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(BBC)   Man to sell his house for Bitcoins, only to lose it all after deleting the wrong file on his computer   (bbc.co.uk) divider line 67
    More: Fail, Canadian Man, transfer fee, global network, Canadians  
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11078 clicks; posted to Main » on 21 Mar 2013 at 6:41 AM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2013-03-21 12:23:47 PM

over_and_done: It's also extremely stable. Unlike other hard currencies like sodium dollars or lithiumbucks, gold doesn't react with moisture.


And malleable.  One of the biggest features gold provides is you can break it into chunks, melt it down, and cast it back without really losing any of it.
 
2013-03-21 12:23:50 PM

Nofun: This is kinda a silly notion to begin with. It's like saying "Cash Only" in your home listing, which usually means the house has serious issues that would prevent you from getting a mortgage.

Cash offers are also typically considerably less than conventional offers too. Quick, but not the highest offer for the seller.


What gets me is that this sale is only going to go off if there is someone else who already has that many BTC and also wants to buy that particular house. It's far more likely this hypothetical person would just agree to go halfsies on whatever great venture our guy has in mind.
 
2013-03-21 12:35:47 PM

over_and_done: [...]

Once you've finished Long Sun, then you'll be ready for New Sun.  It's like a training regimen for the reading muscles.  :-)


Thanks for this. I've read books 4 and 2 of New Sun, in that order, but I haven't been brave enough to start the series again now that I have all 4.

"What struck me on the beach-and it struck me indeed, so that I staggered as at a blow-was that if the Eternal Principle had rested in that curved thorn I had carried about my neck across so many leagues, and if it now rested in the new thorn (perhaps the same thorn) I had only now put there, then it might rest in everything, in every thorn in every bush, in every drop of water in the sea. The thorn was a sacred Claw because all thorns were sacred Claws; the sand in my boots was sacred sand because it came from a beach of sacred sand. The cenobites treasured up the relics of the sannyasins because the sannyasins had approached the Pancreator. But everything had approached and even touched the Pancreator, because everything had dropped from his hand. Everything was a relic. All the world was a relic. I drew off my boots, that had traveled with me so far, and threw them into the waves that I might not walk shod on holy ground."
 
2013-03-21 01:55:11 PM

MythDragon: ExperianScaresCthulhu: Angry Buddha: I call shenigans.

I swear to God that I am going to pistol whip the next guy who spells shenanigans wrong.


Then I guess I call Shamwow!
 
2013-03-21 02:01:42 PM

Mad_Season: over_and_done: [...]

Once you've finished Long Sun, then you'll be ready for New Sun.  It's like a training regimen for the reading muscles.  :-)

Thanks for this. I've read books 4 and 2 of New Sun, in that order, but I haven't been brave enough to start the series again now that I have all 4.


Don't give up!  Beyond our efforts, let there be found our efforts.  (Really love that scene.)

If you can find Urth of the New Sun, it makes a decent coda / 5th volume, picking up more or less where the 4th volume leaves off.
 
2013-03-21 02:21:43 PM
He sold his what for what?  And ended off with nothing?
images2.wikia.nocookie.net
Knows that feel, bro.
 
2013-03-21 02:50:40 PM
I love watching the clock waiting for the next round of fail to hit bitcoin.

It can't be long until someone figures out how to poison the network or something.  Not that I want people to lose money, I just love watching the bitcoin spergers lose their shiat on the forums.
 
2013-03-21 03:40:18 PM

ReapTheChaos: "When you send money internationally it takes a week or more to do and costs hundreds of dollars"

Since when?


depends on your banks.

The one I use to transfer to the US from the UK (to pay my student loans) charges between £10 and £20 depending on the amount transferred. Generally takes 3-5 days to complete, and the US bank isn't even cool enough to have an IBAN number.

I lose about $.04 on the exchange rate as well.

Our other UK bank charges a fee plus a percentage of the amount transferred as well as losing about $.04 on the exchange rate.
 
2013-03-21 04:12:36 PM
over_and_done:
If you can find Urth of the New Sun, it makes a decent coda / 5th volume, picking up more or less where the 4th volume leaves off.

I've read it. :) As well as most of The Knight, and several collections of short stories. Feel free to shoot me an email if you want to BS about litrachoor. (Not that I know a damn thing) May I also recommend Cordwainer Smith?

