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

[somac.]

Bait-n-switch right on cue, just like 2017 all over again.

Yep, I'm seeing the same shit. Irritating.

[1715161383]

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[1715161383]

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[Paashaas]

PlanB made it to Forbes with his 'remarkably accurate' price prediction model.

[JimboToronto]

Good morning Bitcoinland.

Still trucking along sideways in the mid $5xxxx range... currently $53807USD/$66100CAD (Bitcoinaverage).

We need a couple of good days to finish April in the green. We haven't had a red month since last summer.

Remember how many people thought April was going to be a breakout month? We're lucky it's almost sideways.

No more haikus here
For more than twenty pages
Where has the love gone?

Of course no haikus...
It's the middle of the week.
Save them for Sundays.

[BitcoinBunny]

We need a couple of good days to finish April in the green. We haven't had a red month since last summer.

Remember how many people thought April was going to be a breakout month? We're lucky it's almost sideways.

The shouty loud mouthed crypto YouTubers are now saying breakout will definitely happen tomorrow.  

Meh.

[Elwar]

Taxes are kind of a price to pay to live in a civilized society.

If civilisation is built upon involuntary extortion...it's not really civilised is it?

Indeed! In fact this extortion for services should be removed. The first place of course is the grocery store: People should be allowed to take what they wish and pay whatever they believe is "fair".

That's kind of where your argument is going and it's not a good place. But truth be told that sort of "voluntary cooperation" was requested of people in 2020 and oddly enough a significant number chose to be "free riders" with respect to using cloth masks. So it don't work.

End of line. :-)

Asking people to voluntarily stop watching the TV doesn't work. You're right about the "free riders" ruining everyone else's life by not cooperating.

[cAPSLOCK]

...
Generated BIP39 Mnemonic 24 words.

I wish to store these words on a 2 of 3 paper backup and hide them.
It seemed a simple task.

So scouring through a book for these 24 words and assigning each a 5 digit code based on page number line number and position of word within the line. Then noting these down pencil on paper and hiding them would probably be meaningless to the finder.
I may just use the 24 words plus 1 method for extra security and commit this to pencil and paper in addition to being in my head.

Bro, dude, ... metal wallet. or engrave in stone. or something along those lines.

Take a look here: https://jlopp.github.io/metal-bitcoin-storage-reviews/

Or DIY it from some stainless steel flat plate. Stamp. Etch. Up to you. I'm going to try etching.

thanks for that, I did look into steel letter sets designed for the job.

Currently pencil on acid free paper. (Whereas in the past it would have been acid on blotting paper)

but not any good in a fire

I thought of etching copper with ferric chloride but steel has a 700F higher melting point and much harder and Ive got lots of scrap pieces lying around.
Maybe weld it face side inwards to shed doors to hide content.
project for a wet day.

To lose bitcoin when it was $300 would have caused sickness in pit of stomach.
But at current prices, the stuff of heart attacks.

A few thoughts.

First of all bitcoin security, especially in the "self-sovereignty" realm is still a VERY unsolved problem. Even current "best practices" are not agreed upon, and many solutions will bring us right back to the original problem.  For example, a BIP39 passphrase...  Obviously these SHOULD be used.  But then, how do you secure THEM?  

Doing this right is a balance of security and simplicity.  If we try to do it in a way that is overly convoluted, or requires a very good memory, or would be difficult to communicate to another trusted human, we are increasing the possibility of a "foot gun".  When I have thought through these I have tried to come up with schemes where I would combine a set of keys for multi-sig with decoy amounts in the wallets associated with the single keys, along with BIP39 passphrases, AND the use of exotic derivation paths.  I began to realize that if I over-engineer the method in the name of "security" I am increasing the chances that I can make a mistake, or simply forget one of the things I did.

So balancing simplicity with security is important I think.

As to seed backups.  I think the above stainless steel sheet is a great one.  I am also a big fan of the stainless steel washers on a nut and bolt method, and have made several of these myself.  I even designed and built a 3d printed stamping jig.  I like that these are very compact and durable.  There are lots of great hiding places for them etc...
https://blog.lopp.net/metal-bitcoin-seed-storage-stress-test-iv/


Ultimately, I am also coming to the conclusion that trust minimized services with third parties may be one of the best solutions currently.  Lopp's Casa, or Unchained capital are good examples.  These are multisig schemes that use the third party as a security net.

And unfortunately, for some (most probably) users a bitcoin bank may be the safest solution even taking the counterparty risk into account.  Leaving your bitcoin on an exchange, or in your CashApp wallet is rightly frowned upon by we OG elite... but until we have better trust minimized options it still might be best for the masses.

[Elwar]

I'm sure you, from all of the people, know that there's no perfect solution, and everything comes with its own tradeoffs and caveats. A tax free heaven that looks perfect on paper, can be a real shithole due to a ton of other problems. Does it really matter if you don't have to pay any income taxes, but now you have to "grease the wheels" of everyone who has a bigger gun then you do? And are a bunch of people putting a claim on all of the resources of the country is not just another form of taxation?

