Anyone here buying/selling cars using bitcoins.

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To be honest, I'm not familiar with the bitcoin system. How much is 1 bitcoin 'currency' worth these days?
 

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If it fluctuates - isn't that somewhat risky? And how does one evade tax by buying with bitcoin? If I can evade taxes why not! haha
 

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If it fluctuates - isn't that somewhat risky? And how does one evade tax by buying with bitcoin? If I can evade taxes why not! haha
Later kena find out, have to pay tax arrears then will be worse.....hhahahhahah:biggrin:
 

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just found out 1 bitcoin is worth USD400 thereabouts yesterday. Wow.. means 500 bitcoins can buy me a Merc 350 SL already.
 

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Well every currency fluctuates base on supply and demand. However it is still one of the best performing currencies. Way better than ringgit for sure.Tax evasion because it doesn't go through our financial system. But well, it's good to use if you would want to buy a rm150k cash instead of withdrawing your cash in a briefcase, Online transfers, or cheques. We can transfer bitcoins to the third party. Bitcoin is not illegal in Malaysia btw and many places like lazada mall accepts them.

It would be nice if our community starts buying/selling cars or car parts for bitcoin instead of rm/usd
 

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As with anything new, it takes time to catch up and also whether will be popular or not.....
 

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I heard bitcoin is already on the decline. The number of BC being issued is getting lesser and lesser mainly because of data centers and BC farmers using their specialty BC farming equipment just to do all this?

Btw, anyone heard of Dogecoin? Yes Doge as in the dog. HEhehehhee.. concept same as bitcoin
 

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If most have not heard of it, means not popular.....lol
Only in Malaysia la VR.. dogecoin is already gaining momentum overseas to some extent and people are already using it as currency. Just not as valuable as bitcoin.

The concept of bitcoin is good. A universal currency that can buy things and isn't affected by international currency exchange and to earn it you need to help with complex calculation processing just by parking the coding in your computer.

Only thing bad is bitcoin is hackable so need to use those bitcoin banks. Which is hackable as well which means if you get hacked, your money goes with it.
 

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Only in Malaysia la VR.. dogecoin is already gaining momentum overseas to some extent and people are already using it as currency. Just not as valuable as bitcoin.

The concept of bitcoin is good. A universal currency that can buy things and isn't affected by international currency exchange and to earn it you need to help with complex calculation processing just by parking the coding in your computer.

Only thing bad is bitcoin is hackable so need to use those bitcoin banks. Which is hackable as well which means if you get hacked, your money goes with it.
Well, digital world is like that. I just spoke to a bank staff and if we need to send written instruction to them need to fax, cannot email, mobile and whatever and that also need to register with them. So much for digital world, to many hacking.....:sleep:
 

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Only in Malaysia la VR.. dogecoin is already gaining momentum overseas to some extent and people are already using it as currency. Just not as valuable as bitcoin.

The concept of bitcoin is good. A universal currency that can buy things and isn't affected by international currency exchange and to earn it you need to help with complex calculation processing just by parking the coding in your computer.

Only thing bad is bitcoin is hackable so need to use those bitcoin banks. Which is hackable as well which means if you get hacked, your money goes with it.
Bitcoin itself is very secure as you cannot dupe bitcoins in the blockchain. Hacking issues are usually the fault of the broker or banks.
However,I still see a lot of cases of fake money circulating in the country.

For us average users now, we cant afford to mined for bitcoins, if you just look at the mining farms its impossible to compete
https://www.youtube.com/watch?v=-ihMqEDs4B8


I am actually plan on encouraging my mechanic to also accept bitcoins instead of RM solely, it might actually help to have an additional source of currency coming in instead of depending of RM entirely.
 

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Means the rich gets richer, the poor gets poorer. Rich can afford bigger main frames, poor fellow cannot do much.....lol
 

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I heard bitcoin is already on the decline. The number of BC being issued is getting lesser and lesser mainly because of data centers and BC farmers using their specialty BC farming equipment just to do all this?

Btw, anyone heard of Dogecoin? Yes Doge as in the dog. HEhehehhee.. concept same as bitcoin
Very different concept from bitcoin or ethereum

https://www.youtube.com/watch?v=pmU28mgihB4

this video sums up whats bitcoin all about

Means the rich gets richer, the poor gets poorer. Rich can afford bigger main frames, poor fellow cannot do much.....lol
We don't have to mine bitcoins to obtain it bro, we can just buy it from people or brokers. Those miners are actually providing computing power for the entire infrastructure(verifying transactions)of the blockchain to operate. Same thing as gold, we can also MINED for it but i hardly see people actually mining for gold to get it nowdays lol cause that is a total different industry. Well at least the currency is based on supply and demand and not purely affected by political issues in certain countries which is far worst.
You guys should read up on ethereum too
https://www.google.com/search?q=ethereum&ie=utf-8&oe=utf-8

one of the hottest cryptocurrency out there, appreciated up more than 1100% in 3 months.

https://coinmarketcap.com/

Crytocurrency MIGHT slowly replace FIAT currency in the coming future, the same how how barter trading evolved to current bank notes.
 
