The Bitbrains

Do not buy Bitcoin. No matter how easy it is. How powerful the pull of greed. How seductive the effortless, unearned gains. This will not end well.

On Thursday morning as Bitcoin traded at $9,201 (about twelve hours after being worth $11,500) the exchange Coinbase was offering BTC at $12,037 in beaver bucks. All it takes to buy is an email address, a smart phone for two-factor identification, a bunch of clicks and a credit card. There’s no personal information required, no identifiable data (except your card number or bank account info), no suitability requirement, nobody wondering if you’re a 13-year-old using mom’s plastic, or an 80-year-old with dementia. Click. Buy. And you own the world’s most volatile, dangerous asset.

Bitcoin, of course, isn’t money or currency. As a medium of exchange it fails every test. Few vendors will take it and transaction times are glacial. Even though bitcoin volumes are a tiny fraction of those handled by Visa, for example, the network is clunky, pedantic, massively inefficient. Nobody is going to be buying groceries, cars or ETFs with bitcoin. Fentanyl and automatic weapons, maybe.

So bitcoin is an asset, just like gold or (more likely) dot-com companies in 1999 that had sexy specs and huge hype but no profits, positive cash flow or any intrinsic breakup value. They existed in the ether of market capitalization created by greed-motivated, pile-on speculators. Buying bitcoin is not investing, it’s gambling. By proffering your credit card to get some, you’re not sticking it in the eye of central banks, governments or The Man. You’re probably blowing off your own foot.

Bitcoin doesn’t pass the investment smell test. There’s a reason its volatility has been 100%,  with zero reliability. No government underwrites or stabilizes it through a central bank, which controls the supply and price of money. Digital currency offers no income stream, no guarantee of liquidity, no underlying security, no assets backing it and no failsafe way to safely store it, as with equities, bonds or funds.

The exchanges selling these privately-created tokens are unregulated, answer to no oversight body and, as Wednesday’s outages showed, are incapable of scalability. Moreover bitcoin exchanges have been famously subject to fraud, hacking and massive theft. There is only one reason anyone would jump in at this point – because bitcoin is sexy, and going up. Yep, just like Vancouver condos, detached Toronto houses circa March of 2017, Bre-X in 1996 (Google it, kids) or pet.com in 1999.

And while the blockchain technology that allows digital currencies to exist appears brilliant, recent investors in bitcoin will probably lose most of their money. The threats at the moment are legion, and anyone ignoring them, hoping to double their wad by Monday, is the greatest of fools (as opposed to those selling).

Without a doubt, bitcoin and its forked offspring will eventually be regulated since they’re securities, not money. It’s only a matter of time. Investors need to be protected from their own idiocy and greed. Millions of them are about to be preyed upon. As digital currencies become more widespread they may also threaten government’s ability to run stable currencies or collect taxes. In a battle between the Fed or the US government and bitcoin, guess who’ll get creamed?

Hacking is a constant concern, as is terrorism activity using bitcoin. And consider the devastation caused by a network outage that would blank the entire value of  ‘money’ which does not exist and is backed by no government.

There are no institutional players in the bitcoin space yet, so valuations are being driven by emotionally-charged retail investors. Yes, just like tulips in 1620. It’s amazing what people will allow themselves to believe. All this may change next month when the first futures exchange opens for bitcoin. Suddenly there’ll be an efficient way to short this thing. You can bet billions of dollars are waiting to do just that.

Sadly, most people who use their credit cards to buy bitcoins have absolutely no clear idea what they’re doing. Hundreds of millions disappeared this week into assets with the stability of dust bunnies. The risk is as extreme as the parabolic, groundless rise to date.

Do not buy bitcoin.

$   $   $

Speaking of delusion, let me introduce you to Tracey. Yes, it’s time for another little trip into Garth’s email account:

From Victoria yesterday came this:

My hubby and i did the unthinkable last December. We sold our home. Paid off monstrous, crippling student debt and put money aside for the future. Then we (gasp) found a nice rental and have been renting since. We were both certain the market would correct and that when we bought a home again we would be up….

We figured around this time this year we would buy a similar home to the one we left at much less than we sold it for. But, it’s Victoria and people have been fooled into thinking the market should/could go up forever and go up it has. The same house we sold last year would now sell for 100,000 more.  We may have jumped the gun on our timing.

I am still hopeful that the fall will come. The interest rates are rising. lending laws tightening. I am hopeful that if we stick it out another year, that we can buy a family home. I have been reading your blog for years and I want to know your opinion on Victoria. Think it will fall? I just can’t see how the local incomes can afford such insanity. Thoughts?

So, I sent Tracey what she requested. My thoughts:

That was whiny.

You congratulated yourself on selling and paying off crippling debt. Then you lamented not having made more money. Then you want another house.

Sheesh.

Not what the lady wanted, and this was the immediate, offended response:

I was asking for advice.

Your website says you offer “Caring, competent advice, wisdom, perspective and Experience”

I had been an avid reader. I was not expecting that kind of reply. I was nervous to reach out. I guess I shouldn’t have bothered. Never mind!

“Would you prefer I lie to you, in order to offer you free advice?,” I replied. “I am doing you a favour, Tracey. You will understand this some day.” But probably not.

243 comments ↓

#1 stevves on 11.30.17 at 5:02 pm

I’m offended that she’s offended!

#2 acdel on 11.30.17 at 5:04 pm

Awful lot of people have done very well on Bitcoin but I am too stupid to even attempt divulging into that.

Now, Blockchain is the next shift; whether one likes it or not; I am certainly learning as much as I can about this technology.

Tracey, oh hell, never mind!

#3 TRUMP on 11.30.17 at 5:06 pm

The Drama Boy “Trudeau” gets to fly tax-payer paid plane trips to a Billionaire’s Island.

