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

[eddie13]

This is a problem: I was working on checking the belts on my car the other day and getting up and down in the driveway was a bit more annoying than normal. Yes I should build a garage with a lift, but the thought of a trouble free GT3 did cross my mind.

:-)

I don't think they have created a trouble free car ever.

Its not on the agenda, but they do have that built in obsolescence pretty well nailed down.

I guess I'm just old as I don't find any of the newer cars appealing apart from them being new.
I did think of getting a new Shelby Cobra though.

https://www.shelby.com/en-us/Vehicles

I am into slightly older cars with non-electronic manual drivetrains and relatively simple electronics.. And even slightly older cars with almost no electronics at all..

They break, sure, but I can fix them forever...
Changing spark plugs? Well yeah I run cold copper plugs for performance reasons and check them often anyway..

60s and 70s cars can be restored.. In my opinion these newer vehicles with their miles of wire and 10 computers will not be able to be restored like we do “classic” cars of this age..

I’m just not into the new car tech really.. People brag to me about their dash touchscreens that control everything from their heat to steering feel, and it only makes me recoil in fear of ever having to fix it..

I’m liking the C8 Vette though..

That was a short dip, way shorter than I expected in any case.

Considering to buy a car soon as an investment, to keep on the side for the next years. The way things are looking now, it might be possible that I'll be buying it completely with BTC profits.

I have been hodling for 3 years and never-ever cashed. The idea of being able to buy a car with crypto hodlings makes my head spin.

Mind you, we're talking about 1/25th of a Lambo's price, so don't expect jumbo jet prices, but hey, I think it's spectacular anyway.

Generally speaking, cars are not considered as investments, but instead depreciating assets.

Of course, there are a couple of exceptions in terms of collectors cars that may well appreciate more than their purchase price, or cars that are used for utility purposes (such as in a business) to bring in value that would be greater than the expenses of owning such car.  If you are holding the car on the side, as you said, you may well be better off keeping that value in bitcoin.

I am not saying that you should not necessarily consume some of your bitcoin value, but based on current BTC price prediction principles, this does not seem to be a consumption time... and there have been a lot of examples in the past in which some BTC HODLers get so CITTEEEEEEE to take some profits and to consume some products, but then the timing is not really very good.  

One can do very well to avoid depreciation by buying slightly older high end “special” cars that will hold their value and remain in demand..
Buy nice examples at the bottom of their depreciation..

For example, if you have been driving a Supra for the last 10 years you would probably be in pretty good shape..

I have heard it said that even Lambos can be some of the cheapest cars to own for the simple fact that their price will often go UP while you own them instead of down..

[Hueristic]

I am into slightly older cars with non-electronic manual drivetrains and relatively simple electronics.. And even slightly older cars with almost no electronics at all..

They break, sure, but I can fix them forever...
Changing spark plugs? Well yeah I run cold copper plugs for performance reasons and check them often anyway..

60s and 70s cars can be restored.. In my opinion these newer vehicles with their miles of wire and 10 computers will not be able to be restored like we do “classic” cars of this age..

I’m just not into the new car tech really.. People brag to me about their dash touchscreens that control everything from their heat to steering feel, and it only makes me recoil in fear of ever having to fix it..

I’m liking the C8 Vette though..

I hear ya, and that C8 is a looker!

[eddie13]

I think the C8 is very cheap for a mid engine car and I know their is plenty of room to build a twin turbo setup in the back of them almost as if they designed it to be done that way..
Put standalone engine management on it and I can also fix that easily and forever..
Convert it to a manual steering rack, tilton pedal box, coil over non-electronic suspension, throw away the abs and any traction control..

Could make a pretty nice cart..
Maybe in 10 years I can buy one, lol..

Crossing my fingers they release a manual trans option for it, or someone designs a good swap..
Yeah the paddle box is probably faster, don’t care..

