all summer, but it finally feels like we’re getting closer to making decisions on activation.

While Taproot seems to be largely accepted by those on Bitcoin Twitter, there are ongoing discussions about the best way to implement it. Lots of opinions, lots of options on how to move forward.

We had reports of adoption picking up in more economically oppressed countries such as Argentina, El Salvador and in Sub-Saharan Africa. Peer-to-peer trading in Africa and Argentina was hitting new all-time highs in response to the economies in these countries weakening. Also, bitcoin use among villages in El Salvador continues to rise as yet another village adopted bitcoin as its main currency.

The weak legacy system has been getting beat up lately and some countries have gone through currency crises because of all the money printing. Lebanon was a big one, as we saw riots in the streets and even their citizens burning down their central banks. We have a full recap of it down below and this… this is why we Bitcoin.

Halfway through the month, multiple big Twitter accounts were hacked with the same message being tweeted from each. The hackers wanted to steal bitcoin and tried the ol’ “send me x amount of bitcoin, and I’ll send you double the amount back” trick.

While many uneducated people were blaming Bitcoin itself for the hack, U.S. Congressman Tom Emmer stepped up and defended BTC rightly, as it was not to blame. Bitcoin can’t hack anything, it’s just a computer protocol. When you get an IRS scam call, you don’t blame the U.S. Dollar, now do you?

Goldman Sachs (like the rest of us) confirm they are worried about the U.S. Dollar’s current position as the world reserve currency. With Bitcoin breathing downs its neck, it’s no wonder that these big institutions are starting to come public with these statements. Looking back at history, the hardest money always wins, and bitcoin is the hardest money the world has ever seen.

Tick-tock, tick-tock.


Privacy

10 Tips For Using Bitcoin More Anonymously. (7/9)

Technical: Taproot: Why Activate? (7/15) 

Adoption

Argentina Sets New Bitcoin Trading Record As Economy Worsens. (7/7)

P2P Bitcoin Trading is Booming in Sub-Saharan Africa. (7/15)

This El Salvador Village Adopts Bitcoin As Money. (7/15)

You’re never too late for Bitcoin. Bitcoin Obsoletes All Other Money. (7/20) 

Your Savings Are Being Printed Away. Buy Bitcoin! (7/27)

An Open Letter To The Average Joe: $11,000 Bitcoin Is Just A Drop In The Ocean. (7/30)

Development

Lightning Exchanges – Radar Redshift Allows You To Make Lightning Invoices Using on Chain Bitcoin (7/9) 

Tool Making It Easy To Inherit Bitcoins To Your Loved Ones In A Worst-Case Scenario (Death, Coma, etc). (7/12)

Visa Partner Zap Raises $3.5 Million To Expand Bitcoin Payments. (7/16)

Security

So You Want to Understand Bitcoin’s Security? (Explanation of SHA-256) (7/8)

Bitcoin Total Hash Rate Reached New All Time High.  (7/14)

Bitcoin 101 – Quindecillions & The Amazing Math Of Bitcoin’s Private Keys. (7/15)

Mining

The Bitcoin Mining Year So Far. (7/27)

The Difficulty of Bitcoin Has Renewed Its All-Time High. (7/20)

10,000 Antminers Vanish From Bitmain-Owned Mining Farm. (7/25) 

Iran Allows Industrial Bitcoin Mining As It Seeks Economic Refuge. (7/30)

Business

100x Group Is Delighted To Announce That It Has Awarded A US $50,000 One-Year Grant To Bitcoin Core Contributor And Researcher Jeremy Rubin. (7/22) 

When Bitcoin Broke $11,000, Bakkt Volumes Set A Record High. (7/28) 

Education

US Money Base Has Grown By Over 1000% In 40 Years = ~6.5%pa True Inflation. (7/7)

Electrum Lightning Network Walkthrough. (7/5)

Masters and Slaves of Money.  (7/5)   

Understanding Inflation And The Purpose of Printing Money. (7/13) 

Why Bitcoin? It’s Important To Understand Bitcoin From First Principles. 5 Critical Properties. (7/14)

