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

[nullius]

https://twitter.com/spinte8/status/1387167093972422663?s=21

That type of an “argument” can be made in either direction.  If I see one more whiner flipping out about NFTs as if it will make your digital fluids impure to touch any value-bearing instrument other than Bitcoin...  Moreover, in the context of an innocuous techno-gadget that you’re free not to buy, it looks very much like a retreat to a last-resort argument of, “I just don’t like it, so I want to shoot the people who do.”  I find that unpersuasive, especially since keyboard-warriors cannot actually shoot me.

[BitcoinBunny]

https://twitter.com/spinte8/status/1387167093972422663?s=21

There will probably be a market for it but I think it's just a temporary hype thing.
Volume seems to be dropping on the big players whilst crypto in general made a recovery.
Probably getting oversaturated.

Wanka tried to warn people.

[LFC_Bitcoin]

[Sayeds56]

https://news.bitcoin.com/paypal-ceo-demand-for-cryptocurrencies-multiple-fold-initial-expectations/

[Sayeds56]

https://twitter.com/sallymayweather/status/1386881393146408960?s=21

You mean the US won't stage a military coup to install a right-wing dictator friendly to US big business interests?

Well after January 2021 I wouldn't be so sure. The US might just end up invading itself if it feels itself becoming too socialist.

On that note, it sure would be nice if people knew what socialism means. Are the means of production owned by the workers? No? Not socialist then. Sorry,

[OutOfMemory]

https://news.bitcoin.com/paypal-ceo-demand-for-cryptocurrencies-multiple-fold-initial-expectations/

What was that Guns'n Roses line?

All we need is just a little patience...

[Farmer Bill]

Deadline to comply or else be shuttered.
https://www.google.com/amp/s/www.businessinsider.com/bitcoin-kimchi-premium-south-korea-crypto-crackdown-exchanges-shut-regulation-2021-4%3famp

That's a pretty stupid article: They have till November and my guess is it's an ass ton of paperwork. But let the Govt shut them down, I'm sure that will instantly drop the number of S. Koreans who want to hold Bitcoin to absolute zero. No, they won't get it elsewhere, their government knows so much better.

There will just be a bigger "won premium" as who would want a currency like the S. Korean Won.

$5 bucks says N. Korea will open a wall of bitcoin ATMs on the border in November  Just to fuck with them.

No big deal, plenty time for the Exchanges to comply with new rules and for current anonymous clients to withdraw coins if needed.

The border with DPRK and ROK is not like the US / Mexico border where you can come and go freely and all-comers are welcome. Besides DPRK hardly has enough electricity to keep their lights on without getting involved with Bitcoin.

You will owe $5/189.000 in BTC to your favorite charity in November.

So a very cheap bet for you although you lose.

Did not see Nullius' photo of border in later post till now.

[nullius]

As much as i enjoy the unexpected attention, but i got shit to do IRL.

So do I.  So why are you wasting my time?

Username and avatar check out.

[nullius]

You mean the US won't stage a military coup to install a right-wing dictator friendly to US big business interests?

Well after January 2021 I wouldn't be so sure.

Considering that U.S. big business interests banned President Trump, I think you must mean that there’s a danger that a left-wing dictator may be illegitimately installed as U.S. “president”.

Exhibit 0: Big Business Interests

Oh, wait.  That’s what already happened.  And the new Uncle Joe even rolled 25,000 troops in the U.S. capitol, for no reason except an intimidating show of force backed by mass-media brainwashing hype.  So much for your “military coup”.

On that note, it sure would be nice if people knew what socialism means. Are the means of production owned by the workers? No? Not socialist then. Sorry,

Indeed, the word “socialist” is too nebulous for my liking.  It can mean any number of things, including some with which I would agree.  For example, I think that trust-busters should smash Amazon, Google, Facebook, Twitter, and a few other big business interests to smithereens; does that make me a “socialist”?  The word could even be stretched to apply to almost every form of government in history.  Absolute monarchy is more or less “socialist”!  Aristocracy is very socialist, if you think about it.  Therefore, I think that I should stick to calling out Commies.

[bkbirge]

$6 trillion is about 240 NASA budgets.

Yeah but NASA would waste it on things like the betterment of all humanity. Friggin' socialist spacers.

[El duderino_]

Ant-work in progress

[Farmer Bill]

The application of this for Bitcoin could be to code your wallet seed phrase in this way by choosing a book and finding those seed words in the book and converting them to 5 digit numbers.

Without knowing from which book and the exact print edition (your key), your seed phrase is reasonably safe.

The cryptographers here will be able to punch holes in this but for good enough protection for regular folk it could work quite well.