Our Cheater-In-Chief “Morneau” back in the spotlight…and to think he could have just stayed a rich dude forever living in th Bahamas with no worriws for eternity ……. The FOOL he is!!

Are Canadians really that naive to put up with this. Hockey and beer got your mind warped.

#4 Braj on 11.30.17 at 5:10 pm

I believe identity verification is necessary on all exchanges if you are importing money in, Government issued ID only. No credit cards accepted on any exchanges that I’m aware of.

Not only that but bitcoin is the worst currency for illicit purchases. Likely better to use cash or Monero.

Things move fast, it may not be bitcoin but one of these little cryptos will go absolutely parabolic. Pay attention Garth, there’s a little know Etn in Sweden which tracks the price of Ethereum. I’m sure some of your clients wouldnt mind 1% exposure to the cryptos. Institutional players are making their way in now.

This could be big. Or maybe all this hoopla about nothing..

#5 Jimmy on 11.30.17 at 5:10 pm

Love the ‘64-66 Tbirds!

Smoking Man,
Sure happy you finally remembered the name of your own book last night on Periscope!!

#6 Stan on 11.30.17 at 5:11 pm

Great!

#7 Long Branch Apprentice on 11.30.17 at 5:12 pm

Garth, you know so little about Bitcoin I actually laughed out loud.

I’d recommend the show Mr. Robot to all the blog dogs, but I’m afraid many won’t understand it.

The world is changing faster than any Boomer could possibly understand.

Oh, it’s different this time? – Garth

#8 Adios on 11.30.17 at 5:15 pm

Feel obligated to write something to tick off those who seek to be the first responder.

#9 Josh in Calgary on 11.30.17 at 5:15 pm

She has been an avid reader for years and yet somehow was offended when you gave her “that kind of reply”?

Some people still don’t get that markets are uncertain and every choice has risks. This means that you will NEVER be able to sell at the absolute peak, which means you will ALWAYS have to watch it go up for a time, even if you’re correct in your assessment. Sometimes the asset you sell doesn’t go back down, but that doesn’t mean it was the wrong call if you sold a risky asset for a profit.

#10 Adios on 11.30.17 at 5:17 pm

Too late

#11 The Lesser Fool on 11.30.17 at 5:18 pm

Tracey,

I too sold my house in Victoria. I like renting. No maintenance, no taxes, no worries. Stop looking for a house to buy, rent a nice place instead. Works for me.

#12 EJ on 11.30.17 at 5:19 pm

There is something unsettling about the current culture of e-responses–bait and hook, dropping a bomb: exaggerated emotional response, insult, exclamation mark. I think as a culture civility, manners, and respect to fellow human beings have been eroded by the anonymity of electronic transmissions.

#13 tccontrarian on 11.30.17 at 5:20 pm

“So bitcoin is an asset, just like gold…” -GT
———————————————————-

Amazing to see this coming out of your mouth, Garth. Or is this blog written by a robo-advisor these days???

Gold, with a 5,000 year history as real (tangible) money, and you’re comparing it to Bitcoin? Ayy Caramba!

TCC

Asset, as opposed to money (which gold is not). — Garth

#14 acdel on 11.30.17 at 5:21 pm

Oops, I meant diving into that, fat fingers!

#15 rent bliss on 11.30.17 at 5:30 pm

she paid off student debt … . and is now debt free AND has put money aside all tax free ….. and as a bonus has a nice rental …..

she has no idea how lucky she is .. .

we are screwed if that’s the modern thinking …

#16 BlorgDorg on 11.30.17 at 5:30 pm

I was hoping for a post on today’s evisceration of Wild Bill Morneau in the House of Commons. Please tell us that’s tomorrow’s treat, Garth.

Anyway, everyone who was born after 1990 and is so offended all the time (don’t tell me, I work in a university, I’m surrounded by them daily) has never faced anything harsher than hurt feelings.

At some point, life is going to do what it always does, and that’s bite HARD. It’ll be interesting to see who’s around to console them then.

#17 mitzerboy aka queencitykidd on 11.30.17 at 5:33 pm

full moon this weekend …. teeheehee
have fun

#18 rainclouds on 11.30.17 at 5:34 pm

Bad boomer, you triggered the Trace-sress……she merely wanted reaffirmation. But nooo, Mr mean guy callously dismisses her amazing accomplishment that she was super excited to share

Bad, mean, crusty, heartless, insensitive, old boomer. ….

“Thoughts” , what the hell was she thinking?

Here’s mine. Victoria is boring ,overpriced and due for a rather spectacular meltdown. But not in a year……..maybe 5

#19 patrick on 11.30.17 at 5:42 pm

I bought bitcoin mining computers many years back. Blockchain is cool. I’m all for crypto and the spirit of decentralization.

However, Garth – I agree with you that when CME futures are available for leveraged BTC trades- we will really see some fireworks. Down it goes.

#20 greyhound on 11.30.17 at 5:51 pm

“And while the blockchain technology that allows digital currencies to exist appears brilliant, recent investors in bitcoin will probably lose most of their money.”

There’s another issue with this for the folks who actually make money. Here’s an interesting quote: “The IRS has upped the stakes in terms of clamping down on tax avoidance after it prevailed in court to force Coinbase to give up records it can use to pursue those who think they are not subject to paying taxes.” Can CRA be far behind?

#21 conan on 11.30.17 at 5:52 pm

Bit coins, some people are crazy for them. Maybe people just want to get rich, or flip the coin, on solving their immediate financial problems.

https://youtu.be/I8lIMpJrAR0?t=79

#22 Karma on 11.30.17 at 5:52 pm

Lol.

https://twitter.com/YoloCapMgmt/status/936045815973294080

#23 Deplorable Dude on 11.30.17 at 5:52 pm

#Ace Goodheart yesterday…..”It crashed the exchange, trashed the value of bitcoin by about $2000.00 US and resulted in a massive amount of back log for transaction processing.”

