Hey guys,
I hope your all well.
There is a company in Canada that started accepting Bitcoins as rent payments. This stuff looks like its really taking off.
Does anyone have knowledge on the new Crypto currency?
How could it work in real estate? Could you potentially sell your house for Bitcoins?
Thanks for reading and I am looking forward to your replies.
– See more at: https://www.propertyinvesting.com/forums/overseas-deals/4349295#sthash.Cm5l8RRF.dpuf
EngeloRumora | Ohio Cashflow
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Interesting.
It's very difficult to speculate on the future of digital currency like bitcoins. Any currency that is decentralized from any government, not attached to any intrinsic value and 100% digital will make people (and governments) uncomfortable. many baby boomers don't even trust 100% online bank accounts offered by the big 4.
your guess is as good as anyones with Bitcoins… will we be financial planning on bitcoins in the future…? will we be offering payment in bitcoins…? probably not. haha.
It's interesting to read that the FBI is one of the largest holder of bitcoins with multiple seizures of shady websites like Silk Road.
The currency's biggest benefit is anonymity… doubt this is going be a 'popular feature' in the near future… who knows…
Jimmy86 | Future Assist SMSF Specialists - Bris | Melb | Syd
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The majority of existing money in the world is digital already. Chequing or paying by cheque is already starting to become obsolete. Then it will be cash after that. A digital currency (even if run by goverment) would bring in billions more in missed tax revenue.
and arnt Bitcoins worth like $800 each or something absurd? The potential for corruption i think is to high with a digital currency that is decentralized.
wilko1 wrote:The majority of existing money in the world is digital already.Not so. It’s FIAT money integrated into a digital network. Digital currencies are purely digital and exist as hash code only.
Quote:Chequing or paying by cheque is already starting to become obsolete.Couldn’t tell the last time I used one let alone saw one.
Quote:Then it will be cash after that.Cash will never be redundant or disappear from a financial system completely. In fact there is a resurgence in cash currencies. Third world countries deal almost entirely in cash below middle class and that’s unlikely to change any time in the foreseeable future.
Quote:A digital currency (even if run by goverment) would bring in billions more in missed tax revenue.Bitcoin is anonymous. How do you tax anonymous
Quote:arnt Bitcoins worth like $800 each or something absurd? The potential for corruption i think is to high with a digital currency that is decentralized.Running between US$1000 – $1150 for the current time.
What do you mean by corruption???
By corruption I mean that if there a very smart computer person that invents the bitcoin and the security measures that surround it. Eventually there will be a smarter person on the opposite side who solves those problems and digitally creates himself a few thousand bitcoins
Thanks for your comments guys.
Keep them coming.
Have a great day.
EngeloRumora | Ohio Cashflow
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One of the main reasons Bitcoins will not achieve mainstream success will be that it is not pinned against any security or intrinsic value. Ie our centralised currency is pinned against (from memory) the gold standard. and currencies used to even include gold content in coins… "cash" began as a certificate system against your gold holding… ie. if you had a $100 bank note… you held $100 worth of gold in the bank…
We have heavily moved away from this system… ENTER: Global Financial Crisis.
But this is why currencies with good government guarantees and banking regulations tend to attract wider investment.
I see Bitcoins as a means to an end… I think there will be a single global currency that will eventually emerge, and i think it will have aspects of 'bitcoin' but it will DEFINATELY be:
1. pegged against something (ie. precious metals) or some government
2. will be regulated and controlled by governments (or one global government / IMF).
Jimmy86 | Future Assist SMSF Specialists - Bris | Melb | Syd
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wilko1 wrote:By corruption I mean that if there a very smart computer person that invents the bitcoin and the security measures that surround it. Eventually there will be a smarter person on the opposite side who solves those problems and digitally creates himself a few thousand bitcoinsIt appears at this time that counterfeiting is impossible however theft and confiscation are issues currently. There is a laundering term called “tumbling” that involves a complicated process involving splitting bitcoins in to fractions and mixing stolen ones with fractions of legitimate ones
There’s a £60m Bitcoin heist going down right now, and you can watch in real-time
"All day, we've been chasing the scoundrel with our stolen bitcoins through the blockchain. Around lunchtime (UK), I was chasing him across the roof of a moving train, (metaphorically). I was less than 20 minutes, or 2 blockchain confirmations, behind "Tomas""
They make it sound so exciting. But hes just sitting there mashing his keyboard.
What a process it is to get an account to buy either Bitcoins or Litecoins with cash.
It is pretty much impossible lol
EngeloRumora | Ohio Cashflow
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A valid currency is guaranteed by a stable sustainable Govt which owns and controls the matching committed resources to back the paper or coin or bits.
