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Author Topic: Speaking of sensationalized news ...  (Read 1960 times)
Gleb Gamow
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February 01, 2017, 02:38:01 AM
 #21

Another foreign article on the same subject, this time with a twist: http://criptonoticias.com/sucesos/suertudo-gana-13-millones-dolares-vendiendo-casa-bitcoins/#axzz4XOewpfeX

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A man in California recently won more than a million extra dollars  selling a property through bitcoins, most surprising is that it did so without any intention, only thanks to price volatility of this currency.

Sonny Singh , Head of Commerce Bitpay , in an interview to Bloomberg , told the amazing story of this man as an anecdote of the current operation of Bitcoin .

A real estate agency contacted them because of the doubts they had about selling a property through this criptomoneda, since they did not really know what it was. After an explanation of the process and operation , they decided to proceed with the sale of the house for about 4 million.

At the start of the sale transactions Bitcoin was at $ 750, explained Singh, but at the end of an operation of that caliber was already at $ 1000. The man earned, only in transactions, 25% more than he had stipulated. That is to say, the end drew 1.3 million.

Singh also says that with the extra money earned the seller decided to buy a Lamborghini in the city of Newport Beach California, at a dealership that also accepted bitcoins as a form of payment.

Stories like this have happened repeatedly, people getting on an old computer a place full of bitcoins missing purse and millionaires overnight become morning, or gambling that give large amounts of criptomonedas that scale price within Minutes. These stories make no doubt use Bitcoin even more attractive and also lead to new consumers to bet on luck .

However, this is not the only attraction of the cryptones. Many institutions have seen in them a perfect solution for interbank payments, between business or international, while in others P2P interaction, decentralization, privacy or speed are more attractive.

Not only was the house moved from Hermosa Beach to Newport Beach, both in California (else more permits would've been needed if crossing a border - NV or OR or MX over the wall), but clearly is was the seller who profited, allowing him to purchase the Lamborghini. BTW, the real estate developer has been demoted to merely an agent.

I'd say this story has Carl Pattersfield's name written all over it. Google his name is you're not up to speed. The dude's amazing!

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February 01, 2017, 04:54:11 AM
 #22

Thanks to Bitpay's CCO, Sonny Singh, the following could now happen to a Hermosa Beach resident as news of the infamous two purchases make the rounds across the globe: https://uk.news.yahoo.com/bitcoin-robbery-as-new-york-man-forced-at-gunpoint-to-hand-over-cryptocurrency-155116002.html

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February 02, 2017, 03:13:02 AM
 #23

And you can't have a home purchased via bitcoins without some mortgage-based rag making mention of it, but first about the periodical in question: http://nationalmortgageprofessional.com/about-us

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National Mortgage Professional Magazine has become "The Source for Top Originators" - that connects the mortgage professional community under various media formats.  Our exceptional team of industry-seasoned monthly contributors combined with our knowledgeable editorial staff, all with meaningful expertise in their respectful disciplines, provide the most up-to-date news, insight and advice for today's mortgage professional. We are committed to ensuring that today’s industry is equipped with the most comprehensive understanding of mortgage news available through our many resources, including, but not limited to, articles in the print edition of National Mortgage Professional Magazine and 38 state-specific e-editions, the NMP Daily and NMP Ticker email newsletters, the exclusive daily news stories and postings on NationalMortgageProfessional.com, and our regular series of original Webinars, along with a number of additional resources in the works.

Now onto the BULLSHIT they're feeding their user base, NMP citing a venerable trade rag in the cryptocurrency space - CoinTelegraph:

http://nationalmortgageprofessional.com/news/61947/homebuyer-makes-profit-using-bitcoin

Quote
According to a report in The Coin Telegraph, an individual seeking to purchase a $4 million residence in California contacted BitPay, an Atlanta-based Bitcoin payment service, to coordinate the transaction entirely in Bitcoin. The buyer secured $4 million in Bitcoin at a time when the digital currency was worth approximately $750 on the global Bitcoin exchange market.
 
But at the time the buyer initiated the final payment, Bitcoin’s value skyrocketed to $1,160—an increase that was fueled, in large part, by the devaluation of the Chinese yuan and the December rate hike by the Federal Reserve [prior to the markets correcting themselves, one first, then a second, ... mostly due to structural failure because the fire was just too intense]. Thus, the buyer—who was not publicly identified—wound up with a $1.3 million profit in the currency exchange rate.
 