Tell me about it, I brought small percentage of bitcoin 24hrs ago and it still hasn’t appeared in my wallet…..

#24 Widening Gyre on 11.30.17 at 5:53 pm

I did the same thing as Tracey – Not in Victoria though and not in 2016 (2010)

Now people treat me like I’m dying of the Black Plague ;-)

#25 Fake News Again on 11.30.17 at 5:55 pm

#7 Long Branch Apprentice on 11.30.17 at 5:12 pm
Garth, you know so little about Bitcoin I actually laughed out loud.

I’d recommend the show Mr. Robot to all the blog dogs, but I’m afraid many won’t understand it.

The world is changing faster than any Boomer could possibly understand.

Oh, it’s different this time? – Garth

__________

Did they have two factory authentication, smart phones and the “interweb” in the olden days? NO…..they didn’t. They also did not have JP Morgan (the genius bank) fraud ridden “mortgage derivatives” that screwed the public out of trillions. So yes….its different this time.

#26 NovemberNumbers on 11.30.17 at 5:57 pm

Too much bitcoin. Give the people what they want. A realtor to predict the November housing numbers

#27 Peter Pan on 11.30.17 at 6:00 pm

If you try to time the market to sell your primary residence at the peak then you are taking a risk. It may go either way.

#28 acdel on 11.30.17 at 6:01 pm

This just gets better and better; bring out the popcorn..

http://www.macleans.ca/economy/surprise-realtors-want-you-to-be-able-to-raid-your-rrsp-to-buy-your-kid-a-house/

#29 Damifino on 11.30.17 at 6:13 pm

Tracy,

Seek not mollycoddling from Mr Turner. Just pay attention and grow wiser.

#30 Reximus on 11.30.17 at 6:15 pm

#11 Tracey,

I too sold my house in Victoria. I like renting. No maintenance, no taxes, no worries. Stop looking for a house to buy, rent a nice place instead. Works for me.
—–

you pay all the above, and more, including the owner’s retirement

#31 Multi loser on 11.30.17 at 6:21 pm

To the people who keep saying stuff like ‘bitcoin is over, blockchain is the next big thing’ i have only one piece of advice: dont invest your hard earned money into something you dont understand. Do more basic research or move onto something else.

#32 Dan.t on 11.30.17 at 6:22 pm

Just buy a crap load of pot stocks. That’s probably better, because pot is the future and it’s different this time.

Also heard that tons of time about YVR real estate from various sources- one time from a boomer who cashed out huge, then bought couple houses- because it’s different this time..,

But pretty sure Bitcoin is different this time- you just have to take profits before it isn’t…

Since 2008 this blog was saying real estate is in trouble but now a detached in YVR is unaffordable to 99.8% of the locals and condos have gone up 400%- guess it was different if you flipped a Bunch of pre- sales, borrowed your brains out, lied to get mortgages and bought a bunch of properties…

rented them out without claiming rentals income and the tons of other shady practices that have allowed to happen…

Now it’s Bitcoin’s turn. I don’t like all the talk about Bitcoin- better to stay under the radar- when everyone becomes a crypto expert, might be time to cash out… good thing is very few ave people own crypto- what do you think happens when that changes?

It took 16 years for every Canadian to become a real estate investing guru.

#33 TheDood on 11.30.17 at 6:24 pm

Advice from a blog should be taken as given. It’s just typed words for ___ sake! Grow some skin.

GT’s tone and choice of words are good entertainment. Keep it coming.

#34 Lead Paint on 11.30.17 at 6:27 pm

Garth, if in doubt , please be mean and advise us wisely. I can buy a pooch if I need validation.

#35 binky barnes on 11.30.17 at 6:28 pm

Garth Turner you are the bleepin’ best thing to hit the internet ever! All your regular readers know it, and any still in doubt should reread your response to Tracey. The straight-shooting truth, plain and simple; there is not enough of that in this world anymore because too many–like Tracey–are too easily offended. Carry on Garth.

#36 Randy on 11.30.17 at 6:29 pm

> Moreover bitcoin exchanges have been famously subject to fraud, hacking and massive theft.

Right on! This happens all the time. Check this out just today!

https://www.reddit.com/r/Bitcoin/comments/7gka3b/evidence_some_bitcoin_address_generation_code_is/

#37 Newcomer on 11.30.17 at 6:37 pm

#22 Karma
———-

It’s particularly sad that it happened to a realtor.

#38 Brendan on 11.30.17 at 6:38 pm

My guess is that when the CME opens Bitcoin goes parabolic, then we all know what happens after that… I’m going to short (with a small amount) for fun

#39 The Lesser Fool on 11.30.17 at 6:40 pm

@30

Figure out the mortgage payment on a 800k house. Add in expenses. Figure out your return on investment from selling that same house. I’m not loosing ob this deal. Besides that earthquake in Victoria is not a renters problem…

#40 Shaggy on 11.30.17 at 6:41 pm

Garth, you’re a smart guy providing good sound advice to people.

You’ve always been smug, but your emails to Evan and Tracey more than border on rude and you’re playing to your “blog dogs” (whom were also were largely rude and judgmental to Evan). I suspect that you are better than that (or do you only look for civil comments as they apply to race, gender and sexual orientation).

#41 calgarydude on 11.30.17 at 6:42 pm

I agree bitcoin is overvalued, however I think the future of cryptocurrencies is bright.

Today Bitcoin is not used much on the black market and they have moved to zcash/monero due to fully anonymous nature. I am not even sure how a government would begin to stop those, banning strong encryption (which the UK has suggested) essentially would do that, at the expense of well, the entire internet.

Since Bitcoin is the poster child for cryptos (With ETH being the better looking sibling in many ways) it will steal all the headlines for decades to come, be it $1 or $250k.

