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Reddit Roundup – June 2020

This contains 50 links to most of the best quality content that was uploaded to Reddit for this month. Most links come from the popular r/bitcoin, but we also retrieved posts from other one as well such as r/BitcoinMining.

The post Reddit Roundup – June 2020 appeared first on Bitcoin Magazine.

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Ladies and gentlemen, we bring you the first ever edition of Reddit Roundup by Nik and Flip of Bitcoin Magazine!

This contains 50 links to most of the best quality content that was uploaded to Reddit for this month. Most links come from the popular r/bitcoin, but we also retrieved posts from other one as well such as r/BitcoinMining.

In this roundup there are 10 different categories each link falls under, and the categories are: 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.


While the price was absolutely stagnant this month, the Bitcoin builders have been moving faster than ever.

It reminds me of the quote by Bill Gates who said “most people overestimate what they can do in a year and underestimate what they can do in ten years”. In real-time, things can seem slow, but over time they happening extraordinarily fast.

Two of our favorite highlights from this month were seeing over $300,000 in bitcoin grants being raised to support open source development and seeing bitcoin out-perform the price of gold by 100% so far this year.

We also had protagonists from the antiquated financial system flip flop and bend the knee to Bitcoin. Shark Tank billionaire Mark Cuban has been very vocal on Twitter about his disinterest in Bitcoin, then decided to backtrack. Now he’s recommending people to “put 10% of their money into Bitcoin”. How ironic considering all the hate he’s given Bitcoin in the past.

Also, it was revealed this month that US president Donald Trump has ordered Steve Mnuchin to “go after Bitcoin” to try and destroy or stop it in any way possible. Unfortunately for orange man, orange coin has an impenetrable defense of nodes and miners all around the globe, outside of the reach of the US government. 

So without any further ado, here is the round up for this past month, enjoy!

A Recap of Bitcoin In June 2020

Privacy

BlueWallet bringing cash and p2p buys with no-KYC to all its users : Bitcoin (6/23) 

Privacy-o-meter — a free tool to assess the privacy level of your BTC transactions.   (6/25)

Privacy-o-meter is the first step to defend yourself against heuristics blockchain surveillance companies use. : BitcoinMining (6/25)

Wasabi Wallet Donates 1 BTC to Defend Privacy in Bitcoin – Bitcoin (6/28)

Adoption

An increasing number of people trust Bitcoin over big banks, says survey : Bitcoin (6/15)

Portuguese kids aged 6-7 learning about Bitcoin in public education system : Bitcoin (6/17)

Bitcoin is > 80% of the worldwide search interest – Cryptocurrency World Map : Bitcoin (6/15)

Singapore ride-sharing app lets customers pay with Bitcoin. : Bitcoin (6/18)

Land Rover celebrated 50 years, and in a memorial video he also mentions the creation of BTC network : Bitcoin (6/19)

The Perfect Time to Buy Bitcoin is Always Now : Bitcoin (6/20)

The PayPal and Venmo news, broken down and analyzed. It’s bigger than you think 👀 : Bitcoin (6/23)

Venezuela government is officially taking bitcoin as payment for passports. : Bitcoin (6/24)

Last week 511 BTC were traded in Venezuela using LocalBitcoin (up from 475 BTC), buying BTC with FIAT and selling BTC for FIAT. 511 BTC are 959,197,000,000 Bs. (Bolivares). One BTC is around 1,970,000,000 Bs. Monthly minimum wage is 5 USD (50,000 satoshis) : Bitcoin (6/24)

The Australian Postal Service is Starting to Adopt Bitcoin, and Why This Matters : Bitcoin (6/29)

Development

Who Funds Bitcoin Development? BitMEX Research 28 Mar 2020 : Bitcoin (6/17)

Less than 20% of BTC is actively traded. Bitcoin isn’t a short-term “get rich quick” play, it’s a long-term “protect your wealth” play. : Bitcoin (6/19)

Number of Bitcoin ‘Whales’ Has Risen by 2% Since Halving – CoinDesk : BitcoinMining (6/20)

Bitcoin Wallet Tracker v0.1.4 is released: Improved mempool tracking, out-of-the-box pruning support, and more! : Bitcoin (6/22)

Bybit Launches Fiat Onramp as Bitcoin Institutional Interest Skyrockets : Bitcoin (6/23)

Fun with Bitcoin: LightningNode roundtable: Hack Sprint Edition : Bitcoin (6/25)

Kraken Announces Largest-Ever Grant to BTCPay Server : Bitcoin (6/25)

Security

Look how silly this seems now compared to Bitcoin’s security : Bitcoin (6/16)

Mining

Bitcoin mining pushing technology to physical limits : Bitcoin (6/17)

Bitcoin Mining Difficulty Posts Biggest Jump In 29 Months : BitcoinMining (6/17)

Bitcoin Mining Explained : BitcoinMining (6/13)

Make sure your GPUs are ready for the summer : BitcoinMining (6/17)

China is losing its dominance over Bitcoin mining industry: report : BitcoinMining (6/11)

