Stefan&#x27;s Bitcoin 1x1

2Mon

@Ash since the account @boz seems to be gone (or he blocked me) and with him the comments and I don't know if you got my answer, here is my answer about the node:

I recently upgraded my node
given my node an upgrade :)
If you like, I'll find you the products
that I ordered. My old Raspi 4 was constantly overheating and the hard disk was almost full...
Then I swapped it for a Raspi 5.
I would actually recommend building it yourself, otherwise it will be very expensive. A finished node costs around 400-500€... There were always some in the FulmoShop and on Nerdminer.de I think there is also a ready-made one. Basically, you only need a small Raspberry Pi (4 or 5), an SSD hard disk (at least 1TB, better 2), a 32GB SD card and a cable to connect the hard disk to the Raspi:)

Nothing can really happen. You then download the Raspiblitz or Umbrel software and load it onto the SD card. Then insert the SD card into the Rasperry Pi and switch it on.

That's it

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2Mon

@stefan_21 Now that's what I call a service post! 🥰
So you're not just playing with my feelings after all 😉
A finished node wouldn't be worth €400-500 to me either. Just think how much $BTC I could buy for that. 😅
How expensive is it to buy the individual components?
I've become a bitcoin cheapskate and ask myself before every purchase: Do I really need this? And: How many sats would I get for it? 🤣

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2Mon

@Ash I can understand that, it's the same for me😂
I have the Raspi 5 with 8GB RAM. But 4GB would theoretically be enough. I ordered all the components individually. But I just saw that there's also a bundle:
https://www.amazon.de/Raspberry-Starter-Kit-Netzteil-Geh%C3%A4use-L%C3%BCfter/dp/B0CRPF47RG/

You would then only need an SSD, for example
https://www.amazon.de/SanDisk-schnelleres-Herunterfahren-Lesegeschwindigkeit-Schreibgeschwindigkeit/dp/B07YFFJK2Q/

And then you would need a cable to connect the SSD to the Raspi, something like that:
https://www.amazon.de/Retoo-Adapter-Konverter-Externer-Festplatte/dp/B0CL6KSYLL/ref=sr_1_7?

If I've calculated correctly, that would be around €260 in total. You might be able to find a cheaper SSD and the 4GB Raspi would also be enough for the pure node. However, I also wanted to run a mining pool for my small Bitaxe and possibly set up a Lightning Node again. That's why I preferred the larger version :)

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2Mon

@stefan_21 All right, I'll have a look at everything next week and then certainly come back with a few more questions. ❤️

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2Mon

@Testo-Investor about the Node - see my chat with @Ash from a few days ago :)

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2Mon

@stefan_21 then the fun costs around 500€ correct? I'll have a look at everything at my leisure. Sounds mega exciting in any case! Have you calculated how high the electricity costs are per day?

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2Mon

@Testo-Investor Exactly, the Node around 260€ and the Bitaxe 189€ with the code WASBITCOINBRINGT (is from the podcast of the same name by Niko Jilch)
The current from the Raspi is around 3-5 watts and the Bitaxe now runs relatively constantly at 20-21 watts. If we roughly calculate with 25 watts, you get 18 cents per day at 30ct per KWh. That's just under €5 per month

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2Mon

@stefan_21 I'll just come along to your node :-)

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2Mon

@Testo-Investor shouldn't be a problem in theory either😂 You should also be able to open the mining pool externally. But I'll have to see how that works first

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2Mon

@stefan_21 yes Check ma... like together to the block :-))

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2Mon

@stefan_21 Do I actually need a node to operate a miner?

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9Mon

₿

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9Mon

Angeber 😂

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V7Hodl@V7Hodl

9Mon

Thanks, cool idea with the post!

I have one question right away:
You explained the time bug in the Bitcoin Fun Facts - couldn't you just leave it out, since we have our own "time" in the network with the block height? And that is information from outside and is therefore subject to the oracle problem anyway, right?

