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

[Ibian]

Used to be you knew the people in your bank and they knew you. No need for arcane scoring systems.

[Ibian]

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.

True. But the actual work of one's career can also change drastically over time, to become much less meaningful.

For example, when I first got into IT programming in the mid 90's, the work was actually very meaningful and fun. We were building business software applications from complete scratch, and there was a sense of passion, creativity and analysis in what I was doing day to day. Programmers could use their brains to bang out code to build custom use cases and custom UIs, were respected and revered, and got paid accordingly for their creative analysis and technical knowledge.

By the time I got out of that career in the 2010's, IT programmers were reduced to simply integrating off-the-shelf, expensive closed-source software into existing business environments. They essentially became glorified software "babysitters", having to spend their days trying to integrate and debug software that was poorly-written by someone else, often with poor performance, poor configuration, archaic APIs, missing or incomplete documentation, lack of expertise, etc. And these software integrations were often initiated under ridiculous time schedules and low/inadequate budgets, with use-case and performance expectations that could not be met in the time allotted. Or ever. It became soul-crushing work, and I started having bouts of anxiety and depression that I never had in the beginning of my IT career.

What the IT career became in the end, was not something had I signed up for in the beginning. So I got out.

This is why I never got into the field. It was obvious what it had become and what kind of people I would have to be dealing with. Even had a teacher say that people like me were born 20 years too late.

[btcbeliever]

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

I called my bank for a quick personal 10k loan (I haven't taken a loan since the mid 80's) and they wanted 18%, I was shocked and laughed in the guys face.

Yes, I'd rather take a loan than sell anything right now.

You can use your BTC stash as collateral for a 5% interest rate personal loan - borrow $10,000 with $40,000 of BTC
Celsius.network

I've earned interest with them for a year now, a good business.

[Biodom]

Good discussion...
When you feel burned out, it most definitely means that something has to change.
I am only 9 years into my second career cycle. So far so good, but who knows how long that feeling would last.
Having bitcoin as a 'hobby' certainly helped as it makes things interesting, especially when I had to learn a thing or two about it.

One point regarding drawn-downs: I cannot imagine myself stopping accumulation and starting a strict draw-down. I think this would make me feeling empty and/or exposed.
Spending from IRA just does not feel right and I am not even talking about selling btc for spending. It would be difficult to overcome the hodling philosophy.

@jbreher and @JJG were [having a] discussion spending $92K from a $2.3mil account as an exercise, 4% yearly and all...
That's all peachy, unless either $ value significantly declines or, alternatively, market would not appreciate for, say, 20-30 years.
Then, all money is gone in 25 years, someone is a 90 year old man (if you start at 65) in relative poverty (if social programs collapse or become highly insufficient).
I tend to believe that 4% is hogwash and recent events show that we don't know what to expect down the pike.
It is probably wise to have some residence paid out by 65; at least take this part of the equation out.

Regarding yearly withdraws: 3% sounds much more realistic, at least I use this number for calculations.

You can use your BTC stash as collateral for a 5% interest rate personal loan - borrow $10,000 with $40,000 of BTC
Celsius.network

I've earned interest with them for a year now, a good business.

Interestingly, blockchain.com (the one that used to be blockchain.info) says that it would pay YOU 4.5% on btc in their custody account.
Not sure whether it is in btc or in fiat. Seems to be a better deal, not sure what conditions are, though.

[Hueristic]

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.

True. But the actual work of one's career can also change drastically over time, to become much less meaningful.

For example, when I first got into IT programming in the mid 90's, the work was actually very meaningful and fun. We were building business software applications from complete scratch, and there was a sense of passion, creativity and analysis in what I was doing day to day. Programmers could use their brains to bang out code to build custom use cases and custom UIs, were respected and revered, and got paid accordingly for their creative analysis and technical knowledge.

By the time I got out of that career in the 2010's, IT programmers were reduced to simply integrating off-the-shelf, expensive closed-source software into existing business environments. They essentially became glorified software "babysitters", having to spend their days trying to integrate and debug software that was poorly-written by someone else, often with poor performance, poor configuration, archaic APIs, missing or incomplete documentation, lack of expertise, etc. And these software integrations were often initiated under ridiculous time schedules and low/inadequate budgets, with use-case and performance expectations that could not be met in the time allotted. Or ever. It became soul-crushing work, and I started having bouts of anxiety and depression that I never had in the beginning of my IT career.