Business

Ledger and Nomura launch institutional-grade Bitcoin custody service : Bitcoin (6/17)

Education

Why Not Just Print More Money? : Bitcoin (6/17)

“No generation has a right to contract debts greater than can be paid off during the course of its own existence.” George Washington to James Madison 1789 : Bitcoin (6/17)

12 Reasons to Buy BTC! : Bitcoin (6/18)

The end of money as we know it … very informative documentary : Bitcoin (6/17)

Bitcoin’s price has outperformed gold by 100% this year : Bitcoin (6/24) 

South African banking on Bitcoin : Bitcoin (6/25)

Governments Can Not Kill Bitcoin, and if They Tried, It Would Only Make Bitcoin Stronger : Bitcoin (6/28)

The Key Point on Bitcoin Scarcity That Few People Understand Today : Bitcoin (6/28)

Regulation & Politics

SEC charges issuer who was offering investors a “new and improved version of bitcoin”. : Bitcoin (6/26)

Archeology (Financial Incumbents)

JP Morgan Does a Complete 180 on Bitcoin. 3 Years ago, Jamie Dimon said BTC is a fraud 🤡 : Bitcoin (6/15)

German Stock Exchange start Trading Bitcoin ETF : Bitcoin (6/18)

Trump first wanted to ‘go after Bitcoin’ in 2018, says John Bolton : Bitcoin (6/18)

Thank you Nomura, very cool! : Bitcoin (6/19)

New York Fed: Bitcoin just ‘another example of fiat money’ : Bitcoin (6/20)

Blackballed by PayPal, Scientific-Paper Pirate Sci-Hub Takes Bitcoin Donations : Bitcoin (6/22)

Andreas Antonopoulos – Obama Story [What He Said About Bitcoin] : Bitcoin (6/25)

Mark Cuban: Put 10% of your savings into bitcoin : Bitcoin (6/29) 

Memes, Fun, & Other

Kangaroo Market : Bitcoin (6/15)

🤣 : Bitcoin (6/12)

In a small town in upstate New York we give tribute to Bitcoin. We call it “Freedom Friday”. Live music, Bitcoin and freedom. : Bitcoin (6/15)

Bitcoin – The End of Money As We Know It : Bitcoin (6/22)

Rajarshi Maitra went from zero coding experience to getting his first PR merged in Bitcoin Core in two years and five months. : Bitcoin (6/24)

Bitcoin! – I don’t know. : Bitcoin (6/25)

The post Reddit Roundup – June 2020 appeared first on Bitcoin Magazine.

Source: https://bitcoinmagazine.com/articles/reddit-roundup-june-2020?utm_source=rss&utm_medium=rss&utm_campaign=reddit-roundup-june-2020

Blockchain

Increasing Stability of the Utopia P2P Network

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The number of full nodes in the Utopia P2P ecosystem has passed the 30,000 mark.
This means that more than 30,000 nodes are working for the security and resilience of the network.

Stability

The number of full nodes within the Utopia decentralized ecosystem has reached 30,000 and is moving forward. This number is an indicator of the stability of internal processes and a guarantor of reliability.

Nodes in the blockchain have one of the most important roles – they are responsible for checking the legitimacy of blocks, approving transactions, and ensuring the smooth operation of the network. To a large extent, this responsibility falls squarely on the full nodes. In other words, the more nodes involved in supporting the network, the harder it is to trick, hack or crash the system. As a consequence, better connection quality, safer operations, cleaner and more honest mining.

When you install and run Utopia ecosystem mining bot, you automatically increase the number of nodes, thereby contributing to the stability of the network. Everyone involved in this process receives Crypton Cryptocurrency (CRP).

Benefits

Crypton is the unique currency of the Utopia peer-to-peer network. Coin mining does not burden your PC and is eco-friendly as it is done through an ecosystem. All you need to mine is a computer and a bot installed.

By launching the app, you start receiving collective rewards every 15 minutes – that’s how long it takes to form a new block. Users also receive a Proof of Stake reward to their minimum monthly balance. CRP is already listed on a number of exchanges and is available for sale.

– Anyone can mine, send and receive Cryptons. Cryptocurrency mining is available to all Utopia ecosystem users. CRPs are provided for being on the network and. Mining participants are rewarded for supporting the ecosystem – forwarding packets and providing RAM for caching purposes,” according to 1984 Group, the developer of the Utopia P2P network.

At the time of writing, 4,672,181.975674 CRPs have already been mined by Utopia network users, with the total number of transactions steadily approaching 300,000.

Security

The creators of Utopia Network have built an independent ecosystem, which doesn’t ask for your personal information even when you register and doesn’t track your activities or geolocation.

The server is basically not involved in data transfer and storage. The Curve25519, XSalsa20, and Poly1305 algorithms are used to encrypt, sign, and authenticate packets, objects, and peer-to-peer connections.

This way, you don’t have to worry about the security of your personal data and are free to use the Utopia ecosystem. In addition to in-network mining there are anonymous messenger, browser, email, and e-wallet. All functionality is focused on user anonymity and is available to all registered in the Utopia P2P decentralized network.