Lebanon Financial Crisis Explained – And Why We Need Bitcoin. (7/16)

See Also

Reddit Roundup - June 2020

Bitcoin Is Not a Get Rich Quick Scheme, It Is Here to Avoid You Get Poor Slowly Over Time. (7/20) 

Regulation & Politics

Twitter Hack, Not Bitcoin Scam – Twitter Hackers Fool Fools Out of Bitcoin. (7/16)

Archeology (Financial Incumbents)

And They Keep Trying To Paint Bitcoin As The Bad Guy. (7/7)

Douche Bank Caught In Epstein Sex Ring, Bitcoin Could Never Do This.  (7/8)

Zimbabweans Are Moving To Bitcoin As Central Bank Bans Mobile Money, Upon Realization That Bitcoin Cannot Be Controlled. (7/14)

US Congressman Defends Bitcoin In Wake of Twitter Hack. (7/16)

Goldman Warns Dollar’s Role as World Reserve Currency Is at Risk. (7/28)

First National City Bank of New York: Bitcoin Price will Hit $120K (7/30)

Fidelity Bitcoin Investment Thesis: Bitcoin As An Aspirational Store of Value System. (7/30)

Memes, Fun, & Other

This Pokémon Card Collector Unpacked A Limited Edition Charizard Worth $55,000. (7/6)

I Wanna Learn Bitcoin.  (7/5)

“Banksters Paradise” Song by Renegade Investor Got Bitcoin OGs Revving (7/8)

Bitcoin Is The Safe Bet! (7/9) 

My USD Price Tracker With Coaster Guy Trend Indicator. (7/10)

Recently I Decided To Change All My Professional And Personal Plans. I Left My Job. I Left My Friends And Family. I Left My Country. All for Bitcoin. Here Is Why. (7/22)

Mr. Krabs’ First Dime Was A Rai Stone From An Island Called Yap. This Is Quite Literally The Most Obscure Reference You Missed As A Kid. (7/22)

Saw This On The Road Thought You Guys Could Enjoy It A Little. (7/26) 

Bitcoin 11K. (7/30) 


If you have suggestions on how to make our Bitcoin Reddit Roundup better, please drop us some comments on the thread and we’ll keep improving for next month!

Source: https://bitcoinmagazine.com/articles/bitcoin-reddit-roundup?utm_source=rss&utm_medium=rss&utm_campaign=bitcoin-reddit-roundup

Blockchain

Iran To Lift Cryptocurrency Mining Ban In September

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In 2019, the Iranian government announced it would regulate mining activities in the country. Interested miners were required to get a permit from the Ministry of Industries. Semnan province leads with six mining farms out of the 30 licensed companies. After legalizing bitcoin mining, the government licenced over 1000 companies in January 2022.

Ban on Crypto Mining Activities

The Iranian government banned bitcoin mining in the country in May 2021. The ban announced by the former president Hassan Rouhani was due to a strain on electricity power majorly caused by illegal mining. While authorised bitcoin miners consume modest 30 megawatts, illegal mining activities use up to 2000 megawatts putting a strain on the electricity grid. 

Since April, the ministry of Energy has also increased power tariffs for miners. The companies buy power at export rates of $0.34 per kilowatt-hours. This cost is fourfold the standard rate before April. Besides prohibiting bitcoin mining, the government has confiscated 200 000 illegal mining rigs in 12 months. 

A Reason To Smile 

The good news is that miners have a reason to smile. The Iranian Ministry of Industries, Mining and Trade will lift the Bitcoin mining restriction on September 22. The announcement was made by the Iran Power Generation, Distribution and Transmission Company, Tavanir. According to the Utility spokesman, Mostafa Rajabi Mashhadi, they expected electric power usage to fall by the end of summer. This will create perfect conditions for resuming bitcoin mining. After announcing this news, the price of Bitcoin slightly jumped and is now according to CoinCheckup.com traded at $43,626, similar growth has also been according to coincheckup.com recorded for a relatively new coin called Solana, which now hovers around the 150 USD mark.

