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

[cAPSLOCK]

Granny is the new coffee.  You heard it here.

Yes, dear, I would love a cuppa...

[vapourminer]

The whole "not your keys not your Bitcoin" has always been a bit too absolutist for me. It implies that you will lose your Bitcoin every time if you don't have full control of your keys at all times.

If you want to use a metaphorical valet temporarily you aren't failing some Bitcoin purity test.

You give your keys to the valet for convenience in hopes that he will bring your car back. You run a tiny risk of not getting it back, but some people like to valet their car.

That's fine as long as it's only a portion of your bag. If you have the keys to the majority of your coins, and some amount on exchanges/web wallets for reasons, fine. The saying "not your keys not your coins" is for the millions of people that ONLY have BTC on such or such website as IOUs.

for 1st exposure to btc for a crypto noob, paypal and robinhood are a start. sure, theyre not coins you have the key to, and you can only buy/trade in the platform and you cannot move it from their platform. but its dead easy for noobs to buy and watch the price with (sorta) skin in the game now. and no seeds, no private keys, no files to backup etc of course those are the very things that make bitcoin bitcoin but that can come later for those noobs once they get it.

sure its probably fractional reserve too (or will be) but exposure of any kind is good. those who get it will sell the fake crap, buy real bitcoin and move it to their own wallets when they learn the ropes.

[philipma1957]

The whole "not your keys not your Bitcoin" has always been a bit too absolutist for me. It implies that you will lose your Bitcoin every time if you don't have full control of your keys at all times.

If you want to use a metaphorical valet temporarily you aren't failing some Bitcoin purity test.

You give your keys to the valet for convenience in hopes that he will bring your car back. You run a tiny risk of not getting it back, but some people like to valet their car.

That's fine as long as it's only a portion of your bag. If you have the keys to the majority of your coins, and some amount on exchanges/web wallets for reasons, fine. The saying "not your keys not your coins" is for the millions of people that ONLY have BTC on such or such website as IOUs.

Here are my vast PayPal BTC hodlings.  
Going to make a thread on it.

new thread

https://bitcointalk.org/index.php?topic=5283723.msg55430652#msg55430652

[El duderino_]

https://twitter.com/scylla440x/status/1319207037981630464?s=21

 

[Lucius]

The idea that everyone who owns a BTC should be their own bank is basically correct, but let's be honest and admit that most are not ready for that responsibility (for now), and that those who will temporarily bridge the gap between a classic bank and an idea be your own bank just one way or another helping Bitcoin become available to an increasing number of people.

I've had PP for years, I've never had a problem with them - all I had to do to verify the account was add my bank card - and I think it's a lot easier than going through verification on one of the crypto exchanges. So PP will really allow hundreds of millions of users to buy and sell BTC, and use it to pay in all places where PP is available(with conversion to fiat of course), and that's a really big deal, in my opinion much bigger than BTC futures and things like that.

After all, banks in the EU (Germany) and the US have been given permission to buy, sell and store crypto, funds like Grayscale are buying huge amounts of BTC, and companies are transferring their fiat reserves to BTC. If anyone has dreamed of a real adaptation, this is just proof that it is really happening - but this is just the beginning - in few years no one will ask if you have a BTC for sale, but if you have a few thousand satoshi

[nokati]

2 important questions....

1. Does PayPal need to back the balance 1:1 by real bitcoin?

2. If yes, where he buy the coins? Which exchange?

Anyone know this?

Otherwise it's the biggest scam ever....

[xhomerx10]

All this talk about grannies is making me sad on at least two levels.  Both of my grannies passed away well before the idea of Bitcoin was conceived (there are two levels in there).  Even if they were still alive, I would never have subjected them to the Bitcoin hell that is hodler; it was stressful enough for them to adapt to the remote control TV and cable box and I never could get them to ditch the cheque book for a debit card. 
 I say we leave the grannies out of this and just buy them a nice present when it's all over.  You cant go wrong with a cardigan for the elderly - anywhere in the world and any time of year. 

[philipma1957]

All this talk about grannies is making me sad on at least two levels.  Both of my grannies passed away well before the idea of Bitcoin was conceived (there are two levels in there).  Even if they were still alive, I would never have subjected them to the Bitcoin hell that is hodler; it was stressful enough for them to adapt to the remote control TV and cable box and I never could get them to ditch the cheque book for a debit card. 
 I say we leave the grannies out of this and just buy them a nice present when it's all over.  You cant go wrong with a cardigan for the elderly - anywhere in the world and any time of year. 

Yeah my grandmothers died in 1987 and 1963

I am old enough to be a grand father (63)

I think a lot of BTC purist people don't see the world for what it is.
They see it for what they want it to be.

Myself I will put my rebate money earned on retailmenot into my PayPal cash balance and buy btc with it.

Not because I like PayPal but to show people that don't have a viable way into BTC a way into BTC.

and as for the purist of btc they can have all their btc in wallets they own with stainless steel backups etc.

[NeuroticFish]

Not because I like PayPal but to show people that don't have a viable way into BTC a way into BTC.

Hats off for that. I'll watch that thread (at least for a while) to see how it goes.

[bct_ail]

Does paypal really buying bitcoin, if a paypal user buying (paypal) bitcoin or is the paypal-bitcoin just on the paper?

(Or is it just another shittoken? The ppB? )

Most likely they are buying real bitcoin. They are teaming up with Paxos Trust Company to hold the assets.

Do you have that in writing? FAQ or so?

[VB1001]

Optimistic to see the good news this week and to see BTC at this price, I personally have the feeling that the rocket is going to the moon with my friends and I have been left out, fuck this is bullshit.
But, I am happy for all of you.

[nokati]

Does paypal really buying bitcoin, if a paypal user buying (paypal) bitcoin or is the paypal-bitcoin just on the paper?

