Anyone here buying/selling cars using bitcoins.

Izso

Boooooossst
Helmet Clan
Moderator

Izso

Boooooossst
Helmet Clan
Moderator
Mar 28, 2004
15,020
6,314
5,213
KL
To be honest, I'm not familiar with the bitcoin system. How much is 1 bitcoin 'currency' worth these days?
 

hex999

Known Member

hex999

Known Member
Oct 27, 2011
374
57
528
Kuala Lumpur
Last edited:

Izso

Boooooossst
Helmet Clan
Moderator

Izso

Boooooossst
Helmet Clan
Moderator
Mar 28, 2004
15,020
6,314
5,213
KL
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
 

vr2turbo

Beyond 20,000 RPM!
Helmet Clan
Moderator

vr2turbo

Beyond 20,000 RPM!
Helmet Clan
Moderator
May 11, 2010
29,587
8,263
1,713
Petaling Jaya
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:
 

Izso

Boooooossst
Helmet Clan
Moderator

Izso

Boooooossst
Helmet Clan
Moderator
Mar 28, 2004
15,020
6,314
5,213
KL
just found out 1 bitcoin is worth USD400 thereabouts yesterday. Wow.. means 500 bitcoins can buy me a Merc 350 SL already.
 

hex999

Known Member

hex999

Known Member
Oct 27, 2011
374
57
528
Kuala Lumpur
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
 

vr2turbo

Beyond 20,000 RPM!
Helmet Clan
Moderator

vr2turbo

Beyond 20,000 RPM!
Helmet Clan
Moderator
May 11, 2010
29,587
8,263
1,713
Petaling Jaya
As with anything new, it takes time to catch up and also whether will be popular or not.....
 

Izso

Boooooossst
Helmet Clan
Moderator

Izso

Boooooossst
Helmet Clan
Moderator
Mar 28, 2004
15,020
6,314
5,213
KL
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
 

Izso

Boooooossst
Helmet Clan
Moderator

Izso

Boooooossst
Helmet Clan
Moderator
Mar 28, 2004
15,020
6,314
5,213
KL
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.
 

vr2turbo

Beyond 20,000 RPM!
Helmet Clan
Moderator

vr2turbo

Beyond 20,000 RPM!
Helmet Clan
Moderator
May 11, 2010
29,587
8,263
1,713
Petaling Jaya
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:
 

hex999

Known Member

hex999

Known Member
Oct 27, 2011
374
57
528
Kuala Lumpur
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.
 

vr2turbo

Beyond 20,000 RPM!
Helmet Clan
Moderator

vr2turbo

Beyond 20,000 RPM!
Helmet Clan
Moderator
May 11, 2010
29,587
8,263
1,713
Petaling Jaya
Means the rich gets richer, the poor gets poorer. Rich can afford bigger main frames, poor fellow cannot do much.....lol
 

hex999

Known Member

hex999

Known Member
Oct 27, 2011
374
57
528
Kuala Lumpur
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.
 
Last edited:

FVel

500 RPM
Senior Member

FVel

500 RPM
Senior Member
Feb 5, 2007
716
242
1,543
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.
 

hex999

Known Member

hex999

Known Member
Oct 27, 2011
374
57
528
Kuala Lumpur
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 :)
 
Last edited:

FVel

500 RPM
Senior Member

FVel

500 RPM
Senior Member
Feb 5, 2007
716
242
1,543
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.
 
Last edited:
  • Like
Reactions: alcyon

hex999

Known Member

hex999

Known Member
Oct 27, 2011
374
57
528
Kuala Lumpur
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.
 
Last edited: