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

[El duderino_]

@JJG I’m not claiming the time timeframe... more that I’m ready in a shorter term for ATH

[machasm]

i have a long standing thought that most humans are inherently good.

I think as you grow older that view changes to the downside.
Probably why there are so many grumpy old guys!
Not including Jimbo of course :-)

[Karartma1]

Good day everyone! Needed to greet that way because I am a bit worried on whats happening today. I don't know if you WObservers have seen how the infamous F a T F t ra ve l rule is unfolding. I know most of you will be able to avoid/circumvent this implementation, nonetheless I am seeing many industry players racing to adopt it.
Any comment on that?

my only comment? what is that (in very general terms if its a secret or something).

yes im out of the loop. too many projects keep me away from bct lately.

Try to recompose the letters I have put that way and see for yourself: I don't wish my posts to be indexed because of that.
In any case, it's about new regulations which might deeply impact corn transfers. Hence I wanted to know form anyone here if anybody knew something.
I guess WObservers don't really seem to care......

[sirazimuth]

..... by supressing farts too hard. ....

My dear old late Dad, after being admonished by Mom at the dinner table for lifting a cheek, would invariably answer....

"Where e'er ye be , let thy wind go free...."

(This pearl of wisdom especially applies during the recitation of the lord's prayer at Sunday mass.
...usually gets a couple of snickers from the bored ones....)

[JimboToronto]

Good morning Bitcoinland.

Yet another day stuck in the $9xxx range... currently $9245USD/$12608CAD (Bitcoinaverage).

At least the vegetable support line continued to hold after another test.

Come on Bitcoin. Up please.

..... by supressing farts too hard. ....

My dear old late Dad, after being admonished by Mom at the dinner table for lifting a cheek, would invariably answer....

"Where e'er ye be , let thy wind go free...."

(This pearl of wisdom especially applies during the recitation of the lord's prayer at Sunday mass.
...usually gets a couple of snickers from the bored ones....)

As we used to say as kids: fart in church and blame it on the angels.

https://www.youtube.com/watch?v=AiZPqTfCBis

[BitcoinGirl.Club]

Good morning WO!
Observing @ $9,241

We are stable.

[Icygreen]

...

Whoa! Not sure if that's your Garden of Weeden, but if it is, nice job bro.....sooooooweeet!!
For past couple of seasons, I've been staking the main stem down parallel to ground  exposing all nodes to full sun
and they turn into multi-stem high yield monster bushes.

Sure is, thanks!
They've been topped twice and the canopy trained for max bush.  Love growing much more than the finished product even. I'll post more shots as it matures and finishes.  Should be a fun year. Its my effort to remember 2020 in a positive way.  BTC & THC

A bit late, but I was just going through all the posts I haven't read when I stumbled upon yours.

That's an absolutely stunning garden. What strain(s) are you growing?

I've been growing myself for personal use for 10+ years. Unfortunately, I've never had the opportunity to grow outdoors, since i live close to the arctic circle. Wow, am I jealous.

You sir deserve the rest of my merits. Not necessarily for this post alone, but overall you're a quality poster. Keep it up, you'll be legendary in no time.

Thanks for the kind words (and merits) man! I still feel like an off topic shit poster most of the time but hey, glad its been entertaining some    
Strains are Sour diesel for the majority and a couple Ayahuasca purple, all sativa dominant for that creative buzz.
Used to grow for $$$ back in the day but never tried indoors. Got a decent head start this season.   They'll  produce far too much for personal consumption and what I won't use will be given or traded with friends and family.  
Mostly I adore the growing process, gardens in general but there's something deeply satisfying about raising cannabis. Still feels kinda strange to be able to share openly about it after hiding it for so many years. Only legal for 1.5 yeas and locally, its quickly become a topic only mildly more interesting than coffee bean varieties and roast.

