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

[xhomerx10]

#human activity#

I'm thinking about how to split 1 BTC for future use. if the price will go somewhere to the 1m level I will however be under the radar of large fiat tx monitoring (<10k EUR) by authorities if I have to transfer it to a marketplace.

I'm uncertain about to spilt 1 BTC to 1,000 (0.001) or 10,000 (0.0001) adresses and hold them on a TREZOR.

any thoughts on that from you guys?

EDIT: but I think split 1 BTC to 1,000 adresses (1,000 x 0.001) should be enough.

https://en.bitcoin.it/wiki/Address_reuse

 The cost is pretty low @ 1 sat per byte if you don't mind a few hours wait



 courtesy of https://www.buybitcoinworldwide.com/fee-calculator/

[fillippone]

#human activity#

I'm thinking about how to split 1 BTC for future use. if the price will go somewhere to the 1m level I will however be under the radar of large fiat tx monitoring (<10k EUR) by authorities if I have to transfer it to a marketplace.

I'm uncertain about to spilt 1 BTC to 1,000 (0.001) or 10,000 (0.0001) adresses and hold them on a TREZOR.

any thoughts on that from you guys?

EDIT: but I think split 1 BTC to 1,000 adresses (1,000 x 0.001) should be enough.

https://en.bitcoin.it/wiki/Address_reuse

 The cost is pretty low @ 1 sat per byte if you don't mind a few hours wait



 courtesy of https://www.buybitcoinworldwide.com/fee-calculator/

The cost per transaction is indeed very low now.
I am not that concerned about splitting my bitcoin stash into smaller amounts.
Coinjoin, Taproot, Dandelion and other privacy enhancing features will surely be widely available by the time I will spend my BTC.

(To the IRS guy reading this chat: this is highly hypothetical. I had bitcoins, but I lost my private keys on a boating accident).

[jbreher]

even though you failed and refused to get four wheel drive in it

incorrectomundo, JJG

[nutildah]

I liked the original too. 


Ot oh!

I like this one... I'm stealing it for my thread about Donald Trump memes.

[El duderino_]

even though you failed and refused to get four wheel drive in it

incorrectomundo, JJG

@jbreher, why don't you give the game a try and a small text about why you think the guessed price you would give??

[xhomerx10]

#human activity#

I'm thinking about how to split 1 BTC for future use. if the price will go somewhere to the 1m level I will however be under the radar of large fiat tx monitoring (<10k EUR) by authorities if I have to transfer it to a marketplace.

I'm uncertain about to spilt 1 BTC to 1,000 (0.001) or 10,000 (0.0001) adresses and hold them on a TREZOR.

any thoughts on that from you guys?

EDIT: but I think split 1 BTC to 1,000 adresses (1,000 x 0.001) should be enough.

https://en.bitcoin.it/wiki/Address_reuse

 The cost is pretty low @ 1 sat per byte if you don't mind a few hours wait



 courtesy of https://www.buybitcoinworldwide.com/fee-calculator/

The cost per transaction is indeed very low now.
I am not that concerned about splitting my bitcoin stash into smaller amounts.
Coinjoin, Taproot, Dandelion and other privacy enhancing features will surely be widely available by the time I will spend my BTC.

(To the IRS guy reading this chat: this is highly hypothetical. I had bitcoins, but I lost my private keys on a boating accident).

  I'm not sure it's something I need to do but I keep it in the back of my mind simply because the last time we hit an ATH, fees got quite high.

 I'm going to buy a boat; an old, leaky, high density boat.

[Gyrsur]

#human activity#

I'm thinking about how to split 1 BTC for future use. if the price will go somewhere to the 1m level I will however be under the radar of large fiat tx monitoring (<10k EUR) by authorities if I have to transfer it to a marketplace.

I'm uncertain about to spilt 1 BTC to 1,000 (0.001) or 10,000 (0.0001) adresses and hold them on a TREZOR.

any thoughts on that from you guys?

