1 Bitcoin = $5386AUD, what????

**ol' boy** · 13-10-17, 11:21 AM

Originally Posted by Neddie

You know what they say, if it seems too good to be true, it probably is.

Yes, but unlike Spec Shares, no one really owns BTC
There is no Boardroom of Men with their own agenda

While we all still use ATMS and Banks, i see the value of BTC just rising and rising... $20k will be cheap for BTC soon enough.

**Uncle Fester** · 13-10-17, 02:50 PM

I had/have a prediction that is looking more likely everyday I read the news.

Our massive household debt and the push of our governments to force everybody to live in our overpriced cities, will force way too many people into default as things get tougher and leads to a major real estate crash.
This would cause banks to collapse, a meltdown on the stockmarket, loss of superannuation funds, etc.

In this scenario one might think that BTC and Gold are a good insurance.

Think again, governments could probably ban/block BTC if they wanted too.
They have already strong control of our internet and are progressing further "In the name of terrorism".
These new laws are probably going faster than anybody can print them. The possiblity to launder money with BTC must be a huge thorn in their eyes anyhow.
In reality I see goverments using an alternative to the BTC blockchain, when they eliminate cash so they can have TOTAL control of every money movement. When they have that tech in place any alternative blockchain access should be easily blocked.

Governments also have the power(or can quickly give themselves that power) to confiscate/ban privately held physical gold should it be required for the 'Good of the Nation' in tough times.
This 'confiscation' is most likely to be rewarded with some kind of payout when you hand it in within a time limit though.

With BTC there will be no compensation of course when they ban it.

**ol' boy** · 13-10-17, 04:17 PM

Originally Posted by nomeat

I had/have a prediction that is looking more likely everyday I read the news.

Our massive household debt and the push of our governments to force everybody to live in our overpriced cities, will force way too many people into default as things get tougher and leads to a major real estate crash.
This would cause banks to collapse, a meltdown on the stockmarket, loss of superannuation funds, etc.

In this scenario one might think that BTC and Gold are a good insurance.

Not sure if that will happen, plenty of people with money, and i mean cash, not loans!
As for Gold, doesn't China now have more Gold reserves than the USA and Australia put together?

And BTC for that matter

**Uncle Fester** · 13-10-17, 07:13 PM

Originally Posted by oceanboy

Not sure if that will happen, plenty of people with money, and i mean cash, not loans!
As for Gold, doesn't China now have more Gold reserves than the USA and Australia put together?

And BTC for that matter

Yes we have the most millionairs (per cap) but also the most highly indebted who outweigh (in numbers of heads) the rich ones.

China does not admit or reveal it's true stock of Gold, we only rely on observations made from third parties which may or may not always be true, but what is logically true is the manipulation of the Gold and Silver market.
Governments do not like high Gold prices otherwise nobody would invest in heir FIAT paticulary the US$ so guess who is the biggest manipulator

We do not know if Fort Knox is actually empty and the amount of actual physical Gold on the Comex is sometimes ridicolously tiny and even though they publish that, some Gold investors don't even know that their Gold investments are actually worthless 'paper backed up by air, while others do and don't care, so it is not really that much different to BTC.
It is all about trust.

I see two things coming up, well one is already obvious: more and more people are distrusting their governments
and second the blockchain is becoming a disruptive technology that could be a threat to traditional investment strategies and even banks.
Banks and gov are already embracing the blockchain to get rid of cash but will there still be enough to earn for all of them?
Banks who still think too conservative might end up undermined with new companies that work quicker and cheaper.
FinTech is the new un-word here and probably a few hot stocks (and then some crashes) coming up.

...and all because of some secret dude(somebody thinks he is an Aussie

) who nutted out some quirky code.

**Uncle Fester** · 13-10-17, 11:24 PM

Originally Posted by nomeat

I had/have a prediction that is looking more likely everyday I read the news.

Our massive household debt ... will force way too many people into default as things get tougher and leads to a major real estate crash.
This would cause banks to collapse, a meltdown on the stockmarket, loss of superannuation funds, etc.

.

...and I am not making this up:

1 Trillion of interest only loans !!! .... fasten your seat belt, not for a GFC just an AFC.

**ol' boy** · 14-10-17, 01:22 PM

That is a lot of Interest only loans
Not sure what the impact will be here in AU though.

