Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 4000. (Read 26713795 times)

On another note, I noticed you put your private key right in the picture... so You certainly don't want to send any money to: 1Mr4CVSN4L6xktZFHteWVyBWAGAiPLd8Su  !!!

I was relieved to see you had not funded it yet!  I suggest you start over, maybe with a different letter than "S" this time too!

Surely, you are describing the crux of the issue from your perspective, and even implying that the longer that someone is in bitcoin the more likely s/he will begin to more unambiguously value the powers of holding his/her own keys - while at the same time, maybe there are aspects of the 80/20 rule that still apply that cause a decent number of people to remain lazy, not really understand what they are investing into (if they do choose to invest into bitcoin) and therefore do not exercise the power of the asset that they are holding, bitcoin in this case.

There has always been a cohort of bitcoiners preaching the value of self-custody, but at the same time, recognizing some utility to keep some of your value with third-parties for a variety of reasons.  Sure, it could take a while to play out in a way in which people become way more stingy with how many coins that they are going to allow third-parties to hold.. and surely confidence in third-parties could drop further, if it is overall discovered that they are fucking around too much with the BTC supply - so they become a victim of their own sloppy past practices of fractional reserves and even trying to manipulate the BTC price (nakedly) without exposing themselves to the asset.

The seemingly heavy-handed draconian Canadian measures does facilitate more concrete learnings for people about the value of self-custody, but it is not going to stop people from engaging in such practices of leaving some or maybe even all of their coins with third parties --- but those third-parties are going to have to continue to keep selling folks to think in those traditional ways.. and I just do not have faith that they are really going to keep up such deception without ongoingly attempting to provide actual value rather than smoke and mirror values.. and people can likely relate to the fact that they do not want to get their value frozen or taken from them.. so it is a pretty concrete learning point, even though people also do tend to have herd mentality practices too.. that can be taken advantage of.. but just like Gresham's law.. many know about Gresham's law without really being taught about it.. but sometimes it can still take some time to put those principles into practices.. such as keeping a side holding of BTC (exposure) but then realizing that they want more than just exposure (and that is where the power of self-custody intuitively falls into place).

What do you do when you come across the introduction of a newbie into the bitcoin space?

Many of us already know that newbies have tendencies to get mislead into some bad practices such as gambling or the temptations to get rich quick.. so we know that there is a lot of misinformation out there that is waiting to prey upon their inclinations and reservations to get into investing into BTC as an asset.

I am not even saying that everyone has to make the same mistakes that many of us have made along the way.. because there are always some people who catch on way faster than others, once they get the spark.  We also know that there is a phenomenon in bitcoin that some of the smart people end up being too smart for their own good, so sometimes it can take a bit of experience before they "get it".

I am pretty sure that I have way less than a 5% success rate in terms of convincing people to get into bitcoin, and my level of trying surely does seem to vary.. even though so frequently, i suggest for the newbie just to get started by getting off zero.. so initially I had been recommending 1% to 10% allocation into bitcoin, even though these days I am describing that newbie entry-level as a 1% to 25% allocation.. but the message remains somewhat the same.. get the fuck off zero.. and some of the aspects of investing into bitcoin should start to make more sense.. but even those kinds of recommendation does not stop so many of the newbies to get distracted into shitcoins, even though you tell them.. don't get distracted into shitcoins.. they do anyhow, largely.. and overwhelmingly.
 
Another thing that I like to suggest is for the newbie to learn as they go and to take responsibility for their own actions, and i have no problem with third party custody in those very early days of "just getting started."... so in that regard, I will suggest that the newbie figures out their initial investment threshold in which they might buy some kind of third party wallet or figure out ways to engage in self custody..  Maybe somewhere between $1k and $10k.. and sometimes if they might start out by investing whimpily at $10 per week or graduate up to a bit more aggressive at $100 per week, there might be a period in which the value is not really getting close to their threshold.. but they might have to keep in mind that the value could go shooting up too.. so it is no necessarily a bad thing for them to continue to study in to bitcoin while they are DCA'ing into bitcoin.

I agree people are lazy.. and I am partly banking on the fact that as their value goes up, they might get around to figuring out ways to hold their value themselves.. does not always work... so I don't know.  Even some of us guys who are more adventurous in moving around our coins.. we ONLY have so many different types of wallets/storage mechanisms that we have practiced with.

Guys,
I have been busy IRL lately and quite absent from the WO.

Here, a glimpse of what I have been doing yesterday:


Yes, banging that anvil with a sledgehammer to secure a BIP39 seed on washers was a epiphany moment for me.

   That's a given.  You shoud have wished for something unrealistic like world peace.

The moment I realised I bought an anvil to secure my intergenerational wealth, it was hilarious.

22222222222  WOB smerits sent... (or wtf they are referred to as)

no one would believe today is my birthday because reasons...22222 of them...

Happy B-Day Sirazimuth.

I sent you a few merits in order that you could have a nice round (and hopefully special) number of merits for your b-day... plus all of your silly past contributions to this thread and to the forum must be worth something, if we dig down deep, no?