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

[JayJuanGee]

We often speak of Bitcoin mooning and I sometimes wonder how managing an enormous newfound wealth might inevitably impact my life and mental state.  A slippery slope no doubt

Yeah, this is a valid concern for many of us... I've heard of people who won the Lottery (several $M) and two years later they were penniless and owing to banks...

I think it's up to the individual, his character and attitude towards life. Personally, I feel it won't change me or affect my mental state etc., but no one really knows until he gets into that "fuck you rich" state. We'll know soon enough.  

A co worker at my wife's job won two lotteries in one month. 2 MILL AND 7 MILL

he ended up divorced and working as an airport security guard.

The job he quit paid 110k the airport job was less then 1/2 that. It took under three years for the money to be lost.

Well, just one of those lottery winning should be close to reaching fuck you status, on a gross level, but probably we need to speak net winnings rather than gross winnings.

Let's say that the guy pretty much had a lot of messed up finances at the time of winning the lotteries, and lots of taxes, too, so hypothetically pretty much half of the winnings were eaten up.. ..

He should still had pretty much $4-5 million left over to take home, which many of us would have considered to have been totally within fuck you status to have been able to generate $13k to $16k per month in passive income - which by the way would dwarf the income from his previous JOBs at somewhere between $156k to $200k per year of passive income.  That should be enough.. especially passive income, no?

Maybe each of us should attempt to pinky promise that we can be responsible enough to live within such means.. and just figure out a place to put the money in order to generate that passive income. Hey if we earned such passive income in cash, gosh putting half or more of that value into bitcoin might not be a bad idea... and then just cash out the passive income (1% per quarter or 4% per year) incrementally along the way (that way the value is liquid)

Oh wait, we are already in bitcoin.... ok... just add to the BTC stash, then... and cash out incrementally.  no?  figure out ways to safeguard those coins.  3-4 private wallets, maybe a couple of hot wallets with smaller amounts?

Money wont change the essence of the person, at best/worst it will amplify it.

If someone is already an asshole, in all likelihood they just become a rich asshole.

(that was quote I heard on here pre-2013 btw)

Indeed. People go on about how "power corrupts" but to be honest,

"power reveals".

It simply reveals the kind of person that was always there, doesn't change anything about them.

Something to always keep in mind.

With some people, you get a sense that you would not want to place them in a position of power because either they would not be able to handle it or they would end up abusing it (which may just be two ways of saying the same thing).

Some people end up getting into positions of power, despite what anyone else might want, then we get to witness how such power nuevos handle such actualized (rather than speculative) power.

[Biodom]

A few simple rules everyone should be doing: Don't spend more than you earn, save or invest the difference, avoid debt.

True, albeit this does not need to be followed religiously after, for example, 60-65 (if you stopped working).
I am trying to figure out what to do afterwards.
Options:
1. Divide whatever I would have by then by, say, a factor of 30 and proceed to spend it. Not much would be there by 90 (if life continues until then, no life ending event (LEE)).
2. Continue as if I had the same salary, and spend that much. Nothing much would change, which kind of defeats the purpose.
3. Go crazy, buy something spectacular (RE in a premier location), enjoy myself for, say, 5-10 years, then retreat to a simpler lifestyle (after 70-75, if no LEE occurs).
4. #2, then bequest the rest to relatives and/or causes. Not sure if for me it would be a right thing (personal reasons aka- younger generation of mine).

Right now, #3 is in the lead.

PS. Btw, spending down your 'stash' is NOT passive income, let's make this distinction clear. Passive income is interest, rents, dividends, royalties, etc.

[friends1980]

enjoy myself for, say, 5-10 years, then retreat to a simpler lifestyle (after 70-75, if no LEE occurs).

Probably a good decision, but I suppose you have good insurance or social security, because what if you need extra medical treatment after 70-75 and have no private money left?

Another important question: why do I feel as if I'm in the Ivory Tower?

[Biodom]

enjoy myself for, say, 5-10 years, then retreat to a simpler lifestyle (after 70-75, if no LEE occurs).

Probably a good decision, but I suppose you have good insurance or social security, because what if you need extra medical treatment after 70-75 and have no private money left?

Another important question: why do I feel as if I'm in the Ivory Tower?

true, but in US, most medicals (but not all) are covered by medicare (after 65). Right about soc security too-albeit average is small in US, about $18K/year, but copay for medicare is running about $2K/year. However, who knows if this will all survive the torments of the Fourth turning.

Re ivory tower-education levels here vary, but by now all still here are battle-hardened hodlers (at least in words, lol). The rest simply left.

[Elwar]

lately been contemplating about selling my business. after more than two decades it is kind of boring and even the thought of selling didn't get me exited. but then - all of a sudden - it dawned on me that this would enable me to shove some 6 digit fiat amount into bitcoin. not sure if this is reckless, stupid or brilliant.

My thought process when I decided that I had enough money in bitcoin to retire.

