....to buy cheaper BTC laterer ?

Interestingly enough, I see that Bitfury, have already rolled out a system which is in use today in conjunction with the gubermint of Georgia which does use BTC in a fashion for real estate registry. (It uses a private permissioned blockchain to collect all the data and execute the tx, and then publishes it to the Bitcoin blockchain for public verification)

So far has 300,000 properties supposedly recorded in this fashion.

"NAPR (which is charged with land registry in Georgia)  was able to provide Georgian citizens with digital certificates of their assets supported with a cryptographic proof (known as a hash). This hash was published to the Bitcoin Blockchain. This enabled the owner of the document to prove their legitimate ownership of the property by showing their timestamp. No one can alter the timestamp on the Bitcoin Blockchain, including NAPR.

Integrating this layer meant that information about a property title could not be altered, and that any attempted tampering would be equivalent to tampering with the Bitcoin Blockchain (making it publicly visible to everyone on the Bitcoin network)"

https://napr-gov-ge.translate.goog/udzravi?_x_tr_sl=ka&_x_tr_tl=en&_x_tr_hl=en&_x_tr_pto=sc

https://naprweb-reestri-gov-ge.translate.goog/?_x_tr_sl=ka&_x_tr_tl=en&_x_tr_hl=en&_x_tr_pto=sc#/blockchain


--------------------------


On another note, I decided last year that I would really like to travel to the country of Georgia, and spend some time there, given the 1 year visa free entry, and the interesting cultural melting pot that Georgia is, cheap prices of rent/food/wine etc, and the quality of awesome food and wine, and stunning scenery..... and to explore the rather interesting taxation situation especially for expats and especially for Crypto related business activities  


..... not sure if its rational or not, but the current situation in Ukraine has put me off/ made me postpone, does look great though.  

Apparently the rents in Tbilisi have recently tripled for available properties due to an influx of 40,000+ Russians... though I do wonder if the rents have gone up ...just for the russians, as some of the houses I saw , are the same price now as they were pre the Russia/Ukraine situation.

Short answer, the same people that currently pay to run and access the UK land registry. Which is the government, and those that use the services pay for services.

Part of the whole point of their planned fully digital transformation and automation (which may include a "blockchain" (R3 Corda))  is to REDUCE COSTS, and not just for the consumer, but also for the land registry themselves.

Few things to consider.


The UK land registry, for England and Wales alone, before you get into off shore complications, registers about 7.5 trillion in property, with somewhere in the region of £1.5+ trillion in lending secured against it.

It contains around 26 million+ titles, and they process around 3 million amendments a year, and around 19 million access requests a year.

(also worth noting that they paid around £5.3 million out in 2019/2020 alone in fraud and error compensation)

They have around 6,000 - 7000 in staff currently, yes, 6000 - 7000, and they are all housed in buildings/offices...  and all of them expect wages.

Lets just see ...  what do we suppose the current annual costs are ?   want to take a guess?
  

For ease lets just look at the staff and say that at MINIMUM they earn £20,000 a year across the board, let alone the managers etc... but anyway lets see , say 6500 staff X £20,000 = £130,000,000 a YEAR on STAFF alone, and in reality that figure is likely much higher due to higher pay grades...   ok, and then you have to house them somewhere...


Anyways, I had a quick look and basically their continued operating costs for a year are about £250,000,000

whilst they pull in income of around £320,000,000 a year

I am not sure if people imagine a quiet little office somewhere with an elderly clerk sat on her own processing a land registry request or two a day....
 

So, the idea I believe is that they partner with various established players within the industry , in conveyancing, legal, HMRC, banks etc... and these guys who participate will/can run nodes to support the chain, and so the cost will be shared by them (and they will reduce their margins, and increase their profit by doing so)  


The idea, that , it will be cheaper to maintain, than the current system(s) , more easily accessible, much much faster/streamlined, and far less prone to being gamed/defrauded.


Given their operating costs as they are, and their revenues... they have plenty of opportunity to trim their overheads, and that is in part their goal of becoming fully digitised and automated. Which will of course eventually reduce staff and operation costs (buildings and all the rest)



 Is this the same as running the land registry on the BTC or ..... another public chain..... or with NFTs?  

