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

[Hueristic]

One more story that has given me a lot of courage, believe me, it is not over yet, more stories will be made.

Mr. Smith worked at a Silicon Valley tech company when he purchased $3,000 worth of Bitcoin in October 2010. “I had no idea how much to invest, but I was getting paid pretty well at the time, so I decided on $3,000.” Because Bitcoin was worth only $0.15 a piece at the time, his initial investment gave him around 20,000 Bitcoins.

From the very start, Mr. Smith knew that he was playing the long game, deciding to see just how high Bitcoin could go. For the next three years, he hodled his investment, only occasionally checking how Bitcoin is performing. But when Bitcoin hit $350, and then $800 just days later, Mr. Smith knew that it wouldn’t be wise to wait any longer.

He cashed out $2.3 million, quit his job

He should never have cashed out as thats worth $190,000,000 today.

2.3M at 800 would be 2875 bitcoins, not 20k.  So even after cashing out that sum, the dude still had 17000 bitcoins left.  Sheeet

Apparently someone doesn't know what the term "cashed out" means, I missed that.

My point is it would be stupid to cash out at all and to just take what you need while still on the ride.

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[Hueristic]

You go ahead and live your own meager life. I don't need your judgmental ass to tell me how to live mine. Especially as you are telling me how wasteful my postulated $2.3M life is in the next breath after castigating some other schmuck for not waiting til $190M.

Back when I was a wage slave, $3M was my eventual target. I was on track. Then bitcoin happened.

Not pissing away millions makes someone life meager?

I think I hit a nerve.

[jbreher]

You go ahead and live your own meager life. I don't need your judgmental ass to tell me how to live mine. Especially as you are telling me how wasteful my postulated $2.3M life is in the next breath after castigating some other schmuck for not waiting til $190M.

Back when I was a wage slave, $3M was my eventual target. I was on track. Then bitcoin happened.

Not pissing away millions makes someone life meager?

Nobody said anything about pissing away millions until this last post of yours.

You told me I need to re-examine my life habits due to the fact that I pointed out that going from being a wage slave to having a $2.3M cushion is a larger life change than going from $2.3M and free to $190M and free. In the abstract, at that. Specifically implying that there was something wrong with me for thinking having $2.3M might be a nice thing. Again, in the abstract.

Not only was your attack unwarranted on a personal level, but the lack of logic behind it is truly asinine. JJG just got done explaining -- yet again -- that many money managers consider a 4% annual drawdown from principal to be sustainable from typical retirement age until death. Which is a $92K annual drawdown on $2.3M. Not shabby, but neither is it anywhere near what I was making when I was a wage slave. And I ain't typical retirement age yet, so allowances need be made to extend the principal that many more years.

So just GTFO with your self-righteous assertion that I need to reorder my priorities.

If any nerve was hit, it was the one that leads to my blowhard asshole detector.

[Toxic2040]

ummm....yah...

full cock and ball formation?

#dyor
4h


3 black crows sitting on a cloud
D

#stronghands


--------

Deep breaths everyone...deep breaths. We will get thru this and be stronger for it.

[Hueristic]

You go ahead and live your own meager life. I don't need your judgmental ass to tell me how to live mine. Especially as you are telling me how wasteful my postulated $2.3M life is in the next breath after castigating some other schmuck for not waiting til $190M.

Back when I was a wage slave, $3M was my eventual target. I was on track. Then bitcoin happened.

Not pissing away millions makes someone life meager?

Nobody said anything about pissing away millions until this last post of yours.

You told me I need to re-examine my life habits due to the fact that I pointed out that going from being a wage slave to having a $2.3M cushion is a larger life change than going from $2.3M and free to $190M and free. In the abstract, at that. Specifically implying that there was something wrong with me for thinking having $2.3M might be a nice thing. Again, in the abstract.

Not only was your attack unwarranted on a personal level, but the lack of logic behind it is truly asinine. JJG just got done explaining -- yet again -- that many money managers consider a 4% annual drawdown from principal to be sustainable from typical retirement age until death. Which is a $92K annual drawdown on $2.3M. Not shabby, but neither is it anywhere near what I was making when I was a wage slave. And I ain't typical retirement age yet, so allowances need be made to extend the principal that many more years.

So just GTFO with your self-righteous assertion that I need to reorder my priorities.

If any nerve was hit, it was the one that leads to my blowhard asshole detector.

Lol, I think there is to much mis-communication going on here starting with the fact "Cash out" mean to divest all of an asset into cash therefore he would have nothing but 2.3mil in cash which would have been retarded and then I stated if you went from a wage slave to "needing" 2.3mil in cash then you needed to re-evalute your spending habits. You took that as an insult and twisted it around to me saying he should have stayed working and not cashed anything and it just went downhill from there.

At least that is how I see this conversation progressed.

What they should have done is stated he sold a portion and all would be fine, it was an incorrect choice of words.

