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Question: When will we see a new ATH?
October - 19 (25%)
November - 13 (17.1%)
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2022 - 12 (15.8%)
After 2022 - 8 (10.5%)
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Author Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion  (Read 25444497 times)
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Philipma1957cellphone
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July 29, 2021, 03:46:52 PM

It bugs me to see crybabies whining about MtGox.



If you were around for MtGox, 7.5 years ago, you have no excuse for not being rich now.

Sure I lost 50 coins at MtGox. It was my own fault for keeping that much anywhere except offline in secure paper wallet cold storage. Sure I could whine about trying to get my coins out for almost half a year while they made excuses about needing identification even though my account was created anonymously. I could whine about their lying and ignoring tickets.

Ultimately it was my own fault for having any coins at an online exchange. I got played for being a sucker/trader.

The important thing is to learn from your mistakes.

I stopped exposing my coins to the internet unnecessarily. I bought and sold only from ATMs and OTC. Eventually I built a network of OTC contacts. It's been years now since I've had to use an ATM.

The important thing is to be patient and only sell when you absolutely must. If you need to pay a bill, so be it. When you achieve certain goals, enjoy a little. In January 2018 I sold a little on the "dead cat bounce" at about $21kCAD per coin and bought deluxe dental implants and property in Mexico. This year I was lucky to sell some at the ATH and buy a lake.

My entire stash cost me less than a new car and most of it was bought post-MtGox. Spare me the crybaby whining please.

I too will admit that I lost a non-trivial amount of coins at an exchange in the early days. I won't name the exchange, but it wasn't Mt. Gox.

Did I whine or cry? No. My own stupid fault for trusting them. I learned, and moved on.

Not your keys, not your coins.

Losing 120 or so coins on MtGox/Bitcoinica taught me how broken bitcoin is. If someone as intelligent as me can lose that much, then most ordinary people don't have a chance. It's just another reason I know bitcoin will never work out.
  did you really have 120 BTC  and lost it on exchnages
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July 29, 2021, 03:54:05 PM

12 hours later, while taking a poop, I still see people talking about MtGox.  Lips sealed
ChartBuddy
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July 29, 2021, 04:01:27 PM


Explanation
Copetech
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July 29, 2021, 04:05:41 PM


Losing 120 or so coins on MtGox/Bitcoinica taught me how broken bitcoin is. If someone as intelligent as me can lose that much, then most ordinary people don't have a chance. It's just another reason I know bitcoin will never work out.
 did you really have 120 BTC  and lost it on exchnages


Oh, don't let the sly Ole Lama fool you Phil!
He's probably sitting on 2k+ coins of 2010 vintage and laughing his ass off every time the "kiddos" start stressing over a 25% dip.

-Cope
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July 29, 2021, 04:09:02 PM

12 hours later, while taking a poop, I still see people talking about MtGox.  Lips sealed

That's a long ass poop!! Ya might wanna get that checked out man...
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July 29, 2021, 04:11:48 PM
Merited by d_eddie (1)

Good morning Bitcoinland.

Still going sideways at $40k... currently $39923USD/$49690CAD (Bitcoinaverage).

A little consolidation before continuing up is a good thing.

Go Bitcoin go.

Wait.  Are we supposed to have a bank account?

Annoying isn't it?

Spent most of my adult life without a bank account or credit card. In the world of fiat, cash rules. Got my first credit card in decades a few years ago despite not having a bank account, just to get a free t-shirt at the ballpark. Turned out to be handy for buying airline rickets and booking hotel rooms.

Got a bank account this year just to buy the lake. It's getting hard to buy land here with cash these days. At least in Mexico, most people still buy land by counting out pesos and putting them in the seller's hand. The last time I bought a house for cash in Canada was in the 1980s. Luckily my lawyer was a tough old bird and claimed lawyer-client confidentiality when asked at the bank about all the cash.

Talk about the thin edge of the wedge. I never had ID (I don't drive) until I was forced into it by MtGox to try to get my 50 bitcoins back. Now I'm burdened with ID, a credit card, and a bank account.

What's the world coming to?
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July 29, 2021, 04:13:48 PM
Merited by El duderino_ (5), Mpamaegbu (2), Torque (1), ImThour (1)

Kudos to the man who is making such posters and saving newbies to rather go for some shitcoins available in the market.


