[2020-11-28] Yacht Sale Shows Luxury Goods May Benefit from Bitcoin Price Surge

[blacky90]

The global luxury goods market is just one of those that have been hit hard by the coronavirus pandemic this year. But with bitcoin (BTC) experiencing a period of growth this year, it appears that crypto investors who have struck it rich in the latest bull run have been spending their proceeds from crypto trading on luxury items.

These include a 52-foot Lagoon catamaran that was recently acquired in Fort Lauderdale, Florida, from the yacht broker Denison Yachting.

The catamaran, which can accommodate six guests in three cabins with ensuite heads and walk-in showers, was listed for sale with an asking price of USD 839,000. The vessel was built by French boat-builder Groupe Beneteau and was purchased using a mix of crypto and fiat.

Bob Denison, President and Founder of Denison Yachting, told Robb Report that the 52 Lagoon was purchased "half in bitcoin and half in US dollars," and that the seller didn’t know that the transaction involved cryptocurrency.

"The day of the closing was faster than a wire transfer—they converted the bitcoin immediately into dollars,” Denison said, adding that the transaction followed all legal protocols, including the buyer providing a passport to verify his identity.

https://cryptonews.com/news/yacht-sale-shows-luxury-goods-may-benefit-from-bitcoin-price-8447.htm

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[Darker45]

It's not just those selling luxury goods who could benefit from the Bitcoin price surge. Everybody could. Of course, the primary beneficiaries are those who own Bitcoin themselves. Now, if some of them would decide to use some of their Bitcoins to buy goods and services, then those businesses accepting Bitcoin payments would also be beneficiaries. For sure, a lot must have been happily spending a portion of their Bitcoin after the recent price rally. To a certain extent, the economy in general has actually benefited from the recent Bitcoin price surge.

[cr1776]

It's not just those selling luxury goods who could benefit from the Bitcoin price surge. Everybody could. Of course, the primary beneficiaries are those who own Bitcoin themselves. Now, if some of them would decide to use some of their Bitcoins to buy goods and services, then those businesses accepting Bitcoin payments would also be beneficiaries. For sure, a lot must have been happily spending a portion of their Bitcoin after the recent price rally. To a certain extent, the economy in general has actually benefited from the recent Bitcoin price surge.

Agreed, with one caveat.   I might revise that to be "almost everybody" could benefit.  In fact, I would say a vast majority of people will benefit.

The ones who would not:

1. Those who are behind or greatly benefit from the current fiat monetary system will be the losers since they don't have the ability to stealth tax bitcoin as they can with inflation and fiat.  

2. Those who believe that their needs justify the seizure of someone else's means, whether they are the rulers or those who are voting for that tyrannical principle.

3. Any one who is in favor of any type of totalitarian or authoritarian system, whether it be fascist, socialist, communist or something else.

4. Those who want to control other people by controlling the products of people's lives.  

Anyone who thinks Lincoln was wrong when he said:

"It is the eternal struggle between these two principles — right and wrong — throughout the world. They are the two principles that have stood face to face from the beginning of time; and will ever continue to struggle. The one is the common right of humanity, and the other the divine right of kings. It is the same principle in whatever shape it develops itself. It is the same spirit that says, "You toil and work and earn bread, and I'll eat it." No matter in what shape it comes, whether from the mouth of a king who seeks to bestride the people of his own nation and live by the fruit of their labor, or from one race of men as an apology for enslaving another race, it is the same tyrannical principle.”

[Vishnu.Reang]

Obviously when the exchange rates go up, you can expect at least some of the long-term holders to book their profits. I am holding my coins from 2017 January, and I may book partial profits sometime in Q1-Q2 2021. For me, investment in Bitcoin has been more rewarding than any other asset till date. Purchased my first coins at $900 per coin in 2017. Now my portfolio is in green by +2,000%. On top of that, I have BCH and some other forked coins, that I received as airdrop. But still, purchasing a luxury yacht is something that I can't afford even now. 

[Karartma1]

It's not just those selling luxury goods who could benefit from the Bitcoin price surge. Everybody could. Of course, the primary beneficiaries are those who own Bitcoin themselves. Now, if some of them would decide to use some of their Bitcoins to buy goods and services, then those businesses accepting Bitcoin payments would also be beneficiaries. For sure, a lot must have been happily spending a portion of their Bitcoin after the recent price rally. To a certain extent, the economy in general has actually benefited from the recent Bitcoin price surge.