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Well at least the currency is based on supply and demand and not purely affected by political issues in certain countries which is far worst.
As it is right now, Bitcoin behaves more as a speculative commodity than any real currency.

At the end of the day, most folks acquire Bitcoins to hold as an investment for its intrinsic value analogous to stocks rather than as a medium of exchange.

This fact is evident at how Bitcoin value rocketed at a meteoric rate since its inception. As for supply, there is only a finite number of BCs out there, so rather than true supply and demand dynamics, BCs are skewed towards demand equation. And it's value is still mentioned relative to a fiat currency, eg. 1 BC = XX US$.....which I find amusing for something that styles itself as a replacement for fiat currency.

It's a novel concept and something which is making Govts and Fed Reserve squirm because of its self-regulated independent streak but its an emerging tech and like any emerging tech, would you stack all your worldly possessions and convert wholly on Bitcoins ?

I'm not making a case for fiat currency either whose real value has become so overextended and diluted, the number printed on a note does not even represent the real reserves in a Govt vault. The last time that a dollar note represented a dollar's worth of real Gold held by the Fed Reserve was way back in Franklin Rossevelt's time.
 

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As it is right now, Bitcoin behaves more as a speculative commodity than any real currency.

At the end of the day, most folks acquire Bitcoins to hold as an investment for its intrinsic value analogous to stocks rather than as a medium of exchange.

This fact is evident at how Bitcoin value rocketed at a meteoric rate since its inception. As for supply, there is only a finite number of BCs out there, so rather than true supply and demand dynamics, BCs are skewed towards demand equation. And it's value is still mentioned relative to a fiat currency, eg. 1 BC = XX US$.....which I find amusing for something that styles itself as a replacement for fiat currency.

It's a novel concept and something which is making Govts and Fed Reserve squirm because of its self-regulated independent streak but its an emerging tech and like any emerging tech, would you stack all your worldly possessions and convert wholly on Bitcoins ?

I'm not making a case for fiat currency either whose real value has become so overextended and diluted, the number printed on a note does not even represent the real reserves in a Govt vault. The last time that a dollar note represented a dollar's worth of real Gold held by the Fed Reserve was way back in Franklin Rossevelt's time.

It's 2016 now and as technology evolves, most bitcoin users like myself are using it as a daily currency/payment gateaway instead of an investment
Here is an example of a bitcoin debit card
https://xapo.com/
It can be used on ANY MERCHANT that accepts visa. Yes you can even use it to buy groceries in tesco. I personally would NOT put all my eggs in one basket by investing all my wealth in bitcoin, I only use it as an alternative. However majority of malaysians are keeping all their wealth in ringgit which can be equally bad :)
Plenty of shops in Malaysia are slowly picking up, go to your playstore/IOS, download bitcoin map and look for yourself. Well currently there are some cons such as the block size limit, but the future is uncertain and we all can hope for the best :)
 
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FVel

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The concept is novel and attractive to technogeeks and anti-Feds fringe groups. BC was invented in internet backrooms by folks who do not trust the Govt (for good reasons) because the Feds cannot debase and manipulate BC as they do with fiat money. There's a certain dreamy romance with the whole idea.

However, at its current state, I'll stop short of calling it a replacement for currencies. Most people agree it cannot replace the US$ or any of the major currencies and while you can cherry pick the odd merchant or service here and there who accepts BC, realistically do you pay for your cup of coffee, or breakfast with BC ? I think not. Until you get to that point, it's still just a novelty. Of course a lot of folks like it because its 'untraceable'. And obviously illegal trades at Silk Road and the Dark Web love it.

And you never address the fact that BCs do not have an intrinsic value of its own but it's value is still referenced against a fiat currency with all the vulnerabilities associated with fiat currencies.

The fact is most folks are hoarding and mining Bitcoins as an investment commodity as opposed to an everyday medium of exchange simply because the BC creation mechanism is limited to 21,000,000 units and its value has skyrocketed since inception. What does that tell you ? People are still in love with their fiat money and their plastic credit cards irrespective of the rationale or irrationality of such a decision. The Winklevoss brothers accumulated at least 1% of all BCs. I doubt they were doing it solely because they wanted to promote it as an alternate currency. PArt of the allure was to get in first and get a lot. It's no different from land grab in the Wild West and the oil booms.

Like any commodity BCs are traded in several exchanges, much like Wall Street.