Power demand in the country goes up during hot weather. Initially, the government had planned to shut down mining activities during peak hours. However, they decided to impose a nationwide ban until the end of the summer season. Besides using massive power, the Utility claims the miners damage the power grid, with losses amounting to $4 million. 

Government Control on CryptoCurrencies 

The Iran government has gone a notch higher to control and centralise the use of cryptocurrencies in the country. The parliament has proposed a bill that will prohibit using foreigner mined cryptocurrencies for local transactions. This move seems like a plan to localize crypto mining. Recently, the tax agency in the country also called for the establishment of a legal framework for crypto trading activities. This regulation will boost the scope of the crypto acceptance policy.

Positive Effect on Economy 

Bitcoin has become a significant source of income for the country. Elliptics guide’s projection shows that mining activities in Iran will rake in $1 billion in annual revenue.  However, the ban has affected this goal significantly. However, the resumption of mining will solve this problem.

Miners who had dispersed will resume operations, a factor that could inject more revenue into the economy. With the crackdown of bitcoin mining in China, lifting the ban in Iran could propel the country to the top spot in crypto mining. 

Iran is also facing sanctions from the US government. This means that MasterCard, PayPal and other international payment technology can’t operate in the country. This has made it very difficult for Iranians to conduct online international transactions such as online purchases and money transfers. The bitcoin mining ban exacerbated the situation. Therefore resumption of mining activities is welcome good news. Iranians consider cryptocurrency as an investment and payment method.

Bitcoin mining is quite an essential activity in the circulation, development and maintenance of its blockchain ledger. In other words, mining more bitcoin boosts its circulation. Although bitcoin price is pretty much unpredictable, the resumption of mining activities in Iran will increase competitiveness and encourage crypto enthusiasts to invest more in bitcoin. Despite the high volatility and restriction by the international banking system, bitcoin has immense growth potential. 

Source: Plato Data Intelligence

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Ethereum Token Circulation Hit Levels Last Seen in June Amid ETH Realized Cap Reaching ATH

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Ethereum has been experiencing an uptick in different activities, despite the crypto market bleeding triggered by factors like a major liquidity crisis witnessed by leading Asian property developer China Evergrande.

The amount of unique tokens moving on the Ethereum network, known as token circulation, is uptrending. On-chain metrics provider Santiment said:

“Ethereum’s token circulation soared yesterday to its highest level since June 22nd. If signs of ETH utility and tokens being moved continue to rise, the price will generally follow.”

Image

Santiment noted that this was a bullish sign because the price would soon follow suit if token circulation were on an uptrend.

Ethereum has been stamping its authority in the financial market. Reportedly, the second-largest cryptocurrency based on market capitalization recently topped traditional markets.

Ethereum realized capitalization reaches a record high

According to crypto analytic firm Glassnode:

“ETH realized cap just reached an ATH of $168,760,319,570.33. Previous ATH of $166,629,459,955.06 was observed on 20 September 2021.”

Realized market capitalization is a metric calculated by valuing each supply unit at the exact price it last moved on-chain or at the last time it was transacted. 

As a result, it does not calculate coins that remain unmoved because cryptocurrencies can be lost, unreachable, or unclaimed. This contrasts with the standard market capitalization that values every supply unit evenly at the current market price. 

Meanwhile, Ethereum transaction volume hit a monthly high, thanks to continued adoption in decentralized finance (DeFi) and non-fungible tokens (NFTs). For instance, ETH locked in DeFi edged closer to a new ATH of $8 million. 

 

Image

DeFi is founded on blockchain-based smart contracts that fulfil certain financial functions based on the underlying code. 

This industry took the world by storm in 2020 after its value grew by fourteen times. Its presence in the crypto space continues to be felt because it has become a billion-dollar industry valued at $81.85 billion.

Image source: Shutterstock
PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
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Source: https://Blockchain.News/analysis/ethereum-token-circulation-hit-levels-last-seen-in-june-amid-eth-realized-cap-reaching-ath

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Blockchain

Ethereum Token Circulation Hit Levels Last Seen in June Amid ETH Realized Cap Reaching ATH

Published

on

Ethereum has been experiencing an uptick in different activities, despite the crypto market bleeding triggered by factors like a major liquidity crisis witnessed by leading Asian property developer China Evergrande.

