Bitcoin is 10k again what are you going to do now?
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Rental Property Investor 路 Concord, NC 路 Member since 2016 路 1k+ posts 路 3k+ votes
7yI'd sooner rent to a convicted felon with a 400 credit score, a tattoo on his forehead and a stolen car than deal with Bitcoin.
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- Rental Property Investor 路 Tel Aviv, Israel 路 Member since 2019 路 15 posts 路 5 votes7y
HODL.
- 7yJay HinrichsBusiness MemberReal Estate Consultant 路 Summerlin, NV 路 Member since 2014 路 45k+ posts 路 66k+ votes
Originally posted by @Nic S.:
@Matt R. I鈥檒l buy a house in exchange for bitcoin for you.
I have a rental you can pay me in bitcoin for .. and matter of fact I think I will start trying to sell a few of my free and clear rentals with bitcoin.. thanks for the idea..
Originally posted by @Bryan Devitt:
Originally posted by @Dave DeMarco:
Originally posted by @Craig Jeppesen:
I will stick with real estate and stocks. I am an investor not a speculator. Good luck.
Not to pick on you Craig but an "investor" should be riding this bull market to some ABSOLUTELY RIDICULOUS PROFITS. ;)
My ROI so far is 52.5%. It has CRUSHED my dividend portfolio. Started buying at $3700 near the bottom through shear dumb luck. Been taking profits along the way and will do so until the trend ends. I plan to pull my principle investment sometime soon and keep a balance of it. If any of you are traders (day or swing) you have missed a wet dream.
I would highly suggest looking into the technology and at least making an attempt to understand it. This technology is very interesting IMO.
For every one of you, how many invested at $10k or $20k with money from a second mortgage or credit card? You said it yourself, it was luck. I have many friends that owned a lot of it and told everyone to get in, even when it was $20k. Some sold off and are happy, most insisted it was going to hit $100k and now have a monthly payment they can't get rid of until they break even with interest if Bitcoin ever hits $20k again. When the next downturn happens, I am real curious how low Bitcoin gets
Anyone investing in anything speculative with a second mortgage or credit card is a fool.
- Rental Property Investor 路 South shore, MA 路 Member since 2017 路 1k+ posts 路 1k+ votes7y
It鈥檚 not a terrible idea, you see more and more businesses accepting it now. You just need to buy a stable coin with it so the value doesn鈥檛 fluctuate on you. Seems like a headache, but people who would have accepted it 6 months ago would be pretty happy right now.
Originally posted by @Jay Hinrichs:
Originally posted by @Nic S.:
@Matt R. I鈥檒l buy a house in exchange for bitcoin for you.
I have a rental you can pay me in bitcoin for .. and matter of fact I think I will start trying to sell a few of my free and clear rentals with bitcoin.. thanks for the idea..
It would interesting to see if you could now vs my 2013 attempt. In my case that would have been a 6 mil $$ difference today.
- Investor 路 Clinton, MS 路 Member since 2019 路 83 posts 路 85 votes7y
I subscribe to the Warren Buffet school of investing "only buy what you understand." Bitcoin is something that could become a reality as a common viable means of payment, but as of now, it is not something I would accept. If you understand it and have a strong feeling of its value go for it. For me, I feel I would be gambling due to lack of understanding and overall skepticism.
Originally posted by @Nathan Killebrew:
I subscribe to the Warren Buffet school of investing "only buy what you understand." Bitcoin is something that could become a reality as a common viable means of payment, but as of now, it is not something I would accept. If you understand it and have a strong feeling of its value go for it. For me, I feel I would be gambling due to lack of understanding and overall skepticism.
Makes total sense. 20 years ago Buffet said he did not understand how Amazon was worth even $10 a share. 20 years later he bought some at $1700 a share and said he made a big mistake 20 years back.