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July 29, 2021, 04:23:03 PM

good morning.
continued monthly lump sum today, as salary dropped in on my bank account.
proud to have bought today's local top  Grin

Good job, OOM!!!!!!!!

Thanks for taking one for the team.

I was wondering why we like you so much in these here parts.

This is 100% me.

Who else?

Grin



@BitcoinMagazine
Very true 😅

https://twitter.com/bitcoinmagazine/status/1420491808459591686?s=21

My initial thought was to reconfigure the bank dog as a puppy, but then I realized that even though we are in the midst of a rebound from a 56% correction, we are still bouncing around in about a 40% (actually 38.5%) correction range, but overall what the hell we talking about, we are around 4x up from early September 2020.. yeah, that is close to 11 months ago, but still gotta be feeling largely UP, still - even if some folks are still anxious for MOAR up....

What I am trying to say is that giving credit to the system that I follow, I am not really needing to re-depict the bank account image as a puppy because for some strange reason, when bitcoin goes up my cash goes up too, and we are still in a great place (since I have been in bitcoin for nearly two full cycles now), and both my bank and my bitcoin kind of go up together - even though of course, over the years my bitcoin size has largely dwarfed all of my other investments and I have allowed bitcoin to remain a kind of disproportionate size in comparison to the rest, because it got there through disproportionate performance without any real signs that it is going to underperform various other asset classes - even if we may well have some dippenings here and there along the way.

I think again that I must give some credit to the time factor, and many of us have probably heard of the expression that it is not timing the market, it is time in the market, and with bitcoin, some might think that there is a kind of get rich quick ability, but still I tend to think that even if a guy (or gal for that matter) has a decent amount of resources, s/he still likely needs more than just one cycle for a lot of the varying comfort levels to start to play out.. and gosh, I don't mean to be imposing my own financial status on other people because I appreciate that we are starting from a variety of starting positions... so getting back to my earlier point regarding my sense that through my own way of attempting to manage my bitcoin holdings, both bitcoin and cash reserves have a tendency to go up together, but the contrary seems to be quite true also, in terms of some of the tighter and emotional times do seem to tend to come when the BTC price goes shooting down and if it stays down for a long time, then both the bitcoin value and the cash reserves seem to experience a whole hell of a lot of stresses that could become unbearable (perhaps causing a mindrust melt situation) in the event that a decent amount of financial and psychological preparations are not attempted... and maybe also experience has taught that maintaining a certain level of reserves (even in dirty fiat) can be quite handy-dandy during those holy shit DOWNity moments that come from time to time (perhaps inevitable, I don't know?).

I am not even personally except from having had gone through some cashflow shortage situations upon considerable and extended DOWNity periods, even though I like to conjecture that I believe that I have gotten better at some of the following through with attempting to take preventative measures, even when I cannot feel that I am immuned to feeling as if I may well have future stresses regarding whether I may have spent too much, or failed to sufficiently prepare my lil selfie for downity when those moments come.. so having an upcoming bill (or set of bills) in 4-6 months, and then feeling like you can ride out the volatility, but then the BTC price ends up going down and staying down the whole time can still cause some frustration even if your overall bitcoin portfolio might be 5x, 20x, 50x or even 100x in profits (even after the dippening scenario ends up materializing in reality - rather than hypothesized as "unlikely").
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July 29, 2021, 04:25:54 PM

12 hours later, while taking a poop, I still see people talking about MtGox.  Lips sealed

 Well I hope you were in a public restroom otherwise that would be strange.
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July 29, 2021, 04:30:17 PM
Merited by El duderino_ (5)

It bugs me to see crybabies whining about MtGox.



If you were around for MtGox, 7.5 years ago, you have no excuse for not being rich now.

Sure I lost 50 coins at MtGox. It was my own fault for keeping that much anywhere except offline in secure paper wallet cold storage. Sure I could whine about trying to get my coins out for almost half a year while they made excuses about needing identification even though my account was created anonymously. I could whine about their lying and ignoring tickets.

Ultimately it was my own fault for having any coins at an online exchange. I got played for being a sucker/trader.

The important thing is to learn from your mistakes.

I stopped exposing my coins to the internet unnecessarily. I bought and sold only from ATMs and OTC. Eventually I built a network of OTC contacts. It's been years now since I've had to use an ATM.

