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

[criptix]

Who needs TA:


MicroStrategy Completes $650 Million Offering of 0.750% Convertible Senior Notes Due 2025

https://twitter.com/michael_saylor/status/1337442902134362113?s=21


So he is not buying for 400, not for 500 - it is for 650 million $!!!

Lol

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[BobLawblaw]

Why was it a nightmare? How long did it eventually take?

Took a week or so to get ironed out, but then I discovered that they had ludicrously low annual cashout limits, so stopped using them entirely, in favor of Gemini.

[d_eddie]

I haven't cashed out from Kraken yet, but the limits depend on your verification level. They get reasonably high with the max verification level, and I think they can even be pushed a little higher by negotiating.

[WastedLTC]

Why was it a nightmare? How long did it eventually take?

Took a week or so to get ironed out, but then I discovered that they had ludicrously low annual cashout limits, so stopped using them entirely, in favor of Gemini.

Had some kinks with Kraken but they worked out the issue and resolved in a couple days, never had another problem.  Gemini has always been rock solid.

[LFC_Bitcoin]

0.1BTC or her for the night?

I haven't cashed out from Kraken yet, but the limits depend on your verification level. They get reasonably high with the max verification level, and I think they can even be pushed a little higher by negotiating.

Kraken withdrawals are quick & smooth. I had to really fight to get the max withdrawal limit though (in anticipation of next years big run).

They wanted proof of my BTC purchases & salary & all sorts.

[JayJuanGee]

I got an email from my bank. "We tried to phone you to clear some issues with a wire you made in the past days, but we didn't manage to talk to you." Of course. I had it switched off. So I called back, but the line mysteriously dropped after the person on the other end said "let me check this... wait a minute...". Twice.

I already had a hunch what it was about, but of course I thought I'd play dumb to extract as much info as possible. An hour later, I tried calling for the third time. At last, I get through to someone who can actually explain.

The problem was with a wire I made to Kraken. Not a big amount by any means - something in the ballpark of Bob's recent addiction buys*  

Bank - "We just want to make sure you actually ordered the wire."

Me - "Why? I make dozens of wires, it's the first time..." (Actually not the first: they called once upon a time when I moved most of my fiat to another bank because they pissed me off - but that was to beg: please don't please don't.)

Bank - "I don't know, it's like an automatic system flag... well, it's to some kraken.com."

Me - (Aha!) "I see. So what's the issue?"

Bank - "No issue, sir. We just want to make sure it was actually you who wired the money."

Me - "I did. But now I'm worrying. Is this a scam site or something?"

Bank - "It is some cryptocurrency site, I think... but as I said, it's just an automatic flag. Nothing to worry about, sir."

Me - "What if Kraken sends some funds to me? Will the transfer get a flag too? Will the incoming wire be blocked?" (Slightly implying - should I close my business with you altogether?)

Bank - "Oh no, sir. Incoming transfers are never stopped. There might be some formal issue with outgoing transfers once in a while, but never the other way round."

Me - "I am afraid. I don't want any problems, you see."

Bank - "Just an automatic flag, sir. Thank you."



Things are stirring up, gents. Brace yourselves.

Maybe you are reading too much into it. Banks have alert triggerings of all sorts. Ie:

- Amounts significantly over the usual for your profile.
- Abnormaly high number of tx's.
- Origin/destination to flagged accounts (ie: Accounts completely blacklisted, suspicious accounts, Bitcoin exchanges?).
- Tx's to/from other countries (this one is the main one when it is not clearly justified considering your informed profile).
- etc etc....

And combinations of the above.

Depending on the alert triggered it may involve a lock of account, a request of confirmation, and/or a request for additional information.

There are several reasons why banks NEED to do this:

1- To protect themselves from huge fines for not supervising money flow in accordance to KYC/AML and other regulations they are subject to.
2- To protect clients from having their funds extracted by hackers, etc...
3- To know what their clients are doing to detect trends and business opportunities.

etc....

The staff you talked to probably don't know what was exactly what triggered your alert, they just follow procedure (just confirmation in this case) even if they may have some idea based on their previous experience from similar "events".

What do you think would most probably apply in your case for having triggered a confirmation alert?

You are too smartie pants for your own good, bitserve!!!

... know that I hold more BTC in reserve than I could reasonably spend in my lifetime.

You could simplify it a bit by setting a fixed (in fiat) amount of extra money to spend, or not spend. If you really want to unreasonably spend everything in your lifetime, you will need either an estimate of how much time you have left or fudge it a bit more, then divide your corns by that number of years, and you have a maximum number or ceiling to liquidate.

A nice number to assume would be 30. Since , as you know, plenty of sources say 25x of your annual expenses and in theory you should be able to live on 4% of that for the rest of your life.

So, if you have say, 300 corns, then divide that by 30, that means you can probably spend 10 corns every year, and you'll be unreasonably spending everything until it runs out. It will take 30 years to deplete, and as the price fluctuates, goes up, or goes down, probably going up for the next 30 years, you'll end up with more fiat than you know what to do with.