- Phoenix, AZ 路 Member since 2017 路 18 posts 路 22 votes7y
Blockchain technology will slowly revolutionize the financial industry. However there is nothing unique or special about bitcoin. The only reason that it is the most expensive, is because it was the first coin and the one that people are most familiar about. As a coin itself, bitcoin is beyond terrible. The underlying code is garbage compared to other coins. This is because of the memory size for transactions and the way fees are calculated. Transactions are 'validated' by miners with powerful computers designed specifically for bitcoin. But because there is limited space on the blockchain to validate transactions, there exists a backlog of trades waiting to be executed because the trade can't be validated. The process is not a first come first served process, but rather who is willing to pay the highest fee. While trades are done relatively quickly today, and therefor the average transaction fee hovers around $2 per exchange, a few months back when bitcoin was all the rage there were too many trades for the system to handle which pushed the average transaction cost close to $40 per trade. KFC Canada accepts bitcoin, but can you imagine trying to pay for your $5 bucket of wings only to find out that you actually paid $45? The more popular bitcoin gets, the less functional it is, and therefor it will never catch on. There is nothing proprietary about blockchain technology. People can (and do) create new coins all the time. Eventually one of the big banks, will create a decent coin and due to the influence of the institution backing the coin, it will become the new standard and replace bitcoin as the king of crypto.
Originally posted by @Bob Anderson:
Blockchain technology will slowly revolutionize the financial industry. However there is nothing unique or special about bitcoin. The only reason that it is the most expensive, is because it was the first coin and the one that people are most familiar about. As a coin itself, bitcoin is beyond terrible. The underlying code is garbage compared to other coins. This is because of the memory size for transactions and the way fees are calculated. Transactions are 'validated' by miners with powerful computers designed specifically for bitcoin. But because there is limited space on the blockchain to validate transactions, there exists a backlog of trades waiting to be executed because the trade can't be validated. The process is not a first come first served process, but rather who is willing to pay the highest fee. While trades are done relatively quickly today, and therefor the average transaction fee hovers around $2 per exchange, a few months back when bitcoin was all the rage there were too many trades for the system to handle which pushed the average transaction cost close to $40 per trade. KFC Canada accepts bitcoin, but can you imagine trying to pay for your $5 bucket of wings only to find out that you actually paid $45? The more popular bitcoin gets, the less functional it is, and therefor it will never catch on. There is nothing proprietary about blockchain technology. People can (and do) create new coins all the time. Eventually one of the big banks, will create a decent coin and due to the influence of the institution backing the coin, it will become the new standard and replace bitcoin as the king of crypto.
Idk jack squat about blockchain code. It is my understanding one of bitcoins competitive advantage is the security in the transaction and or if one was to send a large amount they would likely only use bitcoin to send that. I could be wrong on that too.
- Investor 路 Wichita, KS 路 Member since 2017 路 584 posts 路 813 votes7y
Originally posted by @Matt R.:
Originally posted by @Bob Anderson:
Blockchain technology will slowly revolutionize the financial industry. However there is nothing unique or special about bitcoin. The only reason that it is the most expensive, is because it was the first coin and the one that people are most familiar about. As a coin itself, bitcoin is beyond terrible. The underlying code is garbage compared to other coins. This is because of the memory size for transactions and the way fees are calculated. Transactions are 'validated' by miners with powerful computers designed specifically for bitcoin. But because there is limited space on the blockchain to validate transactions, there exists a backlog of trades waiting to be executed because the trade can't be validated. The process is not a first come first served process, but rather who is willing to pay the highest fee. While trades are done relatively quickly today, and therefor the average transaction fee hovers around $2 per exchange, a few months back when bitcoin was all the rage there were too many trades for the system to handle which pushed the average transaction cost close to $40 per trade. KFC Canada accepts bitcoin, but can you imagine trying to pay for your $5 bucket of wings only to find out that you actually paid $45? The more popular bitcoin gets, the less functional it is, and therefor it will never catch on. There is nothing proprietary about blockchain technology. People can (and do) create new coins all the time. Eventually one of the big banks, will create a decent coin and due to the influence of the institution backing the coin, it will become the new standard and replace bitcoin as the king of crypto.
Idk jack squat about blockchain code. It is my understanding one of bitcoins competitive advantage is the security in the transaction and or if one was to send a large amount they would likely only use bitcoin to send that. I could be wrong on that too.
It鈥檚 competitive advantage is it was the first to market. It鈥檚 got the branding. It started it all. People believe if it fails it all fails. It was the first big fu to our worldwide broken financial system. It looks cool on a t-shirt.