The important thing is to be patient and only sell when you absolutely must. If you need to pay a bill, so be it. When you achieve certain goals, enjoy a little. In January 2018 I sold a little on the "dead cat bounce" at about $21kCAD per coin and bought deluxe dental implants and property in Mexico. This year I was lucky to sell some at the ATH and buy a lake.

My entire stash cost me less than a new car and most of it was bought post-MtGox. Spare me the crybaby whining please.

I too will admit that I lost a non-trivial amount of coins at an exchange in the early days. I won't name the exchange, but it wasn't Mt. Gox.

Did I whine or cry? No. My own stupid fault for trusting them. I learned, and moved on.

Not your keys, not your coins.

Losing 120 or so coins on MtGox/Bitcoinica taught me how broken bitcoin is. If someone as intelligent as me can lose that much, then most ordinary people don't have a chance. It's just another reason I know bitcoin will never work out.







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July 29, 2021, 04:30:49 PM

Kudos to the man who is making such posters and saving newbies to rather go for some shitcoins available in the market.




Someone send this to the CME group.

Why would an investor buy a micro bitcoin futures contract worth 1/10th of a bitcoin, when they can just buy 1/10th of a bitcoin?
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July 29, 2021, 05:01:27 PM


Explanation
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July 29, 2021, 05:18:34 PM
Merited by OutOfMemory (1)

Not to Bash on you lads but i think you guys do not Understand Integrity therefore you have no chance of understanding Smiley It is not Whining, it is SHEER DISSAPOINTMENT IN EVERY ASPECT.

I think that a lot of us here appreciate that if we might have fucked up in the past, we cannot necessarily fix that, but we can start acting today in a way that is reasonable and prudent for our own circumstances in order to attempt to build based on present circumstances - including considering and understanding that future performance is not guaranteed, even if we might attempt to take our most prudent and reasonable actions today.

Accordingly, looking a gift horse in the mouth and still failing/refusing to take action seems to be a continuing problem of the present (which also could fairly be characterized as "whining" whether you accept that characterization or not) and your own ongoing fucked up freeloader mindset, rather than some assessment of what happened in the past or what could have happened in the past. 

In other words, we have today, which is the first day of the rest of your life to plan and to implement plans to the best of your ability, and perhaps better than just waiting and expecting handouts from members here, many of whom have already been planning and acting for years and years (sure some of us longer than others.. and of course, we have newbies here too who are in earlier stages of planning and acting.. and hopefully setting their BTC accumulation goals and working in that direction).

This is 100% me.

Who else?

Grin



@BitcoinMagazine
Very true 😅

https://twitter.com/bitcoinmagazine/status/1420491808459591686?s=21


In fiat value, i have 88 times more Bitcoin than money. At the end of the month it is more like 888 times, though.  Grin

Might be 8 and 88 as well, OpSec obfuscation measures.

Ok... for sure fair enough to provide some alternative scenarios for allocations, yet there can be various ways to consider those percentages too.

For example, I have some money that I already have dedicated to bitcoin and then other money that i consider to be separate and part of my cashflow cushion management.

Another framework can to consider a fiat value of all investments, to consider their level of liquidation and also to consider how much their value might be inflated based on our current seemingly outrageous money printing situation..   Maybe I should just stop because I am likely devolving into way more complications than necessary, even though may of us do happen to invest into bitcoin in part because we see that there are a lot of assets out there that are being overly inflated because many people have a lot of recent concerns of holding their value in dollars, but if the dollar goes to shit then perhaps some of the various assets that are too connected to the dollar having had been inflated for so long causes them to crash in value too.. causing some kinds of concerns regarding what assets might still continue to retain some value that does not crash as rapidly...we are expecting bitcoin to fit such bill, even if bitcoin's high liquidity might cause it to appear to be losing value in during short term liquidity crises even though if we zoom out it becomes a bit more difficult to say that a bitcoin today does not buy more T-bone steaks or more hookers, lambos and blow than it did 4 years ago (remember our 4-year cycle is still not ded in bitcoinlandia?).
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what is this "brake pedal" you speak of?