I had enough in BTC but not much cash. So I spent my last year of work filling my bank account with dollars to spend so I would have a few years worth of money to live on without dipping into my BTC. I saved up about $80k and retired in 2018, I think I just moved the last of my cash to my spending account last week. Of course living in Thailand was cheap. Living in Panama would have been cheap but I started putting money into Ocean Builders. So I had to dip into my BTC a bit for that.

That helped me quite a bit considering the BTC price was below what I felt was worth spending for most of those 2 years.

[JayJuanGee]

Nobody using "margin" then ?

If you are going long, margin in NOT needed.

One way to screw up nearly a sure bet, is to use margin.    

PS. Btw, spending down your 'stash' is NOT passive income, let's make this distinction clear. Passive income is interest, rents, dividends, royalties, etc.

Let's make this clear.  If your BTC stash is appreciating in value more than you are spending, then that is practically (for all intents and purposes) the same thing as passive income because your BTC stash holds its value (presumably if you are measuring the value of such stash in dollars).

Don't get diverted into believing that your BTC has to "earn" more BTC in order for it to appreciate in value (which causes a lot of people to do a lot of dumb things, including putting their BTC with third parties or even selling to much too soon of their BTC for a purportedly dividend paying asset... blah blah blah)..  

Those talking points that suggest that you need to continue to have more BTC (or that you need to earn dividend on your BTC in order for the income to count) are nearly pure bullshit designed to get you to believe that you cannot maintain and spend from your own BTC stash and maintain its value (in terms of dollar worth) or that you need to put your value with someone more qualified.. blah blah blah.

Remember bitcoin is designed to pump forever (of course not guaranteed, but there is a pretty damned strong track record, already), and we could even plot out how acquiring 250BTC in 2013 or even in 2015 would be worth more in 2020... and you could have even been withdrawing 1% per quarter from your 250BTC stash, and you would still be way better off in terms of dollar value of your stash including having more value in 2020 then you had when you purchased those BTC.  Do I need to provide a chart for you to see it or are you just trying to be overly technical with your denial of the ability to develop a system of passive income from an asset like bitcoin?

[philipma1957]

enjoy myself for, say, 5-10 years, then retreat to a simpler lifestyle (after 70-75, if no LEE occurs).

Probably a good decision, but I suppose you have good insurance or social security, because what if you need extra medical treatment after 70-75 and have no private money left?

Another important question: why do I feel as if I'm in the Ivory Tower?

true, but in US, most medicals (but not all) are covered by medicare (after 65). Right about soc security too-albeit average is small in US, about $18K/year, but copay for medicare is running about $2K/year. However, who knows if this will all survive the torments of the Fourth turning.

Re ivory tower-education levels here vary, but by now all still here are battle-hardened hodlers (at least in words, lol). The rest simply left.

i get medicare when i turn 66. yrs and 6 months. old.



time is over 65 if you were born in 1956
time is over 66 if you were born in 1957
time is over 67 if you were born in 1958.

[Last of the V8s]

Another important question: why do I feel as if I'm in the Ivory Tower?

Quality of discussion today has been terrific. We're allowed to veer off topic roughly speaking if there's consensus on the new topic.

[JayJuanGee]

Another important question: why do I feel as if I'm in the Ivory Tower?

Quality of discussion today has been terrific. We're allowed to veer off topic roughly speaking if there's consensus on the new topic.

Seems to me that friends1980 has been diverted from his original mission in this here thread, which was supposed to be reading the whole thread and reporting his various findings back to us on a periodic basis.

Get back to your duties, friends1980!!!!!!!       

[Biodom]

enjoy myself for, say, 5-10 years, then retreat to a simpler lifestyle (after 70-75, if no LEE occurs).

Probably a good decision, but I suppose you have good insurance or social security, because what if you need extra medical treatment after 70-75 and have no private money left?

Another important question: why do I feel as if I'm in the Ivory Tower?

true, but in US, most medicals (but not all) are covered by medicare (after 65). Right about soc security too-albeit average is small in US, about $18K/year, but copay for medicare is running about $2K/year. However, who knows if this will all survive the torments of the Fourth turning.

Re ivory tower-education levels here vary, but by now all still here are battle-hardened hodlers (at least in words, lol). The rest simply left.

i get medicare when i turn 66. yrs and 6 months. old.



time is over 65 if you were born in 1956
time is over 66 if you were born in 1957
time is over 67 if you were born in 1958.

Phil, nope.
Everybody gets Medicare at 65.
You'll get social security at whatever times you indicated, which are also only partially correct (for last, not 1958, but 1959 and not over 67, but 67).
This is actually important because you HAVE to enroll in medicare at 65, plus/minus 3 or four months.
If you apply at 66, 6month, you would have a large and PERMANENT penalty, so i suggest to check it out.
PS this covers some of the options (re working or not working):
https://www.medicareresources.org/faqs/do-i-need-to-sign-up-for-medicare-at-65-if-im-still-working/

[Gyrsur]

Another important question: why do I feel as if I'm in the Ivory Tower?

Quality of discussion today has been terrific. We're allowed to veer off topic roughly speaking if there's consensus on the new topic.

which topic you mean?

[Gyrsur]

if you have balls enough let us play a little game. 

