I don't think this changes my proven analysis one bit. The complicated math doesn't lie, and I'm as certain as ever bitcoin will be worth much, much, much less before the end of the year once this fever breaks.
Welcome back. Merited for interestingness. |
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My best guess is that the stimulus packages will not work (or at least well) in the short term. While some will be spent by the poor of course, there will be a lot of that stimulus money paying down debt and/or saved. The two latter actions REDUCE money velocity, which is one component of whether there is inflation, lower money velocity is DEFLATIONARY.
The people are now in shock over the bad economy and its prospects. Many of us (inc. me) are going to spend LESS in coming months, already are. But, deflation can be beaten by determined governments and central banks by aggressive printing of more and more money. In the words of the last head of the European Central Bank, when questioned about avoiding deflation he said:
"Whatever it takes" (to avoid deflation, which is very bad for governments)
But, such aggressive printing to kill deflation very often leads to hyperinflation later.
TL;DR
I expect some sort of deflation period to then be followed by high inflation or even hyperinflation with the Biden stimulus packages.
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Paper wallets and devices like the OpenDime (and some cards) are a nice little niche for HODLing Bitcoin. I have an OpenDime. But those are not a 100% solution, when the time comes you must have a real wallet to access your funds.
blockchain.info's wallet allows (or used to) one to access funds on the above, but it has been a long time since I did that, and I do not know if more modern versions still allow that.
What other wallets allow one to use the public/private keys of paper wallets (and above variations) to access your BTC?
Also any recommendations?
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whalemixer1
There are many mixers that bitcointalk members have used and reviewed (as I have done myself). The above members are very knowledgeable, and you should consider listening to them. There have been a lot of BTC mixer scams over these many years since I joined this forum.
Yes! A service to provide coins direct from miners could be very popular. Clean coins at a good price, oh yeah.
Because of the many, many problems with scammers, trust needs to be earned here. The above suggestions are good ones. It would not cost you much to offer some special deals or signed messages, perhaps by Private Message to some of the above. LeGaulois, Vod, dkbit98 and mocacinno are all trusted members here; ALL of whom I have learned from.
Like I said, your service could become very popular, but you have to make the first moves to begin to gain trust here. If you do it right (do what you promise, show some transparency, etc.), your service could make you a lot of money and make your customers happy.
"Your move, sirs."
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Miami is making its move to become a major financial hub. Already many NYC hedge funds and banks are moving some operations to S Florida (esp. Palm Beach County, two hours north of Miami).
Mayor Suarez may be stirring the pot a little harder to bring in tech talent (esp. crypto tech talent) from California.
Miami has much nicer weather than NYC (most of the year), and is much more free place than California. Perhaps even more relaxed than California. Lower taxes & less regulation than New York and California.
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OK, I'm as happy as the next camper to see today's BTC pump. But, I have not seen an explanation for why.
So what's behind todays little pump-thing?
* * *
Kudos to Bob & Rick re looking at buying a Texas ranch. I used to own a small place in very rural remote Goliad County (S Tx). Even had a pond with some small fish (perch). Would have been a nice little survival retreat, but I had that property long before "prepping" got cool.
Also, being bitten by the Black Widow Spider there and moving to another state soured me on the possibility of living out in the sticks. I also saw snakes on the place... South Texas has some nasty creatures.
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Not surprised to see most of them are app with exchange feature, but i wish there's at least one country where open source non-custodial wallet is most popular app.
I was at the very least expecting to see the Blockchain.com app somewhere. I was surprised to see blockchain.com not there either. It was the first BTC app I downloaded (USA, iPhone). |
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pooya87, ranochigo,
Thanks guys.
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I have never created a paper wallet before, nor do I have the programming skills to assess Github or the risks of trying to create one while connected to the internet.
But, what if you use a VPN and TOR? Would a user still face the same kinds of risks addressed above (and elsewhere)?
I have two hardware wallets, but am curious if a VPN and TOR would make paper wallets reasonably safe...
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Sounds candy. Any risks to take, along the usual ones?
