Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[Arriemoller]

What will happen to all those paper wallets in long storage if in the future core and others only support segwit?

If I go out in the garden in ten years and unearth my stash, how do I redeem it?

[HairyMaclairy]

What will happen to all those paper wallets in long storage if in the future core and others only support segwit?

If I go out in the garden in ten years and unearth my stash, how do I redeem it?

Not going to happen.  You will always have a way of redeeming legacy addresses. Core takes backwards compatibility very seriously.  

The alt market is here to stay - there is no putting the genie back into the bottle. But Bitcoin continues to have the strongest dev teams of all coins.  That makes its incumbent position almost impossible to overcome with features such as Lightning, Rootstock, Schorr, Dandelion etc.  And when the first Bitcoin ETF is announced, that will be the fuel-air bomb that sucks the oxygen from the alts bunker.   

[the artful bodger]

What will happen to all those paper wallets in long storage if in the future core and others only support segwit?

If I go out in the garden in ten years and unearth my stash, how do I redeem it?

Core usually supports importing most old format keys, and if you have a key format it can't import there's usually key converter software that can change it to a suitable format.

Make sure you have a stone age key format to segwit converter software installer buried somewhere in the garden as an insurance policy. If some new snazzy key format turns the segwit key format into a prehistoric artifact you will have to bury a second converter software installer in the garden as a second insurance policy.

[JayJuanGee]

All good boys they said 20+ k in January 2018 

Who the fuck is "they"?

And, how the fuck do "they" know?


Speaking of fuck, you come off as a fucking troll.   

Zzzzzz
Maybe that is the result of holding BTC for 4 years.

You are becoming a troll because you are becoming bored from holding BTC for 4 years?

I am missing some logic, here, no?

Just read the last 50 pages again and tell me how many people did not call 20++ k in january.

That comes off as a cop out.  Why you want to use vague language about what "they" predict, as if such generalizations and non-specificity accomplishes any kind of situation clarification?

I would have give ten thousands of $ if someone could have guided me correctly through 2014 but oh well i had to learn the hard way.

We all learn the hardway because no one fucking knows?  Oh yeah, maybe you know about 2014 now because it already happened, but fuck you and anyone else who claims that they knew any kind of specifics in 2014 ahead of time (beyond mere probabilities). 

  Are you now trying to suggest that we are entering into another 2014 like period?, as if you have some kind of meaningful insight regarding where "we" are going in the near term or the medium term or any term for that matter?

Ps: I am one of your secret fans because like me you hold through the whole shit show until now.

We can still be a fan of one another, and I suppose that I am just quibbling with some of your language because I have consistently asserted that I don't really know where BTC prices are going whether we are talking about now, or even my historical assertions.

Currently, I am feeling so elated about this whole bitcoin situation because more or less BTC prices are in a price arena that is about 3x to 4x higher than amongst my most bullish of anticipations... and we continue to have a lot of bullish indicators in our fundamentals.

Perhaps I am quibbling too much with your language, and perhaps you are saying (and even thinking) a lot of the same things as me, but just expressing yourself in ways that are quite different from me? 

Currently, I consider that we are in a consolidation period, but there continues to be a quite a bit of trade volume that demonstrates that this consolidation may not last much longer before it breaks one direction or another.  I have a little bit more confidence than doubt that BTC prices are going to break up rather than down, but even now, I do not hold a whole hell-of-a lot of confidence about the next price direction, so I remained prepared for both down and up.  If BTC prices go down, I buy.  If BTC prices go up, then I sell.  I do either in such small increments that my BTC to fiat ratio does not change a whole hell of a lot no matter what the price direction (I consider a kind of insurance practice). 

Are you predicting anything currently?  Ultimately, I agree that there are decent chances for $20k in January, but I am not making any BIG bets regarding that possible January outcome.

[LewisPirenne]

I think one of the reason why the Core team insists on soft fork and no hard fork is for backward compatibility, so that someone can still run their strip-down 0.5.3 node.

But I presume everyone already knows that if you bury those paper wallets in the backyard, it is going to turn into dust in a few years.  Same thing as if someone bury those fiat cash (non polymer ones), you will end up with only those shiny metallic security stripe.  Some govt/bank will allow you to exchange those metallic security stripe into new notes, but don't bet on it.

So if people insist on burying their paper wallet, use something like CryptoSteel or just stamp your private keys (part of it or "encrypted") onto metal sheets or AU kilobars.  

