|
...
Libertarian Javier Milei just won the presidential election in Argentina.
That is good for Bitcoin as he is favorable to BTC. Maybe that's why the price just ran up $400...?
|
|
|
|
If we’re bottoming out here then I’d say it’s very bullish. Hopefully we’ve found a new floor, which could set us up for an end of year rally to new yearly highs.
I wouldn't know, but a low today would be nice. Go BTC go. On a related note, a guy I know who is a "Medium Shot" in BTC World told me he was very optimistic. He runs money in BTC companies, and his company is apparently doing quite well. He thinks the SEC will approve all the ETFs (or most anyway). However, he told me he has no special or insider knowledge. Soooo, with the dip and his encouraging words, I bought a little BTC today. |
|
|
|
Congrats Phil for ousting theymos as BPIP's #1 Most Recognized  Saving it here b/c it might not last forever, e.g. when theymos goes back to DT1. Didn't even know about bpip.org! Thanks for posting, interesting info on all of us over there. |
|
|
|
Finally moved my stash to a Blockstream Jade from my Ledger Nano S.
I had made sure that all my backups etc worked before hand but it is still nerve wracking sending all your wealth around and trusting that it all works as intended.
I feel relieved although I probably picked the worst time to move bitcoin around due to the current fees.
Oh well all done now.
How do you like your Jade HW? I am interested to take a look at other HWs vs. Trezor (Model T which I like, but...). The new Passport HW also looks interesting as it works with QR codes. Personally I think the Jade is, in some ways, the best hardware signer available. -Can store a seed using a unique security model that does not need a proprietary secure chip -Can do the above with you running your own blind oracle. -100% FOSS Hard and Soft (You can build your own out of commodity hardware) -Works with Liquid (could be useful some day  ) -Can also be stateless like the Seedsigner (also a GREAT hardware signer) -Small -Has a battery -Has a camera -Full HWI support (works with all the great SW wallets) -Also a good official wallet (green) -Can sign fully airgapped via QR codes. -edit- So you know my account was not hacked by Blockstream... I also would love to see a Monero FW developed for the Jade. -edit#2- Also unlike other fine maxi wallets it really IS open source and the company is not run by elitist jerks... Wow, great comments re Jade, thanks. It looks good, probably worth an experimental buy soon. I do have their Green wallet on my PC. I have been pretty happy with my Trezor T and BitBox 02, but I really like the idea of being able to transfer BTC by QR codes. I agree re Liquid maybe being a good idea, especially if/when mining fees go up again. Nice remark about Jade being truly open-source and them not being elitist jerks, I have read that Adam Back has been a true pioneer in cryptography for many years. |
|
|
|
Finally moved my stash to a Blockstream Jade from my Ledger Nano S.
I had made sure that all my backups etc worked before hand but it is still nerve wracking sending all your wealth around and trusting that it all works as intended.
I feel relieved although I probably picked the worst time to move bitcoin around due to the current fees.
Oh well all done now.
How do you like your Jade HW? I am interested to take a look at other HWs vs. Trezor (Model T which I like, but...). The new Passport HW also looks interesting as it works with QR codes. |
|
|
|
|
...
I have not been to Australia, so I don't have a good opinion to offer. It is far away from everywhere else, and there are lots of nasty plants and animals there, but that info is just from my reading.
Argentina has been a candidate. Good food, yeah... But, yes, you would need a lot of Bitcoin to be secure, as their governments change policies so often. Perhaps Mr. Milei will win the upcoming election, his ideas might be good for Argentina. Of course, any good could be erased when the Peronistas win in the future.
Ahh..., Italia! Excellent food everywhere I have visited there. But, again, arrive rich with lots of hard to confiscate BTC. The Italian language is close enough to Spanish so that I would not get heartburn learning it.
EDIT: I sold BTC in small pieces from around $30,000 up through the $60s, then down to about $45,000. I then wondered if I had sold too much (yes, in retrospect), so I did my imperfect version of DCA buying from around $40,000 down to the low, and since back up until a small purchase just a few days ago. All in small pieces, poco-a-poco.
Bitcoin has been good to me...
|
|
|
|
@phil...Unless politics will be totally screwy, I am planning to stay put no matter the bitcoin price.
