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

[JayJuanGee]

  Maybe out of 30 people, one would buy a small amount of BTC, two would buy shitcoins because "Bitcoin is too expensive" and the rest would just dismiss it.

There seems to be a category missing here, AlcoHoDL.. or at least you may be subsuming the category into the "just dismiss it" category.

It seems to me that within the "just dismiss it" category there are several sub-divisions of people who think that it sounds interesting but they do not have time to look into it at this time.  That's where your planting the seed may have come in handy... and yeah, maybe after 6-10 more times hearing some positive reviews, they start to consider that maybe they should do a wee bit more than just "considering it an interesting concept/phenomenon in society."  At some point, some of these people decide to act.. maybe to buy a bit on robinhood or paypal or square... and yes.. they might later decide to do more.. but the seed planting is not likely for naught, even if it may take one or two more cycles before they start to consider that "so many folks are getting into bitcoin," maybe they should get into bitcoin too.. perhaps? perhaps? 

Right now, what do we have?  A few percentage of people getting into bitcoin?  Not too common, but becoming interestingly more common. and holy shit about poor Michael Saylor and his company holding such large bags of 114k BTC.. Saylor and Microstrategies is surely going to get screwed, right?  should be difficult to ignore, but surely some people are going to start to take notice, even if some of the institutions and rich folks are taking action to hoard decent amounts of the supply first (front running theory for guys like Saylor and his company.. is it going to work?).

Well, if you think about it, Bitcoin has shaken the foundations of a monetary system that all of us grew in and were brainwashed to trust and accept as the only way to handle monetary wealth. It's so deeply embedded in our brains that it's almost like a natural reaction, a millisecond response as OOM puts it.

I am not disputing any of this - even while we do see that some of the 20% of the pareto distribution are seeming to "get it" more rapidly than some of the other folks...   Not easy to get out of the 80% types of actions and thinking, but it is not impossible.

"Bitcoin? Be your own bank? That can't be right! Surely it's a scam! Seed words? Is this some kind of word guessing game? What? Put my next month's paycheck in Bitcoin? Are you insane? And get what? QR codes?" That's more or less what I get.

Being your own bank and early adoption is surely not easy.. It has not been easy, so far.

Or used to get. Because lately there is noticeably more interest in Bitcoin, and those who laughed and joked in 2015 are now asking seriously.

Exactly.. slow gravitation.. the 20% are starting to get it more and more.. but surely there is still a long way to go to even get the 20% with bitcoin. .but there is going to be a group who get bitcoin first and are likely going to be part of the beneficiaries of the redistribution of wealth.

My response now is "Google it". Not to punish them or anything, but because I just don't have the time and energy for this kind of thing anymore. After all, maybe that's the way it should be.

Some people will still have time for them, and if not bitcoin does not give any shits if they get in or not.

Darwin, nature and all. Some will get it, some won't. That's life. I feel I did my part in spreading the word when I could, and I still do if I see really genuine interest.

You, me and OOM seems to be saying very similar things here.. just using different words.

I don't know... Being a Bitcoiner has been the best thing that's ever happened to me, certainly financially, but also psychologically. It's a weirdly satisfying, pleasantly powerful feeling that has got to be felt to be appreciated, as I'm sure many WOers would confirm. And I can't even begin to imagine how it will feel 5-6 4-8 years from now (a HoDLer can only count years in multiples of 4...)

Not going to get any arguments from me regarding those well-put points.   

.....
Oh?  It's the same guy.

 

ya think?

yes, ... I do think... dah.......what you think I am?                                        Brainless?

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[ChartBuddy]

Explanation

[ChartBuddy]

Explanation

[LoyceV]

Don't know if anyone has been keeping an eye on China of late. But it seems like they may be in the beginnings of a financial crisis. The CCP is still ramping up the crazy tyrannical government thing, and they seem to be playing hard ball with the capitalist side of things and want to reverse the strangle hold that the corporations, particularly finance, have over the country. Of course the funny thing about that is that the CCP created this monster in the first place.

Anyway, I've switched my forced legacy market holdings to 75% bonds, will keep it that way for 2 months, or till a 20% decline in the markets. Even if the CCP doesn't back down and throw the money printers at it, we all know the FED will if this thing spreads, so I wouldn't want to hold out for more than a 20% decline.