What the IT career became in the end, was not something had I signed up for in the beginning. So I got out.

Its an entire generation of script kiddies that are called programmers. Pretty disgusting actually. I have a nephew who does "penetration testing" and thought writing a batch file was machine coding. He was telling me how the guy who is his direct supervisor codes in machine language which I of course laughed at him and he got all indignant and it turns out the guy writes batch files. Lol

How sad.

I would have even given him a pass if it was assembler.

[Hueristic]

You can use your BTC stash as collateral for a 5% interest rate personal loan - borrow $10,000 with $40,000 of BTC
Celsius.network

I've earned interest with them for a year now, a good business.

Not your keys, we've had this conversation. don't come crying here when...

[Ibian]

You can use your BTC stash as collateral for a 5% interest rate personal loan - borrow $10,000 with $40,000 of BTC
Celsius.network

I've earned interest with them for a year now, a good business.

Not your keys, we've had this conversation. don't come crying here when...

Yeah. That's why you bet an amount you can afford to lose, wait for it to double, withdraw the initial... and then just let it ride.

[Hueristic]

Yeah. That's why you bet an amount you can afford to lose, wait for it to double, withdraw the initial... and then just let it ride.

Thats what the smart gambler does.

[sirazimuth]

.... I off course laughed at him and he got all indignant and it turns out the guy writes batch files. Lol

Apart from CNC G code,
writing those batch file thingies that fire up one's shitcoin miner are about the extent of my brilliant coding career.
You can laugh at me though.
I wont get indignant....

[vapourminer]

https://medium.com/swlh/the-greatest-capitalist-scam-of-the-century-why-credit-scores-are-screwing-us-all-over-7f6b607e745d

The sad fact is that two-thirds of Americans can’t pass a basic financial literacy test, and it’s not getting better at a rapid pace, either.

That's the gist of it.
I learned many years ago after going bankrupt (entirely my fault, young and stupid) you have to play the credit game
correctly and follow the mostly unwritten rules he spells out.
I did that and over the years since my bankruptcy my credit score is virtually perfect now... 830 or something. I don't really care tbh.
I only know that, not because I check it (I don't, that's bad for credit score) but when re-upping my last car lease,
the salesperson mentioned he never sees folks come in with perfect credit scores.

a while back at a bank they wanted to do a "financial wellness score." whatev. so one question was "what do you think your credit score is?" my answer: i dont care. they were kinda put off.. like what if you need a loan. i told them i will pay cash for whatever i need a loan for. as i DONT do debt.

they were not really impressed. kept telling me i may need it. i just told them i dont play that game any more. i live within my means and plan accordingly.

[Ibian]

Thinking about changing to linux soon. -ish. Before the next windows version, at the latest. Long time e-friend nerd recommended linux mint. Looks user friendly. Anyone using it? Can recommend/not recommend?

[Ibian]

https://medium.com/swlh/the-greatest-capitalist-scam-of-the-century-why-credit-scores-are-screwing-us-all-over-7f6b607e745d

The sad fact is that two-thirds of Americans can’t pass a basic financial literacy test, and it’s not getting better at a rapid pace, either.

That's the gist of it.
I learned many years ago after going bankrupt (entirely my fault, young and stupid) you have to play the credit game
correctly and follow the mostly unwritten rules he spells out.
I did that and over the years since my bankruptcy my credit score is virtually perfect now... 830 or something. I don't really care tbh.
I only know that, not because I check it (I don't, that's bad for credit score) but when re-upping my last car lease,
the salesperson mentioned he never sees folks come in with perfect credit scores.

a while back at a bank they wanted to do a "financial wellness score." whatev. so one question was "what do you think your credit score is?" my answer: i dont care. they were kinda put off.. like what if you need a loan. i told them i will pay cash for whatever i need a loan for. as i DONT do debt.

they were not really impressed. kept telling me i may need it. i just told them i dont play that game any more. i live within my means and plan accordingly.