[yefi]

BTC reserves held on exchanges continue to decrease. For the last 2 days over 80K BTC were withdrawn from all exchanges. This sideways lingering continued long enough. We are getting to the point where the upward explosion will be unstoppable. The rocket is fueled and ready to launch, overcoming the gravity of the miniscule daily profit seekers. Traders, think twice before hitting the sell button with a 0.9% profit!

The hair on the back of the neck stands on end waiting for that ecstatic moment - when traders' infatuation with short-term momentum indicators finally betrays them.

[CryptoYar]

You go ahead and live your own meager life. I don't need your judgmental ass to tell me how to live mine. Especially as you are telling me how wasteful my postulated $2.3M life is in the next breath after castigating some other schmuck for not waiting til $190M.

Back when I was a wage slave, $3M was my eventual target. I was on track. Then bitcoin happened.

Not pissing away millions makes someone life meager?

Nobody said anything about pissing away millions until this last post of yours.

You told me I need to re-examine my life habits due to the fact that I pointed out that going from being a wage slave to having a $2.3M cushion is a larger life change than going from $2.3M and free to $190M and free. In the abstract, at that. Specifically implying that there was something wrong with me for thinking having $2.3M might be a nice thing. Again, in the abstract.

Not only was your attack unwarranted on a personal level, but the lack of logic behind it is truly asinine. JJG just got done explaining -- yet again -- that many money managers consider a 4% annual drawdown from principal to be sustainable from typical retirement age until death. Which is a $92K annual drawdown on $2.3M. Not shabby, but neither is it anywhere near what I was making when I was a wage slave. And I ain't typical retirement age yet, so allowances need be made to extend the principal that many more years.

So just GTFO with your self-righteous assertion that I need to reorder my priorities.

If any nerve was hit, it was the one that leads to my blowhard asshole detector.

Lol, I think there is to much mis-communication going on here starting with the fact "Cash out" mean to divest all of an asset into cash therefore he would have nothing but 2.3mil in cash which would have been retarded and then I stated if you went from a wage slave to "needing" 2.3mil in cash then you needed to re-evalute your spending habits. You took that as an insult and twisted it around to me saying he should have stayed working and not cashed anything and it just went downhill from there.

At least that is how I see this conversation progressed.

What they should have done is stated he sold a portion and all would be fine, it was an incorrect choice of words.

After converting bitcoin into cash, he went on a world tour.
It seems that this was his dream. However, it was his decision that he made.
I tried hard to find him, but could not find his picture nor any social media accounts

[JayJuanGee]

 a $92K annual drawdown on $2.3M. Not shabby, but neither is it anywhere near what I was making when I was a wage slave. And I ain't typical retirement age yet, so allowances need be made to extend the principal that many more years.

For sure, each of us should be attempting to account for our own expectations and circumstances, which may well give a decent priority to maintaining a certain standard of living that we have accustomed ourselves to.

I would assert that past living standards are not absolutes, either.

Let's say for example, you have had an income of about $150k to $200k per year, and you have largely paid off your housing and really gotten a lot of your investments in a solid kind of cushioned order.  It may well be possible that anyone who has gotten their shit together could largely maintain their own standard of living on half of their traditional income - especially once they move to a passive income status.

Of course, another situation would be that if something were to happen to you (accident or some health issue), you might also reconsider that the benefits of NOT working outweigh the efforts that might have to be exerted to carry out previous levels of work, or even reduced levels of work might not be sufficient in certain circumstances.

I recall that you (picnic bear) and I had already had a variation of this conversation regarding having some enjoyment in work, and surely there is going to be individual variation in that regard, and even rewards from work that are not necessarily feeling like they are slave labor.  Accordingly, there are reasons why some multi-millionaires and even billionaires will continue to involve themselves in money making endeavors, even though they really do not need to be occupying their time with such business arrangements and some of the work that might come out of juggling various kinds of business relationships, so in that regard, having fuck you status can be played at higher levels, too in which wealthy persons who chooses projects based on personal enjoyment, status, purpose and sometimes will be in a position to can business relations or others to go fly a kite if they do not want to play ball with the wealthy person... of course, assuming that no contractual obligation(s) had been created... and sometimes being the one with more money can sometimes allow for the breaking of contracts without really suffering meaningful negative financial consequences, too.  

Circumstances are going to vary, and some people just love having about 15 chainsaws to juggle in the air, and other people might prefer NOT to juggle too many things beyond hookers, blows and lambos.  Can't really blame folks for these kinds of personal preference variances.

[Paashaas]

NY FED classified Bitcoin as fiat money..lol.


https://decrypt.co/32940/new-york-fed-bitcoin-fiat-money

Bitcoin Is Not a New Type of Money.

[VB1001]

11.4 M Bitcoin Held As Long Term Investment

Digital gold

The company concluded that the breakdown of Bitcoin’s supply makes it similar to gold, supporting the asset’s status as digital gold. They clarify, however, that it is the 3.5 million BTC that is actively traded which supports the price:

“But this digital gold is supported by an active trading market for those who prefer to buy and sell frequently. The 3.5 million Bitcoin used for trading supplies the market, and, in interaction with the level of demand, determines the price.”

https://cointelegraph.com/news/114-m-bitcoin-held-as-long-term-investment

[JayJuanGee]

NY FED classified Bitcoin as fiat money..lol.


https://decrypt.co/32940/new-york-fed-bitcoin-fiat-money

Bitcoin Is Not a New Type of Money.

