BC BITCOIN
Saved by @SteveeRogerr

1\ There is an alarming amount of misinformation (fueled by the media) on what exactly happened to Bitcoin yesterday, and whether funds were "double spent"

Here's everything you need to know 👇

 2\ On the 18th, a user broadcast a transaction with very low fees.

When users underpay fees, their transactions gets stuck because miners have more profitable opportunities.

Users are left with 2 options:

a) wait until fee levels drop
b) tell miners they will increase fees
3\ The most popular way to (b) increase fees of an already-broadcast transaction is through a "Replace By Fee (RBF)" transaction.

Put simply, RBF is a copy-and-paste of the original transaction with higher fees and an explicit instruction to favor the new transaction instead.
4\ Nearly a day passed after our infamous user broadcast the original transaction and miners did not include it.

So the user decided to issue an RBF on the 19th with higher fees... but not high enough!

And the transaction was again stuck...
5\ A couple of hours later, the user decided to bump fees up again via a second RBF!

This time around the user paid enough fees.
6\ So, to recap, the user broadcast a total of 3 transactions:

1) Dec 18th 22:11 UTC (1 sat/b)
2) Dec 19th 21:22 UTC (9.4 sat/b)
3) Dec 20th 00:32 UTC (14.3 sat/b)

And here's where things get a bit more complex
7\ At around 1:18AM the blockchain split into 2 versions, which is an entirely normal occurrence; a fundamental part of how Bitcoin works.

When this happens (1+ times per month), miners need to converge on a single version of events, which often takes around 1 block, or 10 min.
8\ However... by the time the user broadcast the third transaction, fee levels had quieted down and the chain was split:

-One miner picked the first (low fee) transaction for their version of the chain
-The other miner picked up the third (highest fee RBF transaction)
9\ The thing about RBFs is that they're entirely optional. Miners decide which transaction to pick.

In this occasion it might have looked like a malicious "double spend" (inflation), but it is a completely normal event.
10\ The chain was split for 1 block (again, normal), but ultimately the miner on the branch with the low fee transaction ended up winning.

The important thing to know is that, yes, there might be different versions of the same transaction, but ONLY 1 will ultimately be accepted.
11\ @0xB10C (follow this man) made a helpful timeline of events using @coinmetrics data:
12\ Again, RBFs in stale blocks is business as usual.

No reason to freak out. No inflation, no "double-spend" was actually confirmed. Just a ton of loud ignorance and misinformation.
13\ This is a wake up call for crypto media. Looking at you @crypto and @Cointelegraph

You benefit by serving crypto adds. I urge you to at the very least understand your responsibility and step up your technical game.

How about sponsoring a bitcoin developer?
14\ Another clarifying point: @BitMEXResearch is doing an amazing job for the community with https://t.co/k9MhseACnP and https://t.co/0gjizyXMy7

Their depiction of what happened was accurate. Unfortunately, their post was grossly misrepresented misrepresented for clickbait...

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$BTC: Two Bitcoin FUDs to address this Thanksgiving weekend:

1. China PlusToken FUD: Old news. Please see linked thread.

2. U.S. Treasury FUD: Read thread below...


1/ These news are much more relevant, as they imply severe trade-offs for people who want to keep their bitcoins undoxxed, with the cost and risks of doing so. I would not disqualify the tweet as mere FUD in the sense that what he posted is false. It should be taken seriously.

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let's untangle what corporate treasurers do and why this matters...

the role of corp treasurer didn’t exist until the 1970s, when co's faced high inflation and financial uncertainty


2/ in this environment, companies with no cash management or treasury strategy were losing 10-12% / yr to inflation

modern corporate treasury is typically focused on cash management and managing the opportunity cost of capital

holding cash is *not* a strategy


3/ when i worked in corp treasury, we mostly traded the overnight and short term rate markets

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TARGET INFLATION IS >2%


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#Bitcoin is a highly liquid asset that trades 24/7 in an increasingly regulated and structured global market - and its an effective portfolio diversifier!


5/ Square’s willingness to hold bitcoin on its balance sheet as a treasury asset speaks to:

(1) the changing landscape that treasurers must navigate, and;
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@thebitcoinrabbi
Bitcoin: A Peer-to-Peer Electronic Cash System

Satoshi Nakamoto
[email protected]
https://t.co/G8BUvnF9nT

Abstract. A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial

institution. Digital signatures provide part of the solution, but the main benefits are lost if a trusted third party is still required to prevent double-spending. We propose a solution to the double-spending problem using a peer-to-peer network. The network timestamps

transactions by hashing them into an ongoing chain of hash-based proof-of-work, forming a record that cannot be changed without redoing the proof-of-work. The longest chain not only serves as proof of the sequence of events witnessed, but proof that it came

from the largest pool of CPU power. As long as a majority of CPU power is controlled by nodes that are not cooperating to attack the network, they'll generate the longest chain and outpace attackers. The network itself requires minimal structure.

Messages are broadcast on a best effort basis, and nodes can leave and rejoin the network at will, accepting the longest proof-of-work chain as proof of what happened while they were gone. 1. Introduction
Commerce on the Internet has come to rely almost exclusively on financial
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CryptoHobbit 🧙‍♂️...
@mark_cullen
Afternoon all,

I wanted to take some time to cover some resources I use in my daily $BTC trading. This will be a longer thread, so bear with it you will hopefully find something that will help you also. I will try to keep it concise so if there are any questions please DM me.

11. Portfolio Management & Trade Diary- https://t.co/KAig84dOsk
3Commas gives you the ability to see your full portfolio, mapping your balance and asset breakdown. You have access to all your trade history across all exchange in a single trade diary, saving time extracting taxes
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@Rocketboom
Hello and good Friday, January 28, 2021, I’m Drew and this is Rocketboom [chair breaks]

I see many people are missing why ‘digital currency’, e.g. #Bitcoin is an important disruption in the world. It's not actually about stock trading. It’s waaaaaaaaaay bigger than that.

I USED TO DO A THING. I wrote scripts to break down these kinds of topics. I felt compelled to come back out and explain because its such a big idea...and too many people are not seeing it.

TLDR; Digital currencies allow people living in impoverished nations to transcend the failures of their individual governments, such that their work and purchase power becomes more equal in potential to those in the wealthiest countries.

Examples are always nice. Lets. [cut to voice over]
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