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Bitcoin For Brownstones: You Can Now Use Digital Currency To Buy New York Real Estate
Having doubled off the post-PBOC-ban-and-Fed-Taper lows, Bitcoin, trading at USD910 currently is becoming increasingly ubiquitous as a payment method for many businesses. The latest, as NY Post reports, is Manhattan-based real-estate broker Bond New York, is "using Bitcoins to help facilitate transactions." With overseas money-laundering as a key support, and Manhattan apartment sales setting a record in Q4 for volume of transactions (+27% YoY), we suspect the acceptance of Bitcoin will merely ease the Chinese (or Russian) ability to transfer funds directly into NYC housing - blowing an even bigger bubble.
The bitcoin has gained a foothold in one of the hottest business sectors in the country: Manhattan real estate.
Bond New York, a Manhattan-based real estate broker, has started accepting the digital currency for real estate transactions, The Post has learned.
Bond New York believes it is the first real estate brokerage firm to accept bitcoin.
“Real estate brokerage is a service industry,” said Noah Freedman, a co-founder of Bond New York. “Our job is to make real estate transactions easy for our customers. Bitcoins are just another mechanism to help people facilitate transactions.”
Several larger real estate brokers are not sold on the idea and have no plans to set up bitcoin accounts any time soon.
“We don’t accept them, and we have no plans to accept them,” Pam Liebman, CEO of the Corcoran Group, said Friday. “We prefer the American dollar.”
“Bitcoins could be here today and gone tomorrow,”
But it is that perspective that could indeed be lost on the burgeoning foreign interest in moving money overseas (into US real estate)... (as we noted in September)
In August 2012, when isolating one of the various reasons for the latest housing bubble, we suggested that a primary catalyst for the price surge in the ultra-luxury housing segment and the seemingly endless supply of "all cash" buyers (standing at an unprecedented 60% of all buyers lately as reported by Goldman) is a very simple one: crime. Or rather, the use of US real estate as a means to launder illegal offshore-procured money. We also identified the one key permissive feature which allowed this: the National Association of Realtors' exemption from Anti-Money Laundering provisions. In other words, all a foreign oligarch - who may or may not have used chemical weapons in their past: all depends on how recently they took their picture with the Secretary of State - had to do to buy a $47 million Florida house, was to get the actual cash to the US. Well good thing there are private jets whose cargo is never checked.
But now, with the acceptance of Bitcoin, we would imagine the "funds" transfer process is even easier... blowing what is already a bubble... (via Bloomberg)
Manhattan apartment sales surged in 4Q, setting a record for yr-end transactions, as prospect of rising interest rates and prices pushed buyers to make deals before purchases became costlier.
Sales of condos and co-ops jumped 27% from yr earlier to 3,297, highest 4Q total in 25 yrs of record-keeping, according to report from Miller Samuel Inc. and Douglas Elliman Real Estate
“There’s a concern that homeownership will be more expensive and therefore the time to act apparently is now,” said Jonathan Miller, president of Miller Samuel
...
Median price of Manhattan transactions that closed in 4Q climbed 2.1% to $855,000
Into an even bigger one...
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And even more importantly, no permission necessary. You can't be prohibited from transacting by bullies who don't like you or your business.
Sure you can.
Find all IP packets on a subnetwork containing what looks like bitcoin and any particular destination and/or source IP.
If you feel like being less picky ignore the source & destination.
DELETE.
Done.
Honestly, bitcoin with all its flaws is still better than dollars.
Its a step in the right direction.
Sure it aint no gold or silver (all the glitters tis no gold), but you can't argue with results.
As far as a decentralized non-monopolized currency goes, bitcoin is the clossest thing to that.
U.S. Dollars are just too centralized, one shitty corproation gets to print as many as they want while everyone else goes into debt servitude to "serve the master".
Its just a fucking scam from the get-go.
Sure Bitcoin is a ponzi scheme, but the FED is an even bigger one, and one that has managed to enslave the country with multi-generational debt!
So what if a few thousand people become "bitcoin millionaires", better than having these banksters as trillionares while everyone losses all they worked for their entire life to pay back a fraudulent debt to a fraudulent bank that never had the money to lend out in the first place.
Honestly, the millennial generation owes it to themselves to cast off the chains of debt servitude their forefathers have cast upon them in the forms of scams like "the fed" "social security" "pensions" "taxes".