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9Mon

@vise72 On the one hand, you're absolutely right, but no, you couldn't leave it out :D
This time is needed for the Difficulty Adjustment, which looks at whether the last 2016 blocks were found faster or slower than an average of 10 minutes :)

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V7Hodl@V7Hodl

9Mon

@stefan_21 Right, thanks for the explanation - but how is it ensured that the miners don't enter a completely wrong time and thus manipulate the Difficulty Adjustment?

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9Mon

@vise72 There are two factors that play a role here. Firstly, the miner cannot set the timestamp arbitrarily in the past because the nodes only accept blocks where the timestamp is greater than the median timestamp of the last 11 blocks. Furthermore, the timestamp may not extend more than 2 hours into the future relative to the time of the nodes.

So let's assume it is 13:00 for me according to my node and a miner finds a block with the timestamp 15:01 - then my node would reject this block :)

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Aggregation@Aggregation

7Mon

Many thanks for your valuable contributions @stefan_21! I have now also found my way to Strike.me. Thanks for that too!
Perhaps you can answer a question that I have not yet been able to solve.
With the hourly savings plan, Bitcoin is always bought at the same price - "not at the actual price". How does this price come about? Thank you and LG

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7Mon

@Aggregation Hi :) I almost missed your comment😅
It can't actually be that the price at which you buy Bitcoin with the hourly savings plan is the same every time - is that still the case?
I had the hourly savings plan running for a while and the market price was simply taken every hour as normal (minus the fees in the first week)

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Aggregation@Aggregation

7Mon

@stefan_21 Basically, it is not always the same, but as an example, today it has 6x at exactly 84,745.76€, 3x 84,033.61 and the other transactions distributed over 2 other prices such as 83,333.33€
That's what I meant by always at the same price. The question I have now is, where do these prices come from and shouldn't he actually buy at the actual price at that time. Thanks for your feedback. 🙏

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value_seeker_@value_seeker_

7Mon

@Aggregation I just clicked through the old transactions of the hourly savings plan and I had a different price every time. So that's quite strange and I didn't have that.
What you could do, of course, would be to ask customer service. I've had two questions so far and received a competent answer within a few hours :)

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Aggregation@Aggregation

7Mon

@stefan_21 Oki, that's strange.
I'll do that.
Thank you for your feedback.

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Kate🦋@Iwamoto

6Mon

1 BTC = 1 BTC

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5Mon

Merci to you for the introduction to Bitcoin I have now registered with Strike via your link hope it works for you with the affiliate ;-)

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5Mon

@value_seeker_ Thank you - I think we'll both get 500€ "free trading" :D
Savings plans are free of charge after a week anyway - so you can make a fee-free one-off purchase in between :)

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gqx@gqx

5Mon

Greetings Stefan, I registered with Strike via your ref link. Your contributions are really first class, please continue!

I have one question for you: From the point of view of a convinced Bitcoin maximalist (I assume ;) ) what do you think of $XMR and the $KAS hyped on getquin ?

I only own $BTC myself, but the thought of exchanging my fiat for one of these coins is growing day by day. By the way, I think absolutely nothing of shipcoins like $ETH, $SOL, $XRP and so on.

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5Mon

@gqx Hi :)
First of all, thank you very much for the praise and for using my ref link!

I see XMR as fundamentally positive in terms of privacy - but it won't work. XMR will never become money or will only ever be used in the darknet corner. Monero has already been taken down on many exchanges and is no longer tradable.
The path of a non-state asset only works in one direction. First, something has to be accepted by the masses as a store of value, then at some point it will be used more and more as a means of transaction because people want it. And finally, if it is used as a means of transaction to a sufficient extent, it becomes a unit of account and thus money.
With Monero, it already fails at point 1, the widely accepted store of value...

The Kaspa people claim that they have solved the blockchain trilemma. Unfortunately, they have again only sacrificed decentralization for scalability. According to the Kaspa Wiki, you need at least 1 TB of storage and 32 GB of RAM to operate a Kaspa node - and the trend is rising sharply. So hardly anyone will be able to afford to simply run their own node at home - and to keep it constantly supplied with new hardware. This is why Kaspa has so few nodes and why the network will become increasingly centralized. Bitcoin has a block size limit for precisely this reason and scales in a second layer :)
In addition, Kaspa also runs on Proof of Work - which is basically positive, but POW is a "winner takes it all" algo, which is why Kaspa will not be able to exist alongside Bitcoin in the long term.

