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

[Hueristic]

...

I recently asked ChatGPT if the bot assigned any value to Technical Analysis in helping to predict future BTC prices.  Briefly, the bot responded yes.  But, I would place relatively little value in that bot's analysis of TA (I have relatively little faith in TA as a price prediction tool).

Of interest to some perhaps is a new bot I ran into today: ChatBTC (not ChatGPT).  This is a new AI effort focused on BTC.

https://chat.bitcoinsearch.xyz/

I just asked the below question:

Will the 12 BIP-39 words provide enough security in Bitcoin wallets for the next 10 years?

Bot response:

Holocat
Based on the provided context, it is clear that BIP-39 words are used for backup and restoration purposes in Bitcoin wallets. These words, typically consisting of 12, 18, or 24 words, can be used to easily backup, restore, or port private keys in multiple languages. However, the question specifically asks if 12 BIP-39 words will provide enough security in Bitcoin wallets for the next 10 years.

While the context does not directly answer this question, it does provide information about the use of BIP-39 words in Bitcoin wallets. BIP-39 words serve as a seed phrase that can be used to derive private keys. The security of BIP-39 words lies in the entropy they provide. With more words, the entropy increases, making it harder for an attacker to guess or brute-force the seed phrase.

Having said that, it is important to note that the security of a Bitcoin wallet depends on various factors, including the strength of the BIP-39 words, the protection of the seed phrase, and the robustness of the underlying wallet software. While 12 BIP-39 words can provide a certain level of security, it may not be sufficient for the next 10 years if there are advancements in attacks or if the seed phrase is compromised.

To enhance the security of your Bitcoin wallet, it is recommended to follow best practices such as using a hardware wallet, keeping the seed phrase offline and securely stored, and regularly updating the wallet software. Additionally, diversifying your storage by using multiple hardware wallets from different vendors can help mitigate the risk of vendor-specific vulnerabilities or server downtimes.

In conclusion, while 12 BIP-39 words can offer a certain level of security, it is always advisable to stay updated with the latest security practices and consider additional measures to protect your Bitcoin wallet.

Sources

• : https://bitcoin.stackexchange.com/questions/58094#58121
[1]:

https://bitcoin.stackexchange.com/questions/105825#105827
[2]: https://bitcoin.stackexchange.com/questions/88115#88125
[3]: https://bitcoin.stackexchange.com/questions/68546#71647
[4]: https://bitcoin.stackexchange.com/questions/54979#54981
[5]: https://btctranscripts.com/stephan-livera-podcast/2021-07-17-andrew-chow


(I copied & pasted above response, the Forum changed some formatting a bit)

I am not nearly an expert in AI, but the bots seem to provide at least some value for now.  ChatBTC may be worth keeping an eye on.

Andreas put out a relevant vid on this yesterday.

https://odysee.com/@aantonop:8/how-chris-lost-his-bitcoin-how-you-can:8

[ChartBuddy]

Explanation
Chartbuddy thanks talkimg.com

[Torque]

According to "contacts" from inside BlackRock and Invesco spot Bitcoin ETF approval a matter of "when, not if" likely in "four to six months - Galaxy CEO Mike Novogratz on earnings call this morning.
_Source

My thoughts are that the SEC will play the same BS game with the Spot ETFs that they played with the first round of derivative ETFs:

The first or two spot ETFs will get shot down for some BS reason. Complete head fake in the price, as per usual.  

Then the first of the spot ETFs will get approved in December of this year, and/or as we round the corner into the first of next year.

All of them will get approval before the halving (Gee, what a shocker.   )

Bitcoin price will start to take off pre-halving.

The derivatives market may flash crash in 2024. Some completely bullshit, "The-sky-is-falling-and-Bitcoin-is-the-hedge-play" narrative will get spun up in the MSM to support all this. As per usual.  

[Biodom]

According to "contacts" from inside BlackRock and Invesco spot Bitcoin ETF approval a matter of "when, not if" likely in "four to six months - Galaxy CEO Mike Novogratz on earnings call this morning.
_Source

My thoughts are that the SEC will play the same BS game with the Spot ETFs that they played with the first round of derivative ETFs:

The first or two spot ETFs will get shot down for some BS reason. Complete head fake in the price, as per usual.  