The amount of unique tokens moving on the Ethereum network, known as token circulation, is uptrending. On-chain metrics provider Santiment said:

“Ethereum’s token circulation soared yesterday to its highest level since June 22nd. If signs of ETH utility and tokens being moved continue to rise, the price will generally follow.”

Image

Santiment noted that this was a bullish sign because the price would soon follow suit if token circulation were on an uptrend.

Ethereum has been stamping its authority in the financial market. Reportedly, the second-largest cryptocurrency based on market capitalization recently topped traditional markets.

Ethereum realized capitalization reaches a record high

According to crypto analytic firm Glassnode:

“ETH realized cap just reached an ATH of $168,760,319,570.33. Previous ATH of $166,629,459,955.06 was observed on 20 September 2021.”

Realized market capitalization is a metric calculated by valuing each supply unit at the exact price it last moved on-chain or at the last time it was transacted. 

As a result, it does not calculate coins that remain unmoved because cryptocurrencies can be lost, unreachable, or unclaimed. This contrasts with the standard market capitalization that values every supply unit evenly at the current market price. 

Meanwhile, Ethereum transaction volume hit a monthly high, thanks to continued adoption in decentralized finance (DeFi) and non-fungible tokens (NFTs). For instance, ETH locked in DeFi edged closer to a new ATH of $8 million. 

 

Image

DeFi is founded on blockchain-based smart contracts that fulfil certain financial functions based on the underlying code. 

This industry took the world by storm in 2020 after its value grew by fourteen times. Its presence in the crypto space continues to be felt because it has become a billion-dollar industry valued at $81.85 billion.

Image source: Shutterstock
PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://Blockchain.News/analysis/ethereum-token-circulation-hit-levels-last-seen-in-june-amid-eth-realized-cap-reaching-ath

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Rich Dad Poor Dad’s Author Now Invests in ETH After BTC and Gold

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During a period of major corporate and institutional interest in the crypto industry, nearly 5,000 new tokens have emerged in the last 12 months, averaging over 10 new coins per day, new data shows.

Cryptocurrency Boom of 2021

As can be observed on CoinMarketCap’s homepage, the number of existing cryptocurrencies has recently surpassed 12,000. This is well over the approximately 7,100 coins recorded by the site in September of last year, meaning that at least 4,900 new digital assets have been created in the last 12 months alone.

This represents the largest YoY surge in the absolute number of cryptocurrencies since Bitcoin’s inception. During this time, the digital asset industry achieved a total market cap of over $2 trillion.

Interest in crypto creation is largely driven by Bitcoin’s price gains in the past year, as well as increasing institutional involvement in the space.

As household names like Elon Musk and Jack Dorsey show support for the industry and its possibilities, both creative and financial interest continues to be drawn into the space. This further bolsters the markets, inspiring developers to work on their own cryptocurrencies to avoid missing out on potential gains and demand.


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Furthermore, digital assets have garnered high interest as an asset class for hedging against inflation – especially during the economic crisis created by the coronavirus pandemic. While September of 2020 saw stock markets plunge, cryptocurrencies mostly held their value. This may have inspired even more creators to start investing and developing in the emerging asset class.

Is This a Good Thing for Crypto?

Through increased interest and technological development is crucial to the crypto industry’s growth, an ever-growing number of coins may be counterproductive or even dangerous.

For example, SEC chair Gary Gensler is only more skeptical of the space due to the vast number of tokens in existence. Recognizing that there is no room for thousands of different currencies, he plans to further regulate the industry to protect investors before some of them inevitably collapse.

Indeed, many of these tokens seem like dangerous investments – if not outright scams. Over $25 million were lost to crypto scams among Australians only in the first half of 2021

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PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://coingenius.news/rich-dad-poor-dads-author-now-invests-in-eth-after-btc-and-gold-27/?utm_source=rss&utm_medium=rss&utm_campaign=rich-dad-poor-dads-author-now-invests-in-eth-after-btc-and-gold-27

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