You know what that means? Means your credit score is higher than their scale goes.

[sirazimuth]

..... i live within my means and plan accordingly.

I absolutely live within my means also and will never go in cc debt again. It's just that it's not always convenient to pay with cash.
I just swipe and pay off every month. The only time I have a wad of cash in my pocket is when I sell my annual crop of....  (ehem) ....tomatoes!   

[JimboToronto]

Thats what the smart gambler does.

Isn't that an oxymoron?

[Ibian]

Thats what the smart gambler does.

Isn't that an oxymoron?

Nope. Gambling is all about probability. So pick the probabilities you like.

[sirazimuth]

Thats what the smart gambler does.

Isn't that an oxymoron?

Afaik, smart gambling is counting cards and it's the only way to beat the house odds (besides cheating), and Vegas knows every one of 'em. (card counters)
The casino kicks 'em out as soon as the facial recognition app warns they are on the premises.

[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.

[edited out]

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.

There should be some choice in the kinds of work that we do, and gosh, when we are really young, and just entering the workforce, we might be put in position that require us to do the most shitty of the jobs within the organization that we work - presumably, we do not start out being the boss, even though some people do get into those kinds of positions where they are
put in charge of things due to their connections (and presumably they are trusted to carry out the interests of the owner/boss).

Seems that we can learn from all kinds of jobs, even the bad ones as long as they do not persist in such a bad status for too long of a time.  Surely, some people do get value out of repetitious jobs, and they consider making a living to be worth their time, and of course, the more that we build our skills (or even our likability or ability to work with others or to be trusted), the more options that we are likely going to have.

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,

We do likely need to concede that some people are going to have more difficult circumstances that they might be trying to get out of, and of course, many of us might not want to be born into a situation in which we have a lot of obligations that don't seem to allow us to have space for self-development, so sure we might be presuming a bit of luck from the start in terms of having some infrastructure, such as we do not have to walk four hours a day for water or some of those material difficulties.

Also, some people might have difficulties just establishing some discretionary income, even if it is $5 per month that can be stacked away...

and Bitcoin can help in such cases, but not everyone is in this situation. Not everyone is a wage slave.

Of course, we are going to agree that bitcoin can help, even in the most dire of circumstances, even if someone might only be able to stack away $5 per month.

We have already gone over the case that any person who is investing in bitcoin better make sure that they have their shit together in other regards, too, because you don't want to be forced to have to cash out any or all of your BTC at a time that is not completely at your own choosing... but of course, bitcoin remains one of the best asymmetric bets - but I will still say that having at least a  5 year timeline to allow the investment to play out is amongst the current best practices, even for someone in dire circumstances.. and surely, even such person who enters into bitcoin currently, could choose to cash out of bitcoin in all or in part at a time that is less than 5 years from now, so long as they are doing so at their own choosing, and not because they had not planned and prepared to ride it out for at least 5 years.

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.

Probably fuck you status continues to be somewhat about having the option to do stuff that others may or may not agree with because it is your choice to engage in such activity(ies), and not strictly something(s) that you are doing because you have to in order to feel monetarily comfortable.

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

Of course, banks frequently figure out ways to screw people who do not have other options, and not only do banks get low interest money, in recent times, they do not even have to maintain any reserves, but they still are going to try to charge you as much as you are willing to pay, and you will pay more, if you have fewer options.

[Ibian]

Thats what the smart gambler does.

Isn't that an oxymoron?

Afaik, smart gambling is counting cards and it's the only way to beat the house odds, and Vegas knows every one of 'em. (card counters)
The casino kicks 'em out as soon as the facial recognition app warns they are on the premises.

Weak. gambling house can't handle losing to better gamblers.

[sirazimuth]

True that, but they'd be outta business otherwise.

[serveria.com]

Thinking about changing to linux soon. -ish. Before the next windows version, at the latest. Long time e-friend nerd recommended linux mint. Looks user friendly. Anyone using it? Can recommend/not recommend?

If you're planning to go with Linux I'd recommend to stick with the big guys: CentOS, Debian, Ubuntu. They all have decent support, wide choice of GUIs, they're pretty stable and secure. Also less likely to have compatibility issues... in short: avoid exotic distros