That shits all a scam, we don't need that shit, every generation should be responsible for its own debts and should pay their debts as they go, not borrow more right before they die and promise that their great great grandchildren will pay back the fraudulent debt with 1000% interest!
Fuck that.
I see a generational war coming, between bitcoin millennials vs boomer debt child enslavers.
Would you mind pointing out why it is you think bitcoin is a ponzi scheme? Anyone who has made that argument so far has either refused to provide any reasoning or they cast such a broad net as to define everything as a ponzi scheme including all real world physical commodities. As for the war, those types of wars generally end with the side who is freeing the slaves winning. Helps to have an ex-slave army on your side.
Easy. Pointed it out many times myself before, maybe you missed it.
http://flic.kr/p/iFQMoV
Volume goes down as price goes up. Volume spikes on prices slamming down.
Bag-holders are being baited in by the FOMO, fear of missing out, and then they are left at the top with a giant -50% loss.
those baiting them make off with the money they really want - dollars.
The only way bitcoin stops being a ponzi is if fiat exchanges cease to exist & the majority of goods around the world in every city are priced in bitcoin.
That's it.
And yes, even real-world objects can be in a ponzi. So long as the price is in a currency and that currency is in an exponential rise with the sole purpose of putting a person at a loss in order to make a profit, never to see those highs again and always to use the currency as money instead of the commodity - it's a ponzi.
The only way it can't be a ponzi is if there's no bag-holders, no one is seeking higher and higher prices, there is no speculating trading at all. None.
That's it. SO long as there's speculation trading to force people into high prices never to see gain ever again, it's a ponzi. The definition of a ponzi is that you need more people buying in to drive revenue so a few at the top can exit WITH THE PROFIT. Anyone lower can be paid only from those LOWER THAN THEM. Ponzi.
Look it up. Bitcoin fits the definition nicely as do diamonds (a commodity, but not rare, only pretend-rare, especially considering they're just carbon & can be made by us using compressed gas now, with no mining at all).
If there are no exchanges and you wanted to participate in the Bitcoin economy but did not have any BTC currency, how would you acquire it? Ditto for gold.
by selling goods & services for btc, same as I do for dollars. I don't get those from an exchange.
People need to be educated about bitcoin in order for them to appreciate what it is and what it can be.
I will be first in line for class even though I own a few BTC already.
How does one transact using BTC?
How does one take the coins offline?
I have not seen one good website or post explaining what a BTC is in layman's terms and how it functions.
More vendors are now accepting BTC. Yippee. Now how would someone go about transferring a portion of their BTC (splitting one) to the vendor as payment? Because this question has not been clearly explained, most just dismiss BTC as a scam that cannot work because it's hard to get ones head around it.
Perhaps if someone could explain how it all works, fuck the term wallet because that's a misnomer and doesn't properly explain wtf one does with their BTC when it comes to establishing and storing their coins in a wallet.
<<How does one transact using BTC?>>
Get the address to send to, either as a string of characters or scan a QR code, type in the amount of BTC to transfer, then click the send button. I bought quisadillas using Mycelium Android wallet in Tokyo as reported in Wired magazine.
<<How does one take the coins offline?>>
Cold Storgage Guide
Basic Bitcoin Security Guide
After The Crash: The Future of Bitcoin and Math Based Digital Currencies
The video in the beginning of this discussion is the great explanation of the Bitcoin. And history of Crypto-currencies development is nothing less than fascinating. But there is the progress and there is an idea to get rich overnight. These are too very different things. We have the feeling that this entry will be at the right timing again. There is always another crash coming to Bitcoin. It is not the question of the technological advance presented by Bitcoin, but it is the nature of its created Bubble. After our last entry Bitcoin has recovered from low of 2011 to the 4742 at BTCChina. Now another shake out could be coming - the volume is going down dramatically as Bitcoin price is moving up. By the end of January China's ban on currency withdrawal will be in place. You can make your call when the next wave of selling will begin. It is quite interesting that Gold price is moving strongly up last few days with the new money being allocated to Gold. China encourages its citizens to accumulate gold and bans Bitcoin for its financial institutions. Will 2014 become the year of Great Rotation from Bubbles and into the real assets? Just few headlines in the recent Bitcoin Bubble history:
http://sufiy.blogspot.co.uk/2014/01/after-crash-future-of-bitcoin-and-ma...
If more Bitcoins = less Fed then it's good thing.