Usual risks. You have to agree to lend out your coin, but Gemini being Gemini, I don't see it being much of a problem with their reserves. Going to go through the fine print a bit later, but thought it was a noteworthy enough development to write about. Did not see anything about this before. Just sorta popped out of nowhere. EDIT: Ahh, I see. the APY is based on which coin you choose. BTC is 3.05% APY whereas Filecoin goes as high as 7.40% APY. https://www.gemini.com/earnYeah, I got the same offer from Gemini. Just thinking about it now. They also will be coming out with a (debit?) card soon I read. No way will I buy any schnittcoins even if I could get 7.40%. No thank you. EDIT: I am happy with Gemini, Mr. Lawblaw. The fact that they offer no other Alts that are the least bit interesting is actually a plus for me. |
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Most of these Wall Street Bankers don't have you, or their clients in their minds anyway so it would make sense how they hate bitcoin which literally makes everyone become an investor, a banker, and a trader of themselves without the need for these iffy boomers. Unlike Ray Dalio who is very optimistic and open-minded in his views, a majority of Wall Street Giants have been working on the same strat, same stock to generate passive income, then make a fool out of unsuspecting investors to make huge gains. That's how things went in Wall Street and they are afraid of losing this lavish lifestyle they got because of crypto, so they'll do everything they can to stop it.
I'm not sure that Wall Street really hates Bitcoin that much... Once the bankers have identified a good way to make money, they move into it. It will likely take some time, but if BTC keeps going up due to buying pressure by consumers, companies buying BTC for their treasuries and/or their competition buying it, then we may see real fireworks. There will be resistance by the cohorts on Wall Street that have something to lose as well as their pals at the SEC and other regulators. Dalio, IMO, is smart to be looking at BTC. He is a very smart guy who can see trends developing. But, he is a core member of the Financial Elite and a Swamp Creature, worth keeping that in mind. |
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https://cointelegraph.com/news/dogecoin-to-1-dollar-reddit-turns-to-doge-after-gamestop-surges-1-600-in-2-weeks Dogecoin may have a long way to go to hit $1, but the stock market may not be in the mood to doubt the power of r/Wallstreetbets.
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Dogecoin price licks GameStop's heels
Dogecoin already has something in common with $GME, both assets having seen publicity tweets from Tesla CEO and world's richest man, Elon Musk in recent weeks. As Cointelegraph reported, Musk's tongue-in-cheek endorsement of DOGE was enough to induce serious price action.
It is interesting to see small investors competing against institutional whales and making some money. This reddit community is becoming powerful Yes, it will be quite a show watching how r/WallStreetBets and other groups will affect various financial markets. If WSB gets thrown off Reddit and/or WSB Chairman off of Twitter, the members will migrate to other sites. And they may be extra-aggressive in going after those who pushed them off... WSB identified GME as being shorted some 130% of its total shares (that is, the hedge funds borrowed more shares than actually existed). And since GME was not a company with a very high market capitalization, it was relatively easy for WSB to buy enough shares to seriously damage that unwise hedge fund. hatshepsut93 observes that it may not have been WSB behind DOGE's huge move today, up over 700% today. But, even if not, it was likely a similar group of small investors who found an opportunity to move a fairly thinly-traded crypto. I would think that we can expect to see more of this kind of guerrilla-group activity in the future. There has been talk of doing a short squeeze on silver, there have been many longstanding rumors that various Wall Street banks (and others) have been heavily short silver for years. This could get interesting... If silver rockets, then what about gold? |
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... Provident was acquired not too long ago by JM Bullion, even though they still operate both JM Bullion and Provident Metals. Reference: https://floridaindependent.com/jm-bullion-acquires-provident-metals/* * * Provident (I have bought from "Provident" several times, including in late-2020) typically has slightly lower prices than APMEX, but the latter typically has more items in stock. |
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I have bought from each of the above two. Both companies offer good service. I have kept purchases under $3000 (each order) just to avoid needless KYC (though I did do KYC with Bitpay to get their debit card).
The gold dealers, of course, will know something about you, depending on how secretive (or not) you can be about your shipping address. Including what and how much you bought. Let's just hope that they don't pull a "Ledger" on you (have their info on you hacked).
If privacy is very important to you, then just buy in cash from your LCS (local coin shop). Again, under $3000 (reporting requirements).