Agreed, with one caveat.   I might revise that to be "almost everybody" could benefit.  In fact, I would say a vast majority of people will benefit.

The ones who would not:

1. Those who are behind or greatly benefit from the current fiat monetary system will be the losers since they don't have the ability to stealth tax bitcoin as they can with inflation and fiat.  

2. Those who believe that their needs justify the seizure of someone else's means, whether they are the rulers or those who are voting for that tyrannical principle.

3. Any one who is in favor of any type of totalitarian or authoritarian system, whether it be fascist, socialist, communist or something else.

4. Those who want to control other people by controlling the products of people's lives.  

Anyone who thinks Lincoln was wrong when he said:

"It is the eternal struggle between these two principles — right and wrong — throughout the world. They are the two principles that have stood face to face from the beginning of time; and will ever continue to struggle. The one is the common right of humanity, and the other the divine right of kings. It is the same principle in whatever shape it develops itself. It is the same spirit that says, "You toil and work and earn bread, and I'll eat it." No matter in what shape it comes, whether from the mouth of a king who seeks to bestride the people of his own nation and live by the fruit of their labor, or from one race of men as an apology for enslaving another race, it is the same tyrannical principle.”

Interesting. One thing deserves to be mentioned regarding those 4 categories: they will not give up easily. Years after years of perks, privileges, favors can't be dismissed without fighting. I believe they can still fight very hard to preserve their old world of crap.
Spot on about point 1, never thought of it in that sense but it makes many things so clear.

[gentlemand]

I would certainly be tempted to splash out on some rubbish when the time comes. Probably won't. The Bitcoin specific marketplaces though always have an extremely ragged selection of crap and a lot of the time they add a shit ton to a price just because it's Bitcoin so they think you'll be grateful to be paying with it.

The future will be what this bloke is doing - facilitating conventional sales. 

[Carlton Banks]

I would certainly be tempted to splash out on some rubbish when the time comes. Probably won't. The Bitcoin specific marketplaces though always have an extremely ragged selection of crap and a lot of the time they add a shit ton to a price just because it's Bitcoin so they think you'll be grateful to be paying with it.

The future will be what this bloke is doing - facilitating conventional sales. 

interesting that you're now (almost) back-pedalling on your "I'll never spend Bitcoin on anything, because it will be worth more once I'm dead" bullshit

funny how the more it becomes worth, the more you think spending it won't hurt? It's almost as if a complex world, with more than 1 dimension to every economic analysis, actually exists, doesn't it?

[cr1776]

I would certainly be tempted to splash out on some rubbish when the time comes. Probably won't. The Bitcoin specific marketplaces though always have an extremely ragged selection of crap and a lot of the time they add a shit ton to a price just because it's Bitcoin so they think you'll be grateful to be paying with it.

The future will be what this bloke is doing - facilitating conventional sales.  

I am of the opinion that if I don't need something, I'm not selling/spending bitcoin on it. (I try not to buy it anyway).  I'm inclined to let the bitcoin ride right now given that the future (still) looks bright.  Another order of magnitude or two and I might sell some small percent and invest them in something else from a diversification standpoint.  Geographic diversification and political system diversification are important. Right now bitcoin is providing a lot of that since our geographic diversification is still somewhat limited, but with bitcoin being so portable, it is an escape hatch if ever needed.

Definitely not on "rubbish"   though.  A lot of it, Lamborghini's etc are merely expensive toys designed to separate people from their money, aka rubbish.  lol

[gentlemand]

I am of the opinion that if I don't need something, I'm not selling/spending bitcoin on it. (I try not to buy it anyway).  I'm inclined to let the bitcoin ride right now given that the future (still) looks bright.  Another order of magnitude or two and I might sell some small percent and invest them in something else from a diversification standpoint.  Geographic diversification and political system diversification are important. Right now bitcoin is providing a lot of that since our geographic diversification is still somewhat limited, but with bitcoin being so portable, it is an escape hatch if ever needed.

Definitely not on "rubbish"   though.  

My guide is - if it makes my life better and spending it isn't going to haunt me then why not? When you only buy things that improve your life that immediately removes most purchases from consideration.

