mingle wrote:I'm trying to find an estate agent that accepts BitCoin Mike.

Someone will take the plunge and do it, probably depends on a motivated vendor who can use the bitcoin elsewhere.

Been a long time since I logged in but yes I got Mav into bitcoin, it's the greatest financial decision I have made. The program we are working is literally life changing. But Mav up for more info peoples!

Cryptocurrency is in its wildcat days. A lot of people are trying to hitch a ride on Bitcoin's success.
https://en.wikipedia.org/wiki/List_of_cryptocurrencies

Organised crime must be finding it a boon for business. WashYaCash

Big warning though. Often great gains are often meet with even greater losses. Us older generation have seen this in other areas over time.
Nothing like these returns however over the years I've had investments quadrouple in just a few years. Also had losses where my whole investment was worth nothing 2 years later.

If it sounds to good to be true it probably is and inevitably unless you get out on a good time then you will lose.
Ethically as well I would never invest in Bitcoin.

vicyak wrote:Also had losses where my whole investment was worth nothing 2 years later.

2 Years, can do better, bought 2000 shares in metal storm as it looked like a good idea having a handgun that would not fire unless being used by the designated operator and remote weapons systems that could detect a target, determine what it was and destroy, cost me $2 and after 3 months was worth 1c.
Also had a few cheap shares in local diamond mines, cost about 3c, after about a year a rich pocket was discovered in Qld and the price plummeted to 1c.
Have done OK on some other industrials but those two stick out.

ANY INVESTMENT IS A RISK.

CBA Shares, mmm - one of Australia's largest organisations ripping off Mum and Dad customers, making billion $$ profits and then returning those profits to the shareholders so that the Shareholders can go holidays, at the expense of the CBA customers. And the current TV ad boasts about this. They could just lower their rates and fees, charge less, still make a profit and look after their customers. Turns out they (the CBA) have also been laundering millions of illegal dollars. If they are fined the maximum for each offence, the CBA will go broke.

So who are the criminals?

Anyway it is an interesting discussion and the option to be involved in BitCoin is a voluntary one.

maverick wrote:

mingle wrote:I'm trying to find an estate agent that accepts BitCoin Mike.

Someone will take the plunge and do it, probably depends on a motivated vendor who can use the bitcoin elsewhere.

Just spoke to someone in my Business Group meeting this morning whose mate paid for a house, half in Bitcoin. It is possible.

The ATO actually have a position on it as well, for those that are interested.
https://www.ato.gov.au/General/Gen/Tax- ... y-bitcoin/

There is a couple of old saying which have to be aired here.
"High return = High risk"
"If it looks too good to be true it probably is"
Plus my words of wisdom in the voice of Porky Pig BE VERY VERY CAREFUL

Make a decision based on research. Part of your research should include 'financial bubbles' and how to avoid them. To me, this seems common sense. If 'everyone' is buying Petbots then 'everyone' is likely to push the price over its real value so Petbots is a bad investment.
Does anyone see Bitcoin in the following (or the current housing boom)?
http://www.investopedia.com/articles/st ... bubble.asp

I guess the question to ask yourself about Bitcoins is, "are you smart enough to recognise the beginning of stage 4 and get out fast" (you may not have much time).

As best I can remember, the Poseidon bubble was Australia's best (worst?) example
https://en.wikipedia.org/wiki/Poseidon_bubble

A lot of the mis-hype is around buying it just as an investment (be cautious) but if you take the time to understand how it will affect the way we transact money in the future it is very interesting. As it is, nothing comes close to doing anything like it at the moment, transfer money around the world for free, almost immediately as cleared funds.

The best explanation I have come across is that it will do to money exchange what email did to hand writing letters.

For guys like Marto selling Berley Products internationally it is potentially a fantastic thing, no need to worry about exchange rates and instant payment.

Given the Federal Government has recognised it as a legitimate currency and the ATO have ruled on it as a form of payment, i think it will be here for a while.

For anyone who would like to understand about Bitcoin, from an "operational" point of view and th history of Bitcoin this is a fantastic book to read, written by a brother of one of the guys in my business group. You can download it for free here: https://www.independentreserve.com/Education/Book.