Garth, I agree with you almost always, but I do not think its unreasonable for tech savy millennials to invest say 1-3% of their portfolio in cryptos. Its obviously extremely high risk, but the reward is also very high. When governments start banning it, shutting down crypto startups, closing down crypto mining warehouses ill worry.

I am not a huge fan of Bitcoin. I do see insane amounts of upside to these alt-coins. If you just picked 10 of them, and 1 of them took off you would be very well off.

#42 Newcomer on 11.30.17 at 6:46 pm

#30 Reximus on 11.30.17 at 6:15 pm
….
you pay all the above, and more, including the owner’s retirement
————
I see you remember the good old days. It’s always nice to reminisce.

#43 Kelsey on 11.30.17 at 6:46 pm

@ #13…Garth, gold IS money. It’s portable, durable, divisible and has intrinsic value unlike Federal Reserve Notes.

When I can buy food and gas with gold, it’s money. Will never happen. – Garth

#44 akashic record on 11.30.17 at 6:50 pm

Do not buy bitcoin.

Too late. Got them years ago.
Like the house in 2000.

Early adapter risk taker.

#45 Mattl on 11.30.17 at 6:53 pm

Not sure the folks you gave the same advice to in 2010 would be thanking you today. Your investment advice is awesome but you don’t have a great track record and RE advice my man. I believe you are correct today but I’ve also been wrong the past decade on RE. Always bought well under my means and it prob cost me a million tax free in re winfall. Oh well.

#46 Garth Is Awesome on 11.30.17 at 6:53 pm

OK, that chick Tracey is awesome. My favourite part was…

(Your website says you offer “Caring, competent advice, wisdom, perspective and Experience”)

What is this lady smoking? She must be either high or stupid.

I looked all over your web site to find those words that were quoted, I could not find that mission statement anywhere. What am I missing.

I think all those words are true of Garth and this site however I don’t see that posted anywhere.

This chick is lucky Garth gave her a reply and an honest reply. Most others are out to sell you stuff and take your money. Not my Garth, a good man he is.

Is this the new generation, is that what she is? Is this our future? Do I have to move to Mexico. Do I need another rum? I’m thinking yes.

#47 Sixtyfourk on 11.30.17 at 6:57 pm

I believe that blockchain technology is going to change our world as much as the Internet did.

Here is a great TEDx talk by Richie Etwaru you could watch if you want to learn more. He compares blockchain today to the internet 30 years ago:

https://www.youtube.com/watch?v=k53LUZxUF50

However, I agree with Garth — unless you really understand bitcoin, you probably shouldn’t buy it right now. Nothing can go up 7000% and not correct.

#48 Just a few words ... on 11.30.17 at 6:58 pm

Just so you know …

The IRS just won the right in Federal Court today to go after 15,600 Coinbase clients for TAX RECORDS of their bitcoin transactions.

The lawsuit was originally asking for ALL COINBASE client records and they are expected to pursue ALL COINBASE clients once they prove the non reporting by these 15,600 users.

So good luck with your “anonymous” bitcoin holdings.

Remember – every transaction has a record in the blockchain, so they will know exactly what you did with your money / bitcoin exchanges and where it was spent or sent.

Gonna be fun watching this one fall apart.

#49 Say What? on 11.30.17 at 7:01 pm

Yes, the white house is monitoring the situation.

Yes, the IRS just won the ability to have names turned over from platforms like coinbase.

Yes, bitcoin will be 1 million dollars per coin by 2020.

Just ask McAfee…

https://cointelegraph.com/news/john-mcafee-doubles-down-predicts-1-mln-btc-bets-his-dk-on-it

#50 Kilt on 11.30.17 at 7:02 pm

Not sure it is your intention Garth. But your “I’m offended” image seems to emphasize women or girls. Maybe you could find one that is a bit more gender neutral?
I’m not sure your own post would get through your moderator.

Kilt.

#51 BTC mining on 11.30.17 at 7:04 pm

the “miners” are creating about 3600 BTC per day which need to find buyers at some point…

where is the cash coming from to provide the liquidity when BTC holders are looking to purchase anything meaningful?

dumbest “investment” ever.. even Nortel stock had more value at its peak

#52 espressobob on 11.30.17 at 7:05 pm

Buying bitcoin is a lot like chasing a boeing 747 long after it has left the terminal and gained altitude. You missed your flight and another asset bubble.

Chasing performance is a fools game.

#53 Hackingparadise on 11.30.17 at 7:07 pm

read before you buy.

https://wolfstreet.com/2017/11/21/tether-cryptocurrency-hacked-list-of-biggest-crypto-hacks-money-stolen/

#54 Trojan House on 11.30.17 at 7:07 pm

#13 TCContrarian

Asset, as opposed to money (which gold is not). — Garth

Garth is correct. Gold is not money. Money is a medium of exchange. Gold can be money as long as people are willing to accept it, however, they may not be willing to accept it depending on the situation. What good is a rock if people will only accept pigs or bread or water?

#55 Karma on 11.30.17 at 7:08 pm

Garth, you may find this interesting…

https://www.reddit.com/r/bitfinex/comments/7gn2rw/i_got_news_for_bitfinexs_margin_call/

#56 Cheekmonster on 11.30.17 at 7:08 pm

I wonder how many people Garth has saved from making bad financial decisions over the last ten years?

Then again, I wonder how many have taken his advice and missed out on making millions. Hopefully not too many :)

#57 bellend on 11.30.17 at 7:09 pm

tracey why ?? are rates rising? hmmm?

#58 Tony on 11.30.17 at 7:12 pm

While stocks exist in a three ring circus fantasy world money will flow like water into Bitcoin. The next obstacle is December the 10th this year. Until an alternate investment comes along money will flow into Bitcoin. Litecoin should outperform Bitcoin by a 2 to 1 ratio going forward. I see no bubble in Bitcoin only in stocks.

#59 Randy Randerson on 11.30.17 at 7:14 pm

Tracey, you’re not welcome here if all you want is platitude from GT. You want feel good advice? Get a better paying job.