GDP per capita in US is higher than in UK and Germany, albeit lower than in Switzerland and, interestingly, Ireland, which means that salaries are typically higher in US as well.
The long term cap gains are manageable, too, at 20-23.8% (with no taxes on the first 89K for a couple and 15% on the first $553K).
Take 89K per year with no taxes, use it on whatever (regular salary covers everything else): real estate, investment in private companies, etc, etc.
89k is very roughly $1mil house mortgage plus RE taxes in lower RE tax places like California.
In TX, a higher RE tax (was about 1.6%/year, effectively; now prop 4 just passed, so it would be lower by about 15%, so maybe about 1.4%) but you get "more house".
Phil, Biodom, I have often thought of leaving the USA should I get rich (not quite there yet). The problem is finding a nice "Plan B" country, which over the years I have given a lot of thought to. My first inclinations were to look at South & Central America, as I speak the language and have some familiarity with some of those countries. One country in particular I looked at in detail, as I have nice in-laws there, the food is good, etc. But the politics of ALL those countries is very volatile, can drastically change on a dime... Europe sort of looks good, but most is expensive. And the cultures just different enough so that I would feel like, well, a foreigner. Europe is pretty diverse, and I have not visited all of the many countries there. Weather (cold) is an issue that I do take into account as well. I do understand why many Americans would be happy to look at somewhere in Europe. I've even visited and looked at Dubai, which has some strong plusses and minuses. Rest of Asia? No thanks. Even with our chaos, the USA still looks relatively good to me vs. all the other countries I have visited and/or examined. Things can change though, and probably will. I'm leaving my options open. |
|
|
|
|
...
Yikes! Next block (815731) showing a median fee 0f 102 sats/vB (over $5.00) for a simple transaction.
Maybe bank wire transfers can make a comeback?
Edit: over 108 now...
|
|
|
|
|
...
That sure came back fast.
Again over thirty-five k,
Well at least for now.
|
|
|
|
Hmm. Could be big.
I honestly doubt it, for the same reason why its not big on "shitcoin chains"... not many people in crypto actually care about utility; they favor the prospects of utility presented in a shiny package, used as a reason to hype the latest Ponzi hot potato. They have no intention of making real-world use out of said utility. This stuff will die down when the degens move on, and they will, because that's what degens do -- they move from one thing to the next. Yeah, you could be right. After all, I'm just in it for the money... $ BTC $ ounces $ BTC $ ounces $ BTC $ |
|
|
|
... I just read (and only understand a little bit) an interesting article on ordinals and what great things may be coming down the pike for BTC: https://cointelegraph.com/magazine/recursive-inscriptions-bitcoin-supercomputer-defi-aws-possible/Layman's summary: It looks like "recursive inscriptions" will be able to read pieces of data, programs, etc. earlier placed on the blockchain. Then be able to execute things like DeFi, contracts, etc. All the stuff now seen on shitcoin chains. The whole ordinals/recursive/inscriptions thing may get to be huge. Think "Bitcoin Cloud Computing"... A Xtweet in that article (dated 20 Aug) said that 85% of on-chain BTC transactions the day before were ordinals related.Hmm. Could be big. Also another website displaying recent ordinals: ord.io |
|
|
|
... I recently asked ChatGPT if the bot assigned any value to Technical Analysis in helping to predict future BTC prices. Briefly, the bot responded yes. But, I would place relatively little value in that bot's analysis of TA (I have relatively little faith in TA as a price prediction tool). Of interest to some perhaps is a new bot I ran into today: ChatBTC (not ChatGPT). This is a new AI effort focused on BTC. https://chat.bitcoinsearch.xyz/I just asked the below question: Will the 12 BIP-39 words provide enough security in Bitcoin wallets for the next 10 years?Bot response: Holocat
Based on the provided context, it is clear that BIP-39 words are used for backup and restoration purposes in Bitcoin wallets. These words, typically consisting of 12, 18, or 24 words, can be used to easily backup, restore, or port private keys in multiple languages. However, the question specifically asks if 12 BIP-39 words will provide enough security in Bitcoin wallets for the next 10 years.