Are these articles coming off as desperate or what?

Sure some people are going to be confused by their nonsense, but they are likely to get laughed at a lot too, especially if we end up going into our expected exponential growth period in the coming weeks or years.. and sure it could take a while for bitcoin's next exponential growth period to play out, including whether we will get several slow migrations upwards that culminates into one peak or possibly two or more peaks that have extensive correction periods that attempt to weed out weak hands along the way into our likely greatest peaceful transfer of wealth in history.

[jbreher]

Lol, I think there is to much mis-communication going on here

Yeah, maybe there was. Sorry for my part in it.

[LUCKMCFLY]

Everything is on the right track. Hodl!



Twitter: https://twitter.com/IdeltoInfo/status/1274225173126885378

“Despite a drop in bitcoin’s price and onchain fundamentals in week 24, the overall health of the network remains strong,” the report notes.

Source: https://idelto.com/2020/06/holders-gather-233k-btc-this-year-while-bitcoin-cash-savers-outshine-composition-by-time-held/

[Tash]

Did you know Anne Boleyn, the Queen of England from 1533 to 1536 was a Bitcoin advocate.

[Biodom]

Did you know Anne Boleyn, the Queen of England from 1533 to 1536 was a Bitcoin advocate.

yea, her husband got mad at her bitcoin advocacy...it did not end well.

[Phil_S]

[AlcoHoDL]

a $92K annual drawdown on $2.3M. Not shabby, but neither is it anywhere near what I was making when I was a wage slave. And I ain't typical retirement age yet, so allowances need be made to extend the principal that many more years.

[...]

I recall that you (picnic bear) and I had already had a variation of this conversation regarding having some enjoyment in work, and surely there is going to be individual variation in that regard, and even rewards from work that are not necessarily feeling like they are slave labor. Accordingly, there are reasons why some multi-millionaires and even billionaires will continue to involve themselves in money making endeavors, even though they really do not need to be occupying their time with such business arrangements and some of the work that might come out of juggling various kinds of business relationships, so in that regard, having fuck you status can be played at higher levels, too in which wealthy persons who chooses projects based on personal enjoyment, status, purpose and sometimes will be in a position to can business relations or others to go fly a kite if they do not want to play ball with the wealthy person... of course, assuming that no contractual obligation(s) had been created... and sometimes being the one with more money can sometimes allow for the breaking of contracts without really suffering meaningful negative financial consequences, too.  

[...]

Spot on!

Steve Jobs once said: "For the past 33 years, I have looked in the mirror every morning and asked myself: 'If today were the last day of my life, would I want to do what I am about to do today?' And whenever the answer has been 'No' for too many days in a row, I know I need to change something."

Calling yourself a wage slave for too long means you really need to change something in your life. Not all people can achieve getting enjoyment from work. Some are incapable, others lazy, others just unlucky, although I don't really believe luck can fully define someone. One can make his/her own luck in life, or he/she falls into the "incapable" category. But at least you've got to try. If you fail, try again, and if you fail again, maybe you're not able to do it, or you need to re-evaluate your goals, and Bitcoin can help in such cases, but not everyone is in this situation. Not everyone is a wage slave.

Reaching "fuck you" richness status should not necessarily mean quitting work, or stopping doing what you're doing. It could mean that you are now able to do more things that were out of your reach before, feeling more secure about your financial situation, enjoying your hobbies and leisure time to the maximum, but continue working on the field you enjoy, and even be much more productive and much more involved now, keeping your brain active and your intellectual abilities in top shape. Many of the super-rich personalities of the world are workaholics, because it's their work that keeps them alive.

[ivomm]

Warning:

[Febo]

Can't read the article but banks might have no choice than buying negative yelding bonds to follow rules on holdings. Basically to lend money to "risky" companies and people, they have to hold some "non risky" debt.

Funny that the ECB doesn't offer the same deal to actual people.

Yes. My niece took a loan to buy an apartment about a year ago. I was very surprises how high interest bank still take fro lending out money while they get money for no interest them self. I guess in the future bank loans to actual people will have to get to zero

[_javi_]

This could be big:
https://angel.co/today/stories/wirecard-ceo-resigns-after-banks-say-missing-2-billion-doesn-t-exist-24442

These guys were issuing quite a number of BTC friendly debit cards. Potentially a WaveCrest 2018 crisis returns? 

P.S. Here's a better link: https://www.cnbc.com/2020/06/19/wirecard-ceo-markus-braun-resigns-as-company-share-price-collapses.html

I still have 0.1 BTC in the limbo of Epayments since february. No news or ETA when the funds will be unlocked.

Epayments and FCA (UK) blame each other for the closure, leaving customers without their money.