It is slated to be a store of value in the industry, the digital gold with utility.
- Lender 路 Everett, WA 路 Member since 2019 路 55 posts 路 25 votes7y
@Matt R. Sounds like. Buffet stuck to his rule of not investing in something he doesnt understand. Took him awhile with Amazon, but it is a complex company.
It's only a matter of time. I got into it when it was in the low hundreds and I've not seen anything perform like it in my lifeltime. Yesterday, it was over $11K. Just a few months ago it hit a recent low of $3,200. I've seen this rise and fall pattern over the past 5 years and each time it comes back stronger and higher, and every time there is more support. But never befoere has there been as much support as there is now.
Right now, big institutions are getting on board, Fidelity, ICE (NYSE), Etrade, TD Ameritrade, and I also think we will see an ETF this year or early next year. We can pay bail using crypto in California, and Ohio and AZ accept it for tax payments. Houses have been purchased using it, so there are people who beleive in it's value. Not too mention all the companies that accept it for payment! Hedge funds are getting in and it has a market CAP in the hundred billions range. The biggest stock markets in Europe (Germany's 2nd largest) will offer it. There's a ton in the works from ATM machines, and other payment systems. Adoption is growing and the big institutions are jumping in
It's natural for people to be afraid. Not only are we wired to fear what's new, but we also respond emotionally to things, first. Like people standing on the corner throwing eggs at cars when they passed when the first cars hit the road. Like peoples fear of the electric elevator, planes and flight, and now Bird Scooters!
I doubt there will be a bank backed crypto that eventually takes over, because we ALREADY HAVE THAT!!!! Your money is just a bunch of digital numbers on a screen. If we could produce Gold, would it be worth anything? Just look at fiat currency! Also whose blockchain ledger will it use? BTC has the most support and is the leader by around 60%, there are millions of people across the planet participating in the blockchain. A bank backed, centralized currency, makes no sense nor will it provide the functions, anonymity, and security of BTC. All very rational and logical explanations, but all very wrong in my opinion. And I think that anyone who really understands BTC and Blockchain would agree with me.
Remember Blockbuster Video? Shopping malls? Record stores - I worked at one as a teen in the late 90's. GONE. Banking and the financial system is going to change. Gold is manipulated (suppressed) and so is the stock market. BTC is a true free market, at least at the moment. Decentralized and private, which means people own their money and can send it anywhere in the world in seconds, for nearly free. TThey can also pick it up and move with it. Imagine buying your OOS real estate with the click of a mouse, and watching the transfer go immediately, rather than wiring money after standing in line at a bank? Block Chain will also change title and escrow.
I hear the arguments, "it's not tangible, I can't touch it." And I have to ask, what about your MP3 collection and your Photos on Google Drive? What about your stocks and index funds? What about your online bank balance? There is no vault with your name on it that holds your money that someone counts and updates on the web page. It's just numbers on a screen
I have heard the argument that it's used for illegal stuff.. Yeah... so is cash!
The FB Libra thing is not Crypto - it's a gimmick. It's no different than paypal or Venmo. It's not a currency, it's not limited, it's not decentralized, and it's backed by fiat currency and Visa/Mastercard, and the central bank. But I believe it will help Bitcoin
People might love their Big Faces and Benjamins, but anything that can be printed into infinity scares the hell out of me.
I hear people - often the financial pundits, bad mouth it. But I'd like to hear them explain how it is thee best performing asset of 2019???
"What's past is prologue" and we are ever more going digital. If you are interested in BTC, buy it, hold, and don't look at the charts. Just wait. Just like Real Estate!
Anything can happen,. but so far, what a ride! I believe it's just a matter of time
Originally posted by @Alvin Sylvain:
Originally posted by @Caleb L.:
Cryptocurrency is speculation because, unlike stocks, there is no company you can analyze. But most important, in order for you to make money, there has to be a buyer on the other side.
What's that they call it? The "Bigger Fool" theory of investment?
As in, you'd be a FOOL to buy into it, but you're hoping later to find an even Bigger Fool to sell it to?