Roughly speaking, these are the reasons why I think these projects will fail in the long term. But that doesn't mean that there isn't still price potential. I mean, look how all those stupid memecoins are going through the roof😂

If you want to speculate, feel free to put a small amount into altcoins - I don't see anything wrong with that. It's just important to have a healthy skepticism and not to "fall in love" with these projects. In the long term, these projects will all go to zero compared to Bitcoin - but in the short term, these altcoins can outperform Bitcoin from time to time due to their low market capitalization.

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gqx@gqx

5Mon

@stefan_21 Thanks for the detailed answer! I've already donated a couple of beers to you via Strike (€4.20) ;)

Well, then I have some closure: at $XMR I already knew that the money would be shifted directly back into $BTC, as it is limited to this darknet space. I don't see any growth potential for a "trade" there either. The adaptation rate is far too low precisely because of the high entry hurdles and will remain low.

Now to Kaspa: During my research on the $MARA share, I learned that they have also started mining other POW coins such as $KAS in addition to $BTC. This surprised me a little and I dived straight into the Kaspa bubble. However, this one doesn't really give any counter-arguments against the project either, which is why I turned to a non-hyperbullish source (you). Your points seem conclusive to me!

You also dismissed the idea of other POW coins replacing our good old $BTC in your answer. Would you like to explain to me in more detail how POW is a "winner takes it all" algo? Sure, $BTC has the first-mover advantage, but I would also like to be prepared with an argument when the next highly praised "POW-based Bitcoin killer" appears on the market.

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5Mon

@gqx it was you :D thank you! I'll drink the next beer to you🫶
You'll get a reply from me later regarding the POW issue and Kaspa - if I forget, please just tag me again😅 Just a bit stressed at work today due to a system changeover

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5Mon

@gqx So now I'll give it a try :)

First of all: As you know, PoW networks are based on computing power, which secures them. Miners who invest their resources act economically rational. They use their hash power where the highest security, the greatest long-term benefit and the best profit are given - and that is the case with Bitcoin, by far the most established and secure network with the largest user base. Miners would not risk retooling their investments in specialized, expensive hardware for a network that has yet to prove itself.

It is not the case that Mara and Co. can simply "switch" their computing power to another network. ASIC computers that are optimized for Bitcoin can only do one thing: hash SHA-256 - and extremely efficiently at that.

Kaspa is - as far as I know - based on a completely different mining algorithm that is optimized for GPUs in particular. This would force miners to completely abandon their existing investments and purchase new hardware. This would not only be mega costly, but also risky because a small network like Kaspa is much more vulnerable to attacks.

And this is where the real "Winner Takes It All" phenomenon of PoW networks comes into play: The network effects ensure that the more participants a large network has, the more attractive it becomes. More miners and users mean greater security and more trust, which in turn attracts more participants. It's a self-reinforcing cycle :)

At the same time, as already mentioned, the economic incentive plays a role, as miners invest enormous sums in specialized hardware and only use it where it is worthwhile in the long term. A network with a low hashrate, as is the case with new PoW projects, not only offers less security, but is also less profitable with an uncertain future - and therefore unattractive for miners.

In addition, network security is closely linked to the growth of a coin. Smaller networks are much more susceptible to attacks, such as 51% attacks. This creates further uncertainty.

This dynamic means that computing power and user activity are almost inevitably concentrated on the most profitable and secure network. PoW coins with a significantly lower hashrate have little chance of overtaking Bitcoin in the long term - either they will be displaced or they will centralize because only a few large miners will be able to secure the network. (Incidentally, this was also one of the reasons why ETH switched to Proof of Stake).

That's why I see PoW as a "winner takes it all" mechanism (it would probably be more accurate to say "winner takes most", as there are a few small POW coins that have been around for a while but don't play a role compared to the Bitcoin hashrate) and Bitcoin has an unassailable lead thanks to its network effects and ecosystem. A new PoW "Bitcoin killer" would find it extremely difficult to seriously jeopardize this dominance.
And extremely difficult is still an understatement😅

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gqx@gqx

5Mon

@stefan_21 That really opened my eyes! At first I thought that you could mine a coin at will and "switch" easily, but I didn't realize that it would involve so much cost and effort.