[Toxic2040]

Good day everyone! Needed to greet that way because I am a bit worried on whats happening today. I don't know if you WObservers have seen how the infamous F a T F t ra ve l rule is unfolding. I know most of you will be able to avoid/circumvent this implementation, nonetheless I am seeing many industry players racing to adopt it.
Any comment on that?

my only comment? what is that (in very general terms if its a secret or something).

yes im out of the loop. too many projects keep me away from bct lately.

Try to recompose the letters I have put that way and see for yourself: I don't wish my posts to be indexed because of that.
In any case, it's about new regulations which might deeply impact corn transfers. Hence I wanted to know form anyone here if anybody knew something.
I guess WObservers don't really seem to care......

I hate to break it to you but this has been a thing since the 1990's. I would also like to note that if you are using bitcoin for ML or other illicit activities your doing it wrong imho. Its a public blockchain...just saying...again for the thousandth time.

Recommendation 15 and the travel rule all fall under this as well. Yes..its draconian and everyone should be concerned and calling their representative immediately and asking a serious whiskey tango foxtrot.

My take on it? Two words that have been shared ad nausaem through verbiage and meme.  It's afraid.  

Code:

On June 21, 2019, the Financial Action Task Force (FATF) published several documents (Release) that, according to U.S. Treasury Secretary Steve Mnuchin, will require virtual asset service providers to implement the same anti-money laundering and counterterrorism financing (AML/CTF) requirements as traditional financial institutions.1 The Release includes three binding documents (Requirements) and nonbinding guidance (Guidance).

1. The Requirements include the following:

a. Recommendation 15 on New Technologies (Recommendation 15), which is one of 40 FATF Recommendations (Recommendations) for AML/CTF programs for countries and financial institutions (updated in October 2018 to expressly reference virtual assets).

b. Definitions of “virtual asset” and “virtual asset service providers” (VASPs) (also originally promulgated in October 2018).

c. A new Interpretive Note to Recommendation 15 (Interpretation) explaining how Recommendation 15 applies to virtual assets, the risk-based approach that countries should take regarding virtual assets and a summary of licensing, supervisory, monitoring and cooperation requirements to be implemented.2 

The Requirements are considered binding on FATF members but are not binding on any individual or entity engaging in activities with virtual currencies. Rather, each country will need to assess Recommendation 15, the Interpretation and glossary terms and determine how to implement them through law, regulation and guidance in their own jurisdiction. Failure to implement the Requirements can lead to a country receiving low ratings in FATF’s peer review process. Too many low ratings result in inclusion on FATF’s list of countries whose AML/CTF measures are deficient. The ratings and lists are public, and inclusion of a country on a list of deficient countries can lead to counterparties in other jurisdictions subjecting individuals and entities from the deficient countries to enhanced due diligence measures and ultimately a prohibition of financial transactions.3

2. The Guidance explains the application of the Requirements and several other FATF Recommendations to member countries and commercial entities that engage in virtual asset activities, including digital asset exchanges, decentralized (distributed) applications (DApps), blockchain technology companies, wallet providers and gaming companies.4 The Guidance is not binding and does not overrule the purview of national authorities, including on their assessment and categorization of virtual assets and VASPs and the ML/TF risks.5

The Release is designed to reflect the evolution of virtual assets since FATF’s 2015 virtual asset guidance, including initial coin offerings (ICOs), decentralized exchanges and products and services that may reduce the transparency of financial flows.6 Much of the substance may appear familiar to U.S. market participants because it is similar to the recent Financial Crimes Enforcement Network (FinCEN) guidance regarding application of the Bank Secrecy Act to certain business models involving convertible virtual currencies.7

The Requirements and Guidance

Definitions and Scope

The Requirements define a virtual asset as a digital representation of value that can be digitally traded, or transferred, and can be used for payment or investment purposes. Virtual assets do not include digital representations of fiat currencies, securities and other financial assets that are covered elsewhere in the FATF Recommendations. The Guidance explains that FATF intends for the Requirements to be technology-neutral, and therefore the Requirements do not exempt specific assets that may be defined differently across jurisdictions, such as utility tokens. FATF recommends flexibility in regulating virtual assets and virtual asset activities, which involve a range of products and services in a rapidly evolving space.