I voluntarily pay my Bitcoin private fees to use their service.

I do not expect ETH users to pay Bitcoin fees to use their service.

It's....voluntary....aint that great?

I don't believe in panaceas, systems are so complex that if someone points at one gear and claims it to be the root of all evil, most likely is trying to sell you something.
You must realize that not everyone is going to sit around bonfire and sing Kumbaya without gov taxes? Sure you take a publicly available unbiased decentralized open algorithm as an example, but what about regional monopolies? Or you're saying that all i'd have to do is get bigger guns and buy up roads/properties surrounding your house and then i can charge you whatever extortion fees for use? Or get together with a couple of friends to box you in or buy up local ISP/water/power plant? Of course if you don't like that you always have an option to move to another place or build your own ISP/water/power plant or get bigger guns and wrestle it away from me. Monopolies and oligopolies would be rampant a lot of people would be trying to corner the market. I think claiming that there are no downsides to any changes and everyone only stands to benefit is naïve/misleading. Did you keep count how many bribes you had to pay during your endeavors, doubt those people accepting bribes decide to start a Mars program one day to help humanity.

Anyone who uses Bitcoin should understand consensus. If it is consensus to use systems such as decentralised justice systems then those will be used instead of involuntary extortion schemes.

I would hope that people that by now, with Bitcoin having proven that a voluntary system is possible, that people would accept that such a system can be used for more than just money right?

It's completely lazy thinking to rely on extortion to pay for things. It's time to re-think that little piece of our "civilised society". It is like defending slavery as people are just finally realising that hey, maybe this is the wrong way of getting our food...maybe we can do better.

You are defending extortion...just remember that.

Hope you're right, but the effectiveness of such ideas first need to be demonstrated and proven as working in real world on smaller countries/economies. Don't see it happening in US first, as in hey everyone lets just get rid of IRS and try out this idea which works on paper.

I agree, most libertarians come at the problem from the perspective of making it happen where they live. It does need to be proven at the small scale first (outside of historical proof such as Iceland for 400 years). I think the Blockchain city ( https://www.blockchains.com/ ) can give a good start if it can get people to move there to start testing things out.

[OutOfMemory]

We need a couple of good days to finish April in the green. We haven't had a red month since last summer.

Remember how many people thought April was going to be a breakout month? We're lucky it's almost sideways.

The shouty loud mouthed crypto YouTubers are now saying breakout will definitely happen tomorrow.  

Meh.

They see an inverted H&S. It looks like it's forming on lower timeframes, but we already know that BTC does that in that kind of range too.
So if the narrative plays out, they might be right.
I also see Alts going strong, but i asked myself already how long the rise will hold up. Some coins almost doubled in $ value, also in BTC value, because the king still moving sideways. We already know what might be next: Alt gains flip over to BTC, liquidating leveraged longs, sending alts into a "correction" (which might last until Q1/2022). Just my 2c

EDIT: The other way would be a revisit of $40k territory, with alts doubling up once again. But this would be more like 2013 again, so it's basically 2017 vs 2013 repeated.

[philipma1957]

We need a couple of good days to finish April in the green. We haven't had a red month since last summer.

Remember how many people thought April was going to be a breakout month? We're lucky it's almost sideways.

The shouty loud mouthed crypto YouTubers are now saying breakout will definitely happen tomorrow.  

Meh.

Well of course it will since we will be 70k for sure on May 1🙂

[OutOfMemory]

Oh, i just read about futures expiring tomorrow.
Not unusual that the market is on hold (because we already had the dip because of the options). Usually BTC is rising shortly after futures are cleared.

[Richy_T]

Doing this right is a balance of security and simplicity.  If we try to do it in a way that is overly convoluted, or requires a very good memory, or would be difficult to communicate to another trusted human, we are increasing the possibility of a "foot gun".  When I have thought through these I have tried to come up with schemes where I would combine a set of keys for multi-sig with decoy amounts in the wallets associated with the single keys, along with BIP39 passphrases, AND the use of exotic derivation paths.  I began to realize that if I over-engineer the method in the name of "security" I am increasing the chances that I can make a mistake, or simply forget one of the things I did.

The great thing about Bitcoin is that (unless you do it wrong), you start from a position of unimpeachable security. A random 256 bit number (or series of such) completely unknown to anyone else. It's true that management of that poses some difficulties but solutions tend to be problematic only in that they have reduced security compared to the maximum security bitcoin provides and not in comparison to more traditional options for wealth storage (which look pretty poor in comparison).

And unfortunately, for some (most probably) users a bitcoin bank may be the safest solution even taking the counterparty risk into account.  Leaving your bitcoin on an exchange, or in your CashApp wallet is rightly frowned upon by we OG elite... but until we have better trust minimized options it still might be best for the masses.

I wouldn't really agree. That's kinda throwing the baby out with the bathwater. It may just require more sophisticated key management techniques and for people to become more aware of their availability. Your bank and another party might participate in an m of n arrangement, for example. (Though bviously, you are sacrificing some security there, it's still better than trusting someone else with all your funds). The major thing is education though. Of the people I gave Bitcoin to in the past, none of them took notice of my warning to take backups of their wallets.