[Hueristic]

I think the C8 is very cheap for a mid engine car and I know their is plenty of room to build a twin turbo setup in the back of them almost as if they designed it to be done that way..
Put standalone engine management on it and I can also fix that easily and forever..
Convert it to a manual steering rack, tilton pedal box, coil over non-electronic suspension, throw away the abs and any traction control..

Could make a pretty nice cart..
Maybe in 10 years I can buy one, lol..

Crossing my fingers they release a manual trans option for it, or someone designs a good swap..
Yeah the paddle box is probably faster, don’t care..

I almost picked this one up in 99



But the salesman wouldn't take a few grand off for cash on the barrel (damn thing was 54k or so) so I ended up with an older jag and I am so happy that salesman wouldn't budge!

Not sure what I was thinking at the time.


I've always wanted this but 180k without a engine/tranny is too high for a toy.
even if i did have that to throw away.

https://www.shelby.com/Vehicles/GT40-Shelby-Edition

[vapourminer]

I'm worried about my local banks more actually. As a transation of ~$10k USD/EUR raises a huge red flag for almost any bank. Get ready for the questions they're going to ask. Although I have heard that UK banks are somewhat more tolerant (or simply have higher red flag limits?).

10k USD definitely raises flags at banks in the USA. so i actually try to keep withdrawals to exactly 10k or more. i dont want to be accused of trying to slide under that.. forget what the term is (laddering? but that doesnt sound right) but its a red flag thing for sure.

and my bank never blinked an eye at my amounts for years. i did get a call from my banks due diligence dept in the last few months asking what i used coinbase for and if i sent anything from coinbase out of the country (investment and no were the answers).

[Hueristic]

10k USD definitely raises flags at banks in the USA. so i actually try to keep withdrawals to exactly 10k or more. i dont want to be accused of trying to slide under that.. forget what the term is (laddering? but that doesnt sound right) but its a red flag thing for sure.

and my bank never blinked an eye at my amounts for years. i did get a call from my banks due diligence dept in the last few months asking what i used coinbase for and if i sent anything from coinbase out of the country (investment and no were the answers).

I thought you had to goto your bank when they closed your account?

Damn my memory I wonder who that was now.

[Bergluft]

I'm worried about my local banks more actually. As a transation of ~$10k USD/EUR raises a huge red flag for almost any bank. Get ready for the questions they're going to ask. Although I have heard that UK banks are somewhat more tolerant (or simply have higher red flag limits?).

What sort of questions do you fear? Did we do anything illegal?

[eddie13]

[fillippone]

Where is the compulsory WO hand sign?


New toy/tool:

Bitcoin Supply - Visualized

[Toxic2040]

https://www.theguardian.com/film/2020/nov/29/darth-vader--dave-prowse-dies-aged-85


RIP Darth Vader




By day a Sith Lord
in the night, Green Dildo Man
who woulda thunk it

#haiku


------

In other news..


Bitcoin is trading above $18k again.

#dyor

1h


4h

#stronghands

[Phil_S]

SMA 100 days.  

Pretty... whatever they are... mountain lakes?

We've got out of the water appox. 6 months after halving day, just like the last time. I'll take it as another good sign that we're on track.  

[Wekkel]

Continued messages from the fringe that the money printing won't stop in 2021 (to the contrary).

Translation: buy everything ahead of an unprecedented dollar devaluation orgy.

2021 is gonna be a beautiful Bitcoin year.

Edit: some more words on the Guggenheim story.

[lightfoot]

Well my kid and I finally found a bitcoin ATM worth using. The first one we went to wasn't buying BTC (boo!) and was selling at 22,000 (BTC 18100). The second one was 21,000/17200 buy, and the third one (a really simple thing) was selling bitcoin at 19,100.

So the kid bought $200 of bitcoins (just a bitpenny. Wow) and I picked up $20 of LTC myself (why not!). So at least we have somewhere that is moderately rational to buy if needed.

When I decide to sell I think I'll just get a BTC machine, stick it outside my house, and sell with a $5,000 spread. People apparently will pay it, go figure.

