A rudimentary payments network that can only process – on average – about 7 transactions every 10 minutes isn’t deterring merchants from accepting bitcoin for large-scale purchases like homes and cars.
To wit, the owner of a car dealership near Albany told a local news station that he will begin accepting bitcoin, as the Associated Press reported.
Michael Severance, of Michael’s Auto Plaza, tells WTEN-TV the dealership recently started accepting the digital currency. Severance says he became interested in bitcoin as its value rose. The East Greenbush businessman says he wanted his dealership to take advantage of an opportunity.
Severance says he saw people buying large pieces of property with the digital currency and figured cars should be no different.
Severence told a local TV station that the digital currency’s staggering appreciation inspired him to accept it as payment.
“Certain things boom and they just take off. They take off quick. You have to capture it while it’s hot.”
He also asserted that bitcoin “isn’t going away any time soon.”
As we pointed out late last week, sellers of luxury homes and apartments are increasingly demanding payment in bitcoin. One seller who accepted payment in bitcoin for his Texas home over the summer has already notched a return of more than 300%. When the transaction occurred, bitcoin was trading at around $4,000 a coin. On Wednesday, it was trading closer to $16,000 after touching an all-time peak near $20,000.
One seller advertising a luxury Miami condo on Redfin.com stipulated that he would only accept payment in bitcoin. And increasingly, high end real-estate brokers in markets like Miami and New York City say their clients are expressing interest in digital currencies.
But even though sluggish and unpredictable transaction times have become a barrier to adoption, in some places, bitcoin is still easier to use for small purchases than the local currency.
Venezuela is one prominent example. With the government-issued bolivar effectively worthless following a sustained period of hyperinflation, merchants say it’s easier and safer to accept payment in bitcoin.
Indeed, even some homeless beggars understand bitcoin’s potential, and have set up their own wallets to receive donations in the digital currency…
Outrage As Robinhood CEO Confesses To Elon Musk: DTCC Shut Down Stocks In Gamestop; AMC Surge
Did Congressional authority allow DTCC to help defraud middle-class investors buying Gamestop and AMC?
The CEO of Robinhood admitted to Elon Musk that the DTCC – The Depository Trust & Clearing Corporation – halted trading during a call Monday morning on the Clubhouse app.
This is not the first time this has happened…
This appears to be Pet Quarters having the same issue Robinhood has today. When Pet Quarters took it to court, the courts said something along the lines of: f*** you, don’t ever come back here (citing technicalities).
Why did they win? Well, DTCC is given the authority by Congress to regulate despite technically being a private organization
There’s more – “To date, except for one case where DTCC’s dismissal motion is pending, all of the cases either have been dismissed by the courts or withdrawn by the plaintiffs.”
Every AG in the country should be made aware of these facts and open investigations into the matter.
Why does Congress get to deputise a private organization as eco-hitmen for the market?
UPDATE (2/3/20 5:09 AM):
(Reuters) – Robinhood Chief Executive Vlad Tenev is expected to testify before a U.S. House committee on Feb. 18, Politico reported on Monday, citing people familiar with the matter.
The hearing before the House Financial Services Committee has not been formally announced, the report added
#AdiosAmerica: Republicans (with Democrats) Are Selling Out America to Corporations to Decrease Living Standards
Since the turn of the 20th century, living standards became an important, almost central part to the progressive and labor movements of those times. Now it has become a mainstream of both parties to sell out your labor to lowest bidders in low and high paying jobs. Low paying jobs are being taken by low-wage immigrants protected by Democrats and the high-end jobs are brought in by bi-partisan means, and greatly boasted by Republicans.
This effort has crippled the middle-class for close to 30 years now and with the job market being already tightened by the looming threat of A.I., importing more workers, whether legal or illegal is decreasing the value of labor in America for each and American Citizen. Corporations and Businesses, who rely on keeping employee costs as low as possible generally don’t complain about these practices across the board, why would they?
Americans have an increasingly difficult task ahead of them with the mass illegal migration at the Southern Border but also the legal importation of immigrants through H1-b1 Visas. These challenges will increasingly change the look, heritage of this country. There is no incentive for either Government or Business to care about reigning in immigration to the benefit of the American worker, the bottom dollar line will look better anyways.
Soros Newest Investor Of Tesla Bonds
Tesla looks to have a new bond holder and it’s none other than George Soros. Whatever this mean, Soros has also taken a stake in Crypto-Currencies .
Zerohedge Reports: Amid Elon Musk’s darkest hour in late March – as his stocks and bonds tumbled in price – it seems there was at least one other billionaire willing to buy the ‘blood on the street’.
According to the latest 13Fs, George Soros’ investment firm took a $35 million stake in Tesla’s convertible bonds during the first three months of the year.
As a reminder, convertibles are hybrid securities, either bonds or preferred stock, that can be exchanged for a predetermined number of common shares. That effectively lets an investor participate in stock-price changes, but with the yield and greater security of a fixed-income instrument.
The March 2019 Converts bounced handsomely off those lows – tracking the stock’s divergent bounce – but in recent days has fallen back towards the lows, catching down to the straight bonds record low price.