If you want to look at the other side of the coin (forgive the pun) why did you not discuss anything about one of these exchanges, namely Mt Gox? Mt. Gox traded for a while and suddenly 'dissappeared' along with 774,000 BCs....a sizeable chunk of all BCs in circulation. Like anything digital, it's not foolproof, and we did not need to wait long a scandal to hit BC.

The ultimate test of any currency is its legitimacy and right now BC is behaving more like a stock than a currency. The really compelling reason you are seeing a whole bunch of people/merchants adopting and jumping on the bandwagon is so that they acquire BCs now in anticipation of the upward value trend. People are materialistic. They don't give two hoots about romantic idealism and anti-Govt rhetoric.

If I had to ask a pointed question, I would ask you what percentage of your own personal wealth have you stacked into BCs since you seem so confident in its concept. I personally think it is currently too nebulous, volatile and if Mt. Gox was any measure it is still not airtight.
 
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Well to answer your question.
I personally keep 20% of my wealth in bitcoin and as mentioned i spend it daily on any visa merchant, tesco, jusco, drinking coffee, etc. Many merchants do not accept bitcoin directly but, visa is acceptable almost everywhere. There is a large community of bitcoin users are doing so, not everyone still prefers credit cards.

Every 4 years, a bitcoin halving occurs, which basically cuts down the production rate by 50%.
http://www.bitcoinblockhalf.com/
In theory as the supply is limited but the demand is higher. Bitcoin prices should shoot up after july 2016. The last halving it shot up to usd 1200 but crash because it was treated like a commodity instead of a currency. However the halving may go wrong as miners might switch to another cryptocurrency if mining becomes less profitable

http://www.techcentral.co.za/the-halving-that-could-derail-bitcoin/64256/

Now. I mentioned that cryptocurrency can potentially be the future of currency because of it's technology. Many banks are now working on their own cryptocurrency, the same as huge companies like Microsoft. Bitcoin is the first cryptocurrency but in the future something better might come out from it which is a better cryptocurrency. Cryptocurrency is a technology. Check out ethereums and read up about ethereums.
People are materialistic yes, but how many of you are keeping cash in a vault at home instead of checking your funds online which is also virtual because you trust that it's physically there.

Who knows in the future every central bank might have their own centralized cryptocurrency and stop printing paper which is such a waste of paper. This is just an assumption as no one can predict the future.

What i always suggest to people if you want to buy a Mercedes. The best thing to do is to test drive it yourself, or get opinions from people who have test driven it. If you get opinions from those who have never driven a Mercedes you might not get accurate information. The same goes to cryptocurrency, I've read up many speculations by journalist and alot are giving false information because they research instead of using the technology itself.
 
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FVel

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Well good luck to you.

You certainly have more faith in it than me.

As I said, and you seem to imply this in your 'halving' comment above, people are mining and acquiring BCs as a speculative commodity because "miners might switch to another cryptocurrency if mining becomes less profitable" (your quote).

And if they do switch to another cryptocurrency ? Are you are suggesting then that BCs may lose adopters? A currency is a currency predominantly because it is widely accepted as legal tender to be a medium of exchange. If it ceases to command such acceptance because it becomes unpopular and people start dumping it, then what good is it as a currency ? The fact that you even suggest the halving process may not work out does not inspire confidence.

It does not necessarily mean that just because a bunch of ppl are enthusiastically adopting it at the moment, that they are doing it for idealistic reasons of a better currency. Speculators are, by nature, also early adopters if they can anticipate an upward trend with the value. I have been involved in corp finance my entire career and I honestly just don't see that folks are doing the BC thing just for 'the greater good'.

It's a interesting concept and what gratifies me about it is that it is making those a$$holes at Wall Street and the Feds squirm because BC is something they cannot manipulate. But it's not a hippie feel-good and fuzzy revolution. It's money making money....oldest story in the book.

I keep repeating myself here, but your inherent BC value is still referenced against a fiat currency like the US$. No different from a limited production of X-commodity (cars, diapers,...whatever) which the market attribute a value. You hold BCs, I hold a portfolio of stocks and other investments. At the end of the day, I don't think we are really very different from each other.

It's very well for you to tell me, if I had not test drive it, then maybe I don't know what I am talking about. I don't have to test drive BCs to know that it will do on the basic level....send money, receive money, a repository of value, etc etc.

Treat me then as a skeptic and try to sell it to me harder than merely calling for a test drive. Go beyond that. How about a no-holds-barred destructive crash test ?

Tell me how foolproof it is from a security standpoint. Mt. Gox, Bitstamp, Neo & Bee, Mycoin, Evolution. Those are the names behind major BC scandals in the short time that this crytocurrency has been with us. Again, what happened to the 700,000+ missing BCs from Gox ? They all have the same endgame and I have not heard one BC proponent come up to convincingly tell me how the system will be sufficiently foolproof to stop a repeat of the above.