Feels before real.

#60 Jonathan on 11.30.17 at 7:16 pm

The eternal boomer folks.

#61 Bob Dog on 11.30.17 at 7:17 pm

Blockchain is not really that impressive. Computers have been executing transactions since the 1970s. The problem that transactions solve is integrity. The only difference is that blockchain does it on many computers simultaneously (eventually).

Why is everyone suddenly so concerned about centralized banking. Blockchain is not the solution to criminal banksters, wall street sociopaths and the next financial meltdown. The French solved that problem in 1789. The guillotine is humane, efficient and incredibly effective. We just need to elect a government that represents the people and not multinational corporations and banks.

#62 The Great Gazoo on 11.30.17 at 7:19 pm

“I have been reading your blog for years and I want to know your opinion on Victoria. Think it will fall? I just can’t see how the local incomes can afford such insanity. Thoughts?”

“I had been an avid reader. I was not expecting that kind of reply.”

I call BS. If Tracey had really been reading this blog for years – she would already know the answer you would give to the question asked, PLUS she would also know that it would not be sugar coated – and your ego would likely get a fork stuck in it. That’s why I would never send in a question. :-)

#63 Michael King on 11.30.17 at 7:22 pm

Max Keiser is one of Bitcoin’s leading shills. Check out his performance in this debate with Steve Keen (item 4 from today’s AE). If you touch Bitcoin after seeing it you deserve to get hosed. The man is a flake and Bitcoin is another tulip mania.

https://www.theautomaticearth.com/2017/11/debt-rattle-november-30-2017/

#64 ronh on 11.30.17 at 7:25 pm

When I can buy food and gas with gold, it’s money. Will never happen. – Garth

I will split hairs with you: Maple leaf gold coin has a face value of $50.00 CAN. Legal tender too.

https://en.wikipedia.org/wiki/Canadian_Gold_Maple_Leaf

#65 vulcan without ears on 11.30.17 at 7:27 pm

Tulips or tulipomania occurs in 1636-1637. One bulb was worth more than a house at the end of that mania…

#66 Calgary vs. Ottawa on 11.30.17 at 7:28 pm

Dear Blog Dogs, thank you so much for all the insightful wisdom! There seems to be a slight leaning towards Ottawa.

Indeed this is a tough decision to make. These two cities are so different, yet I feel that both are excellent places to raise a family, especially as we have a great freedom in neighbourhood selection in either of these cities.

#67 I'm offended that you don't hike interest rates, Poloz on 11.30.17 at 7:30 pm

Our Loonie went from parity US$1.00 IN 2014 to about US 67 cents in 2016 January. That’s volatility.
Poloz refuses to hike interest rates in 2018, that we will se again a Loonie from 83 cents in September 2017 to 63 cents in mid-2018 if everything goes in favour for the US dollar.
Why doesn’t Toronto and Vancouver issue its own currency? The Toronto Dollar sounds professionalization, but we all know that the SJW swill adorn those notes with graphic nudity and obscenity in the name of gender equality, but it’s immorality.

#68 n1tro on 11.30.17 at 7:33 pm

Garth, tell us how you really feel about bitcoins and millennials! Lol.

#69 Interstellar Old Yeller on 11.30.17 at 7:35 pm

Sorry, Tracey, but I did laugh. I don’t think Garth is wrong, but maybe a little grumpy (his shtick for us blog readers). Enjoy your windfall and being debt free. And keep reading GreaterFool, it’s the best deal on the Internet!

#70 Zapstrap on 11.30.17 at 7:36 pm

Nothin’ but hominy in her head.

#71 Reximus on 11.30.17 at 7:38 pm

There were 3 institutional meetings on crypto opportunities last tuesday in Toronto. I went to 2, FULL HOUSES !

Each one ended with the same idea that BTC could go to 1M

That’ how you know it’s over

#72 Cowtown Cowboy on 11.30.17 at 7:38 pm

I’m offended that she’s offended!

I’m offended by your offensisensitivity!

#73 crowdedelevatorfartz on 11.30.17 at 7:43 pm

Tracey, you got what you asked for ….free advice.
He might be nicer if you were a paying client but is that what you want?
Nicey nice politically correct pablum advice at a 1% fee ……or free, kick you in the shins to wake you up advice?

#74 AJ on 11.30.17 at 7:46 pm

Hi Garth, I agree with some other posters that your response wasn’t kosher. I think you’re a bit more pointed than usual. If you’re like me and get all rage-y after sugar, please put your candy canes down and step away from the emails. Be cool. Life is short. Don’t eviserate the guests. Just my two cents from the steerage section.

#75 PastThePeak on 11.30.17 at 7:47 pm

The millennial age portfolio
– 50% GTA or YVR RE
– 20% Bitcoin
– 20% weed stocks
– 10% Tesla

…funded 80% by debt…

#76 akashic record on 11.30.17 at 7:49 pm

#51 BTC mining on 11.30.17 at 7:04 pm

the “miners” are creating about 3600 BTC per day which need to find buyers at some point…

Where is the cash coming from to provide the liquidity when BTC holders are looking to purchase anything meaningful?

—-

$39.41 billion per month in FY 2013. That is the average monthly money printed by US Currency as per Bureau of Engraving and Printing.

Add to that China. Then the EU. Continue with the rest of the world.

BTC is sand in the desert.

#77 binky barnes on 11.30.17 at 7:52 pm

Not sure it is your intention Garth. But your “I’m offended” image seems to emphasize women or girls. Maybe you could find one that is a bit more gender neutral?
I’m not sure your own post would get through your moderator.

Kilt.

Shouldn’t you be out looking at homes. Tracey?

#78 For those about to flop... on 11.30.17 at 7:54 pm

Recent Sale Report.

This one is a townhome,so something a little different.

Sold 22 days ago.