EDIT: but I think split 1 BTC to 1,000 adresses (1,000 x 0.001) should be enough.

https://en.bitcoin.it/wiki/Address_reuse

 The cost is pretty low @ 1 sat per byte if you don't mind a few hours wait



 courtesy of https://www.buybitcoinworldwide.com/fee-calculator/

The cost per transaction is indeed very low now.
I am not that concerned about splitting my bitcoin stash into smaller amounts.
Coinjoin, taproot, Schnoor signatures and other privacy mean hung feature will surely be widely available by the time I will spend my BTC.

(To the IRS guy reading this chat: this is highly hypothetical. I had bitcoins, but I lost my private keys on a boating accident).

same for me I was robbed on a India trip and lost my TREZOR to just gangsters.

[xhomerx10]

#human activity#

I'm thinking about how to split 1 BTC for future use. if the price will go somewhere to the 1m level I will however be under the radar of large fiat tx monitoring (<10k EUR) by authorities if I have to transfer it to a marketplace.

I'm uncertain about to spilt 1 BTC to 1,000 (0.001) or 10,000 (0.0001) adresses and hold them on a TREZOR.

any thoughts on that from you guys?

EDIT: but I think split 1 BTC to 1,000 adresses (1,000 x 0.001) should be enough.

https://en.bitcoin.it/wiki/Address_reuse

 The cost is pretty low @ 1 sat per byte if you don't mind a few hours wait



 courtesy of https://www.buybitcoinworldwide.com/fee-calculator/

The cost per transaction is indeed very low now.
I am not that concerned about splitting my bitcoin stash into smaller amounts.
Coinjoin, taproot, Schnoor signatures and other privacy mean hung feature will surely be widely available by the time I will spend my BTC.

(To the IRS guy reading this chat: this is highly hypothetical. I had bitcoins, but I lost my private keys on a boating accident).

same for me I was robbed on a India trip and lost my TREZOR to just gangsters.

 Fuckin thugs!

[bitserve]

how? I'm very interested in your answer, really.

And if you do use a mixer or are able to really ofuscate your coins... then comes the problem on future AML/KYC where you could have problems spending your coins.

if you have countries like Portugal or Germany (where you just have to prove you own the address more than a year) i do expect not a large problem even if you have to go with the AML/KYC procedure.

Prove of ownership more than a year in the past for a single adress with a amount of 0.001 BTC on it would be perfect for me in 2027.  

Well, let's say you do your split one BTC into 1000 parts. Ok, unless you do a lot more additional movements it would be easy to see where do those BTC come from. AND if you ever use more than one to do a payment (ie: for any tx higher than 0.001) you will have to combine several and then it will be absolutely clear the common point where these addresses come from.

It's not just proof of ownership, but origin of funds... something that complicates if you do manage to really obfuscate the origin of yours. And in the case of using a mixer, you could end with coins "tainted" in some way or another.

I mean, yeah, go split some of your coins if you want.... but don't go full retard onto it

[jojo69]

(To the IRS guy reading this chat:

 Fuckin thugs!

.

[JimboToronto]

Still too many $10K+ bulltards though

 

[jojo69]

[bitserve]

Still too many $10K+ bulltards though

 

11651-11700      bitserve

[Gyrsur]

how? I'm very interested in your answer, really.

And if you do use a mixer or are able to really ofuscate your coins... then comes the problem on future AML/KYC where you could have problems spending your coins.

if you have countries like Portugal or Germany (where you just have to prove you own the address more than a year) i do expect not a large problem even if you have to go with the AML/KYC procedure.

Prove of ownership more than a year in the past for a single adress with a amount of 0.001 BTC on it would be perfect for me in 2027.  

Well, let's say you do your split one BTC into 1000 parts. Ok, unless you do a lot more additional movements it would be easy to see where do those BTC come from. AND if you ever use more than one to do a payment (ie: for any tx higher than 0.001) you will have to combine several and then it will be absolutely clear the common point where these addresses come from.