Imagine being "forced" to spend 1 corn a month for the next 30 years.

If you're still alive in 30 years, you'll either run out of corn but have a lot of fiat, OR you didn't spend all your corn and can keep drawing on it.

If you're not already a billionaire, do not get a private jet. You will need more than the price of the plane to pay for it, maintenance, expenses, a full tank of fuel everytime you fly, salary for your pilot, all sorts of paperwork. I think flying first class or even business class, when you do need to travel, is quite okay with a lot of people already.

Funny, you are describing a plan that I concocted a few years back...dividing by 30, etc.
However, I deviated from it...don't want to cash out and spend yet, lol

If the asset is presumed to appreciate, then you would not need to withdraw as much in later years.  But, my own formula does not suggest withdrawing principle in the earlier stages, but instead an ability to completely live off of the expected appreciation.. and of course, at some later date(s) plans would be adjusted to withdraw principle too, if there is a desire to deplete some of that instead of leaving it upon death or otherwise being o.k. with depleting some or all of the principle.

[Toxic2040]

noon charts

#dyor

1h



4h

#stronghands

[irfan_pak10]

0.1BTC or her for the night?

I would go for 0.1BTC, she might have covid and upon contact, she might infect me with that shit. I like to live and spend those 0.1BTC at some nice foods not her

[JayJuanGee]

We're doomed! The 21M limit will be lifted, because DeFi.
Bullshit is strong with this one.

https://cointelegraph.com/news/the-butterfly-effect-why-defi-will-force-btc-to-break-its-21m-supply-ceiling

What a fool. How did this get published?

Any change to the 21 Million coins is a fork and no longer Bitcoin.

This is the same argument as "not enough coins available on exchanges" or "exchange coin shortage". If there are fewer coins available for sale, the price goes up. There will always be coins available for your dollars, you just get fewer satoshis per dollar. There is no shortage, the price is just too damn low!

Plus, what does moving a decimal place have to to do with DeFi? There are already 21,000,000 * 100,000,000 = 2,100,000,000,000,000 satoshis. Does the author not know you can transact with less than a whole bitcoin?

More FUD to scare away anyone thinking about investing. It's articles like this that ensure only the most intelligent people get into bitcoin while the 99% stay ignorant and poor. I guess in that way, it's a good thing.

FTFY 

[HI-TEC99]

Why was it a nightmare? How long did it eventually take?

Took a week or so to get ironed out, but then I discovered that they had ludicrously low annual cashout limits, so stopped using them entirely, in favor of Gemini.

How low are/were the limits, and have they increased them since then?

Do the limits they state on their site match the limits they allow when you actually try to make a withdrawal?

[Biodom]

Why was it a nightmare? How long did it eventually take?

Took a week or so to get ironed out, but then I discovered that they had ludicrously low annual cashout limits, so stopped using them entirely, in favor of Gemini.

They probably changed it afterwards, it is now much higher for pro level (daily $10mil), with a strange exception for Texas (TX is only up to 200K daily or something like that).
I have no idea why, maybe their bank has a quirk.
I also agree with a notion that all these limits are silly as it is YOUR money.

[600watt]

Who needs TA:


MicroStrategy Completes $650 Million Offering of 0.750% Convertible Senior Notes Due 2025

https://twitter.com/michael_saylor/status/1337442902134362113?s=21


So he is not buying for 400, not for 500 - it is for 650 million $!!!

Lol

this is a speculative attack. and we all know it is a viable one. and Wall Street will watch it in awe. and it will work out. every calculation about bitcoins possible future value needs to be re assessed. when we calculate the future price of btc we always try to figure out what percentage of what market cap or asset value could migrate into btc. this is short sighted. this leaves out the elephant in the finance room. we always calculate with existing value. but there is a much larger value in the form of credit. fractional reserve. banks create money out of thin air by creating credit. if you go to your bank tomorrow and get a 50k loan for a new kitchen, the bank creates those 50k with a stroke of a key into their accounting ledger. this is not the "money printed" by central banks. this is money printed by every private bank on the planet every day, all the time.

the narrative "don't speculate with borrowed money" that sort of prevents us from maxing out our credit to buy moar btc is about to change. what seemed to be irresponsible in the past will seem mandatory in the future. you can trade worthless, ever-inflating, dirty, debased fiat money in the form of truly limitless credit into the hardest asset ever invented. into pristine, mathematical secured collateral. into the a proven trustless digitally scarce unforgeable, uncensoreable, unconfiscateable best form of money ever existed. and the interest for credit is at historical lows, so it is even fkn cheap to do so and also - since the interest is so low it is hard to find an asset that creates enough returns via interest - fiat has no chance.

credit is cheap. bitcoin will rise. as soon as this gains traction it will swell to a tidal wave.

credit will destroy fiat. because the best bet for credit is to bet against fiat. because fiat is worthless and bitcoin is truly scarce.

i will talk to my bank tomorrow and I will get a loan. and with it I will buy btc. and if btc rises I can get more credit. rinse and repeat. this is how rich families have played the real estate market for decades now: get a loan with real estate as collateral, buy more real estate. wait for prices to rise, get another loan buy more real estate.

this game will be played with bitcoin. and since bitcoin is not a clunky 7 bedroom hacienda but a native digital asset moving at warp speed through the interwebs. holy cow -  the extend to how deeply fucked the fiat world is I have problems to find the words here.

fiat is limitless. credit is limitlessness on top of limitlessness. bitcoin is the first truly scarce, limited asset.

my conviction doubled. grab all bitcoins you can. sub $20k is as hilarious as $2, considering how much credit banks can produce.