//Something, something topical: Bitcoins are stupid
///Doin' it wrong
 
2013-03-21 07:40:56 PM
So he's selling his house to a drug dealer.
 
2013-03-21 08:49:05 PM
The real question here is "how much would he owe in taxes?".

For the farkers here who are arguing that bitcoins are worthless - wouldn't he owe NOTHING, as he received something worthless in exchange for his house? Why would the government want a cut of that?

The IRS will probably argue that he would owe the normal amount as if he had sold the house in dollars, or traded it for gold. If only we could pay the IRS in magic beans.

If I were the buyer, I would give him $1000 plus the bitcoins, and then argue that future property taxes should be based on the only officially recognized monetary sum that exchanged hands.

I'm sure this is only the beginning.
 
2013-03-21 09:17:36 PM

Baldrick's Cunning Plan: I'm as upset with the banking industry as the next guy, but sometimes they do provide a useful service. Little things, like tracability, insured deposits, financial security...

What kind of project is this guy trying to hide that he needs ~$400,000 in bitcoins?

/Walter White approves.


Everyone knows his house is for sale now, it's in the news.

Kinda smart, no?
 
2013-03-21 11:09:38 PM

over_and_done: Cybernetic: over_and_done: In one of Gene Wolfe's more awesome books, there's a very brief passage where the main character imagines a society that uses honor as a currency.  You do honorable deeds, you become a richer person.  You shutdown power plants to raise the price of electricity, resulting in people's deaths, you end up homeless on the street, begging for "spare honor".

Interesting idea. Do you know which book?

Well, the brief passage is about the same length as my text that you quoted.  So, really really brief.  :-)   Wolfe's an incredible author, mostly science fiction, but don't buy a copy expecting to read about honor-based currencies.

As to which book... it's from his The Book of the New Sun tetralogy (four volumes), but I don't remember which book of the four.  It's some seriously challenging reading -- the character of the narrator is not always truthful with the reader, the language is deliberately archaic, and the setting is very different from our own culture but not described in detail (because the narrator assumes that you-the-reader is looking back on familiar past events instead of forward to a future society).  It's dense, heavy stuff, and rewards multiple readthroughs.

If you're looking for something to read, I'd highly recommend The Book of the Long Sun.  Also by Wolfe, also four volumes, and (strictly speaking) set in the same story universe.  Much easier reading however.  The central character is equally complex without being insane.  The setting is more accessible, although details are still left for the reader to deduce instead of listing them explicitly (the cover art actually gives away a plot point).

Once you've finished Long Sun, then you'll be ready for New Sun.  It's like a training regimen for the reading muscles.  :-)


Thanks. I will give the Long Sun novels a try.
 
2013-03-22 12:21:29 AM

minarke: The IRS will probably argue that he would owe the normal amount as if he had sold the house in dollars, or traded it for gold. If only we could pay the IRS in magic beans.


It's a Canadian house. I think the IRS would be a little out of their jurisdiction.
 
2013-03-22 12:22:48 AM

spawn73: Baldrick's Cunning Plan: I'm as upset with the banking industry as the next guy, but sometimes they do provide a useful service. Little things, like tracability, insured deposits, financial security...

What kind of project is this guy trying to hide that he needs ~$400,000 in bitcoins?

/Walter White approves.

Everyone knows his house is for sale now, it's in the news.

Kinda smart, no?


Everyone looking for a house likely already knew it.
 
2013-03-22 12:41:23 AM

Tobin_Lam: spawn73: Baldrick's Cunning Plan: I'm as upset with the banking industry as the next guy, but sometimes they do provide a useful service. Little things, like tracability, insured deposits, financial security...

What kind of project is this guy trying to hide that he needs ~$400,000 in bitcoins?

/Walter White approves.

Everyone knows his house is for sale now, it's in the news.

Kinda smart, no?

Everyone looking for a house likely already knew it.


What if someone saw that article, and suddenly felt like a house, even if they hadn't been planning for one?

Yeah OK, you're right of course.
 
2013-03-23 12:08:32 AM
All of today's currencies of significance are virtual.

bitcoin is as good as people's faith in it and those who control it. Same as any other currency. 

Now if you want real money, defined as being based on something other than faith and belief, then that's still gold and silver.
 
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