The Requirements also clarify that the specific discussion of the coverage of virtual assets and VASPs is not intended to be exclusive of the application of the other more general provisions of the FATF Recommendations; countries should consider virtual assets as “property,” “proceeds,” “funds,” “funds or other assets” or other “corresponding value” for the purposes of applying each of the FATF Recommendations. Furthermore, countries should apply the relevant measures under all of the FATF Recommendations to virtual assets and VASPs.8

A VASP is defined as any natural or legal person who is not covered elsewhere under the Recommendations, and as a business conducts one or more of the following activities or operations for or on behalf of another natural or legal person: (i) exchange between virtual assets and fiat currencies, (ii) exchange between one or more forms of virtual assets, (iii) transfer of virtual assets, (iv) safekeeping and/or administration of virtual assets or instruments enabling control over virtual assets, and (v) participation in and provision of financial services related to an issuer’s offer and/or sale of a virtual asset. In the context of virtual assets, transfer means to conduct a transaction on behalf of another natural or legal person that moves a virtual asset from one virtual asset address or account to another.

The Guidance provides analysis of the definition of VASP, including in the context of custody, rewards programs, DApps, and peer-to-peer platforms. Although not explicitly listed, it is possible that FATF would consider the definition of VASP to cover token lending activities. They note that some items that on their face do not appear to constitute virtual assets may in fact be virtual assets that enable the transfer or exchange of value or facilitate ML/TF (money laundering and terrorist financing). FATF gives the example of gaming tokens that can be used to obfuscate transaction flows between an in-game token and its exchange for a virtual asset. They also cite secondary markets that exist in both the securities and commodities sectors for goods and services that are fungible, are transferable, and can store and accrue value.

The Guidance explains that safekeeping and administration services under the definition of VASP include persons who have exclusive or independent control of the private key associated with virtual assets belonging to another person or exclusive and independent control of smart contracts to which they are not a party that involve virtual assets belonging to another person.

The discussion of DApps is similar to the recent FinCEN guidance and cites the U.S. Securities and Exchange Commission’s report on the DAO, a decentralized autonomous organization, for an explanation of a DApp.9 FATF takes the position that a DApp and its “owners or operators” may fall under the definition of a VASP, without elaborating on who might be considered such an “owner or operator.” Furthermore, as under the FinCEN Guidance, a DApp developer who engages as a business in facilitating the exchange or transfer of value (either virtual assets or fiat currency) may be a VASP.

FATF excludes from the definitions of virtual assets and VASPs certain “closed-loop” activities. This includes closed-loop items that are nontransferable, nonexchangeable and nonfungible, specifically referencing airline miles, credit card awards and loyalty programs points that cannot be sold on the secondary market.

Transaction Thresholds

The Interpretation sets the threshold for occasional transactions above which VASPs are required to conduct customer due diligence at USD EUR 1,000. It is important to note that this is a threshold only for “occasional” transactions and not a complete exemption for transactions under the specified amount.

Risk-Based Approach

The Requirements explain that countries should identify, assess and understand the risks of virtual asset activities, new products, new business practices and new technologies and apply a risk-based approach to ensure that measures to prevent or mitigate ML/TF are commensurate with the risks identified. Importantly, the Guidance clarifies that while virtual asset activities may serve as another mechanism for the illegal transfer of value or funds, countries should not necessarily categorize VASPs or virtual asset activities as inherently high ML/TF risks. The Guidance identifies sectors that may be vulnerable to ML/TF; however, the overall risk should be determined through an assessment of the sector at a national level. Different entities within a sector may pose a higher or lower risk depending on a variety of factors, including products, services, customers, geography and the strength of the entity’s compliance program. Furthermore, the extent and quality of a country’s regulatory and supervisory framework, as well as its risk-based controls and mitigation measures by VASPs influence the risks associated with virtual asset activity in a given country.

