Real Estate

GTA's First Bitcoin Listing?

  • Last Updated:
  • Mar 3rd, 2018 11:47 am
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26 replies
Member
Apr 29, 2017
281 posts
94 upvotes
Well now he will get some publicity but that house isn't going to sell for Bitcoin
Deal Fanatic
Jul 4, 2004
6338 posts
2459 upvotes
Ottawa
Just a publicity stunt. Probably desperately trying anything to sell for more than it's worth ...
Deal Addict
Jul 6, 2005
3971 posts
1392 upvotes
Toronto
would be interested to see how taxes are collected.
Deal Fanatic
Dec 5, 2009
5691 posts
3447 upvotes
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.
Deal Fanatic
Dec 5, 2009
5691 posts
3447 upvotes
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.
Deal Addict
Jul 6, 2005
3971 posts
1392 upvotes
Toronto
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.
Deal Addict
Sep 12, 2006
1500 posts
436 upvotes
Guy is probably trying to avoid capital gains taxes.
Deal Fanatic
May 31, 2007
5018 posts
2162 upvotes
Doubt any ethical lawyer would process such large transaction with risky, unregulated bitcoin used in the black market for speculation, theft and criminal purposes.
Sr. Member
User avatar
Feb 25, 2018
567 posts
213 upvotes
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.
Deal Addict
User avatar
Mar 23, 2003
4383 posts
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Hamilton
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.
Deal Fanatic
Dec 6, 2006
5200 posts
1492 upvotes
Toronto
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.
Deal Addict
Jan 20, 2016
2028 posts
1010 upvotes
Houston, TX
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...
Make the face great again
Sr. Member
User avatar
Feb 25, 2018
567 posts
213 upvotes
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
Deal Addict
Feb 16, 2018
1292 posts
1296 upvotes
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?
Sr. Member
User avatar
Feb 25, 2018
567 posts
213 upvotes
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.
Member
Mar 6, 2017
382 posts
259 upvotes
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.
Deal Addict
User avatar
Mar 23, 2003
4383 posts
1111 upvotes
Hamilton
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.

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