What worries me most is that the money printers haven't even been turned off yet. Europe never stopped printing either, so if the next economic crisis happens, they're all out of options.

Not one mention of the primary cause of future fiat currency inflation: Quantitative Easing (aka printing money out of fresh air). And we're all holding the best hedge against it: BTC.

It's kinda funny: just recently even the IMF warned against crypto, just because they don't dare warn against fiat. The more governments fear Bitcoin, the more certain I am we're on to something here
Could this be the reason China recently got rid of Bitcoin miners? Ban alternatives, support your own fiat?

[ChartBuddy]

Explanation

[somac.]

Don't know if anyone has been keeping an eye on China of late. But it seems like they may be in the beginnings of a financial crisis. The CCP is still ramping up the crazy tyrannical government thing, and they seem to be playing hard ball with the capitalist side of things and want to reverse the strangle hold that the corporations, particularly finance, have over the country. Of course the funny thing about that is that the CCP created this monster in the first place.

Anyway, I've switched my forced legacy market holdings to 75% bonds, will keep it that way for 2 months, or till a 20% decline in the markets. Even if the CCP doesn't back down and throw the money printers at it, we all know the FED will if this thing spreads, so I wouldn't want to hold out for more than a 20% decline.

What worries me most is that the money printers haven't even been turned off yet. Europe never stopped printing either, so if the next economic crisis happens, they're all out of options.

I wouldn't say all out of options, they just have to double their efforts. The great thing about money is that it is numbers, which means they can dial up to infinity if the need too. That is of course until they have been overthrown, that's when they are out of options.

[psycodad]

Slightly off-topic, but if you are using an Azure VPS, you'd better check this:

https://www.wiz.io/blog/secret-agent-exposes-azure-customers-to-unauthorized-code-execution

TL;DR: Just send NO authentication headers and you are root on virtual Linux machines with OMI installed (they kindly install it for you in many to most cases).

In the 90's we often joked that the first Microsoft product that won't suck will be a vacuum cleaner... (obviously this one just doesn't get old).

[ChartBuddy]

Explanation

[vroom]

Slightly off-topic, but if you are using an Azure VPS, you'd better check this:

https://www.wiz.io/blog/secret-agent-exposes-azure-customers-to-unauthorized-code-execution

TL;DR: Just send NO authentication headers and you are root on virtual Linux machines with OMI installed (they kindly install it for you in many to most cases).

In the 90's we often joked that the first Microsoft product that won't suck will be a vacuum cleaner... (obviously this one just doesn't get old).

In this context the latest tweet from Satya Nadella is pretty funny:

The future of security is passwordless. Beginning today, we’re making this vision a reality for consumers with a Microsoft account.

https://twitter.com/satyanadella/status/1438143437732147204

[psycodad]

In this context the latest tweet from Satya Nadella is pretty funny:

The future of security is passwordless. Beginning today, we’re making this vision a reality for consumers with a Microsoft account.

https://twitter.com/satyanadella/status/1438143437732147204

Good Wonderful find, that is really hilarious timing. Literally have coffee on my screen now 

Oh the irony..

[ChartBuddy]

Explanation

[Wekkel]

Stumbled on an interesting article: https://www.zerohedge.com/crypto/nation-states-vs-network-states-vs-crypto-claves?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29

A few sound bytes:

"It was that no amount of trying to force a linear extrapolation of the outgoing systems were going to work because the advent of decentralized cryptography and non-state money had already changed the architecture of power and the incentive structures around wealth preservation."

"established policy makers are operating on the premise of a linear extension from their previous experience. Central Bank Digital Currencies are the purest expression of this assumption. Take central bank issued fiat currency, digitize it, add the ability to overlay ideological policy imperatives onto money (like social credit), and then everything just continues on as before.

But the underlying architecture of the global power structure is phase shifting into something else entirely and the reason why is because decentralized, non-state, cryptographically secured money is already here. The smart money realizes that this is a superior form of money to preserve wealth and autonomy. Everything else is secondary."

[Syke]

The future of security is passwordless. Beginning today, we’re making this vision a reality for consumers with a Microsoft account.

https://twitter.com/satyanadella/status/1438143437732147204

Microsoft Authenticator app, Windows Hello, a security key, or an SMS / email verification code instead of a password

Pro tip: Never ever ever ever ever ever use SMS authentication. Why in the world do they offer that as an option???