FATF has determined that financial institutions should conduct a risk assessment and take appropriate measures to manage and mitigate risks prior to the launch of new products, new business practices or the use of new technologies. In an apparent effort to avoid the prospect of indirectly choking VASP access to the traditional banking sector, the Guidance also emphasizes that it is important that financial institutions apply the risk-based approach properly and do not resort to the wholesale termination or exclusion of customer relationships within the VASP sector without a proper risk assessment.

Licensing, Supervision and Monitoring

To manage and mitigate the risks emerging from virtual assets, countries should ensure that virtual asset service providers are regulated for AML/CTF purposes, and licensed or registered and subject to effective systems for monitoring and ensuring compliance with the relevant measures called for in the FATF Recommendations. The Requirements explain that VASPs should be required to be licensed or registered in the jurisdiction where they are created and where a VASP business is located. Jurisdictions may also require licensing or registration of VASPs that offer products or services in or conduct operations from that jurisdiction. For entities doing cross-border business, this creates the prospect of complying with multiple licensing regimes around the world. However, countries need not impose a separate licensing or registration system on individuals or entities already subject to the full range of applicable obligations under the FATF Recommendations.  Similar to FinCEN’s money services business licensing requirements, the Requirements state that authorities should take measures to prevent criminals or their associates from owning or controlling VASPs. Furthermore, similar to the FinCEN money services business ongoing compliance requirements, the Requirements explain that countries should ensure that VASPs are subject to adequate regulation and supervision or monitoring for AML/CTF that is risk-based.

Information Gathering and Cooperation

The most operationally significant elements of the FATF Release, the Requirements apply the requirements of Recommendation 16, Wire Transfers, to virtual assets, including freezing and prohibiting transactions with sanctioned persons and entities. Similar to FinCEN’s recent guidancethat the Funds Travel Rule and Funds Transfer Rule apply to certain transactions in convertible virtual currency, FATF has determined that countries should ensure that originating VASPs obtain and hold certain information regarding originators and beneficiaries of virtual asset transfers, submit the information to the beneficiary VASP or financial institution (if any) immediately and securely and make this information available on request to appropriate authorities.10 In the Guidance, FATF stresses that it is “vital” that countries ensure that virtual asset transfer providers transmit originator and beneficiary information immediately and securely, particularly given the rapid and cross-border nature of VA transfers. The information can be submitted either directly or indirectly and it is not necessary for the information to be attached directly to virtual asset transfers. While this flexibility is a concession to the industry in recognition of the challenge this requirement poses for existing blockchain protocols, it remains a significant issue for the industry. Authorities are encouraged to cooperate and exchange information on VASPs in order to stop ML/TF.

FATF explains that VASPs and financial institutions are not expected to submit information to individual users who are not required to be licensed or supervised. However, VASPs receiving a virtual asset transfer from an entity that is not a VASP or other obliged entity must obtain the required originator information from their own customer. Furthermore, FATF explains that countries may permit regulated VASPs and financial institutions to rely on a regulated entity that is supervised and monitored for AML/CTF to introduce business and perform part of the customer due diligence process, consistent with Recommendation 17 and U.S. law. Although the Guidance does not specifically address the use of unregulated entities as service provider in support of such processes, such arrangements are common in the United States and presumably were not intended to be precluded by the Recommendation.  

Conclusion

The FATF Release provides a window into how countries around the world are expected to regulate virtual assets and virtual asset activity. Although it will likely take years for countries to implement the Release via binding legal requirements, it is clear that more regulation is on the way. Individuals and businesses involved in virtual assets should consider the effect that these rules may have on their virtual asset activities and how they may be able to provide technical information and guidance to local lawmakers and regulators as they shape local law. In particular, virtual asset market actors should keep in mind the following:

Although similar in many ways to the recent FinCEN guidance, the implementation of the Interpretation and related Guidance would expand that model globally. Virtual asset platforms that were not previously regulated may soon be required to register as VASPs in the jurisdictions in which they are incorporated and do business. Licensing and compliance requirements can be lengthy and expensive. Those engaging in virtual asset activities should start planning now for how they will comply in each country in which they have users and other operations.