Interest Only generally for peoples 2nd, 3rd, 4th properties and its been denied a lot lately by lenders
Most people in Melb or Sydney can afford to sell up and buy regional (which is what is happening)

We not really Sub Prime like the USA
Interesting situation... They been calling a Housing Collapse for 10 years now.... still waiting.
There will be corrections, flat pricing for a while...
The huge loses will be for properties that were over valued to begin with.

What BTC has to do with all of this i have no idea.

**Uncle Fester** · 14-10-17, 07:56 PM

Originally Posted by oceanboy

What BTC has to do with all of this i have no idea.

Reason for people who are concerned of these problems to shift their money or property elsewhere, i.e. BTC maybe:

BTC is property here in AU :
So I wonder if you barter BTC for real estate if stampduty even applies.

... and this bit is very interesting, I wasn't even aware of it:

Originally Posted by the ATO

Where you use bitcoin to purchase goods or services for personal use or consumption, any capital gain or loss from disposal of the bitcoin will be disregarded (as a personal use asset) provided the cost of the bitcoin is $10,000 or less.

I will be able to ~~buy~~ barter shitloads of LiFePO4 batteries for my DIY Powerwall with BTC but it looks like I can't get a Tesla EV without tax implications.

Originally Posted by OB

Interest Only generally for peoples 2nd, 3rd, 4th properties and its been denied a lot lately by lenders
Most people in Melb or Sydney can afford to sell up and buy regional (which is what is happening)

I get conflicting info, seems they are still giving away interest free loans, but there are already way too many now.

Investors do 'interest only' for capital gain, while they were in some kind of dreamland in the expectation that city real estate will go up forever.
Now that does not seem to be happening anymore, they will seek to dump those interest only head aches.
Many have even kept apartments unoccupied (about 100,000 around Sydney CBD if you believe the claims).
Imagine what will happen to the prices if only half of that Trillion is dumped into the market in a relatively short time when they start to panic(rate hikes, Chinese can't take enough money out of their country anymore) and then what happens with the other half of the Trillion that the banks might not be able to recover, looks pretty subprime to me.

Yes, I am hoping that nice, semirural, coastal real estate on the mid north coast will go up when retiring babyboomers want to dump out of the rat race.
Three houses have just been sold in my street with consecutively rising prices (530-620k) and they were simple 3 bed jobs.
I am hoping for a million for mine one day, which is the largest on the street

**phoenix** · 15-10-17, 10:32 AM

Buy: 1 Bitcoin = $AU7428.99

**ol' boy** · 15-10-17, 10:40 AM

Originally Posted by phoenix

Buy: 1 Bitcoin = $AU7428.99

Glad my Ramping worked, i'll get out now

**Uncle Fester** · 25-10-17, 10:08 AM

The Berlin Bitcoin incubator is getting really innovative now:

**ol' boy** · 02-11-17, 06:18 PM

Wake me up when it hits $20K

**Tiny** · 02-11-17, 07:27 PM

Originally Posted by oceanboy

Wake me up when it hits $20K

Boom!!

Or bust!!

**ol' boy** · 02-11-17, 07:50 PM

Hey, its not a Ducati
Its actually something you can rely on

**lsemmens** · 03-11-17, 09:21 AM

Be careful!

**ol' boy** · 16-11-17, 02:07 PM

Hello Banks.... What's that, you want in?

**ol' boy** · 27-11-17, 04:02 PM

I'd really like to use my BTC to buy something, but it doesn't seem a very economical idea.

**hoe** · 27-11-17, 04:11 PM

hmm, ive got some on a usb stick somewhere......

best go looking for it.

**ol' boy** · 27-11-17, 04:51 PM

Originally Posted by hoe

hmm, ive got some on a usb stick somewhere......

best go looking for it.

Hope it wasn't wiped to put Dora the Explorer on it

**Uncle Fester** · 27-11-17, 04:51 PM

Originally Posted by oceanboy

I'd really like to use my BTC to buy something, but it doesn't seem a very economical idea.

As I (hopefully still correctly) pointed out above, the ATO is not concerned about purchases made with BTC below the equvalent of $10,000.
If you were to exchange back to FIAT then the ATO wants full CGT which depends on your other income could be hefty or make your other income hefty depending on how much CG you made with converting back to FIAT.

So buying stuff with BTC sounds pretty economical to me.

overstock.com (nice pressies for the missus)
fasttech.com (lotsa awesome tech) got my DJI drone and just bought and top end RC ... all literally for pennies

I will probably crash the F-16(never flew something like that), but for that price I can just order another.