As far as we know, in the near future the developers will release an encrypted anonymous Utopia ecosystem app on IOs and Android.

Download Utopia: https://u.is/en/download.html
Website: https://u.is/
Crypton Exchange: https://crp.is/


Click here for Free Trial.
Source: https://www.livebitcoinnews.com/increasing-stability-of-the-utopia-p2p-network/>

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Investors must brace themselves as Bitcoin Cash goes downhill in the coming weeks

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Though off to a strong start in September, Bitcoin Cash seemed to have taken its foot off the pedal. Caught between two corrective phases on 7 and 20 September, the price steadily declined after forming a local peak above $800.

Moreover, BCH’s latest drawdown towards 38.2% Fibonacci level identified vulnerabilities in the market which could extend all the way back to July lows. With sentiment also expected to be sour due to a recent death cross, BCH bulls certainly faced a tall mountain to climb. At the time of writing, BCH traded at $549.2, down by 4.8% over the last 24 hours.

BCH Daily Chart

Source: BCH/USD, TradingView

A near 16% decline from the 50% Fibonacci level pushed BCH to the all important 38.2% Fibonacci level. Back in late-June, BCH suffered a 31% sell-off after it pierced below the aforementioned level on the back of a descending triangle. Hence, to dissuade short-sellers from the market, BCH would need to keep its neck above the $540-mark.

However, certain factors in the market could not be overlooked. For instance, each of BCH’s indicators slipped below their equilibrium points for the first time in nearly 2-months, while a negative crossover between the 20-SMA (red) and 200-SMA (green) created some more uncertainties.

Reasoning 

Even though corrective phases have been overserved previously in the market, BCH’s RSI held above it mid-line. This was not the case anymore after the RSI shifted below 45 and into bearish territory. In fact, the RSI was yet to touch the oversold territory, which meant that BCH could see some more losses rather than an immediate reversal. Such was the case with the MACD and Awesome Oscillator as well, which slipped below their equilibrium levels. If sentiment continues to be weak, the 23.6% Fibonacci level and $400 would come back into play.

Conclusion 

Bitcoin Cash’s long term narrative took quite a hit after prices declined below the 50% Fibonacci mark. In fact, this also negated a bullish setup which was highlighted in an earlier article. BCH’s indicators also fell into bearish zones  after this retracement. Considering these factors, BCH was open to a further sell-off towards the $400-mark in the coming weeks.

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Source: https://ambcrypto.com/investors-must-brace-themselves-as-bitcoin-cash-goes-downhill-in-the-coming-weeks

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Indian government cautious about crypto-adoption, CBDC is a possibility

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Indian traders and exchanges might be bullish about the crypto market, but the Indian  government doesn’t seem keen on rushing into the scene. At least, not until studying its homegrown fintech industry and the anti-Bitcoin protests in El Salvador.

Tracking global news

Indian finance minister Nirmala Sitharaman in a recent interview with Hindustan Times explained why the country seemed to be falling behind when it came to crypto adoption.

Though she admitted, El Salvador wasn’t “the best example,” Sitharaman said,

“You’d think common people don’t care about digital currency; but the public took to the streets against the move. It’s not a question of literacy or understanding – it’s also a question of to what extent this is a transparent currency; is it going to be a currency available for everyone?”

Sitharaman referred to CBDCs as a “legitimate” cryptocurrency and admitted there could be a “possibility,” in hat regard. She noted that India held the “strength of the technology” and acknowledged the need to formulate a Cabinet note. However, Sitharaman wondered if India was ready to follow El Salvador’s way.

Facts on the ground

Though accessibility is a pressing concern, more Indians have discovered crypto than perhaps expected.

Nischal Shetty, CEO of the Indian crypto exchange WazirX – a subsidiary of Binance Holdings – has stated that WazirX sign-ups from India’s tier-two and tier-three cities overtook those from tier-one cities this year. Even so, sign-ups from tier-one cities themselves saw a 2,375% rise. Furthermore, WazirX added one million users in April 2021 alone.

Adding to this, the cost of electricity and Internet data in India are relatively cheaper, which could boost both crypto trading and mining in the future. However, at the last count, there was only one Bitcoin ATM in the whole country.

As per data by Useful Tulips, which combined data from Paxful and LocalBitcoins, India saw transfers worth around $4,502,369 in the last two weeks.

Could anti-Bitcoin protests happen in India?

There is evidence to support both sides. India has a strong history of mass protests, with the farmers’ protests against the government’s agricultural laws being one such example. The 2016 demonetization of part of the country’s paper currency still haunts many, and Internet penetration is yet to cross 50%.

However, India also has the largest diaspora in the world, with approximately 18 million people living outside the country. Crypto innovation could lead to hundreds of millions of dollars being saved on remittance charges as money is sent across borders.

But for the time being, it seems India’s urban residents are more bullish about crypto than its government.

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Source: https://ambcrypto.com/indian-government-cautious-about-crypto-adoption-cbdc-is-a-possibility

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