While the context does not directly answer this question, it does provide information about the use of BIP-39 words in Bitcoin wallets. BIP-39 words serve as a seed phrase that can be used to derive private keys. The security of BIP-39 words lies in the entropy they provide. With more words, the entropy increases, making it harder for an attacker to guess or brute-force the seed phrase.
Having said that, it is important to note that the security of a Bitcoin wallet depends on various factors, including the strength of the BIP-39 words, the protection of the seed phrase, and the robustness of the underlying wallet software. While 12 BIP-39 words can provide a certain level of security, it may not be sufficient for the next 10 years if there are advancements in attacks or if the seed phrase is compromised.
To enhance the security of your Bitcoin wallet, it is recommended to follow best practices such as using a hardware wallet, keeping the seed phrase offline and securely stored, and regularly updating the wallet software. Additionally, diversifying your storage by using multiple hardware wallets from different vendors can help mitigate the risk of vendor-specific vulnerabilities or server downtimes.
In conclusion, while 12 BIP-39 words can offer a certain level of security, it is always advisable to stay updated with the latest security practices and consider additional measures to protect your Bitcoin wallet.
Sources
https://bitcoin.stackexchange.com/questions/105825#105827
[2]: https://bitcoin.stackexchange.com/questions/88115#88125
[3]: https://bitcoin.stackexchange.com/questions/68546#71647
[4]: https://bitcoin.stackexchange.com/questions/54979#54981
[5]: https://btctranscripts.com/stephan-livera-podcast/2021-07-17-andrew-chow (I copied & pasted above response, the Forum changed some formatting a bit) I am not nearly an expert in AI, but the bots seem to provide at least some value for now. ChatBTC may be worth keeping an eye on. |
|
|
|
...Recently we were visiting London. I had read somewhere that the UK authorities had banned BTC ATMs because, well, reasons. coinatmradar.com did (and still does) show some +/- 10 such BTMs in greater London. So, being the sort I am (I did not want to hang around my wife and her friend doing boring tourist stuff) went to check one out. Well, it turns out that I found one that would sell me BTC without asking for ID or even an SMS by cellphone. Just put your money in, and get BTC out. Worked just fine. BTM located in a market with an ethnic name close to the Angel subway station ("Northern Line"). When I travel to other countries, I like to buy BTC as a souvenir, smile. It also gets me to visit places I otherwise would likely not visit. hahahaha Funny how you characterize Mrs. OROBTC and her friend doing "boring tourist stuff," while nerdy uie-poie have your own OROBTC version of "nerdy tourist stuff." What's so funny about that?  Would you rather go to some museum or the Freddy Mercury Walking Tour instead? Buying Souvenir BTC in other countries is another one of those "Buy and Save in the Same Transaction" things I really like. OTOH, I was unable to buy a Platinum Philharmonic (platinum bullion coin from Austria) in London! Such a big city, such a banking powerhouse... I went everywhere I could over the city (even their gold & diamond district, another thing I like to do when touristing interesting places overseas) looking for one. Still, I did not leave empty-handed, so there's that. What fees did that BTM charge? HI-TEC99, hey I can't remember, what with calculating USD:GBP:BTC, yeesh. I was just happy the BTM took my money and gave me the BTC OK. The no ID part made me feel better. Machine did not accept the one GBP 50 I inserted, GBP 20 were the only banknotes I put in. |
|
|
|
...Recently we were visiting London. I had read somewhere that the UK authorities had banned BTC ATMs because, well, reasons. coinatmradar.com did (and still does) show some +/- 10 such BTMs in greater London. So, being the sort I am (I did not want to hang around my wife and her friend doing boring tourist stuff) went to check one out. Well, it turns out that I found one that would sell me BTC without asking for ID or even an SMS by cellphone. Just put your money in, and get BTC out. Worked just fine. BTM located in a market with an ethnic name close to the Angel subway station ("Northern Line"). When I travel to other countries, I like to buy BTC as a souvenir, smile. It also gets me to visit places I otherwise would likely not visit. hahahaha Funny how you characterize Mrs. OROBTC and her friend doing "boring tourist stuff," while nerdy uie-poie have your own OROBTC version of "nerdy tourist stuff." What's so funny about that? Would you rather go to some museum or the Freddy Mercury Walking Tour instead? Buying Souvenir BTC in other countries is another one of those "Buy and Save in the Same Transaction" things I really like. OTOH, I was unable to buy a Platinum Philharmonic (platinum bullion coin from Austria) in London! Such a big city, such a banking powerhouse... I went everywhere I could over the city (even their gold & diamond district, another thing I like to do when touristing interesting places overseas) looking for one. Still, I did not leave empty-handed, so there's that. |
