GTA's First Bitcoin Listing?

Well now he will get some publicity but that house isn't going to sell for Bitcoin

i dont even understand blockchain.

reesefitzmaurice wrote: ↑ i dont even understand blockchain.

Maybe this will help...

Just a publicity stunt. Probably desperately trying anything to sell for more than it's worth ...

would be interested to see how taxes are collected.

michelb wrote: ↑ Just a publicity stunt. Probably desperately trying anything to sell for more than it's worth ...

Ya, just creative advertising. Kind of like those who listed their home for $1 and got media attention.

Repooc wrote: ↑ would be interested to see how taxes are collected.

I can almost guarentee that ultimately, the translation will NOT be done using bitcoin.

fdl wrote: ↑ I can almost guarentee that ultimately, the translation will NOT be done using bitcoin.

It would honestly make more sense to use Ethereum.... smart contracts are the way to go.

Guy is probably trying to avoid capital gains taxes.

Doubt any ethical lawyer would process such large transaction with risky, unregulated bitcoin used in the black market for speculation, theft and criminal purposes.

In the future RE transaction will be conducted using block chain and smart contracts. Which means all of certain conditions must be met before the titles are transferred such as home inspection, title search, payment in escrow, closing date, insurance, etc.

What block chain does it eliminate human error or negligence and ultimately eliminates RE lawyers.

Jungle wrote: ↑ Doubt any ethical lawyer would process such large transaction with risky, unregulated bitcoin used in the black market for speculation, theft and criminal purposes.

Black market? Unethical? Criminal?
You do know bitcoin is easier to track and trace than cash right?
Houses have already sold with bitcoin in the past. I believe in Canada too.
Too lazy to Google it now.
But you can.
Maybe Google some bitcoin info while at it.

DaveVentura wrote: ↑ In the future RE transaction will be conducted using block chain and smart contracts. Which means all of certain conditions must be met before the titles are transferred such as home inspection, title search, payment in escrow, closing date, insurance, etc.

What block chain does it eliminate human error or negligence and ultimately eliminates RE lawyers.

How is that eliminating human errors?

All of those things require human labor, human inputs & decisions, and you need a human to initiate the bitcoin transaction too.

tk1000 wrote: ↑ Listing: http://v3.torontomls.net/Live/Pages/Pub ... 3&App=TREB

from https://www.narcity.com/ca/on/toronto/n ... f-its-kind

This BS already happened in USA, even with media coverage of house being "sold" for BTC. Well, inside the text of the "news" there been a note "a transaction was closed in USD".

Except a private 1-1 deal "in cash" there is no real way to sell or buy LOCAL RE in non-local currency...

boyohboy wrote: ↑ How is that eliminating human errors?

All of those things require human labor, human inputs & decisions, and you need a human to initiate the bitcoin transaction too.

Right now the sale contract is sort of policed by both lawyers, clients and agents. The smart contract will prevent for example an agent not getting their commission. The smart contract is impartial: if each condition is not meet the transaction will not go through.

❖ 100% electronic and secure property sale where fraud and paper deeds are a thing of the past

❖ Digital leases which automatically withdraw rent payments and service charges with a full audit trail and no human error

❖ An autonomous accounting system where every transaction is automatically recorded and balanced without fear of anyone manipulating the system

❖ A secure electronic record for each individual and corporate entity showing all their details among them their credit history

❖ Can you imagine a commercial building that has every system (like utilities) connected securely and adjusts itself without the occupants or any other party intervening or instructing!

https://medium.com/ethereum-dapp-builde ... e3dfdb5d2c

sidshock wrote: ↑ Black market? Unethical? Criminal?
You do know bitcoin is easier to track and trace than cash right?
Houses have already sold with bitcoin in the past. I believe in Canada too.
Too lazy to Google it now.
But you can.
Maybe Google some bitcoin info while at it.

Isnt the entire premise of bitcoin is the fact that its untraceable?

HghSsociety wrote: ↑ Isnt the entire premise of bitcoin is the fact that its untraceable?

No your thinking of Monero. Monero is meant to be untraceable and new fork is coming which even better....good buy right now if you ask me.

The premise of bitcoin or other crypts is that it eliminates banks, middle men, fraud and commissions.

Let's say you buy a house. You get a money order from your bank you give it to your lawyer, your lawyer holds in an account, it get sent to the seller lawyer and eventually to the seller. A lot of people and lot of banks. With cryptos the money stays on the block chain from the buyer to the seller, only released with the requirements are satisfied. Bitcoin in fact have an entire ledger that can be traced. In certain cases an open and traceable ledger is advantageous.

HghSsociety wrote: ↑ Isnt the entire premise of bitcoin is the fact that its untraceable?

not if it's done through a real estate transaction with lawyers. if it was more stable I could see the benefit for foreign buyers as it would eliminate the huge loss from currency conversion and bank fees.

HghSsociety wrote: ↑ Isnt the entire premise of bitcoin is the fact that its untraceable?

Digital trail of all the movement bitcoin does on the block chain.
It is decentralized, however.
Tron and monero are example of private crypto.
It is hidden and cannot be traced.

In fact. China is thinking of going all out crypto with the yuan and eliminating traditional money.
Can you imagine if the gov't had a centralized crypto currency?
Oh wow. It would get so f'd over there.
The gov't can see any and all things you do with your money in real time!
Can stop it. Can stop people from giving you money to survive if they wish. All in real time.
The rich will run to safer places. But they'll need to get creative getting their money out!
Crypto is def the future.
It's just too new right now.
Like the net in 1995 and online stores. (they existed) but went bust due to not enough adoption. Fast forward 10 yrs and everyone finally understood it is the future.
Crypto is similar.
Except who knows which will triumph.