Thank you Stefan, what would getquin be without you! <3

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₿TC ≠ Dollar@zkEVM

5Mon

Danke ⚡️

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4Mon

@stefan_21 What do you think of the following strategy, which I come across more and more often when I deal with the $BTC cycles?

-> At the end of a Bitcoin bull run, sell BTC and shift into established stablecoins to secure the value. During the bear market, you could use the stablecoins for lending, staking or yield farming to generate passive income. As soon as BTC has fallen sharply again, you could buy it back cheaply and profit from the next bull run.

Do you see any major risks or opportunities for optimization? Or do you perhaps do the same yourself?

Greetings and a kiss
Ash

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4Mon

@Ash As far as I know, the swap in stablecoins is not a tax-relevant transaction only in Austria. In Germany, it counts as a sale and the one-year speculation period starts all over again when you buy again.
So I don't really see the advantage of switching to stablecoins, as you are exposed to additional risks :)

It's better to hold them in euros and earn some interest😅 at least you have the deposit protection that applies. If the stablecoin implodes, you're out of luck.

The other problem, of course, is that nobody knows how long the bull market will last. And also whether the cycles of Bitcoin and the 70-80% setbacks will continue.
Timing this is incredibly difficult.

Personally, I just set myself targets where I sell a few percent. For example, you could sell 10% at 150k, 10% at 175k, 10% at 200k and hold the rest. Then you would have made a profit and still have at least 70% of your holdings at the end.
You could then use the fiat money to buy back at a lower price in a potential bear market.
If the bear market started before 150k and we needed 4 years until the next ATH, you would have to live with it and sit it out.

I always make an Excel list with my holdings and potential price targets. And then I enter something like in my example above and see what comes out. Then I see that I would have x€ and xBTC at a top of e.g. 160k and can then consider whether I could live with that.
And in this way you can think through the possible scenarios and find a strategy for yourself that you can live with considering all the possibilities :)

I hope that was reasonably clear - if not, please just ask again. That was typed very quickly - I'm just on my way to the shops😂

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4Mon

@stefan_21 I'll have to think through what you've just written again tomorrow and will certainly come back with a question. I'm too tired right now. 😂🙈

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4Mon

@stefan_21 So, I've read it through again and understood it (I think) thanks for your feedback :-)

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3Mon

@stefan_21 Hello, my dear! I haven't read anything from you in the main feed for a while and just hope you're doing well. 😊

I'm currently looking into buying a Steelwallet and am completely overwhelmed by the sheer variety on offer - not to mention the price differences.

During my research, I came across this site, among others,

https://jlopp.github.io/metal-bitcoin-storage-reviews/

but the large selection doesn't really make it any easier. Do you have a Steelwallet, and if so, which one can you recommend?

I would also be happy to pass the question on to @Alpalaka and @DonkeyInvestor

I look forward to your feedback and hope you have a great Sunday!

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3Mon

@Ash Greetings! That's sweet of you - thank you, I'm fine - I hope you are too? :)
I'm going through a bit of a rough patch at the moment because of an illness in the family. But luckily we're quite confident now.
And if everything goes smoothly, my girlfriend and I will be going on vacation on Wednesday😊 So there is a chance of improvement :)
That's why I'll be relatively inactive here over the next few days.

Regarding the steel wallet, I have the Seedor. It came with a hammer and matching letters to punch in. It was super easy, but a bit noisy. I felt a bit sorry for my neighbors😂
So I could recommend it - unfortunately I can't say anything about the others because I haven't tried them myself :)

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Alpalaka@Alpalaka

3Mon

@Ash I have/had this one: https://shop.bitbox.swiss/de/products/steelwallet-13/
I'm happy with the plate, although the punch didn't always punch properly. But if you have an extra five minutes, that shouldn't be a problem

I've now made another one myself as I have access to steel + laser. But it's more of a gimmick

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3Mon

@stefan_21 Oh dear, I hope your family member is not seriously ill and that he/she gets back on his/her feet quickly! I can empathize, I have written on several occasions that someone in my family is also seriously ill. I'm keeping my fingers crossed for you and your family that the person will get better soon. 🍀

I had already looked at the Seedor. But holy moly, what a price they're charging! I'd rather buy Bitcoin from them. 😅

@Alpalaka has also shared his (cheaper) Steelwallet, and I'll see which of the two I might end up with.