No


However, the idea would be that there will be some levels of interoperability going forward, and say a BTC investor could post collateral using BTC,  purchase a property through a crypto supporting mortgage company, and then purchase, and have recorded their title deed and the like on the land registry R3 Corda chain, and then later be able to call that record back and use it when they potentially want to fractionalise some equity in their property , and get paid in a crypto... R3 is interoperable.


Is any of this right this second using NFTS or a form of?, no, will it ever , maybe so.... maybe not, its not the most outlandish of ideas, and its hardly "science fiction, 100s of years in the future" , far from it, its quite a mundane , straight forward , easy to grasp , pretty intuitive, possibility.

 
ps that being said I would not be surprised if R3 is already using a form of "NFT" to record unique, non fungible assets within their ledger... and no I am not talking about a jpeg, pixel art "useless" NFTs, but rather "useful NFTs""

….what are your thoughts on the monthly?

Monthly chart .......


How do people feel about it ?

 

From "trumpers" to hating "unvaxxed" to hating "rushans" ...... wherever the MSM crosshairs are pointed the hatred flows...

Meanwhile....  the US and the allies do what they did in the middle east, and ...... hardly a whimper from the international community...

The Saudis hack off a journalists head in a Turkish embassy... and ...... nadda

The Yemen war with its 377,000 death toll..... and nadda, no sanctions on Saudi...lol, not a fart, I wonder why they get to do what they like without the international condemnation ? funny that

Did you guys know there is a war in Ethiopia right now? half a million dead over past 1.5 years?  where are their flags all over everyone's bios?   Are Ethiopians and Yemenis less important than Ukrainians ? apparently.  

I hear that!

Where I live, before the Rona virus lockdowns and supply chain issues, and due to being within a few hours of a Amazon depot, we could get same day deliveries on certain products from Amazon... now its more like next day/24 hour.

What is mental though, is just how ubiquitous Amazon delivery has become its not uncommon to see a delivery being made to my house, and to my neighbours and then a house a few houses down all in one go.... and the grey vans are everywhere, whereas the red "Royal mail" vans which used to be everywhere, I now see far far less.


Still waiting for the drone deliveries thou' Imma not holding my breath

Well, sorta, but the very government agency who are charged with managing the land registry in the UK, and the HMRC, and many of the big players involved in the industry,  (who you earlier eluded would have nothing to gain from it and would never allow it) are in fact actively building out exactly that, using blockchain (no mention of NFTs YET)

There is a reason for that.

If I had to guess, the reason would be , that due to the nature of the transaction, and the multiple actors involved, that, from a legal standpoint, they prefer the immutability and distributed nature of a blockchain rather than a leaky old centralised system, which could potentially be gamed with more ease.  Not to mention, that there would also be a greater potential for interoperability going forward.


Personally, I would not be at all surprised, to see blockchains, and perhaps NFTs, utilised for this, and for many many other use cases...... by companies and government agencies alike.

Again, I try not to think in absolutes, and I am not married to the concept... I just do not think people realise how far advanced this already is.... and I do not think that is just pie in the sky and never going to happen...

If anything..... I think it is (almost) inevitable really

ps (and not just land registry, but conveyancing, legal, ID, taxation, lending, equity release, development funding, mortgages, contracts, buying/selling...the whole shebang and all eventually interoperable )  

Until they figure out that it can shave their margins too and enable them to make even more money....

https://hmlandregistry.blog.gov.uk/2019/05/24/could-blockchain-be-the-future-of-the-property-market/

(ps same goes for other player in the real estate industry, from developers to investors)


pps "To demonstrate the benefits of a fully distributed network, we worked with leading conveyancing firms Mishcon de Reya and MyHomeMove, payment intermediary Shieldpay, digital identity provider Yoti and HM Revenue & Customs to build an end-to-end proof of concept. We also created a simple mobile interface for the buyer and seller so they could complete their actions on their mobile phones, such as verifying their identity and signing their agreements. All we needed then was a real life property transaction to test the prototype"


ppps "The first digital transfer
On 6 March 2019 the sale of a recently refurbished, semi-detached house in Gillingham had completed. It had taken 22 weeks, much longer than the six weeks the buyer and seller had expected. In early April we sat down with all the parties involved to see how much time it would take to run the sale and purchase through our blockchain prototype.