[JayJuanGee]

if you have balls enough let us play a little game. 

You are so self important, Gyrsur.

Oh, how I wished that you would please, please, please read my posts.

I feel so insignificant in your presence.   

[Gyrsur]

if you have balls enough let us play a little game. 

You are so self important, Gyrsur.

Oh, how I wished that you would please, please, please read my posts.

I feel so insignificant in your presence.   

ok, JJG forget about the balls! 

[JayJuanGee]

if you have balls enough let us play a little game.  

You are so self important, Gyrsur.

Oh, how I wished that you would please, please, please read my posts.

I feel so insignificant in your presence.    

ok, JJG forget about the balls!  

Thank you, thank you, thank you, for taking me back, Gyrsur dee wannabe meiser.



 

[Last of the V8s]

[Karartma1]

There is an unconfirmed report that Risto Pietila has died. By his own hand, people are saying. More if I get it.

We often speak of Bitcoin mooning and I sometimes wonder how managing an enormous newfound wealth might inevitably impact my life and mental state.  A slippery slope no doubt

This is it for me too. I am developing a strategy to keep sanity every new 10k increase or so. Bitcoin became something too big in my life, I did not expect it to be this way but, as I said, this is it.
Now I understand when they say "with great power comes great responsibility".

Confession
I recently lost more than 10 btc. I am not disclosing how that happened, still makes me mad. This has been haunting me for the last two years.
I am slowly re-building my bitcoin wealth by stacking as many sats as I possible can and exchange my leftover fiat at the end of the month.
This is the reason why you will see me changing my avatar from time to time as I join sig ad campaigns.

This is where I stand today, feels good to have finally shared my story with you.

Closing like Jimbo would do: Go BTC go!

Stack those sats !!
But recently or a few years back?  (Losing 10 coins?)

It happened roughly between October 2018 and June 2019. I am no trader and did a mess to try to use altcoins to grow my BTC wealth. I believe the stupid poker player attitude assaulted me in the making. BTC price was not this high and I kept saying to myself I could have turned my luck back on my side again.
Kept on losing BTC until I stopped.

It's over now, I hope I learnt from it.

I would like to thank all of you who contributed lately to the discussion (can't give anymore merits, sorry   ) It was terrific, indeed. I will leave what I found meaningful here and there also for my personal record.

Much wisdom and more importantly in my opinion..empathy shown over the last pages WO's. This is why I hang my hat here.

Just wanting to offer an alternate view from someone who engages in a lot of self-introspection and has had the benefit of gaining tools to help me cope with life and the human condition.

yeah never forget where you came from, you could find yourself right back to where you started. in my case being poor back in the day. paycheck to paycheck? that was paradise, i usually was out of money a day or two after payday.. dark times and mainly my fault.

Money wont change the essence of the person, at best/worst it will amplify it.

If someone is already an asshole, in all likelihood they just become a rich asshole.

Preserving/increasing wealth is a job in itself that requires some skills and dedication, otherwise easy comes easy goes.

And, last but not least, Jimbo's poem here https://bitcointalk.org/index.php?topic=178336.msg55094784#msg55094784

Go BTC go. Thanks guys!  

[Last of the V8s]

https://www.youtube.com/watch?v=HLALE9X2JkA&feature=youtu.be&t=625 Parker Lewis on the dollar
https://www.youtube.com/watch?v=HLALE9X2JkA&feature=youtu.be&t=12777 Stephen Cole on anti-tyrrany

both good talks on dodgy mics

actually his whole blog - worth a reread
https://unchained-capital.com/blog/enders-game/

[lightfoot]

if you have balls enough let us play a little game. 

That's a damn good question, let's see:

billyjoeallen
Unacceptable
m3sSh3aD
WinTame2012
seriouscoin
Carlton Banks
YipYip
solitude
Bicknellski
edgar
Lassi
Lucko
legendster
LostDutchman
joeventura
wijawara
Spoetnik
Ibian
Arriemoller
RD965
mindrust
buyandhold
r0ach
sorry2xs
degxtra1
Tupsu
NotLambchop
Ozziecoin
btcbeliever
Gleb Gamow
JoshsAssIsFucked
VenusFlyTrap
TwitchingBFLman
BlueCrappyPantsToo
bctsuxcock4rock
Fatman3001
alevlaslo
noddy2000
ChildPr0nzUsers
imthefuckingbossinehre
Tash
BobLawblaw
nikilavi
nullius
rebal15
realr0ach
angel55
kosse
TERA2
ruphej
Cryptotourist
kaeltr
Butterscotch Cartman
Privcy Foundation
Vod The Pedophile
Lambie Slayer
Nigerian CocoPalm Farmer
The-One-Above-All
TheCryptonians1661
Amlloi
prateekshasingh
COVID-19

Occasionally I'll read some posts from an ignore list member, if they've gotten better then they come off the list. Otherwise back into the oubliette.

[jbreher]

Don't spend more than you earn...

I'd suggest one rephrase that as ... earn more money than you spend.

Yeah, it's pretty much the same thing - but from a different perspective that tends to positively reinforce.