Yup, that's the point.
Then how come it's not working?
But we can clearly see it doesn't mean less Fed. Not by any means.
Interesting program I found recently regarding bitcoin is chainsnort, which can be read about and downloaded here: https://bitcointalk.org/index.php?topic=373490.0
In streaming realtime you can see every single bitcoin transaction on the blockchain. It's interesting seeing transactions totaling tens of millions of dollars occuring with almost 0 transaction cost, and they aren't uncommon. Largest one I've seen is 33,000 bitcoins, but you can regularly see 5,000, 10,000, 15,000 bitcoin transactions. It's almost unbelievable but I've verirfied all the larger ones I've seen at blockchain.info.
If you've ever watched level 2 quotes chainsnort is a similar experience.
If large companies don't think real money is flowing through bitcoin I suggest they check it out. People are using bitcoin, experiencing the benefit of i. lower transaction fees and ii. generating business from bitcoin enthusiasts. If you don't accept bitcoin you're the one missing out (it's free to accept bitcon as a merchant so there is no investment to lose) Shit is real and you're missing out.
Here is a pic I just took of 12,000 bitcoins being sent ($11,700,000) as seen on chainsnort.
http://imgur.com/h3hmTE5
FYI: Some (a lot?!) of that could be window dressing.
You can verify it all on the blockchain (as I've stated)
On blockchain.info type in the wallet address over on the search bar (top right).
So when you see a transaction on chainsnort, copy the address, and head over to blockchain.info to verify it. Those transactions (or transfers) are actually happening.
Zipit means that I might have 5000 bitcoins and am sending them around some of my own 10,000 different addresses for the fun of it.
Verbot.exe...loadmem..mem loadsarc..sarc..loadwit...module missing press any key to continue...
I know I can get the dyson sphere catching a supernova to crack the 256bitencryption here...I love that story.. all those bits at perfect temperature being moved at once by the dying scream of a stellar mass..
I will be running the crews scraping off all the gold and heavy elements off the inside when its over...
So when does all the players admit this is just a homebrew wire service and play that role..get the coins out in circulation and make the fees in the open. ..all this speculation has the same effect as the charges from "fiat" based banks by inflation of cost to use service..
I want to hear one of you big players (I know you are here) to discuss why a secure unit of transfer can also be the value and still satisfy the needs of folk to use it as currency.
Itis literally a "vitual boxcar" on a free form track to be filled with value and then safely unload the value elsewhere so how can it have value beyond what is put in to transfer. One way or the other you are "westernunion" or you are "minting" your own tokens. To get paid for both functions still brings the values in line with other options?
"I want to hear one of you big players (I know you are here) to discuss why a secure unit of transfer can also be the value and still satisfy the needs of folk to use it as currency."
Is this big enough for you? Not sure you'd want to hear what they have to say however.
<<why a secure unit of transfer can also be the value and still satisfy the needs of folk to use it as currency. >>
There are 12 million BTC in existence. All Bitcoin economic activity that does occur must take place inside that stack of BTC. For instance I may be using mine for speculation and store of value (ooooops, so frickin' sue me), others may be buying dinner, real estate, or drugs. The value can and must inflate to support the underlying activity/demand. BTC Market cap is currently at $10 billion.
your BTC is +50% or -80% at any given time.
That's not a store of value. You know that. We all know that.
The value I have stored in BTC is up 550%. Boohoo, so frickin sue me.
depends what day it is. Soon it will be -5% then -50% then -90%.
You're looking for bag-holders.
If btc was doing so well without new bag-holders you wouldn't pump it at all.
You may as well ask how a random baby is going to play in the NFL. No one knows yet, it's far too early. Many would agree with you that right now a large proportion of bitcoin usage is in speculation and western union type transfers. There's nothing wrong with that, think of it as a bootstrapping method. A non forced currency coming into wide circulation is not at all a common thing, it will take time if it even does work. It's a voluntary system to participate in vs the other option that works on threats and mass theft by the operators.
For the record I did recently make a competing currency called verbucks.. everyone was issued theirs this morning so check around for them we put them so you can find them easy.. dont be alarmed they do take on different sizes and shapes..
But you guys are bitcoin rockstars and I had to ask and act up a bit On the big stage so not trolling just asking....
Comparing a decentralised virtual currency to a plant bulb is the hight of stupidity #tulip tards
The comparison is 100% valid until the pricing of bitcoin in fiat dollars, euro, yen, stops.