|
|
|
... Recently we were visiting London. I had read somewhere that the UK authorities had banned BTC ATMs because, well, reasons. coinatmradar.com did (and still does) show some +/- 10 such BTMs in greater London. So, being the sort I am (I did not want to hang around my wife and her friend doing boring tourist stuff) went to check one out. Well, it turns out that I found one that would sell me BTC without asking for ID or even an SMS by cellphone. Just put your money in, and get BTC out. Worked just fine. BTM located in a market with an ethnic name close to the Angel subway station ("Northern Line"). When I travel to other countries, I like to buy BTC as a souvenir, smile. It also gets me to visit places I otherwise would likely not visit. |
|
|
|
It seems that for now the feds have succeeded in convincing people that the money in their US banks is safe and prevented a massive bank run. But this may only be apparent, and the truth is that this process continues and will intensify with time. So I expect that after a certain time, new banks will go bankrupt and again the shares of the banks will become 0, because for no coverage. Ironic, isn't it? How many fat-necked bankers ranted against Bitcoin that it had no cover and was going to 0. Lo and behold, their stocks went to 0, and Bitcoin thrived in a bear cycle, peeling away from stocks in an emphatic way.
Nothing can now save the banks and the USD from another historic collapse, accompanied by a severe economic crisis and high inflation. At the same time, there are no more crooks like FTX to print paper bitcoins and thwart the natural deflationary process. So we'll probably see a price above 40K soon, and it's entirely possible that by the end of the year we'll approach or surpass ATH. It depends on whether the deluded fools who still trust the banks and the government will continue to keep their money there. Anyone with at least a little brain should immediately withdraw their money from the small banks and put it in the big ones with a guaranteed deposit, with a significant part invested in bitcoins. I believe that this process has already started, but it is still under the surface, hidden by the banks, who are trying their best to prevent Bitcoin adoption. But they don't know how to do it because there's no way they can hit bitcoin exchanges and banks without collapsing their own economy and that boosting bitcoin even more. And accordingly they will not succeed.
Very very 180 degree opinion as a few weeks back Liking this way more  Two good observations. Seems that the 3% or so dip to $29,350 may be a gift (just read that BTC may lose 12% more though). <== That's why we're here at W.O. Who knows? |
|
|
|
... I still see many Wasabi coinjoins with inputs of 50 BTC or more as well as similar sized outputs. Also, I see more than a few outputs that seem like they would be easily linked to inputs (whale-sized transactions). In a couple of cases yesterday, I saw a large single input and its corresponding output that were over 50% of the BTC of the whole coinjoin. This does not make much sense to me. The owners of that BTC appear to gain little or no privacy... The below is not a good example of the whale-sized inputs & outputs being that large, but is fairly typical of what I am seeing more of: https://mempool.space/tx/066e9f8e9e481f2f8c0ec7469ec8d428ddb0167c0fc580950dbeb8a58c82d016The largest input (50.0000 BTC) above does seem to be fairly private in regards to its output. I chose this example (latest Wasabi coinjoin) to illustrate that real money is flowing through Wasabi's service. Maybe many of these large players (50 BTC is worth almost $150,000 as I write) don't have problems with Wasabi's working with the chain analysis companies??? |
|
|
|
|
...
Well, they went and indicted him. Well, "let's say" that BTC price was around $28,100 (close enough) as the news broke.
BTC
BTC
Likely even more of a bargain than ever.
I just hope that the righteous do NOT react violently. The last thing the battered USA needs now. Now if a Red State DA wants to go after Hunter B, well........................
|
|
|
|
|
Show Posts
