Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 16215. (Read 26725203 times)

I understand that point. OTOH, when your debts are such a minuscule number in relation to your Bitcoin holdings, it's a hell of a cushion to react to any sudden downturn.

I'm in the midst of splitting my cold stash coins from an Armory offline solution to Ledger Nano. I'm not sure I am fully comfortable with the solution, but the Armory offline approach to maintaining multiple forks was getting too burdensome. I may move 'em back after the splitting is done. I hope that done day arrives soon (contrary to what you may think about me). I assume after the Bitcoin Gold/GPU/whatever fiasco blows past, there will be little traction for any new forks save S2X. At least I hope so.

Frankly, I don't know. I do not have available time to perform the calculus. Perhaps someone who mines can chime in here. Searing?

However, near-leading efficiency miners are available to anyone willing to spend on them. (though you'll need BCH to buy them XD ) Being in business is _hard_. It is not for everyone. To that end...


...Your apparent belief that a change in PoW will make any difference in centralization is unpersuasive. No matter the technology, mining power will coalesce to those that possess the financial resources, the BizOps acumen, and most importantly the persistence and pain tolerance needed for entrepreneurship on a grand scale.


Yes, you can verify all blocks with a non-mining, fully validating* 'node'. What does this verification buy you that carefully watching your SPV chain provider does not? Nothing.

* Do you maintain a fully-validated copy of the blockchain? I posit that most operators of 'non-mining, fully-validating 'nodes' ' do not. Are you aware that starting up a Core node does not validate historical transactions before a given checkpoint?


Your non-mining, fully-validating 'node' does absolutely nothing to 'keep the big guys in check'. The only thing 'keeping the big guys in check' is the potential threat of economic power abandoning a given chain. And node count has an uncorrelated, Sybil-able relationship to economic power.


Perhaps most important, the notion that the world's uber-money be beholden to the absolute lowest-denominator in computing power is -- I reiterate -- insane. Buck up, buttercup. If you want to be a cog in the most important financial machine humanity knows, spend a quarter-Bitcoin on a real tool.


Nothing that I say is incompatible with decentralization.


What I see is that there is a balance to be had. Indeed, the soul of engineering is the same as the soul of economics -- balancing multiple competing offsetting considerations to arrive at some sort of operating maxima. With Bitcoin's loss of market share from 85% to below 60% (indeed below 50% for a time) coincident with persistently full blocks, Core's direction is not seeking a maxima I can live with.


A hedge. Against a continuation of the insanity.


Joe "David" Average's verification is of no value except to that individual Joe "David" Average.


Absolutely not. Censorship resistance is a lack of institutional barriers to being a first-class participant in the system. It has nothing to due with free as in beer.


I have told you. Repeatedly. I really don't know how I can be any more clear. Sorry.

There is something to be said for getting it over and done with. Whatever happens to the value of fiat and bitcoin and bricks, you have your house and no debt in it.

I do not believe anything is certain enough to make that type of bet. If someone told me they'd done the same with the blue chippiest of stocks I'd still think they were a twat.

If I had to buy a property I'd buy it outright and forever put that obligation to bed there and then.

I've said it before but I'll say it again, people are getting far, far, far too comfortable with the idea of BTC being a stone cold, cast iron, gold plated one way trip to glory. It's that type of thinking that gets people in serious trouble when that's tested.

Yep. I'm waiting until I can sell them without risking the anonymity of my bitcoins. The price has been fairly steady after bouncing up and down. I think the market may have discovered the value of this altcoin. I'm willing now to play wait and see.
____

I post the prices daily because lots of others are also still holding what they got gifted in August.

Hmm. Long term cap gains 'round these parts is more like half of that figure. I'm considering wintering in Puerto Rico in the future - 183 days qualifies for citizenship, and LT cap gains there are a drop in the bucket. They get a special US Legislative deferment on federal cap gains.


Such is my belief as well.


That is my plan as well, though for me, the accumulation phase is essentially done and dusted. When I am ready for more fiat, I trade the volatility for a bit (as described upthread). I can usually come out of it with the same or more Bitcoin, and the fiat I need.


I've done that for 35 acres of paradise this year.

Indeed. This renders as zero any value it might have otherwise had as a futures prediction market.

Do you understand nothing about probabilities and certainty of future events? I advocate S2X over S1X as a hedge.


I will not stfu about it. Tough shit for you.


Aww... you've hurt my feelings. Again.

My CPA said to ignore it, like a stock split. If you sell a taxable event on the whole gain. Wait a year
and a day for normal capital gains. The IRS is rabid about money from nothing.

Right?  If you have been doing your due diligence to Gualt out and withdraw your effort from the warmongering kleptocracy for any length of time there will be no loan forthcoming.

The most precious asset we have in the world isn't our bitcoin, it is our time. I'm not spending my life as a pauper so I can enjoy a multimillionaire lifestyle when I'm beyond my prime.

You both make compelling arguments. Torque has the numbers right, assuming nothing goes wrong over a 30 year period. But, well, fuck em.

Also no bank would give me a meaningful loan with everything I own in bitcoin.

It's free money but getting to it is work and effort and presents some amount of risk if cold stashing is involved. It's almost like a form of cognitive dissonance. Take the free money, but take a small risk of making a mistake with your big stash and also irritation over the whole thing.

Fortunately my trezor and ledger just arrived. Gonna play around with them during my week long vacation on Cyprus, save some of my cold stash on em, mitigate whatever risk and then probably dump all my clonecoins when I get home.

@Torque
Very interesting tips on basic economics for our financial life.

@Jimbo
Can you please explain why are you keeping on giving updates on Altcash prices?
Are you still invested in that? 

I understand your reasoning Torque, and for a lot of people it may indeed be a very attractive alternative.  For myself I just have a two word response however...


fuck   banks

Seems like I can - most the BTC on that exchange is in orders marked for trading - so not planning to withdraw for a while

EDIT: All BTC was there before 23rd

That jeans You transfered your btc on your before 23 right? Can You withdraw your btc now?

I feel like that with BTG - didn't stop me selling them on the exchanges that already started trading. I managed to sell at 0.08 - price is now 0.017 and falling