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

[macson]

Welcome back $40K.

next $50k -> $60k and welcome new ATH

#i'm_not_selling
#stronghand

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[ChartBuddy]

Explanation

[Dabs]

For the coins to be inherited, education is one of the keys. You have to inform or teach your children or whoever will get your coins, on what is possible, and what you believe is the best use of them, as opposed to simply cashing it all out.

You have to teach them as early as you can, which may not work out well if the ones who will inherit what you leave behind are young children, in which case you need some sort of guardian to handle it for them and for you anyway. If you're a billionaire like the fictional Wayne family from Batman, you have your trusted butler Alfred. You can't stop your kid from becoming a masked vigilante but maybe he'll know what to do with your corns.

Multisig does not have to be overly complicated, plus most people in the normal world just have lawyers handle this. IF you really have a lot of corns, it wouldn't be too much to prepare for this and have 2 lawyers out of 3 lawyers that will be able to access the coins, (or they give the keys to your children, and your kids figure out how to spend it.)

If you can't trust your own kids to be able to handle this, and can't trust other people to help them handle this, then I'd argue you can let someone else have your corns instead, or have no one else have them, although that would be a waste.

I do have some people use me for this purpose but they put their trust that I will do their wishes upon their passing and take care of sending the corns to their kids either as a lump sum or some other arrangment like a monthly installment.

Could also try to get them an annuity plan and let the insurance company / bank take care of it, if you trust the bank or insurance company.

[FIFA worldcup]

History $  Future BTC

[JayJuanGee]

Dump it:


https://twitter.com/stack__sats/status/1404226729066049540

Didn't you end up being wrong in citing this one, bitebits?

Surely there was a wee bit of a down right after you posted it from $39,500 to $38k, then there was some flat for a few hours then an up to $41k - and currently we are bouncing around $40k - about 10 hours after your post.

7=a1m'9?T7G0w5q{^QetXyV08^y7Tk4-

That password has 167 bits of entropy.  It would be practically impossible to guess.  Also practically impossible to remember.  

Good idea for a password.  I am going to use that one, especially since it's so solid.

[bitebits]

Dump it:


https://twitter.com/stack__sats/status/1404226729066049540

Didn't you end up being wrong in citing this one, bitebits?

Surely there was a wee bit of a down right after you posted it from $39,500 to $38k, then there was some flat for a few hours then an up to $41k - and currently we are bouncing around $40k - about 10 hours after your post.
[...]

Look again

[Gyrsur]

7=a1m'9?T7G0w5q{^QetXyV08^y7Tk4-

That password has 167 bits of entropy.  It would be practically impossible to guess.  Also practically impossible to remember.  

Good idea for a password.  I am going to use that one, especially since it's so solid.

should I tell you a secret?  

that PW is a Brain Wallet!

[ChartBuddy]

Explanation

[Gyrsur]

Dump it:


https://twitter.com/stack__sats/status/1404226729066049540

Didn't you end up being wrong in citing this one, bitebits?

Surely there was a wee bit of a down right after you posted it from $39,500 to $38k, then there was some flat for a few hours then an up to $41k - and currently we are bouncing around $40k - about 10 hours after your post.
[...]

Look again

YOU GENIUS MF!  

[JayJuanGee]

So ….. when….. 45?

Then when…. 50?

Then when …. ATH?

Then ………. When…… 6 digits ?

Etc etc

You have too many questions, dude...... .and not enough answers.


... especially the etc, etc part because you are just signaling that if any of us were to be so brave as to even attempt to answer your previous 4 questions, then you would just have more and more and more...

 


We need answers, here.  NOT MOAR questions!!!!

 

[~also too many questions~ and not even "family-friendly" ones]

My guess is 70k is coming. soon.^tm

First of all, I had to fix that for you.

Second, I am surely grateful for your lame-ass attempt at providing an answer; however, we have already had quite a bit of not so good luck with variations of your "$70k soon^tm" framenings.

I am feeling penetrated. #nohomo.

