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BTC fuck me up
2133 sats \ 30 comments \ @Bitcoiner1 7 Dec bitcoin_beginners
My dream always have been to save some money and buy a nice house, not big but comfortable enough for me and my wife.
After being in Bitcoin for a few years, the decision to buy has become very hard to make.
If I think or try to make the decision base on the numbers, buying a property with funds that we have on BTC does not make sense at all.
The other option is renting a nice house, not big but comfortable enough for me and my wife.
But, is renting the right path?
I just want to make a decision and stop worrying me about it.
I always remember this quote: "Wealth is not in ownership but in enjoyment."
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205 sats \ 3 replies \ @DarthCoin 7 Dec
Renting is better. In time you will pay less sats. Before I started with Bitcoin, my wife also bothered me with "let's buy a house". When I discovered Bitcoin I said clearly: "will not buy a house, but I will try to sell everything (of value) and accumulate more BTC."
I never regret that decision. I rented a house in a rural area and live happy, paying less and less. Few years ago I convinced the landlord to pay him in sats the rent. He's happy too.
Owning a house can give you a false idea of ownership but it comes with more problems than you can imagine. Now... the things get more interesting if you want to own a piece of land and live in a homestead, trying to be more self-sufficient (is not possible 100% but at least 80% is possible). For that I would pay, I am actually doing it, with my mountain "citadel".
Buying a stupid flat apartment in a city is damn stupid.
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10 sats \ 1 reply \ @Bitcoiner1 OP 7 Dec
Thanks for sharing your knowledge.
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111 sats \ 0 replies \ @justin_shocknet 7 Dec
if you want to own a piece of land and live in a homestead
I really want to back up Darth on this specifically.
More Bitcoiners should understand that real estate isn't inherently a hard asset like Bitcoin, but it can be if done tactically. Real estate obviously has carry costs such as maintenance and taxes unlike Bitcoin, but you still need a place to live which then makes renting a carry-cost on Bitcoin itself.
Historically, where one can use fiat debt as purchasing leverage, a legacy property won't under-perform Bitcoin by much. I upgraded homesteads 5 years ago, and the coin I used for that down payment would be about the same fiat value as the property appreciation since then. So, I've broken-even financially over 5 years while my family has also benefited from a better quality of living.
To reiterate differently what Darth is saying, don't buy a "house" just to avoid paying rent to someone, you'll be on the losing side of that trade. Buy something rare and worthy of your Bitcoin that satisfies the subconscious human desire of getting back to Eden.
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0 sats \ 0 replies \ @denlillaapan 13 Dec
mortgage is a pretty convenient, established, and cheap way to short the currency with juicy 7x leverage.
The equity portion (I refuse to say "down payment," it's retarded) does have great BTC opportunity cost but still. Not an insane trade-off
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5 sats \ 0 replies \ @Bell_curve 7 Dec
I bought a townhouse in 2022 that I rent out.
I plan to sell it in July. I will be happy if I break even or sell it at a slight loss.
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5 sats \ 0 replies \ @leonidastouch 7 Dec
Bitcoin did not do anything bad it just turned you into someone whom is in the know. Your precious Sats will get you there someday.
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42 sats \ 0 replies \ @DesertDave 7 Dec
I don't think now is a good time to buy. People still store their wealth in housing. And so the market is completely insane. Once Bitcoin is wildly adopted, houses will go back to being just something we live in and they will be properly valued. Nothing will appreciate more than Bitcoin..maybe in 5 or 10 years, this will change. Maybe buy cheap undervalued land. In the end we never really own anything. What makes the quality of your life better?
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32 sats \ 0 replies \ @Imyourfed 7 Dec
"Wealth is not in ownership but in enjoyment."
You answered your own question. Renting is a much better option than owning a house.
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11 sats \ 0 replies \ @j7hB75 7 Dec
I own my house. Bought it a long time ago and have almost paid off the mortgage. However, the one thing I realized was I will forever have to pay ever increasing property taxes, home owners insurance, and maintenance.
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11 sats \ 4 replies \ @Aardvark 7 Dec
The problem is that it depends on location, and housing prices in the future vs now.
My wife and I bought a house pre covid, and now my mortgage, tax, and insurance combined is about $600 less per month than a 2 bedroom house in my area.
It's also worth about 140k more than when I bought ot 6 years ago.
Obviously we had a very odd few years economically, but it's very difficult to tell the future.
Counter point. Had I spent my 10k down-payment on BTC in 2018, I would have gotten over 2 full coins. So woops.
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11 sats \ 3 replies \ @Enemy_of_the_state 7 Dec
Yes but you could get a HELOC and buy 1.5 coins with the $140k…
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0 sats \ 2 replies \ @Aardvark 7 Dec
If i wasn't married I probably would have by now.