I am not defending the current financial system. It is broken as f**k. 2008 taught us how Wall Street, the Big Banks and the politicians criminally screw the common man out of greed and then bail out the criminals with taxpayer's money so they can continue doing what they did. And 2008 was not the first time, nor will it be the last.

However, if you want me to jump camp from one broken financial system into to new one, you better do a more through job convincing me why I should back the new horse. Anyone can just quote the sales brochure. I cannot give a pass just on faith alone. It's my hard-earned money too.
 
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Well to start off, I am not trying to convince anyone here to move to bitcoin and to be frank I am personally not bothered on what anyone here does with their wealth. If I were to it would make no sense to include the flaws of the system. As mention there are pro's/con's on everything, but I personally would not put my entire life savings into one basket. For me it's simple, if you don't trust something, dont do it. Likewise I would not leave all my wealth in ringgit too because I do not trust it too. The reason I started this thread because I wanted to survey and see how many car enthusiast actually are buying/selling cars or parts using bitcoins because I initially had plans on encouraging my mechanic on accepting bitcoins but maybe that might be a bad idea for now since many people are still skeptical.

I see you have a great port folio and you are very knowledgeable, I respect that. I just have an average portfolio of Forex trading, equity trading ,real estate, and cryptocurrency trading. My background is software engineering/game developer. I am one of an early adopter of bitcoin from back in 2012 when it was around USD60, but always regretted of not buying a large sum of it until today :(
Bitcoin sure does has it's pro's but I clearly stated its potential flaws but it's also an assumption whether it can succeed or fail. So even if it starts to fail, I am well prepared to make a move.

I think you might be confused with the term CRYPTOCURRENCY and bitcoin.

" A cryptocurrency (or crypto currency) is a medium of exchange using cryptography to secure the transactions and to control the creation of new units.[1] Cryptocurrencies are a subset of alternative currencies, or specifically of digital currencies. Bitcoin became the first decentralized cryptocurrency in 2009.[2] Since then, numerous cryptocurrencies have been created.[3] These are frequently called altcoins, as a blend of bitcoin alternative.[4][5]"

Crytocurrency is a technology, bitcoin is just the first decentralized Crypto-Currency. So as mentioned for the third time, what I personally believe is Crypto-Currency can be the future. Bitcoin can be but who knows maybe a new improved Crypto-Currency may come out. Like for now if you check out

https://coinmarketcap.com/

Bitcoin is number 1, ethereum number 2 which is a very new crytocurrency has appreciated 1000% in 3 months because of its more advance technology, i stock up a lot of it when it was around usd3 it when up to usd14 few weeks ago, now it's on a decline, well because it's being heavily traded in the crytocurrency market.
https://www.cryptocoinsnews.com/ethereum-rise-growth-new-york-times/

For its intrinsic value,
https://bitcoinmagazine.com/article...-twenty-two-reasons-to-think-again-1399454061
well of course it's no where close as established against USD hence it is still reference to USD, why? The public has to start trusting something to have value, just like how you trust that pieces of paper in your wallet has actual value. Evolution of money goes from barter trading, to precious metals and now to bank notes. Who knows the next generation of money might be CRYPTOCURRENCY? You must agree that digital is far more efficient then paper. It is also better for the environment. Who here still brings briefcases of bank notes instead of doing an online transfer or telegraphic transfer? Maybe in the future they might stop printing bank notes and switch to a digital era entirely, where it maybe might still be in ringgit but digital.

So can ethereum or bitcoin be the currency of the future? maybe who knows, early adopters usually benefits if it goes well. I personally have stocked up a lot of ethereums well because I believe in it :)
 
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FVel

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Still want to pay for your car with Bitcoins ?

Looks to me it is much more attractive to hang on to it as an investment commodity rather than use it as medium of exchange. And I think that it what you are doing because it's so obvious from your tone :)

Kind of crazy if you think about it. In about 2 months, its value goes up 100+%.

It looks like the market is quite bullish in 2016 :-

http://moneymorning.com/2016/05/25/this-bitcoin-price-prediction-sees-a-2016-rise-to-1000/
http://www.coindesk.com/bitcoin-halving-2016-will-price-rise-fall/

I'm still on the fence with this. Call me old-fashion or whatever but I'm doing okay with more traditional portfolios, though world economy has taken a beating of late and the local economy in particular not helped by the ineptitude and abuse from Najib and those crooks in Govt, but there are no perpetual uptrends in anything and that's why you hedge, do not over-extend and hunker down when the markets are down. Prudence, patience and rationality are the bywords with investments.

Well, good luck to you.
 
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I believe that the future is not in cryptocurrencies but in blockchain technology. If you have time you can read about benefits of emercoin to understand what blockchain technologies you can use right now.
 
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