Then the first of the spot ETFs will get approved in December of this year, and/or as we round the corner into the first of next year.

All of them will get approval before the halving (Gee, what a shocker.   )

Bitcoin price will start to take off pre-halving.

The derivatives market may flash crash in 2024. Some completely bullshit, "The-sky-is-falling-and-Bitcoin-is-the-hedge-play" narrative will get spun up in the MSM to support all this. As per usual.  

Quite plausible scenario(s).
The future is blurry, but we all can see possibilities like that or similar.
We need relative peace, though.

[ChartBuddy]

Explanation
Chartbuddy thanks talkimg.com

[LFC_Bitcoin]

Like clockwork…….



@scottmelker
It could all be this simple.

The four year cycle has remained perfectly intact. You could have gone into a coma for the past 2 years and ignored macro, inflation, the Fed, Evergrande, the fat guy from BIS… woken up, checked this chart and gone back to bed.

From @StockmoneyL
[/url]
https://twitter.com/scottmelker/status/1688871919418802177

[ChartBuddy]

Explanation
Chartbuddy thanks talkimg.com

[Biodom]

30K is achieved...again.
I will be more excited at above yearly high of 31.818 31.67K, I promise.

[bitcoinPsycho]

BOOM

[2Pizza410000BTC]

30K is achieved...again.
I will be more excited at above yearly high of 31.67K, I promise.

JUST IN - #Bitcoin hits $30,000 after 🇺🇸 FED announces new oversight program for #Bitcoin and crypto related activities. https://t.co/4ukHPKILF9



Bitcoin Magazine

[Hamza2424]

30K is achieved...again.
I will be more excited at above yearly high of 31.67K, I promise.

Quite similar here with a small change of 30.5 to the 32K limit.. of the week a small but aggressive bullish signal. Hmm, Start counting on your position haha.. Not sure how long it will stand.

This time it was the bottleneck of the trendline.

[ivomm]

Come on guys, do you REALLY believe this pathetic sockpupet will give a spot ETF approval? I don't think so. Remember this hilarious moment not so long ago?

SEC Chair Gary Gensler blamed crypto for Signature Bank's failure during his congressional testimony. NY Department of Financial Services Superintendent Adrienne Harris refuted that in front of the same committee stating "It is not the case that the failure of Signature was related to crypto"
https://www.tiktok.com/@cryptobay.ltd/video/7224152371318754587

[Hamza2424]

Come on guys, do you REALLY believe this pathetic sockpupet will give a spot ETF approval? I don't think so. Remember this hilarious moment not so long ago?

SEC Chair Gary Gensler blamed crypto for Signature Bank's failure during his congressional testimony. NY Department of Financial Services Superintendent Adrienne Harris refuted that in front of the same committee stating "It is not the case that the failure of Signature was related to crypto"
https://www.tiktok.com/@cryptobay.ltd/video/7224152371318754587

Hmm again I would say hypocritical act but remember its the application by BlackRock, don't you think they can use their influence in the institutes for the approval?

The story in short is they both are trying to confuse the market to disturb the really because the initial sentiments were that the Asian market will bring capital in the market to start the rally but now things are completely 180 degrees changed it's up to the ETF approval now. Seems like they are testing our patience level which they are doing in a nice way.

[JimboToronto]

Ho hum.

[ChartBuddy]

Explanation
Chartbuddy thanks talkimg.com

[JimboToronto]

30K is achieved...again.
I will be more excited at above yearly high of 31.67K, I promise.

31.67K? At what exchange? I thought we used Bitstamp as a reference around here.

It hit $31818 at Stamp on July 12.

[Biodom]

30K is achieved...again.
I will be more excited at above yearly high of 31.67K, I promise.

31.67K? At what exchange? I thought we used Bitstamp as a reference around here.

It hit $31818 at Stamp on July 12.

That wasn't the point...
Fine, 31818 then, no biggie.

[ChartBuddy]

Explanation
Chartbuddy thanks talkimg.com

[Biodom]

OT: for those who ever saw high level table tennis....
...Whaaaa? Is this even "real" or made up?

https://www.youtube.com/shorts/nmHzvQr3kYE

[philipma1957]

OT: for those who ever saw high level table tennis....
...Whaaaa? Is this even "real" or made up?

https://www.youtube.com/shorts/nmHzvQr3kYE

Terminator next?