[DaRude]

I'm worried about my local banks more actually. As a transation of ~$10k USD/EUR raises a huge red flag for almost any bank. Get ready for the questions they're going to ask. Although I have heard that UK banks are somewhat more tolerant (or simply have higher red flag limits?).

10k USD definitely raises flags at banks in the USA. so i actually try to keep withdrawals to exactly 10k or more. i dont want to be accused of trying to slide under that.. forget what the term is (laddering? but that doesnt sound right) but its a red flag thing for sure.

and my bank never blinked an eye at my amounts for years. i did get a call from my banks due diligence dept in the last few months asking what i used coinbase for and if i sent anything from coinbase out of the country (investment and no were the answers).

Structuring is the practice of conducting financial transactions in a specific pattern calculated to avoid the creation of certain records and reports required by the Bank Secrecy Act (BSA) and/or IRC 6050I, Returns relating to cash received in trade or business, etc. (Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business)

https://www.irs.gov/irm/part4/irm_04-026-013

[vapourminer]

I thought you had to goto your bank when they closed your account?

Damn my memory I wonder who that was now.

nope never had any issue with coinbase and had one phone call from the bank.

JJG had coinbase close his account and had to sort stuff out with them. i thought someone else too.

and memory... whats that? i cant even remember where my bong is.

edit: although i think JJG mentioned he thought he and i were the same person, or something along those lines. so theres that

edit 2 yes JJG  had some issues at coinbase
https://bitcointalk.org/index.php?topic=178336.msg55711222#msg55711222

and you merited the post too lol. so.. wheres your bong?   

[DaRude]

It's one thing to play by the rules and report to IRS which is required, but it's a different ball game to actively sell tracking software to governments, why are you funding this again?

Use gemini at least the Winterfloss twins are pro bitcoin

im still there simply because of how long ive used it (in 2013 there wasnt much to choose from that was legit in the eyes of the land of the free) and ive run life changing amounts through them with zero issues. only exchange i havent had issues with tbh and ive used a few.

them buying up that spy software company that got that guy killed still pisses me off of course. "they didnt know" yeah bullshit. "firing" some people certainly wasnt enough and we now know with absolute certainty what their true colors are.

i always expected coinbase to rat out everyone at some point so when i happened it didnt really matter much (to me). id been paying taxes on corn long before they pulled that 1099 crap.

anyway poor excuse i know but there it is. at some point i wouldnt at all be surprised to see gemini have a few skeletons fall out of their closet. hopefully they keep the high road.

i did make an account at gemini a few years ago but when they wanted a wire transfer to initially set it up.. i wasnt gonna drive 20 minutes to the bank when i already had a working exchange that i knew worked fine, warts and all.

eventually ill finish setting up gemini (need to contact support as the 2fa i have on record doesnt work any more). looking forward to more kyc and hoops to jump through. yay

as one may of noticed im lazy af

Sure there are many shades of grey, but somehow when given an option, coinbase consistently tries to side with the anti bitcoin camp. Laziness might work out for you, but not a good reason to actively recommend it to others. 

[Gyrsur]

Gentlemen, fasten your seat belt...

[Wekkel]

Structuring is the practice of conducting financial transactions in a specific pattern calculated to avoid the creation of certain records and reports required by the Bank Secrecy Act (BSA) and/or IRC 6050I, Returns relating to cash received in trade or business, etc. (Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business)

https://www.irs.gov/irm/part4/irm_04-026-013

It's also related to smurfing: explanation

[vapourminer]

as one may of noticed im lazy af

Sure there are many shades of grey, but somehow when given an option, coinbase consistently tries to side with the anti bitcoin camp. Laziness might work out for you, but not a good reason to actively recommend it to others. 

i didnt recommend it in my original reply, i just pointed out the pros and cons as ive used it a long time with no issues.

now in real life i have mentioned coinbase to some people who expressed an interest in bitcoin. the sole reason is its legit (of course others are too), very simple and i use it so i know it. once i get gemini up and running ill likely recommend that. but not till i actually use it myself.

[Gyrsur]

Bitstamp is pushing, Bitfinex holds against it