[hv_]

https://www.reuters.com/article/us-bitcoin-regulation-ransomware-exclusi-idINKBN2CF2UM

coming sth

[macson]

boom....🚀$100k

The largest ecommerce and payments ecosystem in Latin America, MercadoLibre, now accepts #bitcoin for their real estate marketplace.

https://twitter.com/DocumentingBTC/status/1387746160245448707

[onecall123]

Bitcoin dominance is down to 48% then what's next?

[BitcoinBunny]

https://www.reuters.com/article/us-bitcoin-regulation-ransomware-exclusi-idINKBN2CF2UM

coming sth

Switching to a Mac is any easy enough solution for the average person worried about ransomware.

In contrast $10 of millions have been lost for years and years via tech / IRS scams, yet those bastard Indian scammers can still phone me and ask for a gift card.
Nothing has been done about that. Probably had about 20-25 calls just in the last year to a private / withheld house line number. Amazon Prime scams mostly.

[Wekkel]

Bitcoin dominance is down to 48% then what's next?

I see ETHBTC going up and up. The degens are at it again.

[El duderino_]

[Dabs]

As to seed backups.  I think the above stainless steel sheet is a great one.  I am also a big fan of the stainless steel washers on a nut and bolt method, and have made several of these myself.  I even designed and built a 3d printed stamping jig.  I like that these are very compact and durable.  There are lots of great hiding places for them etc...
https://blog.lopp.net/metal-bitcoin-seed-storage-stress-test-iv/

I've decided against the safu ninja method or the bolt, washer and nut method even if it's very good compared to the paper alternatives, for the same reasons that Lopp already states: the pieces might separate, and even if you mark each washer with the word order number.

While there was no data loss in this test, I'm less confident in devices with tiles that could become loose and thus lost.

But it's still a very good idea.

https://safu.ninja/

Once it’s done, simple make a hole in your (brick) wall and cement this bad boy in. Or drill a 25mm (1 inch) hole in the top of your door and slide the storage in.

The plate can also be easily hidden or simply screwed on to your home's foundation. Or buried. I would wrap these things in plastic then bubble wrap or something similar, then in some sort of fire resistant container, then put in a wooden or metal box.

[JayJuanGee]

Y'know, one alternative to taxation is for the government to just print the money it needs. We're basically there anyway and it avoids all that messy taxation business. This only works at the federal level obviously though it would be interesting if it extended to the state level too. A bit of competition between currencies and the ability for people to express confidence in the various levels of government with exchange rates would probably be quite revealing.

That's a nonsense assertion to just stop taxing blah blah blah (been hearing such nonsense a lot, even from smartie pants peeps) because even though I agree that the whole printing money phenomena is a shambles and out of control, it is still somewhat (if not loosely) based on either GDP (gross domestic product) and our world production (in the case of the dollar)..

Yes, the whole world is getting taxed by the ongoing debasement of the dollar through its widespread printing, and the extent to which the US Government can get some of that money back (whether taxes or other modes) then surely it does allow for such system to be more sound, such as some of the investment into infrastructure and the people that might allow the money to come back to the government.  Nonetheless, many of us likely realize that whatever stronger investments that the government is doing with its money printing is likely too little to late, but they might be able to kick the can down the road further - including kicking the can down the road so far that many of us on this forum are dead by the time the real downfall of the government happens. 

I will agree that the impending doom of the USGovt and the dollar dominance has seemed more and more desperate, and I would not even really claim to know, because even in late 2013 when I got into bitcoin, there were suggesting that the downfall of the USGovt was impending and at that time, I was thinking that it had at least another 30 years, so in that sense I should not be too worried, but the shenanigans of 2020 that seem to be somewhat continuing (though investing into infrastructure is probably good - and there is likely nothing really wrong with wider-base investments into the people rather than just giving to the rich and expecting trickle down), but still there might be a bit of a struggle to get another 20 years out of the USGovt and the dollar - especially with the bitcoin looming as a kind of competition. 

Sure, the amount of printing remains out of line and seems to not really be in control (though are any of us real experts on this, even the proclaimed experts?), but the "free" market does end up debasing the currency more and more based on how far "out of line" such printing gets with production and assets (loosely based), and part of the reason that bitcoin remains so valuable is that the free market is going to end up fucking all of the various fiats because of their lack of foundation, soundness, hardness and/or whatever other variation of responsible pegging that you would like to describe within a kind of Gresham's law - in which with the passage of time value is going to gravitate into bitcoin and each of us will decide to spend our less valuable monies and assets before we spend our bitcoins.

[OutOfMemory]

https://www.reuters.com/article/us-bitcoin-regulation-ransomware-exclusi-idINKBN2CF2UM

coming sth

Switching to a Mac is any easy enough solution for the average person worried about ransomware.

Only if you see it from a client side perspective...
You can happily throw away Apple's server software, though.
Industry runs M$ servers, typically, and you're right in some way, because the OS itself is the malware.