It's not just proof of ownership, but origin of funds... something that complicates if you do manage to really obfuscate the origin of yours. And in the case of using a mixer, you could end with coins "tainted" in some way or another.

I mean, yeah, go split some of your coins if you want.... but don't go full retard on it

i don't doubt that if you have addresses with which you will get in focus of authorities because you have an monthly income of <10k and you want to cash out an address with >500k on it. but if you are flying under the radar with small addresses you don't have to prove the origin of funds. and even if. I bought mining equipment in 2013 for what? to play SatoshiDice and lost all or either not.

[jbreher]

Fees are low right now, but if Bitcoin grows fees with be high again. Maybe not that high as in Q4 2017, but still.

Maybe higher. Maybe much much higher.

[El duderino_]

Fees are low right now, but if Bitcoin grows fees with be high again. Maybe not that high as in Q4 2017, but still.

Maybe higher. Maybe much much higher.

time will tell, as for every aspect...

[realr0ach]

Trollgoossen, what do you think about this quantitative analysis?

- In Germany alone, the Jews were a tiny minority which, according to a 1933 census, was approximately 505,000 people

- An average body takes about three hours to burn completely, and that’s with today’s technology

- 6,000,000 bodies x 3 hours (with today’s cremation process) = 18,000,000 hours or 750,000 days or 2,054 years – in other words, the Germans would still be burning bodies of so-called Jewish victims, even if they were attempting to incinerate just 500,000 of them, let alone 6,000,000.

[jbreher]

@jbreher, why don't you give the game a try and a small text about why you think the guessed price you would give??

Thanks, mic. But no thanks.

As to why, it might be only because each time I logged on, I'd have yet another unread thread clamoring for my attention. Which in today's attention-starved environment, is reason enough.

[Gyrsur]

Fees are low right now, but if Bitcoin grows fees with be high again. Maybe not that high as in Q4 2017, but still.

Maybe higher. Maybe much much higher.

not this again!  

[bitserve]

how? I'm very interested in your answer, really.

And if you do use a mixer or are able to really ofuscate your coins... then comes the problem on future AML/KYC where you could have problems spending your coins.

if you have countries like Portugal or Germany (where you just have to prove you own the address more than a year) i do expect not a large problem even if you have to go with the AML/KYC procedure.

Prove of ownership more than a year in the past for a single adress with a amount of 0.001 BTC on it would be perfect for me in 2027.  

Well, let's say you do your split one BTC into 1000 parts. Ok, unless you do a lot more additional movements it would be easy to see where do those BTC come from. AND if you ever use more than one to do a payment (ie: for any tx higher than 0.001) you will have to combine several and then it will be absolutely clear the common point where these addresses come from.

It's not just proof of ownership, but origin of funds... something that complicates if you do manage to really obfuscate the origin of yours. And in the case of using a mixer, you could end with coins "tainted" in some way or another.

I mean, yeah, go split some of your coins if you want.... but don't go full retard on it

i don't doubt that if you have addresses with which you will get in focus of authorities because you have an monthly income of <10k and you want to cash out an address with >500k on it. but if you are flying under the radar with small addresses you don't have to prove the origin of funds. and even if. I bought mining equipment for what? to play SatoshiDice and lost all.

It depends on what you plan to do.

Will you will you not want to cash out a significant ammount?

If you won't ever cash out, or only insignificant amount then yeah, whatever you do will probably irrelevant.

But, if you ever want to cash out a significant amount, ie: 50K, 100K, 500K, 1MM... You better be prepared to demonstrate origin of funds and, probably, full "chain of custody".

That you do it using small batches doesn't really matter. It is the yearly total what does.

KYC/AML will only get worse in the future. It is for that what you do want to be prepared.

As I said, there is some point in maintaning some separate BTC "accounts" but splitting 1 BTC into 1000 addresses is totally unjustified, cumbersome, expensive and probably doesn't offer any advantage. But hey, it's your BTC!