In any case, I wish you and your better half a wonderful and relaxing vacation and hope you can recharge your batteries. 🔌⚡️

Best wishes Ash

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Pope Donkey XXI@DonkeyInvestor

3Mon

@Alpalaka Thank you very much! 👍🏻 I'll take a look at that, especially as it's a much cheaper option than the one that's usually recommended online.

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3Mon

@Ash I don't have a steel wallet. Since I have balls made of steel, I simply tattooed the 24 words on it 👍

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3Mon

@DonkeyInvestor How can I get rid of these images in my head? 🥚🥚🖊️

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2Mon

It's me again about the ledger:

I wanted to get the Ledger Nano X (149.00€) and I still have a few questions...

- what do you think of the product?

- Is it easy to set up?

- Am I doing the right thing by transferring my btc's to the ledger, so that they disappear from my Strike app and are only on the ledger?

- Can I still see them in getquin in my portfolio overview?

Thank you and best regards!

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2Mon

@MedusaFi Hi :)
If you don't have a Ledger yet, I would honestly advise against it. Ledger has already abused the trust of customers so often in the past that I, for example, no longer buy a Ledger.
You can also read the article here: https://getqu.in/2wY3eP/

The Nano X is certainly a good device. However, as I said, I am bothered by the manufacturer, the fact that it is not completely open source and the recover function, which stores your private key and therefore access to your Bitcoin in the cloud (how stupid). You can deactivate this function, but I find it hard that Ledger has programmed this in and sells it as an advantage.

I would rather recommend the BitBox02 or a Trezor :) Both are easy to use open source devices. If you want it to be cheaper, I could also recommend the Jade from Blockstream.

Exactly, if you send the Bitcoin from Strike to your wallet, they will no longer be displayed on Strike. Strike then no longer has access to your Bitcoin, but you do with the help of your own wallet.
Nothing should change in GetQuin during the transfer. You will probably have added the purchases manually, right? :)

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2Mon

@stefan_21 Thank you very much! I'll have a look at the BitBox02 :)
Yes, purchases were added manually.
Thanks for the detailed and understandable answer!

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2Mon

@stefan_21 but the BitBox02 is not compatible with the iPhone, is it? only with Android or PC, I think. How do you do that? Or do you hardly touch the thing at all?

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2Mon

@MedusaFi right, with the Mac but schon🤷‍♂️ BitBox is working on it - Apple is still a little reluctant. They don't release the USB-C port for external devices...
I have an Android smartphone, but I hardly ever use the BitBox with my smartphone. I always use the PC for that. But I also work on the PC, so it's running virtually all day anyway😅
You only need the wallet anyway to generate a new receiving address or to send something :)

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2Mon

@stefan_21 it's me again..😂now i also have the bitbox02, i am very satisfied. i still have a few questions:

- is it normal that the transaction on the bitbox app takes so long?
- do i have to leave the bitbox plugged in while a transaction is running?
- the important thing is the SD card, isn't it? then keep it safe, nobody else can access it with the BitBox alone, can they?

thanks and lg!!! :)

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2Mon

@MedusaFi Hi :)
- It depends on what you mean by long and from where you made the transaction. Basically, it always works like this: The sender creates the transaction, sets the transaction fees that he is willing to pay, signs the transaction with his private key and then sends the transaction. The transaction then ends up in the mempool, where all unconfirmed or not yet executed transactions are collected. The miners take transactions from this pool (always the ones with the highest fees, as these go into their pockets) and use them to create a block. If they find a valid block, they can add it to the blockchain -> and only then is the transaction confirmed and only then do you have the Bitcoin on the Bitbox02. But it would be exactly the same with any other wallet :)

- No, you don't have to leave it plugged in. You can always receive transactions. It all runs on the blockchain on tens of thousands of computers worldwide. You can always receive and if you want to send, you can always do that, but you have to sign the transaction with your wallet beforehand so that the Bitcoin network recognizes it as valid.

