Crypto Sold my house and put it all into bitcoin.

Discussion in 'Other Asset Classes' started by Laker, 7th May, 2020.

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  1. db9

    db9 Well-Known Member

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    DYOR. This is misleading & dangerous advice.
     
  2. Property person

    Property person Well-Known Member

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    agree - like going to the casino and betting on roulette wheel. that has no fundamental commodity underpinning it either (bitcoin is NOT a currency)

    This is not to say that Laker hasn't done well, he rolled the roulette wheel and it paid off... I'd just say sell now, cash in, and put the money into something with some fundamental value!
     
  3. Michael.Knight

    Michael.Knight Well-Known Member

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    Wow. You must know something that MicroStrategy, Tesla, Square, Ruffer and Seetee don't. What's your secret?
     
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  4. Laker

    Laker Well-Known Member

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    I’m not ever “cashing out”. I will take profit if I need it for living expenses. I plan on my bitcoin lasting me till retirement. If you are paying attention you would see the growing list of companies putting their treasuries into bitcoin. This list will continue to grow. Countries will be next
     
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  5. Ouga

    Ouga Well-Known Member

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    "Trying is the first step towards failure" Homer
    Kudos to you guys for keeping up the educational effort. I really can’t be bothered anymore, it’s like repeating things over and over and over again and getting trashed for it :confused:
    Anyway, heading back down into the bunker before the next crypto bashing salvo comes in.
     
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  6. BunnyXiao

    BunnyXiao Well-Known Member

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    Best to keep these convos to Crypto Twitter not to a Property forum. You can see the results. Leave them to it. Peace out. Up up up
     
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  7. Ouga

    Ouga Well-Known Member

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    "Trying is the first step towards failure" Homer
    Wisdom right there
     
  8. Michael.Knight

    Michael.Knight Well-Known Member

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    I'm guessing there's no room for property bashing either? Today's articles seem to want to tar the whole sector with the same brush.

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  9. Perthguy

    Perthguy Well-Known Member

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    "A Victorian man has been charged after he allegedly committed property fraud totalling almost $395 million."

    How did he think he could steal $395 million and not get caught? That's mind blowing!
     
  10. toozs

    toozs Well-Known Member

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    I am glad 99% wont be putting their houses on the line for bitcoin or else we will all be in some serious trouble.
     
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  11. Laker

    Laker Well-Known Member

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    Bitcoin will be at 1 million aud within 5 years. It’s your choice to participate.
     
  12. Hockey Monkey

    Hockey Monkey Well-Known Member

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    If Bitcoin has a market cap of $1T today @ a price of $50K, does this mean in 5 years it will have a market cap of $20T (or even higher as more coins are mined) vs $33T today for the S&P 500

    Please help me understand the math and where this money will come from
     
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  13. Michael.Knight

    Michael.Knight Well-Known Member

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    It's not difficult to follow a 10+ year trend.
     
  14. db9

    db9 Well-Known Member

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    Furthermore, and maybe I’m just mentally deranged from all this crypto high over the past few years. Sorry I feel like I’ve finally tasted sugar after 3 years of eating salt. Umm anyway, the market cap doesn’t mean that much money has been exchanged. All it would take is one BTC to be bought for $1M (or 0.1 BTC for 100k). The volume might be low because of all the holders but the price high because people who are currently self confessed bitcoin ignorant financial experts flip flop and decide they now must buy.
     
  15. Laker

    Laker Well-Known Member

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    It will take a slice of the global wealth storage.
    Gold $10t
    Real estate $200t
    Bonds $100t
    Equities $30t
    Broad money $100t
    Fine art/collectables $20t

    It’s already started eating into gold. It’s up over 10x from one year ago and I believe the trend will continue.
     
  16. Hockey Monkey

    Hockey Monkey Well-Known Member

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    Please bear with me as I try to process this.

    Gold, I can sort of understand but let’s take your real estate example. For Bitcoin to start eating real estate, it would mean more and more people selling their real estate and then rather then buying more real estate with the proceeds, putting it into Bitcoin.

    In that world, more and more people become renters with less and less people willing to hold real estate and as a result, real estate prices must fall, driving up rental yield.

    Same for equities, less and less people buying shares driving down prices and driving up expected returns from future profits

    At some point people holding Bitcoin with less than diamond hands see the increasing yields in property and equities and want to sell their Bitcoin to take advantage of increasing yields, driving down the price of Bitcoin. Who other than gold holders would want to buy Bitcoin when property and equity yields are so high.
     
  17. Laker

    Laker Well-Known Member

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    It is interesting and I don’t think anyone has a definitive answer. Real estate prices are definitely over inflated. A drop will probably turn usual renters into buyers. This may decrease rental demand and in fact lower yields.
    Bitcoin is the carefree investment. Buy, put in cold storage! No need to worry about interest rates, tenants not paying rent, rates, property maintenance and house insurance etc.
     
  18. Property Baron

    Property Baron Well-Known Member

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    Ok cryptomaniacs what is the best way to buy some of these coins!
     
  19. Laker

    Laker Well-Known Member

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    Many reputable exchanges these days. I use coinspot. If it is what you’d call a significant amount I’d recommend transferring to cold storage.
     
  20. Property Baron

    Property Baron Well-Known Member

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    Total rookie here. Is cold storage an option using coinspot?
     
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