When all goods are priced in btc and btc is never priced in fiat, then the tulip comparison can end.
Until then it's tulip-mania ponzi-monium.
Goods won't be generally priced in BTC until market saturation and adoption has run it's course or at least stabilized somewhat. Too volatile for the time being.
pricing goods in btc is the #1 removal of volatility. If btc was converted to loaves of bread & vice versa & never to dollars the volatility would essentially be zero as a RESULT. The primary DRIVER is WHAT you price it in.
You're thinking backwards.
So long as you wait for volatility to go down FIRST it will in fact never happen.
You must use GOODS as the priomary driver always to remove volatility.
No currency has any value, or any stability, when it isn't used primarily for GOODS. That's the PURPOSE of a currency is a proxy for the GOODS. Food, hammers, pills, whatever, the longer you put it off the worse the volatility becomes until finally people refuse to ever touch btc.
I'm just smart enough not to try in the first place because I understand the full pattern, whereas you still have it backwards in your head. You can't put the cart before the horse. The goods MUST be first, the fiat must be last or never, or the currency is ruined BY volatility, not despite it. It CAN'T settle down.
The volatility of bitcoin has been on a steady INCREASE every single week it's been used since it started. Not ever has it gone down nor can it: the fiat exchanges are the CAUSE and the pricing of goods with removal of exchanges is the ONLY cure.
BTC + PM + Barter = Parallel Economy
Parallel Economy good. Fed Economy bad.
Rubicon I am sooo ready to hear what is to be said.. this is a study of the old form of currency and the psychology of it attempting to translate into a realm of new realities.
Old curency is based on scarcity so the model attempt to fufill that..But aal is infinite with no limit to amounts or real need to "work" to be paid in the new world.. look at snap cards paychecks etc... so the arguments and insights add to the understanding of why we need to have money at all..Bitcoiners dont see that side as folks learn money Iis just a number that can be sent to them for stuff....verbuck..find yours yet?
"Old curency is based on scarcity so the model attempt to fufill that.."
The total value (as of 12/30/2013) of all crypto currencies is $19 Billion. The equivalent in USD of $59 per man, woman and child in the US....or $2 for every man, woman and child on the planet. I'd call that scarce. And a fair amount of that is in the hands of a very few people....early adopters, geeks with server farms and of course the FBI. I'm all for competition, repealing legal tender laws and eliminating the government / banker monopoly on money creation. If people want to use African trade beads then it would be fine with me. But this crypto currency thing doesn't make sense to me. The secrecy and technology component makes it pretty unapproachable to the average person who just wants to go the market and easily buy a gallon of milk and loaf of bread.
They will have an app for that soon. They actually already do, it's just idiot-proofed yet (and may never be, but they never stopped a lot of things).
I feel the last game in town is to be able to issue your own credits on your own system..all the big guys been doing it since wyoming or utah got the law changed for the creditcard companies about exportation of interest rates...
So the hobby guy doesnt need a bitcoin till he needs one and theminers et al just been making it expensive for anyone else to play "railroad tycoon" with the "transfer" protocol labeled bitcoin
http://imgur.com/a/urvM1
Classy response.
ZH nailed this one... "dont ask dont tell" real estate sales and bitcoin combining to make it even easier to launder money into real estate = bigger bubble.
bitcoin is the iomega of the 21st century
bitcoin is the bre-x of the 21st century
you know how they ended, right?
um, Iomega spent many, many years being a very useful provider of useful storage devices. There was nothing better at the time. CD-RW's weren't in every machine (I was there, I remember), were expensive & every computer had a parallel port so it was easy to bring a stack of zip disks & perhaps even use a printer-port switch to use many computers in turn.
Sure, better things came out but not for many, many years.
Comparison to useless bitfailcoin is really not valid.
BTC won't last nearly so long & has never had a tangible backing, useful service, of any sort. It's pure ponzi.
even if btc has merit, it's no better than any other money laundering scheme using the same tech,
Relax goldbugs...
Relax goldbugs...if this plays out, by 2020 gold will be at a 1:1 ratio with the Dow.
http://static8.businessinsider.com/image/4f6317fcecad042d5f000008/chart.jpg
can i add a jpg to my comment? how?
I still remember when I was playing kickball with Lucy Snorebush. That bitch had an ok face but her body was bangin. I broke into her house one night and ate her pussy on bitcoins.