[AlcoHoDL]

Interesting discussion re. children's inheritance planning. Lots of good ideas (trust funds, multisigs, even the funeral party one was nice, although there's no fun being at a party when you're dead -- at least I'll enjoy watching you from above if there's an afterlife, which I very much doubt there is).

After contemplating all this, one thing becomes pretty clear: being your own bank is not easy. Nowhere near it. It requires deep knowledge and understanding of cryptography, security, taking things really seriously and applying good security practices in a systematic and highly organized, almost religious manner. This is something most people don't want to do, or are not capable of doing. This is serious business. You can turn from billionaire to penniless in a matter of seconds if you make a mistake.

I fully subscribe to cAPSLOCK's stance on banks. We're going to need banks. Not necessarily in their current form, but we're going to need them. Even in a Bitcoin world, banks will be necessary for the majority of people, as custodians and managers of their assets (fiat, Bitcoin or whatever else comes along). The majority of people need a centralized custodian to take care of their wealth. They need a customer service phone number. Someone to call when they mess up and want to reverse an unintended transaction. Somewhere to go, to talk to someone. Being your own bank puts total control in the hands of the end-user, and that's not usually an end-user's task. At least not in the current state of things.

Bitcoin is like a high-voltage line. It possesses so much energy, can do so many things, but can also kill you instantly (or, rather, your wealth, which is the same thing really). Society is not yet ready for it, and I'm not quite sure it will ever be able to fully apply the "not your keys, not your Bitcoin" principle. Keys are too hot to handle, it seems, and most people will not want to directly deal with them. I predict that we will see this happening in El Salvador. The Lightning Network (a higher-level, off-chain solution) is already picking up speed there. It will be interesting to see how things play out, but I very much doubt that the average Salvadorian will be able to deal with keys, seeds, multisigs, Trezors, BIP39 and paper wallets.

The good thing though, is that those of us who want to be their own bank, can now choose to do so. I imagine virtually all WOers to be in this category. In the traditional monetary system, there was no choice, you had to deal with the banking system one way or another. The only option was stashing cash or gold or other precious object, with all the drawbacks and the danger this entails. Bitcoin has given the world the freedom to choose how to manage their wealth. But "freedom to choose" does not mean "ability to do" something, just like freedom of speech does not make all of us grand journalists. Some people will still blindly believe what they read in the papers and will keep being brainwashed by the mass media.

Bitcoin is like Tor for money. It puts you behind the steering wheel, but you'd better know how to drive.

[Hueristic]

7=a1m'9?T7G0w5q{^QetXyV08^y7Tk4-

That password has 167 bits of entropy.  It would be practically impossible to guess.  Also practically impossible to remember.  

Good idea for a password.  I am going to use that one, especially since it's so solid.

Great Idea!

I'll use it too and I'll never have to worry about forgetting it because its backed up right here!

[Toxic2040]

So ….. when….. 45?

Then when…. 50?

Then when …. ATH?

Then ………. When…… 6 digits ?

Etc etc

You have too many questions, dude...... .and not enough answers.


... especially the etc, etc part because you are just signaling that if any of us were to be so brave as to even attempt to answer your previous 4 questions, then you would just have more and more and more...

 


We need answers, here.  NOT MOAR questions!!!!

 

[~also too many questions~ and not even "family-friendly" ones]

My guess is 70k is coming. soon.^tm

First of all, I had to fix that for you.

Second, I am surely grateful for your lame-ass attempt at providing an answer; however, we have already had quite a bit of not so good luck with variations of your "$70k soon^tm" framenings.

I am feeling penetrated. #nohomo.

[JayJuanGee]

Something is wrong with this meme because we first reached $40k on January 5... #justsaying

7=a1m'9?T7G0w5q{^QetXyV08^y7Tk4-

That password has 167 bits of entropy.  It would be practically impossible to guess.  Also practically impossible to remember.  

Good idea for a password.  I am going to use that one, especially since it's so solid.

should I tell you a secret?  

that PW is a Brain Wallet!