We used a video chat to bring everyone together. The buyer, Peter, was at work in Medway and his conveyancer was in Manchester. The seller, Stefan, was in his partner’s home in Gravesend and his conveyancer was in central London. The Digital Street team were in Plymouth, with representatives from Yoti in London and Shieldpay calling in from Malaga, Spain. Once each action had completed (such as drafting the sales agreement) the application automatically informed the next party it was their turn to act. The demonstration of the technology ran through, end to end, in less than 10 minutes."

pppps Her Majesty's Land Registration here in the UK is where the buck stops, and from my understanding they are still actively working with companies to bring the whole process here "up to speed" in terms of cost and ease of use/accessibility , and I expect them to continue to do so..... will blockchains and NFTs have a role to play and gain traction going forward... perhaps , time will tell


ppppps - 10 minutes is better than 22 weeks, or 6 weeks.

https://jshee.substack.com/p/how-crypto-is-transforming-the-real?s=r

Blockchain based REIT anyone?

Not the worst read

Welll sorta, using blockchains/smart contracts , could streamline and speed up the entire process (instant settlement, in a world that is moving more and more to instant gratification) as real estate transactions can be notoriously slow, when they do not have to be.

 Also, over my side of the pond at least, deed transfer companies and the like have been ordered to "come up to speed" in terms of usability/ease of use/speed AND COST! , so there is a entrenched set of actors within this aspect and all aspects of real estate , that are ripe for the pickings in terms of disintermediation....

Also tokenisation one way or another of property (assets in general) allow also the ability for fractionalised ownership/investment/equity release of property, or at least has the potential to make it easier.

I mean, banking also has and had established players, laws regulations too.... and had not innovated for many many decades, but the box needed shaking... and if anything the current status quo of real estate transactions, is even more archaic and even slower, than banking is, and that is saying something.

Things change and things evolve.

Market will tell us going forward if this happens or not...


I try not to think in absolutes  

Thing is, things develop and things change, so I do not imagine the deed issue being around for too long... and there are workable workarounds, for example, in the US at the moment you are correct re the deeds they cannot currently be linked to NFTs (yet) .... however what can and had been done is that the property (if we are talking real estate) , is first transferred into a LLC, and then the company, is then minted to a NFT, and it is this company that is bought or sold, and rights to the company (and therefore the property are stored on the blockchain)

.... and I think there is a good chance that this space will continue to evolve.


There are also solutions for tokenised/nft for equity release from properties too.. which again has the potential to evolve going forward.

....and as mentioned in previous post, I am pretty sure that we will be seeing this within the art collection industry too, and possibly wine also.


....could all this be done using tokens/smart contracts and sans "NFTs"  yeah totally..


Anyways we shall see what the market thinks of such things going forward as things evolve... and that will answer the question one way or another.


(ps yes the LLC route could potentially have unwanted tax implications)

Maybe so

+1

Ankle nipping warning 2

 ..... on scanning I can see another unnecessary, word salad of an ego maniac that is hellbent on being the self appointed wall observer police... guarding against..... ? nothing, seems you just like the sound of your own ramblings.  

I repeat I didn't "shill" or "try to pump" anything you complete and utter lunatic. and even if I did, which I didn't, but  your literal mental breakdown .... would still be hilarious and nutty as a squirrel shit my friend.

Calm yourself and communicate on a level, like a rational, decent, human.

SLUT !


(as in "The End" thanks to my Swedish teacher Arriemoller)

 Ankle nipping strike 1 - really bro ? toooooo much, OTT, unnecessary , calm your inner white knight


Bro.... I am pretty sure I have not shilled ETH here? or "try to pump" ETH or anything else, and your attempts to police and harangue and your passive aggressive shit is a big fat waste of time.




Same.

"Nice business you gots there.... be a shame if something was to happen to it"


What I think of whenever I hear "SEC"

Like fucking sieves