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[...]
The other reason is that I don't like my bank, and right now it's the only one I've got. A couple of years ago, the bank manager pulled me aside when I went in to make a deposit, and she asked me what "all those charges to Circle are". I told her I was buying bitcoin, and I have a feeling I've been under suspicion ever since.
Thus I don't want to wire money from my bank to a crypto exchange. And yeah, I probably should look for a different bank, but there aren't many available in my immediate area and it's just a fucking hassle jumping through hoops these days. Banks and everything else have put up so many hoops it almost looks like that fuckin' awful Nintendo 64 Superman game when you try to create a new account with a bank or any other financial institution.
Yep, the banks, and for that matter almost everything else, are making things so complicated it's difficult just to get things done. Routine things. The noose is getting tighter, guys... ZeroHedge had a headline article on the COVID Passport that the Rockefeller Foundation and Creepy Bill Gates are pushing. That digital passport BS is moving along very fast. Kind of suspicious even. The New Jacobins are going All Inn. |
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Related, but likely of be of interest to some here in BobK71's thread is Jim Rickards' new book, just came out Tuesday, I have finished all but the last chapter:
The New Great Depression
He posits a deflation then inflation scenario for us, for the whole world really. Pretty grim prognosis for the world's economy going forward. He writes that the LOCKDOWN from COVID-19 is more damaging than the virus itself, though that is pretty bad.
He likes gold, but I have found NO mention of Bitcoin, curious. Bitcoin has done me a lot of good.
Highly recommended reading!
(Edited for error)
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OK, so here's a followup:
[,,,] after going through the KYC process they said the next step was to send a wire deposit to them(!).
I've never sent money via wire before, and I really don't want to. Therefore I figured if that was the only option to continue on Gemini, I would close my account. Which I did. I couldn't even buy bitcoin with the debit card that I'd entered.
Did I do something wrong here or what?
i had to send a same day wire transfer to activate my gemini account too. just need to send a token amount from the account youve linked gemini to. after that its ACH all the way, so, just something they do, and you just need to do it once. I did the same as vapourminer did. I sent in $200 by wire, but it had to be a "same day wire" (I mentioned to my banker). That did the trick. Linking my bank account with Gemini was the part that too me the longest too. All in all, it took me about five days to get my account open, but I was doing other things in my life to... |
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The moment of truth is soon approaching it seems. Hopefully we're making a higher low here.
Oh. For a second, I thought you were talking about the country...  |
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So, Gemini works as well as I had hoped!
Bro, I am being sincere when I tell you that I'm very happy for you--I read an article yesterday mention in this thread about how a journalist was finding it really hard to buy bitcoin, and one of the exchanges he mentioned was Gemini. And ever since Circle stopped selling bitcoin I've been having a problem buying bitcoin on exchanges as well, so I created an account with Gemini. Right now it's in the process of being verified, and I haven't tried to buy anything yet. I have no doubt that they're like Coinbase in so far as they kind of have to look into where your bitcoin is coming from and going to, but that doesn't have me all that concerned. I'm not gambling or buying anything illegal with any bitcoin I buy from them, and I don't plan on selling or otherwise depositing any bitcoin onto Gemini. Should be interesting to see whether I'm actually going to be able to make a purchase and withdraw it to my own wallet. Wish me luck. Well, good luck! You might want to drop their Support people a line with any questions if you have doubts. You seem pretty sober-minded. Might invite them to check out your trust rating here, very high! I never mentioned bitcointalk though. It is possible that if you have had your bank account a long time, that might help. EDIT: Gemini looked a little easier to get into vs. Coinbase (at least it seemed that way to me). I have no complaints about Gemini, but I was not in a big hurry. |
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I have now sold a few pieces of my BTC hoard, and just today received a wire transfer that I requested to my bank account.
So, Gemini works as well as I had hoped!
I have not worked with any other exchange. But, I had read reviews and comments here at BTCtalk about many of them. So, I chose a solid, security-oriented US firm knowing that I would go ahead and do the full KYC process. I also alerted them in advance that much of my BTC had been mixed in the past, but so far no problems.
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