- Last Updated:
- Mar 3rd, 2018 11:47 am
Tags:
- SCORE
- tk1000 [OP]
- Deal Expert
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- Dec 7, 2012
- 32228 posts
- 8632 upvotes
- GTHA
26 replies
- Mitts87
- 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
- reesefitzmaurice
- Sr. Member
- Jan 16, 2017
- 572 posts
- 330 upvotes
i dont even understand blockchain.
- cartfan123
- Deal Fanatic
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- Sep 8, 2007
- 9217 posts
- 10730 upvotes
- Way Out of GTA
- michelb
- Deal Fanatic
- Jul 4, 2004
- 6965 posts
- 3608 upvotes
- Ottawa
Just a publicity stunt. Probably desperately trying anything to sell for more than it's worth ...
- Repooc
- Deal Addict
- Jul 6, 2005
- 4139 posts
- 1683 upvotes
- Toronto
would be interested to see how taxes are collected.
- fdl
- Deal Fanatic
- Dec 5, 2009
- 5740 posts
- 3568 upvotes
- fdl
- Deal Fanatic
- Dec 5, 2009
- 5740 posts
- 3568 upvotes
- Repooc
- Deal Addict
- Jul 6, 2005
- 4139 posts
- 1683 upvotes
- Toronto
- Marubozu
- Deal Addict
- Sep 12, 2006
- 1503 posts
- 438 upvotes
Guy is probably trying to avoid capital gains taxes.
- Jungle
- Deal Fanatic
- May 31, 2007
- 5018 posts
- 2171 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.
- DaveVentura
- Sr. Member
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- Feb 25, 2018
- 567 posts
- 215 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.
What block chain does it eliminate human error or negligence and ultimately eliminates RE lawyers.
- sidshock
- Deal Addict
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- Mar 23, 2003
- 4484 posts
- 1157 upvotes
- Hamilton
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.
- boyohboy
- Deal Fanatic
- Dec 6, 2006
- 5428 posts
- 1661 upvotes
- Toronto
How is that eliminating human errors?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.
All of those things require human labor, human inputs & decisions, and you need a human to initiate the bitcoin transaction too.
- asa1973
- Deal Addict
- Jan 20, 2016
- 2028 posts
- 1012 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
- DaveVentura
- Sr. Member
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- Feb 25, 2018
- 567 posts
- 215 upvotes
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
- HghSsociety
- Deal Addict
- Feb 16, 2018
- 1292 posts
- 1306 upvotes
Isnt the entire premise of bitcoin is the fact that its untraceable?
- DaveVentura
- Sr. Member
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- Feb 25, 2018
- 567 posts
- 215 upvotes
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.HghSsociety wrote: ↑ Isnt the entire premise of bitcoin is the fact that its untraceable?
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.
- dpacto
- Member
- Mar 6, 2017
- 419 posts
- 302 upvotes
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?
- sidshock
- Deal Addict
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- Mar 23, 2003
- 4484 posts
- 1157 upvotes
- Hamilton
Digital trail of all the movement bitcoin does on the block chain.HghSsociety wrote: ↑ Isnt the entire premise of bitcoin is the fact that its untraceable?
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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