“The buyer actually ended up making about 25 percent in the currency exchange rate, essentially, in the appreciation,” said Sonny Singh, chief commercial officer at BitPay. “He got a house for pretty much 25 percent cheaper.”

To recap:

Sonny Singh clearly states on a broadcast that a real estate developer initiated the conversation with Bitpay.

The story was first picked up by Bitcoin Magazine.

A couple other rags followed suit, basically rehashing the same story.

Some rags have the seller making the profit, not the buyer, in spite of there not being any profit.

CoinTelegraph then published the same account adding their facts to the article.

A real estate trade rag opted to quote CoinTelegraph because they are <see the content gleaned from their About page above>.

Meanwhile, this thread tries to present the truth of the matter, yet crickets from any rag.

And we wonder why crypto is having a hard time gaining cred in spite of some homeless dude finding a laptop loaded with 30,000 bitcoins whose name has never been indexed by Google et al. prior to the find - Carl Pattersfield. I guess that goes hand-in-hand with this space having a Bitcoin Jesus; a Christian dude vouching for BFL on April Fools Day; a lead dev vouching for Craig Steven Wright as being Satoshi Nakamoto; a Chinese relic collector who hacks an exchange but returns the bitcoins, later put on another exchange in Japan that goes belly-up thanks to a dude who left France to avoid prosecution but was vetted to run Mt Gox under the auspices of an entity named after his cat across the street from Bitcoin Jesus who once went on the air ...; a stolen valor dude who just so happened to work across the street from a Section 8 housing project where the office of his future boss was located, later it - BFL - fucking over thousands of its users while said employee was later able to purchase a half-million-dollar home via bitcoins on a $50K-a-year salary; need I continue?

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February 02, 2017, 04:14:46 AM
 #24

Translated from Greek: https://www.digitallife.gr/kapios-agorase-ena-spiti-me-bitcoin-ke-egine-kata-13-ekatommiria-dolaria-plousioteros-85176

Quote
Although Bitcoin has often been the focus of recent stories relating to cases where truly whole fortunes have been lost because of the unpredictable, a man from California was very fortunate in buying a home and all that, thanks to the familiar digital currency . In a recent interview Markets Bloomberg, the CCO Bitpay, Sonny Singh , said the volatility of the currency helped the acquirer to make a profit by buying it in the order of $ 1.3 million during the Bitcoin exchange with US dollars .

The Singh and his company recently approached by a manufacturer that operates in the field of real estate and who said that was interested buyer for a house, just like the transaction to be done with Bitcoin . Having settled all pending issues related to this transaction, the two sides reached a price which at the time stood at $ 4 million approximately.

And while the value of Bitcoin was $ 750 in the early stages of the transaction by the end of the transfer the value of Bitcoin had risen to $ 1,000 , creating profit to the new owner amounting to over one million dollars, and bought a house at 25% cheaper !

Even in Greece, one can't differentiate between a profit of $1.3M and saving $1.3M. It's almost like these publishers have a Leroy Fodor math book at their ready for easy reference when espousing rudimentary functions.

Q. If a farmer had one cow and bought another cow, how many ...
A. Chicken!
Test giver: Close enough. You won a Lamborghini.
Q. What's a Lamborghini?
A. It's like a chicken but with wheels and is more profitable.
Test taker: Can we go outside and play now? Sally wants me to park my chicken in her garage.

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February 02, 2017, 09:23:36 AM
 #25

This is a great news and also a good testimonial to motivate others by using bitcoin! It is really positive that we can earn a lot from bitcoin community. You only need to commit your time in doing research and other things before investing on different sites and market your skills and talents to gain more bitcoin Wink

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February 03, 2017, 06:12:24 AM
 #26

http://Bitcoin's Privacy Gets 'Failing Grade' in 2016 Threat Report

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A new report by an open-source advocacy group has found that bitcoin users still face major threats to their privacy.

It'll keep getting worst as long as the likes of Sonny Singh keeps babbermouthing about Bitpay's well-to-do clients making large purchases via bitcoins like multi-million-dollar homes and lamborghinis.

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