Oh?

And?

Dump it:


https://twitter.com/stack__sats/status/1404226729066049540

Didn't you end up being wrong in citing this one, bitebits?

Surely there was a wee bit of a down right after you posted it from $39,500 to $38k, then there was some flat for a few hours then an up to $41k - and currently we are bouncing around $40k - about 10 hours after your post.
[...]

Look again

YOU GENIUS MF!  

I looked again.

It's not helping.

Feels like grade school, again....

everyone knows except mmmmeeeeee.

 

[Gyrsur]

Dump it:


https://twitter.com/stack__sats/status/1404226729066049540

Didn't you end up being wrong in citing this one, bitebits?

Surely there was a wee bit of a down right after you posted it from $39,500 to $38k, then there was some flat for a few hours then an up to $41k - and currently we are bouncing around $40k - about 10 hours after your post.
[...]

Look again

YOU GENIUS MF!  

I looked again.

It's not helping.

Feels like grade school, again....

everyone knows except mmmmeeeeee.

 

Look again. just one and last hint: it's a test how flexible you are - mindset like.

[shahzadafzal]

[proudhon]

This will probably be the last time to sell as high as ~$40k. Great permanent exit point if you missed exiting above $40k. Deposit to a safe low interest savings account and you'll exceed the future performance of bitcoin by a lot.

[Toxic2040]

I looked again.

It's not helping.

Feels like grade school, again....

everyone knows except mmmmeeeeee.

 

[Dakustaking76]

This will probably be the last time to sell as high as ~$40k. Great permanent exit point if you missed exiting above $40k. Deposit to a safe low interest savings account and you'll exceed the future performance of bitcoin by a lot.

My nigga you smart, you want us to dump so you can buy them cheap



My nigaaaaaaaaaa🧐🧐🧐🧐

[bitebits]

Good discussion above on key management and the perils of inheritance.  This is where my brain has been this weekend too.

[...]
Hold on... we are just getting started.  Aha!  You might say.  Use multisig!

I like it.  This method can use "geolocation entropy" to our advantage!  Now we can reduce much of our risk by storing our seeds in multiple places.  And even if you stored the password WITH the seed (which I do not like, still) an attacker would not be able to get to anything that requires more than 1 key to access.

And yet, this too has some hidden risks.  Did you know that you need all of your XPUBs (or zpubs or ypubs) if you are going to use the "x" number of keys in an x of y setup?  In other words... There are scenarios where you can have 2 of 3 seeds in a 2 of 3 multisig setup and and be shit out of luck. So, you have to safeguard all of your xpubs as well.  So you could store all three x pubs with each seed, but then you have also reduced your security somewhat.  Because all an attacker needs in that scenario is two seeds, where if the XPUBs are elsewhere then the attacker cannot access anything with just 2.  Now a view only electrum wallet or the like can take care of this.  Gives you a way to send coins to storage and also a way to backup your 3 XPUBS.  That view only wallet could be encrypted and stored electronically in an email, or USB key etc (This is it's own rabbit hole of risks that I will not go down lol).

Whew, I know. [...]

Indeed whew, it is not easy. Casa made it one of their premium business plans for $5k per year. Still I think if you want to do it yourself, multisig is the way to go. Not only because of sudden inheritance or extortion, but as well no more fear over losing your seed, no worries about malware on a single machine or a compromised hardware wallet vendor (use multiple brands in the setup), less likely copy/pasting an incorrect addresses, etc etc.

Regarding the bold part, I don't really see the issue (apart from nosy supposedly dormant cosigners able to create a watch-only wallet and see the entire balance). If you feel having retrieved two seeds should not be sufficient (2/3 multisig), just go for a 3/5 multisig setup.

What you could do in your 2/3 multisig setup is splitting the seeds using Shamir's Secret Sharing, made user friendly by Trezor. Each seed can be split into 2-of-3, and each sheet containing one of the XPUB's. It requires the sheets to be stored at separate locations though, which increases the chance losing access to all three XPUB's.