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July 29, 2021, 05:19:19 PM
Merited by El duderino_ (2), philipma1957 (1)

Losing 120 or so coins on MtGox/Bitcoinica taught me how broken bitcoin is. If someone as intelligent as me can lose that much, then most ordinary people don't have a chance. It's just another reason I know bitcoin will never work out.

yeah but as you state bitcoin is worth zero, so no loss happened. so no lesson to be learned according there to your maths and science.
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July 29, 2021, 05:30:22 PM
Merited by El duderino_ (5), JayJuanGee (1), LoyceV (1)

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July 29, 2021, 05:51:23 PM

This picture says ~ everything about banks and fiat.
Bitcoin never sends me a letter asking me to explain my transactions and bend over for a full cavity search.
The trillion dollars worth transactions have been settled with bitcoin and not anyone asking for a proof or asking you to submit details where the money came from and what's the purpose of your transaction with nominal fees and transaction confirmed within few minutes with security.The banking system really sucks and that's why moving my funds slowly into bitcoin with all in it.



Personally, I would consider it to be somewhat imprudent to be burning too many fiat related bridges.

Sure, with the passage of time bitcoin HODLers should not need to depend on banks or regular payment channels or credit cards or even various other traditional financial/payment systems, but seems to me that fewer red flags are going to be raised if you try to maintain some of those kinds of systems.. and I have never been much of a fan of "all in" bitcoin, even though some people might find ways to make that work without causing them fewer options..

Personally, I find some pleasures in being able to buy goods and services and to have a variety of options regarding how to pay for them.. really looking forward to wider and wider lightning payment systems in this regard.. and the spread of some of the El Salvador lightning systems to other countries...

No matter how hard winnie the pooh try to ban exchanges, internet can offer myriads of ways to get bitcoins. 

Even though I do not really agree with some of the characterizations of China, I do really like the winnie the pooh reference.  Most world leaders do deserve to be mocked in some kind of way, and winnie the pooh is such a cute reference, and the fact that the reference is not "liked" makes it even better... so cute!

Wait.  Are we supposed to have a bank account?

Yep.

I think that it is better for OPsec to maintain a foot in both worlds (if you can)... but hey, opinions can vary for sure.

If someone as intelligent as me can lose that much, then ......

Whoaza!!!  Now that is a bit of a stretch... #nohomo

Is that an attempt at humor, proudhon?
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July 29, 2021, 05:58:28 PM

don't assume everyone is rich, seriously.  If you only had 1000$ laying around 7 years ago, then its not even 100k now.  Not everyone has disposable money like that or decides to live in a van under the overpass for years just to accumulate sats
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July 29, 2021, 05:58:41 PM
Merited by vapourminer (1)

Losing 120 or so coins on MtGox/Bitcoinica taught me how broken bitcoin is. If someone as intelligent as me can lose that much, then most ordinary people don't have a chance. It's just another reason I know bitcoin will never work out.

yeah but as you state bitcoin is worth zero, so no loss happened. so no lesson to be learned according there to your maths and science.

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July 29, 2021, 06:01:38 PM


Explanation
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July 29, 2021, 06:19:39 PM
Merited by El duderino_ (4), bitebits (1)



What's crypto?  Does it relate to bitcoin, somehow?


don't assume everyone is rich, seriously.  If you only had 1000$ laying around 7 years ago, then its not even 100k now.  Not everyone has disposable money like that or decides to live in a van under the overpass for years just to accumulate sats

Huh?

Are you purposefully being short-sighted or what?  Of course, if you do not have $1k laying around, then you do your best, and there are even threads about $1 per day investing into bitcoin.

Let's just round that $1 per day up to $10 per week, and even if some people cannot manage to put aside $10 per day, there are a whole hell of a lot of normies and even poor peeps who can do at least that much and more, but if they cannot then they do what they can... but there should be some value in trying to.. garner up some cash to put into bitcoin. Yes we are elite fucks, here.. and sure there are exceptions of people who do not have shit, but let's try to attempt to somewhat stick with the vast majority of cases because we cannot expect to help every poor or disabled person, and that does not make bitcoin broken, either.

 In other words, there is ONLY so much that people can do, and sure some people have no fucking capacity to save shit... but there are a lot of normies who can figure out something, such as $10 per week or something like that... .and more aggressive would be way better for those who can, but of course, do what you can..and you will still be better off let's say 7 to 10 years or more down the road.

What would have $10 per week have gotten you over the past 7 years?

Well, it would have gotten you about $3,660 invested, and nearly 4 BTC worth about $160k... nearly a 43x price appreciation in terms of amount invested.

Of course, past performance does not guarantee future results, but bitcoin surely does continue to have a very considerably great opportunity in which normies and even the poorest in society have opportunities to enter into it.
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