[ChartBuddy]

Explanation

[Dabs]

The future of security is passwordless. Beginning today, we’re making this vision a reality for consumers with a Microsoft account.

https://twitter.com/satyanadella/status/1438143437732147204

Microsoft Authenticator app, Windows Hello, a security key, or an SMS / email verification code instead of a password

Pro tip: Never ever ever ever ever ever use SMS authentication. Why in the world do they offer that as an option???

They can't get google auth to work properly or something. Or there are certain apps like Authy that require all sorts of voodoo to work and I prefer to just get the secret code and not require this particular app. Why can't they just show the secret at the time you activate it?

I mean, some legacy trading platforms and banks use SMS, and I don't mind, because they're ancient.

[philipma1957]

The future of security is passwordless. Beginning today, we’re making this vision a reality for consumers with a Microsoft account.

https://twitter.com/satyanadella/status/1438143437732147204

Microsoft Authenticator app, Windows Hello, a security key, or an SMS / email verification code instead of a password

Pro tip: Never ever ever ever ever ever use SMS authentication. Why in the world do they offer that as an option???

They can't get google auth to work properly or something. Or there are certain apps like Authy that require all sorts of voodoo to work and I prefer to just get the secret code and not require this particular app. Why can't they just show the secret at the time you activate it?

I mean, some legacy trading platforms and banks use SMS, and I don't mind, because they're ancient.

google auth has issues if the phone breaks.

sms does not have the issues.  So they use sms.

If you are locked out of  your account due to a broken phone and have sms. Buy a new phone port the old number  and you have sms working.

If this happens with google auth the new google auth does not work as it will not be synched.


Sms can be made secure more secure if crossed linked to an email and the email is crossed link to a password.

[Dabs]

I would not use SMS that way, personally, because, that's exactly how hackers sim swap to get into your account. If I have google auth, or the secret, I keep that stored separately. Then I can always use that to generate the new time based one time code that changes every 30 seconds.

I actually don't use a phone or mobile device for my google auth codes, I use a separate computer. I'm compromising in other forms of security but generally it's still better than what most people use or do.

Don't break your phone, or make sure you have the secret so you can easily use it on any other phone or device.

[ChartBuddy]

Explanation

[psycodad]

google auth has issues if the phone breaks.

sms does not have the issues.  So they use sms.

If you are locked out of  your account due to a broken phone and have sms. Buy a new phone port the old number  and you have sms working.

If this happens with google auth the new google auth does not work as it will not be synched.


Sms can be made secure more secure if crossed linked to an email and the email is crossed link to a password.

I am not a smart phone user so my question may be dumb, apologies then.
But what keeps you from backing up your 2FA OTP key in a safe place and just restoring it on the new phone? I mean it's a pretty short character string that even can be handwritten on a post-it (pun intended).

SMS ist just unsafe and dangerous for such sensitive things in todays world.

[EDIT]: I just realized what I wrote above when I said "I am not a smart phone user", I actually meant "I am not a smartphone user". But since both apply equally well to me I'll stick with the first one 

[Dabs]

google auth has issues if the phone breaks.

sms does not have the issues.  So they use sms.

If you are locked out of  your account due to a broken phone and have sms. Buy a new phone port the old number  and you have sms working.

If this happens with google auth the new google auth does not work as it will not be synched.


Sms can be made secure more secure if crossed linked to an email and the email is crossed link to a password.

I am not a smart phone user so my question may be dumb, apologies then.
But what keeps you from backing up your 2FA OTP key in a safe place and just restoring it on the new phone? I mean it's a pretty short character string that even can be handwritten on a post-it (pun intended).

SMS ist just unsafe and dangerous for such sensitive things in todays world.

That's what I do. I keep the secret or the 2FA key. Some sites force you to scan a QR code, so I scan it using a third party QR code scanner to get the secret, and then I back that up.

Most or all sites require you to type in the 6 digit code to confirm activation of 2FA. Some are just hard headed and insist on a particular app like MS or Authy, and for those, I haven't really found a work-around and just don't do it; it's not that important to me. I do send them an email to use time based codes and not lock in to a particular app, or to at least give me the secret.