Yes, they will.  So don’t do it.

*snipped brainwallet talk*

Using phrases from books as your seed phrase seems obviously insecure. Even if you use a further encryption method of your own design.

What about passphrases, though? Let's say you have your seed properly generated & stored in a secure manner. How much additional security would a six word phrase from a book provide? What about six words, picked from one book, using a method of your own design? How would the entropy generated this way compare with the entropy of six randomly generated words (such as throwing dice & picking words from the diceware list)?

Random six word passphrases are generally recommended as secure enough. Their downside is that while they are much easier to remember than secure strings of alphanumberic + symbols, they are still hard to remember, especially if you use more than a few. When using a method to generate 6 words from books, you just have to remember the method and which books you used. Is it comparably secure to storing your passphrases in a password manager or on paper in a hidden location?

This way, your wallet has 3 layers of protection: your seed phrase, your passphrase generation method and the knowledge of which particular print of a book to use. At this point I believe your biggest risk of loss is clearly yourself & the multiple points of failure you have set up

You are also correct about the multiple points of failure and have abandoned this idea.

For years I ran a node with Bitcoin core wallet then used Armory with offline transaction signing.

Then I had some problems with Armoury about the time ATI finished with the project and Goatpig continued with development. I managed to recover my coins and bought a ledger.

Generated BIP39 Mnemonic 24 words.

I wish to store these words on a 2 of 3 paper backup and hide them.
It seemed a simple task.

So scouring through a book for these 24 words and assigning each a 5 digit code based on page number line number and position of word within the line. Then noting these down pencil on paper and hiding them would probably be meaningless to the finder.
I may just use the 24 words plus 1 method for extra security and commit this to pencil and paper in addition to being in my head.

With Bitcoin bobbing about in the mid $50k's all is well.

[heslo]

https://www.exxennews.com/alleged-operator-of-336-million-bitcoin-mixing-service-arrested-in-us/

[Farmer Bill]

"Biden to sell historic spending plans in speech to Congress"
https://www.bbc.co.uk/news/world-us-canada-56910884

I'm confused with the reporting here, is it $6 trillion or $7.5 trillion in total?

Eye watering figures.  


I was just trying to imagine how much a trillion dollars actually is. This video helped.
I thought for a minute, no it's not the last one, it's the one a few steps back. But no, it IS the last one. And that is only ONE trillion dollars.

https://www.youtube.com/watch?v=aKrFFFpYgkU&ab_channel=AnimatedStuff

It took 10 years of interest from techies, traders, those interested in finance and now normies to invest savings and time for Bitcoin to reach that total marketcap figure.
Biden throws it around like it's nothing.

Good visualization of a $trillion in bank notes. I had no idea.

On a smaller scale 4 x 2inch bundles of €500 notes enables you to carry €1.000.000 in your jacket pockets.
These notes are not printed anymore by ECB due to their obsession with the money laundering and crime that they are not getting a cut of. But are still legal tender.

[BitcoinBunny]

$6 trillion is about 240 NASA budgets.

Funny how people get annoyed at space travel budgets "it's a waste of money" but have no problem with countless layers of government or overzealous welfare systems or helicopter money.

Space travel usually means someone is doing something and getting paid for it.

[bitcoinPsycho]

Ant-work in progress

Yes indeed de do

[Biodom]

Here we go.

https://www.wsj.com/articles/biden-to-propose-1-8-trillion-plan-aimed-at-families-tax-hikes-for-wealthiest-americans-11619600400

BTW, if you spent $250 (EDIT: $500 for a better example) at the beginning of 2013, bought 20 40 btc and held 'them, you already ARE that rich bastard that "needs" to be taxed 43.4%+state tax if you sell to buy a house or a lake ( ). It sucks to be Mr/Ms smarty pants.

The "surprise" would be in that the revenue would be affected negatively since people would not sell. Therefore, they would need to come up with Act II and straight tax wealth, not cap gains.
Why? See below.

https://www.wsj.com/articles/biden-taxes-for-punishments-sake-11619374000

[Biodom]

Supercycle thesis (D. Held) discussion on McCormack's podcast:

https://www.whatbitcoindid.com/podcast/the-bitcoin-supercycle-revisited

[Richy_T]

They trusted the software and its update mechanism.

This is always an attack vector I've been concerned about. Software companies convince themselves that their security is unimpeachable, Microsoft enough so that they make their updates mandatory.

[Richy_T]

a good chunk will use single Facebook/Venmo/Paypal/CashApp/Google/Amazon/regional tech giant channel

The Bitcoin dream. 👍 Truly putting control of their money into the hands of the people.