Why would you buy anything less or trade for it ?
In my opinion, Bitcoin is smoke, like a Ponzi scheme.
Cheers
thecrest
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thecrest wrote:A valid currency is guaranteed by a stable sustainable Govt which owns and controls the matching committed resources to back the paper or coin or bits.Please provide an example. I have yet to find one in all of history. FIAT currencies by quantity and value are heavily manipulated according to the whims of controlling authorities who have less than 3% of the assets necessary actually back current values of our corrupted fractional reserve financial system. FIAT is the ponzi not BC
Quote:Why would you buy anything less or trade for it In my opinion, Bitcoin is smoke, like a Ponzi scheme.If you liken BC to a ponzi scheme then you do not understand it nor how it works. BC mimicks gold. There is a finite amount. Once mined there is no more. The more that are mined the harder they are to mine. If lost they are lost forever.
BC’s value is what the market says it is not what some CB decides. It is P2P and neither owned or controlled by any entity.
A ponzi scheme requires funds from new investors to be used to pay returns over and above actual investment returns to earlier investors with a resulting exponential debt being built up by the entities management. This is not what BC is by any stretch of the imagination.
Hi Freckle.
I'm not an economist or an accountant or an investment advisor that's for sure.
True that currencies are manipulated and there may be a global currency in the future, certainly the Euro spread to some degree.
However, I'd like to regard something internationally and universally recognised as being of saleable or tradeable value as something the Australian banks or say CBA for instance would lend against.
What do you reckon the big 4 Banks' opinions are of the value of Bitcoins ?
Cheers
thecrest
thecrest | Tony Neale - Statewide Motel Brokers
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Supposedly most banks are starting to warm up to the idea.
China pulled back a bit today on the whole idea tho.
Every piece of news I get in my inbox is about BTC and LTC lollol
Media is gone crazy about it.
Could be a big bubble.
My preference is Litecoin at this stage. I believe its eaier for them to go to $500 USD than BTC will double to $2000USD
Thanks
ps. Freckle take over haha
EngeloRumora | Ohio Cashflow
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Isn't bit coin "mined" by How many processors/ ram drives you give over to be used. Some people have hundreds (banks ) of processors lined up that they were using to mine. (Whilst stealing electricity, to pay for their huge electricity bill)
Shouldn't the question be. Why does someone need SOOOO much processing power. If they have hundreds of thousands of people out there "mining bitcoin " who's using the combined processing power. Some researchers are saying the total power is greater then most super computers
We are in the early stage of digital currencies and consequently no one really knows how this new iteration in financial systems will evolve. I doubt we’ll be any the wiser in a few more years compared to now but I think digital currencies are here to stay for the forseable future.
Citi have released an interesting overview as they see it;
Citi: Bitcoin Could Look Attractive To Reserve Managers As A Complement To Gold
wilko1 wrote:Isn't bit coin "mined" by How many processors/ ram drives you give over to be used. Some people have hundreds (banks ) of processors lined up that they were using to mine. (Whilst stealing electricity, to pay for their huge electricity bill)Shouldn't the question be. Why does someone need SOOOO much processing power. If they have hundreds of thousands of people out there "mining bitcoin " who's using the combined processing power. Some researchers are saying the total power is greater then most super computers
Not as much as the NSA uses to spy on everything and everyone
I heard a piece on BBC the other day saying less than 5% of bitcoins are actually used as currency, the rest is all speculative. People buying it because it is finite and waiting for it to increase in value.
I had a mate tell me about it when they were listed at $28 a share or something like that. I hope he bought some because I didn't lol.
Norwegian man buys apartment with forgotten $27 bitcoin investment.
A Norwegian man who purchased $27 worth of bitcoins and then promptly forgot about it for four years, was able to buy an apartment in central Oslo thanks to the massive appreciation of the virtual currency.
In 2009, Kristoffer Koch was doing research on encryption and on a whim decided to invest 150 Norwegian kroner ($27) in the recently created bitcoins, a means of payment over the internet.
Koch, now 29 and working as an engineer, only remembered the investment in April this year when he read an article about the soaring value of bitcoins.
His 5000 bitcoins were suddenly worth about €500,000 ($725,600).
After spending a full day trying to remember his password, Koch cashed in 1.1 million kroner ($197,000), by selling a fifth of his newly acquired fortune.
After deducting 28 per cent in taxes, the money was enough for the down payment and restoration of a flat worth 2.6 million Norweigan kroner in central Oslo, one of the world's most expensive cities.
Bitcoins can be exchanged for real money or used to purchase goods and services online.
The virtual currency is increasingly used for internet transactions and its value is extremely volatile, subject to speculation.
Rest of story in link below …..
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