I'm visualizing a bitcoin cock licker chained to a guardrail having one finger at a time clipped off with a pair of bolt cutters until he gives up his memory stick / cock code / digital pixey fuck all / what ever it is, by a bunch of gold thugs with guns pressed against his temples....and before you can down vote me FUCK YOU!
lol
https://xkcd.com/538/
How would said gold thugs find Bitcoin owners identity? If "bitcoin cock licker" does his due diligence he would be adequately protected.
Perhaps Violence and BTC together will be the solution to our woes?
Robocoin is opening bitcoin ATMs in Hong Kong and Taiwan this month. Li 'Superman'Ka-shing (property developer and 'richest man in Asia') is investing in the service side. Seems RE investment and bitcoins are like soap and water.
Told you. Bitcoin is good for CIA black budget operations, Oligarch money laundering, Political donations, Personal freedom and Kerry's family drug running operations. It is also the Libertarian's dream come true.
Bitcoin was sent from God as a gift for all humankind to partake of.
Long live Bitcoin
may as well unload any btc on hand http://flic.kr/p/iFQMoV before the giant flushing sound takes over and there's no bid.
Thanks, Mom! You've been so right in the past...
I have. My daily gold prediction charts - plotted MONTHS in advance - were within 4% every single day from 2010 to 2012. The only major deviation happened 2012 jan briefly and 2012 April - the big big drop - which was in fact the very day I sent the charts showing the 2 years of precise prediction to the twitter account for the Federal Reserve.
Not ever in history have I seen ANY ONE PERSON ever get as accurate as I did. I searched hard & when no one could do it I got tired of that and did it myself.
It was based on time-series trending sinusoidal patterns & exponential repeating curves in the rate-of-change indicator with specific time-windows like 437 trading days or 270 trading weeks or 131 trading days & so on.
Why the hell would I buy income-diminishing real estate in the middle of tax-hell (NYC) when I can purchase income-producing operational farm lands and estate lots at Galt's Gulch Chile, or convert a portion of the inflated BTC proceeds to PM's? Very definition of insanity, doing something NOT in ones own self-interest.
Why the hell would I buy income-diminishing real estate in the middle of tax-hell (NYC) when I can purchase income-producing operational farm lands and estate lots at Galt's Gulch Chile, or convert a portion of the inflated BTC proceeds to PM's? Very definition of insanity, doing something NOT in ones own self-interest.
SHIT COIN FOR SUM SHIT CITY! count me out...how about Fed Notes for some Detroit? That's a trade!
Here Reggie..Bitcoin derivatives yer working on...here's two new trading scams to add:
Instead of USDJPY
or
BTCJPY
SHTNYC [sorry not shitcoin] I mean:
BTCNYC [Bitchcoin vs New York]
or..
FRNDET
federal reserve notes vs detroit house...both valued @ 1$ currently.
garbage bullshit markets every last CORZINED one of them.
The is no financial integrity in these markets since.
SHIT COIN FOR SUM SHIT CITY! count me out...how about Fed Notes for some Detroit? That's a trade!
Here Reggie..Bitcoin derivatives yer working on...here's two new trading scams to add:
Instead of USDJPY
or
BTCJPY
SHTNYC [sorry not shitcoin] I mean:
BTCNYC [Bitchcoin vs New York]
or..
FRNDET
federal reserve notes vs detroit house...both valued @ 1$ currently.
garbage bullshit markets every last CORZINED one of them.
The is no financial integrity in these markets since.
"Gold 3.0": Want to create the next Bitcoin? This website makes it easy – too easy
So much for the "Gold 2.0" and new store of value - Bitcoin's value proposition is fading away by the day. It is not so anonymous as a lot of people think, it is not so easy to transfer, scams around Bitcoin are happening daily in more and more forms. Banksters are entering the game if they were not there already from the very beginning. And NSA prints are all over Bitcoin according to some reports on SHA256. But now you can have your own Gold 3.0 - just chose the name. OK, maybe for you it will be difficult to compete with pumpers of Bitcoin, but JPMorgan or FED can easily do so. It is very interesting to note that China has effectively banned Bitcoin from any authorised financial transactions, but FED is not so restrictive at least now - so who is really behind it now?http://sufiy.blogspot.co.uk/2014/01/gold-30-want-to-create-next-bitcoin....