I declare complete and utter victory. saylor for president.

fractional reserve will eat its children.

[JimboToronto]

Why was it a nightmare? How long did it eventually take?

Took a week or so to get ironed out, but then I discovered that they had ludicrously low annual cashout limits, so stopped using them entirely, in favor of Gemini.

Had some kinks with Kraken but they worked out the issue and resolved in a couple days, never had another problem.  Gemini has always been rock solid.

Thank gawd I haven't had to use an online exchange since Mtgox.

It's faster, easier, cheaper, safer, and fully anonymous dealing face-to-face with an honest neighborhood dealer behind closed doors.

[friends1980]

This WO reminds me of the Procession of Echternach: you stay away for 2 days, you need 4 days to get back on track.


That being said:

I just want to take a moment to thank Bob for digging the price out of the 17s singlehandedly by rapid fire $500 purchases on PayPal and Kraken.

Does no-one think of Rick,
So lonely in his room,
While Bob is on his laptop,
Keeps BTC in bloom.


Apparently: I do. #nohomo and just in case no-one noticed: #nohaiku either

[explorer]

good to know your life is not just 24/7 daytrading on paypal.  

As I noted earlier, I feel gross buying BitcoinPP. Don't think I'm going to do it any more, until they start offering a way of transferring out.

If they end up keeping it entirely within their system in a custodial fashion, that's, like, not cool, dude.

Ain't gonna support that long-term.

Another addiction     Kick it Bob!  Kick it!

[HI-TEC99]

Thank gawd I haven't had to use an online exchange since Mtgox.

It's faster, easier, cheaper, safer, and fully anonymous dealing face-to-face with an honest neighborhood dealer behind closed doors.

How do you find an honest neighborhood dealer?

[explorer]

EDIT: Oh, and someone postulated earlier that I use Kraken. This is not the case. I did for one sale of $100k USD, and found it to be a complete nightmare, to extract the funds.

Why was it a nightmare? How long did it eventually take?

Years ago I read a complaint that they promise unlimited withdrawals, but in reality only allow $50k a year. When I recently checked their site it says they allow $100+ million a year for their top tier. However I haven't had a chance to ask anyone about their experience of a really big withdrawal yet.

   Possibly an international complication, but I've been doing sub-10k from Kraken regularly this year, and getting average 3 day transfers.  When I was doing bigger ones ~2016 and prior it was 3-4 weeks.  It was no different than bitstamp or Canadian exchanges in that regard, so I took it as normal.  Banks suck, what can I say.  If they want records of where I bought my BTC, they can dig for an exchange 7 years defunct, I guess.  So far, (2013? KYC done) no questions, just delays.

[bullrun2024bro]

It looks like The Simpsons were right again...  



Source: https://twitter.com/blockfolio/status/1337502198528413697

[RejectedBanana]

EDIT2: Also, someone also questioned whether I'm black and libertarian, while having such a confusing stance on being comfortable paying the requisite long-term capital gains tax.

I can understand the confusion, but, while being one who believes in Liberatian ideologies about The United States, I'm also pragmatic to understand that we live in a system, and I need to abide by the rules.

Capital gains taxes are only requisite if you sell, Bob.  

Taking debt-free fully-collateralized loans, gifting to charity, setting up inheritance trusts, investing gains in opportunity zones, selling less than very generous NIIT cutoffs, moving to Puerto Rico, etc. etc. are all possibilities in the exact same rulebook, but result in more money going to family and causes we may actually identify with versus willy-nilly donating it to our government's system of black hole spending.

None of this should be counter to Libertarian thinking, am I wrong?

I understand that the sheer mental load of tax planning may be, well, taxing... But the system also provides an army of professionals to help with that, in the way of accountants, lawyers, and financial advisors. And they cost a helluva lot less than 23.8%. Some of them may even be friends and family. Libertarian even.

With qualified help and fore-thought, you, too, could have your cake and eat it. And maybe even sleep.

Nom nom.  Zzzz.

PS. Cheers to being a fellow POC raised with values by loving parents and working hard in life to overcome systemic racism. Although I happen to believe luck and appearance play more of a role than hard work in being "successful".

[Toxic2040]

re: noon charts


a fresh look at old charts

#dyor



still horse lippy on the MACD..damn it
D


RSI not quite cooled off below 70 yet..but getting there
W

#stronghands