- Correct, unless someone guesses your wallet pin in the 10 attempts you have. Then you would have access to the wallet even without an SD card. However, after 10 incorrect password entries, the content is deleted and can only be restored using the SD card or the 24 words.
Please write down your 24 words on paper and keep the note safe. Don't break the SD card - or the note. Keeping both in separate places is the best option. Later you could also stamp the words onto metal - this would also make them waterproof and fireproof. But this is only worthwhile for larger amounts.

I hope I was able to help you :)

Grüße✌️

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2Mon

@MedusaFi Oh yes... here is the mempool, feel free to take a look :)
https://mempool.space/de/

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2Mon

@stefan_21 the 24 words are new to me now... i only had to enter or set up a password via the bitbox. there was nothing about 24 words or did i miss something?

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2Mon

@MedusaFi Settings -> Manage device -> Show recovery words :)
The 24 words will then be displayed one after the other on the BitBox. Write them down by hand (do not save them anywhere electronically! - do not take a photo either)

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2Mon

@stefan_21 perfect thanks!!!
how do you always do it? do you prefer to wait 24h and pay no fee or do it in 10-60min and pay fees on the transaction from the app (where you buy the btc) to the bitbox?

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1Mon

my bitaxe is coming tomorrow ... have you had a look with the node... would like to do that together with you.... so get on there etc... if that would be ok for you.

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1Mon

@Testo-Investor I'm currently on a business trip and will be back tomorrow, so I'll check then :)
But normally it shouldn't be a problem

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1Mon

@stefan_21 Mega, then have fun! Is the set-up complex? 😂

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1Mon

@Testo-Investor Thank you!
No, you plug in the Bitaxe, then you connect to its WLAN and then you are automatically directed to the setup page. There you have to connect it to your home wifi, enter the pool and your user.
You have to enter the user in the format [Bitcoin address].
So bc12345678910.Testo for example :D
Then you join the mining pool under the name Testo and if you find a block it will be paid out to your BTC address.

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1Mon

@stefan_21 thanks, I assume that we will each find a block with the additional testo power :-) But I had the chance displayed today ... we need about 5000 years 😂😂😂😂

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1Mon

@Testo-Investor 1:4 million chance per day - much better than playing the lottery😂😂

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1Mon

@Testo-Investor I think I've got it right😅
In AxeOS under Pool Configuration you have to enter the following:
Stratum Host: 8g6qezuow89bwndd.myfritz.net
Stratum Port: 3333
Stratum User: [YourBTCAddress] [YourUserName]
Stratum Password: x

Then save, restart BitAxe and it should connect to my node :D

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1Mon

@stefan_21 awesome thanks ! Will do it directly on Monday !

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1Mon

@stefan_21 Connect to the site then set the wifi, save and restart.... If I now go back to w lan on the cell phone and click on bitaxe, I can no longer access the page to set the pool etc. .... 192.168.4.1 on the cell phone in Safari does not work either ... where is the error ?

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1Mon

@Testo-Investor but the bitaxe is running and shows that it is connected?
If so, you would have to look on your router to see which IP address the bitaxe is connected to.
Do you know how to check this?
If you have the IP, then you can simply enter it in the browser, then you will be taken to the AxeOS interface and can set the rest there :)

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1Mon

@stefan_21 everything fits. Can you check if I'm on it with you?

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ThemenmitKopf@topicswithhead

7Mon

BTC

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ThemenmitKopf@topicswithhead

7Mon

@topicswithhead Then you'll get 123 next time haha😂😂

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7Mon

@stefan_21 I am already expecting this stinginess 1234

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Daniel@Bidax

6Mon

Hello Stefan,
can I buy $BTC directly with a securities account at TR or do I need something additional? Above all, do I have to have a physical wallet or can I just leave it in the custody account?

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