I'm going to be a purple gaseous corpsebag soon no matter what. No doubt what I spend will be worth vastly more in future and at these price levels that's fine for minor buys. It would be a bit different if I'd spent 60 BTC on a bunch of computer games back in the day.

I'm at the point where I don't have a great deal of fiat in comparison anyway.

[cr1776]

I am of the opinion that if I don't need something, I'm not selling/spending bitcoin on it. (I try not to buy it anyway).  I'm inclined to let the bitcoin ride right now given that the future (still) looks bright.  Another order of magnitude or two and I might sell some small percent and invest them in something else from a diversification standpoint.  Geographic diversification and political system diversification are important. Right now bitcoin is providing a lot of that since our geographic diversification is still somewhat limited, but with bitcoin being so portable, it is an escape hatch if ever needed.

Definitely not on "rubbish"   though.  

My guide is - if it makes my life better and spending it isn't going to haunt me then why not? When you only buy things that improve your life that immediately removes most purchases from consideration.

I'm going to be a purple gaseous corpsebag soon no matter what. No doubt what I spend will be worth vastly more in future and at these price levels that's fine for minor buys. It would be a bit different if I'd spent 60 BTC on a bunch of computer games back in the day.

I'm at the point where I don't have a great deal of fiat in comparison anyway.

I agree about the "life better" thing and "haunt me".  I just don't need to to sell bitcoin to do so.  And try to be judicious with other stuff.  

Better locks on the house, yes.  Better safety in the car, yes.  An efficient washing machine or dishwasher, yes.

Lambo, Bentley, pet jewelry, Golden Goose sneakers, Louis Vuitton luggage, etc no.    <--- to me, that is rubbish, a way to overpay.  

  
 

[Carlton Banks]

My guide is - if it makes my life better and spending it isn't going to haunt me then why not? When you only buy things that improve your life that immediately removes most purchases from consideration.

I'm going to be a purple gaseous corpsebag soon no matter what. No doubt what I spend will be worth vastly more in future and at these price levels that's fine for minor buys.


It would be a bit different if I'd spent 60 BTC on a bunch of computer games back in the day.

I did things exactly like this "back in the day" (although I am not living in 1990's America as a hip hop/r'n'b afficionado as one might expect, and so sincere use such vernacular would make me sound like some embarassment of a tv-panel show addict watching pub wit/wisdom cretin desperately trying to appear trendy by way of slangwords from 30 years ago)

And I did it precisely because I knew the BTC would be worth more in future, and that keeping it all to myself (when I have no need for ludicrous sums of money) would be the best way to spread Bitcoin's network effect faster, and to do so to reward the brave and pioneering (small & independent) merchants who chose to try it, when they could have chosen an apparently safer option.


(I know what you're thinking: but no, I probably do have more BTC than you: spending income as BTC does not mean spending your savings too, as stated previously)

I'm at the point where I don't have a great deal of fiat in comparison anyway.

we're all really happy for you, now that you feel rich. well, except for all the people that you could have spent your income as BTC with in the meantime, because you were choosing the safest possible option for little old you.


Really, this technology in this age absolutely exposes people's true convictions: many people took spectacular risks with their safety and their career prospects, giving up everything to be involved not just because of the monetary rewards, but also how it could empower people to protect their own rights in the 21st century. The impact isn't even fully realised yet, but will certainly accelerate faster than the rate of  increase of usage & adoption.

And some people just sat around rubbing their sweaty palms together, waiting to get rich :-/

If you're one of the latter: PLEASE SELL. You're only a rung above the weakest hands, because when the political forces that dislike this little monetary revolution start to put pressure on you, you will fold like you're going for the origami world record. You're all clearly desperate enough to give anything in order to be able to keep your riches, including:

• following gov mandated hard-forks
• getting your BTC whitelisted with KYC outfits
• using miners who handle only whitelisted BTC (via out of band tx propagation)

...and whatever other concepts that the owners of the banking system would prefer in order to maintain their political power. If you'll essentially sell your own asshole in order to attain some pathetic, fawning 21st century new-money status, please sell said asshole forthwith, because we have a monetary and self-sovereignty coup d'etat to conduct, and your vapid self-serving nihilsm is muddying the concept.

Good day to you, may you spend your (ill-gotten) money on life extension gene therapy such that you can live out some precious few extra seconds of sumptuous self-regard! (oh and don't forget the ~40-60% capital gains extortion you owe to the rapists to who you both consented and empowered)