281 Alexander st,Vancouver.

Originally asking 2.249 then 2.049 then 1.899

Sold for 1.750

Tax assessment 1.973

Had a request from Smartalox the other day to add another digit and being an accommodating sort of guy I obliged…

M43BC

https://www.zolo.ca/vancouver-real-estate/281-alexander-street

#79 Lost...but not leased on 11.30.17 at 8:02 pm

K.I.S.S. = (Keep It Simple Stupid)

Buttcon..err Bitcon…err Bitcoin is not K.I.S.S.

Seems to be for those wanker computer geek troglodytes who think they can run/rule the world via keyboard and cellphone…which history has shown leaves them prime for being blindsided by forces unknown.

Bitcoin will proceed till some tipping point whereby Gov’ts can no longer turn a blind -meets- indifferent eye and will marshall its superior resources to get its pound of taxation fle$$$h.

Then we enter the classic discussion of Tax Avoidance versus Tax Cheating.(aka Tax Avoidance = Tax Cheating for the rich.)

#80 mike from mtl on 11.30.17 at 8:03 pm

#48 Just a few words … on 11.30.17 at 6:58 pm
Just so you know …

The IRS just won the right in Federal Court today to go after 15,600 Coinbase clients for TAX RECORDS of their bitcoin transactions.
//////////////////////////////////////////////////////////////////////////////////////////////

Right exactly. Gooberments are many things, but stupid and letting the ‘little’ guy off tax free is not one of them. No freeking way IRS, CRA, HMRC and so on just stand back and not collect? Are all those fools really that native? Unless you plan on cashing out in Saigon you’d be surprised what resources taxation depts has. Probably just waiting until it really gets all the dumb money in and they’ll be off with all the detailed data to nail – it’s more traceable than a bank transfer!

Bonus, it’s been suggested that BTC were created by the MIC and just like PKI (SSL “secure” certificates for you boomers) they have all the backdoors and private keys. Open source doesn’t mean free, OpenSSL has had NSA work in it. Fact, the first implementation of SSL was in fact none other than the NSA.

In related news, Poloz peso strikes again. Man wait until Friday’s numbers & NAFTA is officially cancelled. You’d actually be better off with a US$ lumpy mattress and / or BTC.

What about that call about Canada outperforming in 2018?

#81 Who is on first? on 11.30.17 at 8:05 pm

All of BC is cooked…the whole country is…but BC is the most cooked in terms of earning an honest living.

You heard it here first: people who need to work for an honest living to survive are flowing into Calgary from BC (some returning to AB after realizing just how bad it is to try and make ends meet in BC).

Just keep driving until you get to Calgary (excellent rental and ownership affordability right now)…

Look at the CMHC / Equifax data….getting the picture of what is going on in BC?

Kelowna #1 in Canada for multi-mortgage loan growth…

It will cost you more right now to rent or own a house in Kelowna than it will in Calgary – we know why, but when has that ever happened?

Calgary – population 1.26 million
Kelowna – population 124k

https://betterdwelling.com/so-are-we-talking-about-these-canadian-cities-where-multiple-mortgages-are-rising/

#82 dakkie on 11.30.17 at 8:08 pm

Canadian Finance Minister Admits Selling Stock but Denies It Was Because He Knew Tax Hikes were Bearish

http://investmentwatchblog.com/canadian-finance-minister-admits-selling-stock-but-denies-it-was-because-he-knew-tax-hikes-were-bearish/

#83 Nonplused on 11.30.17 at 8:10 pm

I’m not even sure what the problem is that Bitcoin is proposed to solve. Why not just use Paypal? Even soccer clubs accept payment by Visa online. They say it offers “anonymity” but we already have cash for that. Also, I’m no block-chain expert but I don’t see how it could be truly anonymous. It must have some sort of identifiers like username and password, both of which can be hacked. And if your Bitcoins get hacked, who stands behind them? At least your bank has counter measures and insurance for these kids of things so unless you did something really stupid they usually keep you whole. Plus they have the benefit of knowing where the money went and can often track it down.
And we know the FBI can seize and sell them, so protection from the long arm of the law seems dubious.

The way you can tell if something is cash is by whether a prostitute will accept it for services rendered. I’m pretty sure they won’t even take gold anymore because they’d have to go through the bother of pawning it.

My wife had her identity stolen once and several credit cards opened in her name (and immediately maxed out). It was pretty easy to do the culprit just went to the post office and had her mail redirected to an empty residence, and then used the information he got to open up a couple store cards. But my wife never ended up paying anything.

Oh and one time years ago when I was still in an apartment I got a phone call from Visa asking if I had taken a limo to Banff. Apparently the crooks had broken into the mail room and stole all the cards, and then went on a once in a lifetime spending spree. The police were aware of the break-in but were allowing the crime to continue because they wanted to catch the bad guys. Apparently using my card for a limo ride to Banff ended it because the driver pre-authorized the charge, which gave Visa the necessary time to alert the RCMP who was rolling into town and in what kind of car. But who, in the Bitcoin world, has your back if something like that happens?

Ok, some will argue, banks are kind of etheral too. They don’t have your money all piled up in a safe. This is true, but they have assets in the forms of loans. Let’s only look at mortgages to start. Great deal for them someone is on the hook to pay 4 times the cost of a house over the life of a mortgage (ok, it’s lower these days but it’s still good money). But they also can liquidate the house until it’s paid off. So yes, they don’t have your money anymore, they lent it out. But they have something they can seize in the event of default so they can get some of it back. Can Bitcoin do this? Who even would? It’s just numbers in a distributed system that nobody owns and thus nobody really has a stake in it surviving.

And I already told my story about when I stupidly bought a gold coin on eBay and it didn’t get delivered. Paypal got my money back. Can Bitcoin do this?