[explorer]

I think one of the reason why the Core team insists on soft fork and no hard fork is for backward compatibility, so that someone can still run their strip-down 0.5.3 node.

But I presume everyone already knows that if you bury those paper wallets in the backyard, it is going to turn into dust in a few years.  Same thing as if someone bury those fiat cash (non polymer ones), you will end up with only those shiny metallic security stripe.  Some govt/bank will allow you to exchange those metallic security stripe into new notes, but don't bet on it.

So if people insist on burying their paper wallet, use something like CryptoSteel or just stamp your private keys (part of it or "encrypted") onto metal sheets or AU kilobars.  

I like the Au idea    but metal detectors, you know.  I guess you bury it under or along something metal, like a gas line.  Watch them freak as you start digging up the gas line frantically in the middle of the night as BTC hits 6 digits 

[realr0ach]

What most forget is Bitcoin is programmable.  There's no reason it can't adopt any new great discovery with enough consensus of the people that use it.  That's one of the things that makes Bitcoin great.  A bar of gold isn't going to change into something more usable ever.

Add this quote to the stack of bugmen who are clueless about money.  No, it's not a good thing bitcoin is "programmable" and that you think it can morph into something else at any second.  That just means it's not fungible and will never be money.  Money is not supposed to be unpredictable and constantly changing, it's supposed to be boring and unchanging to provide some type of economic foundation.  You seem to think you can build an economic foundation with the equivalent of quicksand.

Alterations to the protocol - as we ALL KNOW by now - will never be unanimous, so even attempting to change it is stupid if you just get ten new bitcoin forks every year.  Since it's inevitable the coin will fork an enormous number of times, and PoW does absolutely nothing to stop or converge rough consensus attacks (aka forks or altcoins), it doesn't even have scarcity in the first place.  There's also the fact that a fee market doesn't work without artificial scarcity of block size, so the thing requires central bankers to act as a technocratic dictatorship and pull levers up and down behind the scenes.  Yes, bitcoin has central bankers you idiots.

Since there is no consensus on what the so-called "real" or "fake" bitcoin fork is - because PoW does nothing to prevent rough consensus attacks as I said before - there is also no Schelling point for bitcoin unlike gold and silver.  You can't "fork" gold and silver.  Also, since bitcoin requires central bankers and an artificially capped block size, it means an environment of usury fees that will just drive people to other coins, doubling down on destroying any possible Schelling point further.  Instead of a Schelling point, bitcoin actually has an INVERSE Schelling point due to these two issues.

Everything about cryptocurrency is truely shit compared to real money like silver and gold.  So you ask, if bitcoin isn't even money, then what the fuck is it?  It's a Rube Goldberg machine you idiots.

[TERA2]

[jojo69]

Bitcoin colour seemed more fitting

damn, now that is service  /tips hat/

[Arriemoller]

I think one of the reason why the Core team insists on soft fork and no hard fork is for backward compatibility, so that someone can still run their strip-down 0.5.3 node.

But I presume everyone already knows that if you bury those paper wallets in the backyard, it is going to turn into dust in a few years.  Same thing as if someone bury those fiat cash (non polymer ones), you will end up with only those shiny metallic security stripe.  Some govt/bank will allow you to exchange those metallic security stripe into new notes, but don't bet on it.

So if people insist on burying their paper wallet, use something like CryptoSteel or just stamp your private keys (part of it or "encrypted") onto metal sheets or AU kilobars.  

I don't bury paper, do I come of as subpar IQ?
They are in turn put in airtight plastic containers, and also a copy on a USB stick, you know, like Jimbo does it.

[Neo_Coin]

[User705]

the dangerous and volatile refueling procedure complete, Bitcoin prepares for takeoff

ROFL
ME163 designed to rocket takeoff then glide down without any engine power whatsoever that’s if the pilot wasn’t cooked by mixture problems.  Perhaps a different meme.

[realr0ach]

Hmm, Jim Rickards and Lindsey Graham reading off the same script:

Jim Rickards
https://www.silverdoctors.com/headlines/world-news/jim-rickards-theres-a-70-chance-of-war-with-north-korea/

Lindsey Graham
https://dailystormer.red/eternal-cocksucker-lindsey-graham-says-theres-a-70-chance-of-war-with-north-korea-this-year/

[jojo69]

ROFL
ME163 designed to rocket takeoff then glide down without any engine power whatsoever that’s if the pilot wasn’t cooked by mixture problems.  Perhaps a different meme.

dude, we all know we are playing with fire

do not let the T stoff get in the C stoff

[Dabs]

blah blah blah ...
That just means it's not fungible and will never be money.