Yes, that's what they call it. :) Crypto depends on an end buyer to buy it. Just another reason NOT to buy into the fad. I don't mean to sound condescending but, crypto is only considered an investment to the foolish. To me, it's a fancy form of gambling.
I have to admit, a few years ago, I was one of those fools. This is before I learned about real estate and stock investing. I bought a few Ethereum. I lost 95% of all my money within a matter of weeks. Now years later, I am a reformed investor. And will be investing in things that produce cash flow and that are more predictable. (Something that crypto doesn't do as well. Man, I really hate crypto!)
I have felt the flames of crypto! Don't do it!
Originally posted by @Cory K Bente:
@Matt R. Sounds like. Buffet stuck to his rule of not investing in something he doesnt understand. Took him awhile with Amazon, but it is a complex company.
It is a good rule. I think he said his mistake was not understanding Amazons abilities at that time.
- Investor 路 Wichita, KS 路 Member since 2017 路 584 posts 路 813 votes7y
Here is how cryptocurrency can change real estate. What if many investors can go in on a rental property with cryptocurrency and rather than have to sell the property to get your investment back you can sell your percentage stake for more cryptocurrency. There is no reason to formalize all the paperwork because the cryptocurrency uses a recorded ledger.
- Lender 路 Everett, WA 路 Member since 2019 路 55 posts 路 25 votes7y
@Matt R. That makes sense to have some regret, lol. Everyone wants in early on the next big thing right. I respect buffets prudent style and extensive due diligence.
And for anyone who bought as it was rolling upward and 2017, and got burned, it sucks but your personal feelings mean nothing to where it could be going and the functional use. Remember Buffett's rule, be fearful when others are greedy.
As far as accepting it for rental payments, it is volitile but I think over time we will see it stabilize as adoption continues to grow. As for now, except it for rent if you are going to hold it and don't need the cash right now. Have some fundamental knowledge before you run in and buy, I seen a lot of people who didn't understand it got the fomo and spent all their money.
- Rental Property Investor 路 Member since 2019 路 72 posts 路 33 votes7y
@Terrell Garren
Why
- Rental Property Investor 路 Greenville County SC / Atlanta, GA 路 Member since 2017 路 403 posts 路 120 votes7y
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- Rental Property Investor 路 Everett, MA 路 Member since 2017 路 16 posts 路 7 votes7y
Sit on the coins I have. Bitcoin is a long term play, not a short one. If you want to get in and get out and make some quick money I personally believe you have the wrong mindset for this type of investment.
As far as accepting it for rental payments, it is volitile but I think over time we will see it stabilize as adoption continues to grow. As for now, except it for rent if you are going to hold it and don't need the cash right now. Have some fundamental knowledge before you run in and buy, I seen a lot of people who didn't understand it got the fomo and spent all their money.
- Rental Property Investor 路 CA (orange county) 路 Member since 2019 路 67 posts 路 20 votes7y
@Matt R. Accumulating as much as I gain and others digital assets too ( Xrp, cardano ).
- Rental Property Investor 路 Woodstock, GA 路 Member since 2017 路 517 posts 路 772 votes7y
If you have the cash, I don't see why you wouldn't put $5k into an assortment of coins.
I did that last summer when bitcoin and others dropped then steadied.
Now, have just held. For how long? Who knows.
But if you go in with the mindset that it's okay to lose it all and it won't affect your life...you won't ever panic sell.
- Member since 2019 路 24 posts 路 7 votes7y
@Matt R. it's definitely a solid investment but only if you understand it's value and potential (the same as picking a stock to invest in). btc has made life easier for many people across the world (think cross-border remittances), but I can understand why some folks avoid like the plague.
I would accept btc but there's things I'd consider. Let's say I normally charge $2k usd for rent, how much would I charge in btc? Personally, I'd want to charge enough to make $2k usd after conversion and taxes, plus have enough btc leftover to hold as an investment. It'd be hard for me to justify collecting rent in btc without converting some to cash and holding some as an investment.
In the future, I think blockchain helps with easier transfer/distribution of equity for real property (see Fortem), title/escrow/closing (see Qualia), and others. Imagine how much easier it'd be to access public record to find info about a property if it was on a blockchain. Wholesalers should probably be blockchain activists.
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