[sirazimuth]

....

As we used to say as kids: fart in church and blame it on the angels.

https://www.youtube.com/watch?v=AiZPqTfCBis

Thanx mate. Never seen that one. Gotta love the fart humor.
lmao

[sirazimuth]

...

Whoa! Not sure if that's your Garden of Weeden, but if it is, nice job bro.....sooooooweeet!!
For past couple of seasons, I've been staking the main stem down parallel to ground  exposing all nodes to full sun
and they turn into multi-stem high yield monster bushes.

Sure is, thanks!
They've been topped twice and the canopy trained for max bush.  Love growing much more than the finished product even. I'll post more shots as it matures and finishes.  Should be a fun year. Its my effort to remember 2020 in a positive way.  BTC & THC

A bit late, but I was just going through all the posts I haven't read when I stumbled upon yours.

That's an absolutely stunning garden. What strain(s) are you growing?

I've been growing myself for personal use for 10+ years. Unfortunately, I've never had the opportunity to grow outdoors, since i live close to the arctic circle. Wow, am I jealous.

You sir deserve the rest of my merits. Not necessarily for this post alone, but overall you're a quality poster. Keep it up, you'll be legendary in no time.

Thanks for the kind words (and merits) man! I still feel like an off topic shit poster most of the time but hey, glad its been entertaining some    
Strains are Sour diesel for the majority and a couple Ayahuasca purple, all sativa dominant for that creative buzz.
Used to grow for $$$ back in the day but never tried indoors. Got a decent head start this season.   They'll  produce far too much for personal consumption and what I won't use will be given or traded with friends and family.  
Mostly I adore the growing process, gardens in general but there's something deeply satisfying about raising cannabis. Still feels kinda strange to be able to share openly about it after hiding it for so many years. Only legal for 1.5 yeas and locally, its quickly become a topic only mildly more interesting than coffee bean varieties and roast.

White Widow feminized. Just staked down that side stem an hour ago. (3rd staking for that one)
I find it works way better than pinching the top off. Added bonus, no loss of main stem node.

[yefi]

And this is just a dress rehearsal: 2-5% death rate is nothing compared to a 30-50% rate (what SARS was if I recall). Given today's climate I can see that going global. Maybe I need to stock up on 2 years worth of filters, not one. Hm.....

That was MERS I believe. Combining its mortality with the infectiousness of COVID-19 would be freakishly bad.

[OutOfMemory]

i have a long standing thought that most humans are inherently good.

I think as you grow older that view changes to the downside.
Probably why there are so many grumpy old guys!
Not including Jimbo of course :-)

In fact, it's about brain metabolism. It slows down with age, so people get depressive progressively (Meds use the term that is best translated as "age depression").
Jimbo is on weed, so this might play a key role, since it's anti-depressive as well. I can also report that i became far less grumpy than my long time friends of similar age, especially compared to those who don't take weed.
I'm not even near Jimbo's age, but in my mid 40's, but i know quite some potheads in the age of 50-65 who support my observations.
Ah yeah, and a young wife. Mine is about a decade younger than me 

[OutOfMemory]

Not quite, i fear. Beer is free of lactose afaik, but the vanilla icecream most often contains a lot of lactose (since it doesn't crystallize when frozen).

To be clear, it was likely the lactose-containing vanilla ice cream, mixed up with the beer, fermented into the stygian horror that escaped my anus the other day.

I'm still recovering TBH...

It takes me about a day to get it out of the system and another one to get rid of fatigue and muscle/tendon pain. I'm also a lot more emotional and brainfogged within that timeframe.