Disagree.

Money is not supposed to be unpredictable and constantly changing, it's supposed to be boring and unchanging to provide some type of economic foundation.

Agree.

... bitcoin has central bankers

Disagree.

Since there is no consensus on what the so-called "real" or "fake" bitcoin fork is

There's only one bitcoin, and everything you said after that didn't make sense.

Everything about cryptocurrency is truely shit compared to real money like silver and gold.  ...  It's a Rube Goldberg machine you idiots.

Silver and gold are boring. Crypto is fun. And, while some people here are just hodlers, some are traders (even day traders) and some are miners, and some are stakers, and some just make a percent of various transactions and make more money, or more crypto. Which you can then use to buy silver or gold, if that's your thing.

It may be a Rube Goldberg machine, but one that, if you know how to use it, can make you more money, whether that's more crypto, more silver or more gold.

I have a Rube Goldberg machine that pays my rent, another one that buys me groceries. I'm fine with that. It may not last forever, but that's okay too.

[MNDan]

Hmm, Jim Rickards and Lindsey Graham reading off the same script:

Jim Rickards
https://www.silverdoctors.com/headlines/world-news/jim-rickards-theres-a-70-chance-of-war-with-north-korea/

Lindsey Graham
https://dailystormer.red/eternal-cocksucker-lindsey-graham-says-theres-a-70-chance-of-war-with-north-korea-this-year/

War is the only thing that could keep Trump in office. Worked for Bush...

[DaRude]

I feel like if Cripple could get to $87B, then BTC should be able to get to $870B with its eyes closed

[realr0ach]

Hmm, Jim Rickards and Lindsey Graham reading off the same script:

Jim Rickards
https://www.silverdoctors.com/headlines/world-news/jim-rickards-theres-a-70-chance-of-war-with-north-korea/

Lindsey Graham
https://dailystormer.red/eternal-cocksucker-lindsey-graham-says-theres-a-70-chance-of-war-with-north-korea-this-year/

War is the only thing that could keep Trump in office. Worked for Bush...

Uh, war would not be positive for Trump as support for war with North Korea is extremely low among self identified republicans and democrats.  US govt will pull the same shit as always and do something like set off an EMP, blow up the banking system (that was going to blow up anyway), then use North Korea as the scapegoat for why the economy imploded.  Only problem there is a few war game analysts claiming an EMP causes 90% of the US population to die.

Same story with Zionist occupied US govt vs China and Russia.  China and Russia are de-dollarizing and going back to physical metals.  Jews being jews don't want to lose their debt based dollar scams, so now they either accept defeat or get everyone on the planet killed in nuclear war because they refuse to stop scamming.  What a stupid world we live in.  The fate of everyone on the planet resides on the choice of if hereditary scam artist jews will choose suicide over functionally negligible balance sheet reduction.

[RoomBot]

Hmm, Jim Rickards and Lindsey Graham reading off the same script:

Jim Rickards
https://www.silverdoctors.com/headlines/world-news/jim-rickards-theres-a-70-chance-of-war-with-north-korea/

Lindsey Graham
https://dailystormer.red/eternal-cocksucker-lindsey-graham-says-theres-a-70-chance-of-war-with-north-korea-this-year/

War is the only thing that could keep Trump in office. Worked for Bush...

Could also get him impeached.  (Before he can buy BTC)

[realr0ach]

There's only one bitcoin

There is obviously not only one bitcoin as PoW does absolutely nothing to force convergence of rough consensus attacks (aka forks or "altcoins").  What the hell kind of metric do you use to even make such a claim of "real bitcoin"? Whatever coin has a bigger bid wall?  Whatever coin sybils the most nodes?  It's all arbitrary bullshit.  Longest PoW chain rule does not apply when bitcoin has already forked in the past and obviously has to do several more in the future with no consensus on variables of those changes.

I consider segwit a hardfork since it alters fungibility due to each coin having different attack vectors.  There's really little difference in a so-called hard fork and soft fork.  There is no "real" bitcoin and there is no Schelling point for bitcoin.  You can't fork gold and silver, but you can damn sure fork the hell out of bitcoin.