(Or is it just another shittoken? The ppB? )

Most likely they are buying real bitcoin. They are teaming up with Paxos Trust Company to hold the assets.

Do you have that in writing? FAQ or so?

Want to know this too.... Its pretty important!

[fillippone]

Just remember that Bitcoin is already the best money for a few hundreds millions of people on planet Earth:

Countries where #Bitcoin


 has hit a new ATH in their local currency:

Brazil - pop. 209million
Turkey - pop. 82m
Argentina - pop. 44.5m
Sudan - pop. 41m
Angola - pop. 30m
Venezuala - pop. 29m
Zambia - pop. 17m

Soon:

Russia
Colombia

... then all other fiat currencies

https://twitter.com/alistairmilne/status/1319170878765211648?s=20

We see it everyday: BTCUSD going up is actually fiat money going down.

[rolling]

Does paypal really buying bitcoin, if a paypal user buying (paypal) bitcoin or is the paypal-bitcoin just on the paper?

(Or is it just another shittoken? The ppB? )

Most likely they are buying real bitcoin. They are teaming up with Paxos Trust Company to hold the assets.

Do you have that in writing? FAQ or so?

Want to know this too.... Its pretty important!

https://www.paypal.com/us/smarthelp/article/cryptocurrency-on-paypal-faq-faq4398

Yes they are buying real BTC and they are using Paxos to do so. They are making money on the spread. I doubt they are taking possession of the coins. They are just facilitating the buying and selling and making 0.5% on each buy or sell. Paxos is holding the coins and is regulated so they are not going to do fractional reserve.

All this talk about fractional reserve is just FUD.

[VB1001]

Gemini exec to join Bitstamp crypto exchange as new CEO

Bitstamp is replacing its CEO for the first time since the company’s establishment.

https://cointelegraph.com/news/gemini-exec-to-join-bitstamp-crypto-exchange-as-new-ceo

https://twitter.com/Bitstamp/status/1319264454715056129

[bct_ail]

Does paypal really buying bitcoin, if a paypal user buying (paypal) bitcoin or is the paypal-bitcoin just on the paper?

(Or is it just another shittoken? The ppB? )

Most likely they are buying real bitcoin. They are teaming up with Paxos Trust Company to hold the assets.

Do you have that in writing? FAQ or so?

Want to know this too.... Its pretty important!

https://www.paypal.com/us/smarthelp/article/cryptocurrency-on-paypal-faq-faq4398

Yes they are buying real BTC and they are using Paxos to do so. They are making money on the spread. I doubt they are taking possession of the coins. They are just facilitating the buying and selling and making 0.5% on each buy or sell. Paxos is holding the coins and is regulated so they are not going to do fractional reserve.

All this talk about fractional reserve is just FUD.

Do you mean this?

However, PayPal will charge a spread (or margin) between the market price we receive from our trading service provider (Paxos) and the exchange rate between US dollars and the Crypto asset displayed to the user. You'll see the final exchange rate before confirming any purchase or sale of Crypto.

https://www.paypal.com/us/smarthelp/article/cryptocurrency-on-paypal-faq-faq4398

That doesn't sound like paypal (Paxos) really buying bitcoin 

[rolling]

However, PayPal will charge a spread (or margin) between the market price we receive from our trading service provider (Paxos) and the exchange rate between US dollars and the Crypto asset displayed to the user. You'll see the final exchange rate before confirming any purchase or sale of Crypto.

https://www.paypal.com/us/smarthelp/article/cryptocurrency-on-paypal-faq-faq4398

That doesn't sound like paypal (Paxos) really buying bitcoin 

It does to me. These are not scam companies. Take off the tinfoil hat. There is plenty of money for them to make on a 0.5% spread. There is no reason to take any additional risk by lying and then scrambling to pay people when BTC goes 10x.

This is just common sense. If they were a Chinese exchange, you might have a point, but we are talking about two US regulated companies with a partnership.

[rolling]

Miss out on those massive gains in Big Tech? Here’s your chance to catch up, says billionaire Paul Tudor Jones

https://www.marketwatch.com/story/miss-the-boat-on-big-tech-this-hedge-fund-billionaire-has-the-answer-11603377643

[Biodom]

Does paypal really buying bitcoin, if a paypal user buying (paypal) bitcoin or is the paypal-bitcoin just on the paper?

(Or is it just another shittoken? The ppB? )

Most likely they are buying real bitcoin. They are teaming up with Paxos Trust Company to hold the assets.

Do you have that in writing? FAQ or so?

Want to know this too.... Its pretty important!

https://www.paypal.com/us/smarthelp/article/cryptocurrency-on-paypal-faq-faq4398

Yes they are buying real BTC and they are using Paxos to do so. They are making money on the spread. I doubt they are taking possession of the coins. They are just facilitating the buying and selling and making 0.5% on each buy or sell. Paxos is holding the coins and is regulated so they are not going to do fractional reserve.

All this talk about fractional reserve is just FUD.

it is actually even worse than I first thought: Paypal will have a database entry of Paxos database entry.
Nobody holds any bitcoin. Paxos could always say that they have futures contracts representing such bitcoin.
In this situation you could have fractional reserve OF the fractional reserve. A double whammy.
Partake if you wish, but don't count on this to increase the price of bitcoin.

[JimboToronto]

Good morning Bitcoinland.

Still hanging on to most of yesterday's excellent gains... currently $12924USD/$17006CAD (Bitcoinaverage).

How long will the battle for $13k last?

Go Bitcoin go.

I say we leave the grannies out of this and just buy them a nice present when it's all over.  You cant go wrong with a cardigan for the elderly - anywhere in the world and any time of year. 

WTF are you talking about?

You don't give cardigans to grannies. They give them to you.