White Widow feminized. Just staked down that side stem an hour ago. (3rd staking for that one)
I find it works way better than pinching the top off. Added bonus, no loss of main stem node.

Nice one. Just wanted to ask you about how exactly you stake down the plants. I will happily pick up that idea   (if the legal status of growing weed is going to be eased up again in my country).
WW is one of my favourite strains, it was the first one i bought and smoked on my first trip to amsterdam. Back then i was pretty knocked out by this one, after not having eaten food for a night and a day  

EDIT: It was a bulldog coffeeshop near the central train station, some few minutes around the corner of madame tussaud's. The owner stepped up and tried to speak in three languages i understood, but this time it was all sounding like russian to me. I asked my friend to translate, but i didn't understand him either, though he tried to tell me a couple of times   The boss then served me a big glass of coke, which brought me up to a level where i could walk again. I'm becoming sentimental...

My dear old late Dad, after being admonished by Mom at the dinner table for lifting a cheek, would invariably answer....

"Where e'er ye be , let thy wind go free...."

I'm ok with letting winds go, to some degree. But these were more like blasts of thunder, not even smelly but loud, long and rumbling.

[Toxic2040]

Nice one. Just wanted to ask you about how exactly you stake down the plants. I will happily pick up that idea 

What ever you have handy really for staking..but I like to use these landscape staples.



Just fold the secondary stalks downwards towards the soil and gently stake down. I like to keep them up off the dirt a little bit to reduce rot risks..sometimes even excavate a slight channel below the stalk. It just has to keep them parallel to the soil..so you dont need to get crazy. In other words they dont need to be immobilised, just loosely held down..once they start to flower the weight of the colas will help keep them down.  YMMV.

[serveria.com]

Not quite, i fear. Beer is free of lactose afaik, but the vanilla icecream most often contains a lot of lactose (since it doesn't crystallize when frozen).

To be clear, it was likely the lactose-containing vanilla ice cream, mixed up with the beer, fermented into the stygian horror that escaped my anus the other day.

I'm still recovering TBH...

I wish you and ur anus to get well soon! 

[Hueristic]

The U.S failled bending the curve, Americans are not disciplined enough and they reopened way to fast.

We do have an inordinate amount of really retarded people.

Hopefully this will change that.

I remember when all this started in February. Neil deGrasse Tyson was asked what he think about covid-19 and possible pandemic. He said this is all a big experiment. Experiment about if people will finally listen to scientists or not.

Yup, just by looking at the states that have an increase you can tell who the morons are.

Looking at you florida.

[Hueristic]

I remember when all this started in February. Neil deGrasse Tyson was asked what he think about covid-19 and possible pandemic. He said this is all a big experiment. Experiment about if people will finally listen to scientists or not.

Smart people will, problem is the dumblocks can drag us all down.

And this is just a dress rehearsal: 2-5% death rate is nothing compared to a 30-50% rate (what SARS was if I recall). Given today's climate I can see that going global. Maybe I need to stock up on 2 years worth of filters, not one. Hm.....

Actually we are lucky its not that bad as if this is a dress rehearsal the tards will hopefully learn their lesson before the big one hits.

[Toxic2040]

the noon wall report

still clinging to the bottom of the 4 hour cloud...sideways thru tomorrow then re-consolidate around $9.5k I am thinking

1h


4h

[gentlemand]

I wish you and ur anus to get well soon! 

By this point Bob's anus feels like a member of the family. I might set it a place at the table for Xmas dinner.

[JimboToronto]

One thing I love about life is that there's always something new to experience or learn about.

All my life I pictured dust storms as localized surface phenomena. Now we're in day 3 here of what's been called the worst Saharan dust plume in 50 years.

If you look upward what you see are fluffy white clouds against a gray sky. Normally gray skies mean gray clouds, but in this case it's the normally blue sky itself that's gray.

Weird, but awesome.