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0 sats \ 1 reply \ @Enemy_of_the_state 7 Dec
HFSP…. Haha, kidding kidding 😀
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0 sats \ 0 replies \ @Aardvark 7 Dec
😁 I'd rather be poor with her than rich without.
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0 sats \ 0 replies \ @cryotosensei 8 Dec
I would say it’s a happy problem that you are facing because Bitcoin forces you to examine your previously strongly held opinion. Why does owning a house the default option for people in your country? Will owning a house help you to live your life’s purpose in any way? If renting is less conventional, do you have the courage to break away from this societal norm? I think only you can answer these questions for yourself
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0 sats \ 0 replies \ @joda 7 Dec
It is not possible to own land or a house. The government you live under is the final "decider" of who controls that property at any given time. They can take it away from you, by force, for any reason. There might not be a law that allows them to now, but there may be in 10 years.
And if you didn't have the government to protect your virtual and temporary ownership of the property, you would have to defend it yourself. Which, while many may fantasize or even act to prepare for this, it is a very stressful way to live.
Bitcoin you can own. Knowledge and skills you can own. Relationships you can "own". But not property, not really.
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0 sats \ 0 replies \ @Butterfinger 7 Dec
If you can make a mortgage to buy it, and buy the cheapest and smallest possible IMO, or easy to mantain. Bitcoin really is a low time preference machine.
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0 sats \ 0 replies \ @stack_harder 7 Dec
depends on many factors, in places like the US , even if you own your house, the property tax is so insane that you can't really call it ownership. the bank will take your house back if ever you fall on hard times and cant pay.
on my house though, the property tax is like 20 dollars a year, something so low that i never have to worry about it. the local rents have increased 100% after covid, but my income has not, if anything it's actually decreased. so for me, the fact i own my house gives me total security, no matter what, the family always has a home and I'm not subject to the whims of a landlord.
that being said, if i was rich or had so much money i could not worry about it, i would perhaps consider renting options .
so again, it should be based on your personal circumstance, income, job security, stacking potential etc
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0 sats \ 10 replies \ @ama 7 Dec
You could borrow fiat using your Bitcoin as collateral. You can even do so paying 0 anual interest via the Zero line of credit of the Sovryn protocol.
That way you can buy a property without selling your BTC. You can then pay the loan little by little or keep staking your fiat (assuming you have some fiat income) in BTC to finally pay the loan and close the line of credit.
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58 sats \ 6 replies \ @DarthCoin 7 Dec
You could borrow fiat using your Bitcoin as collateral.
Bullshit. That is perpetuating the creation of more fiat crap. We want to destroy fiat not to sustain it.
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0 sats \ 5 replies \ @037447d9ca 7 Dec
I beg to disagree with you here. It's just a contract between parties, one going long and the other going short. Decentralized stablecoins are the achilles heel of fiat as they put the printing power back to the people. Anyone can print dollars using a smart contract.
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21 sats \ 3 replies \ @jarjarships 7 Dec
Anyone can print dollars using a smart contract.
Gaslighting is the name of this game. The gas fees that you need to pay to keep this “Stablecoin” in your shipcoin wallet is greater than the Bitcoin fees that you will accumulate in your lifetime. There is nothing stable about that. Besides it is not synonymous to printing dollars as it is called and shall be known as TOKENIZATION of Old World assets and Fiat stupidity.
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0 sats \ 2 replies \ @037447d9ca 7 Dec
What old world asset are you tokenizing when issuing bitcoin-backed stablecoins?
This is not tether, this is not backed by treasury bonds but bitcoin.
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0 sats \ 1 reply \ @DarthCoin 7 Dec
issuing bitcoin-backed stablecoins
THE MOST IDIOTIC THING EVER
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0 sats \ 0 replies \ @037447d9ca 7 Dec
It may be idiotic for the counterparty of the deal: the bearer of such "stablesinking" tokens ( just like it's idiotic to hold dollars) but the issuer is just doing the smart move of going long on bitcoin.
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17 sats \ 0 replies \ @DarthCoin 7 Dec
Decentralized stablecoins are the achilles heel of fiat as they put the printing power back to the people. Anyone can print dollars using a smart contract.
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0 sats \ 2 replies \ @handtomouth 7 Dec
Zero line of credit of the Sovryn protocol.
I see the Rootstock “Bitcoin” as collateral. It is not really Bitcoin.
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0 sats \ 1 reply \ @037447d9ca 7 Dec
It's a sidechain with a 2-way peg.
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0 sats \ 0 replies \ @ama 7 Dec
Yes, and it'll be converted to a roll-up, minimizing the trust even further.
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0 sats \ 0 replies \ @itsrealfake 7 Dec
good question. Thanks for asking it here
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