Bitcoin as to be the stupidest idea ever. It can’t be any better than Pokemon cards, valuable only when they are rare but really it’s possible to print them by the millions. Cash as well but at least there are some controls on that. Even Bernanke understood that cash has to be rare. People will say “but Bitcoin is rare, they are hard to mine” and that is true. But they also don’t have a fixed dollar price so in that way they are infinite. They just divide them into smaller pieces. Why not? The whole thing is just numbers in a computer anyway. When they divide gold into smaller pieces, you get less gold. When they divide Bitcoins into smaller pieces, all you get is more numbers in the computers. More and more bits and bytes until we run out of memory to store all the bits and bytes.

Plus it’s a massive waste of power. In a world that’s gone into a frenzy over the prospect of CO2 induced global warming, this is a really bad idea.

#84 SoggyShorts on 11.30.17 at 8:13 pm

#50 Kilt on 11.30.17 at 7:02 pm
Not sure it is your intention Garth. But your “I’m offended” image seems to emphasize women or girls. Maybe you could find one that is a bit more gender neutral?
I’m not sure your own post would get through your moderator.

Kilt.
***************************************
So you’re saying it…..offended you?
The whole point of that series of images is that people are now total wusses, and you just made the point 100% stronger. Well done.

#85 What is on second? on 11.30.17 at 8:18 pm

re: #66 Calgary vs. Ottawa

If you want to be in the West: Calgary.

If you want to be in the East: Ottawa.

Overall I would probably pick Ottawa.

#86 scott on 11.30.17 at 8:24 pm

Is it possible to have a RRSP at one institution and your TFSA at another? I’ve had different answers on this from people trying to sell me stuff.

Of course. Who told you otherwise? Send them here for a quart of fire ants in their shorts. — Garth

#87 Victor V on 11.30.17 at 8:25 pm

Special Report: Canada regulator ignored warnings on risky mortgage investments

https://ca.reuters.com/article/topNews/idCAKBN1DU1YP-OCATP

For the typical Fortress product, a retail investor puts up a principal loan amount of between C$30,000 and C$100,000 for two to five years. During that time, the investor is paid regular interest — usually around 8 percent — and at the end of the term, the principal should be returned.

A recurring investor complaint in the FSCO documents Reuters reviewed was that the products weren’t what they had been billed to be. Investors said they hadn’t been warned of the risks, that they hadn’t been told they could lose their principal if a project failed, that they hadn’t been told the often-advertised 8 percent returns weren’t guaranteed, and that they hadn’t been told Fortress and the brokers shared a 35 percent cut.

#88 Calgary vs. Ottawa on 11.30.17 at 8:26 pm

Someone has done their homework.

These are two places that make sense if you have to stay in Canada.

I give the edge to Ottawa…but Calgary is looking pretty attractive…could even throw Montreal in there.

#89 akashic record on 11.30.17 at 8:29 pm

Taxing BTC gains means the official recognition.

Do you make low return investments because you don’t want to pay lots of capital gain taxes? Weird philosophy.

#90 Lost...but not leased on 11.30.17 at 8:29 pm

Why dump all over Tracey…

Re: her situation…it’s called “sellers” remorse.

They sold, and it appears they made enough profit to pay off other debts….only to become “renters” left at the whims of their current landlord.

As the world turns…

May suggest if they are house horny to simply get ready for “vultching”…..distressed properties..which should be unfolding as we speak.

#91 Robert B on 11.30.17 at 8:31 pm

I guess when Cyprus had the bail ins, people just applauded the confiscation of their wealth. Why should people pay for banker’s mistakes?

People ran to gold once upon a time. When the likes of Ray Dalio start saying you should hold 5-10% of your portfolio in gold then something is afoot.

Bitcoin may have just replaced that GOLD feeling that a lot of the old schoolers once so believed in.

Today there was much media covered about the Bitcoin bubble. Which can only mean that Governments and Central bank planners are scared.
But then again hypothetically speaking they probably already have many Bitcoin but they like to talk out of both sides of their mouth. Paradise papers are only part of the way the elite hide their money and avoid taxes while telling us to pay……sad world we live in….

#92 Cowtown Cowboy on 11.30.17 at 8:31 pm

#66 Calgary vs. Ottawa on 11.30.17 at 7:28

Calgary hands down, spirit of entrepreneurialism, young, can-do attitudes at least until the commies showed up..but that will soon change. Can’t beat those western views! What does Ottawa have?…bureaucrats

#93 Shemale on 11.30.17 at 8:34 pm

Garth,
I am offended because you write your blog from a man’s point of view.
You should do it from a gender-less perspective.
Born in 1995.

#94 AGuyInVancouver on 11.30.17 at 8:40 pm

I always assumed the “caring, competent advice, wisdom, perspective and experience” were for the paying customers and us freeloaders just got the sass!

#95 the Jaguar on 11.30.17 at 8:44 pm

Isn’t Bitcoin just Bre-X Minerals Ltd, part two? Deja vu all over again, as Yogi Berra once said? All these normally rational adults rushing to buy Bitcoin driven by the fear of ‘missing out’ or looking less ‘manly’ because they didn’t buy in early when “all those in the know “knew? Jesus, it’s not Viagra. Cool your jets, gunslingers. This ain’t High Noon.

On the subject of Tracey, she is indeed a whiner. The ‘e’ in her name may partially explain it, but given they paid off student debt it seems a certainty she is a BC native.
They all whine. Especially about pipelines that provide jobs, environmental security and stable futures. Meanwhile they have been dumping raw sewage into oceans and rivers for decades. Yes, Victoria–you.
If Tracey didn’t want honesty and critical thinking and has read this post for such a long time, exactly what did she think she would get? Sometimes the best advice we get is well intended but to the point. We have to honest and recognize it and take responsibility. Our life. Our actions. Our results. The blame game yields no rewards. I like those photos at the end of the post. Says it all. Been awhile since we had a Bandit photo.

#96 espressobob on 11.30.17 at 8:45 pm

#64 ronh

Something worth checking out.

https://en.wikipedia.org/wiki/2000s_commodities_boom

#97 Property Accountant on 11.30.17 at 8:48 pm

RE: # 51 BTC Mining

Actually, currently aprox. 1800 BTC coins is mined per day as of last year’s halving – it will be that way until 2022, then halved again. Max amount of Bitcoins – 21 Million, almost 17M has been mined already. Supply is limited.

Re: Garth – Do not Buy Bitcoin – Is it diffrent this time?
Can chinese guy send more than 50K to Canada, USA or any other country? Through banks, NO. Through Bitcoin , YES. It takes 20-40 min to appear on your account. Converted already in USD, CAD, EUR, GBF etc. Fee? 3-5$. TAX? ZERO. Origin of Funds? ANONYMOUS.

Food For Thought.

#98 Lost on 11.30.17 at 8:48 pm

Instead of being an avid reader, she should have been an attentive reader and realized that advice applies differently to different people.

As has been shown on this blog over and over, the advice changes depending on the situation of the person it is directed towards as it should.

She just realized the world is a cruel place, and just because she found a blog that preaches financial literacy doesn’t mean you should go out and do what it said on a number of occasions.

Best advice for her is, no one will take care of your money better than yourself so take any advice with a grain of salt even if its from someone who knows their money. The sheep always get eaten.

#99 Xpat on 11.30.17 at 8:50 pm

No idea when sexy Bitcoin will crash but I think it will. And the fear from that crash will probably send the currently un-sexy Gold skyrocketing. Funny how that works.

#100 just a dude on 11.30.17 at 8:52 pm

Garth,

Your pic at the end of today’s post is one of the best you’ve ever posted. Talk about perspective. Thank you, sir.

#101 For those about to flop... on 11.30.17 at 8:53 pm

Pink Pumpkin Update.

Here is a house I have featured multiple times, as it was one of the original houses in my neighborhood that I foresaw problems for the owner and then decided after finding multiple cases to volunteer to become an amateur real estate reporter on the blog.

These guys bought this house in March 2016 for 1.518 did a renovation and put it back up for sale.

Took it back of the market did a bit more renovating and then it has been on pretty much ever since.

Originally asking 1.788 over the last year and a bit it has now been whittled down to 1.49.

So to recap ,we have a decently renovated house,opposite a school ,huge park nearby,shops and restaurants within walking distance and 6 kilometres from downtown Vancouver.

Hmm… You don’t think that something could actually be happening in Vancouver?

Maybe my next 3000 Pink Snow posts will convince a few more people…

M43BC

5540 Windsor Street, Vancouver paid 1.518

May 4:$1,580,000
Nov 29: $1,499,000
Change: – 81000.00 -5%

https://www.zolo.ca/index.php?sarea=5540%20Windsor%20Street,%20Vancouver&filter=1

#102 Blacksheep on 11.30.17 at 8:54 pm

“Oh, it’s different this time? – Garth”
——————————–
Yes, of coarse it’s different this time.

I’m the first to admit, my knowledge on: Crypto + Blockchain + A.I. is limited, but I have read enough to
understand many many things, are going to change much much faster, than most of us old dogs, could ever think possible.

https://www.youtube.com/watch?v=G3psxs3gyf8

Technology always changes. Human nature does not. No, it’s not different this time. — Garth

#103 Kelsey on 11.30.17 at 8:55 pm

It was only 46 years ago that Nixon closed the gold window and look at the accumulation of government debt and unfunded liabilities since. Every un-backed fiat currency eventually fails, yet Gold has a solid 5,000 year track record.

Is it really different this time? What do you trust more to have value in 100 years or even 10 years – a rare and shiny pet rock beloved by billions in the emerging super power nations of the world, or silly looking pieces of paper with pictures of ducks and dead people backed by nothing more than JT’s hair and the intelligence of the average Canadian voter?

#104 Yuus bin Haad on 11.30.17 at 9:03 pm

To Tracey from Groucho: If you can’t get a taxi, you can leave in a huff. If that’s too soon, you can leave in a minute and a huff.

#105 Long-Time Lurker on 11.30.17 at 9:19 pm

Great article, Garth. One of the best on Bitcon.

#45 Mattl on 11.30.17 at 6:53 pm
Not sure the folks you gave the same advice to in 2010 would be thanking you today. Your investment advice is awesome but you don’t have a great track record and RE advice my man. I believe you are correct today but I’ve also been wrong the past decade on RE. Always bought well under my means and it prob cost me a million tax free in re winfall. Oh well.

>It’s called ZIRP.

#97 backwardsevolution on 11.30.17 at 3:24 am

There’s no free market. This whole sorry affair has been engineered and manufactured by the government, at the insistence of the real estate lobby and other vested interests.

>Quite frankly, I’m uncertain what your argument is here. My issue is with the Vancouver City Council’s extreme expansion of legal power. Also, “Vancouverites” complaining about the lack of affordability when “Vancouverites” are not forced to stay in Vancouver. (How long have you lived here? Remember when False Creek was an industrial eye-sore and South Van was farmland?)

As a guess rebuttal:

You will notice from your own statement that there is no free market. From this can you blame free market economics for causing the problems? Your own statements verify that it was government policies of intervention that caused all these problems.

Whoops, sorry. I notice your moniker describes you in full. I won’t respond to you again.

For the ignorant:

Chinese people have been in the city of Vancouver since it’s inception: They built the CP Railway that built up Vancouver. Grade 11 social studies (Canadian history and institutions).

#106 Smoking Man on 11.30.17 at 9:20 pm

#5 Jimmy on 11.30.17 at 5:10 pm
Love the ‘64-66 Tbirds!

Smoking Man,
Sure happy you finally remembered the name of your own book last night on Periscope!!.
……………

Academy award performance :) Thinking I did a perfect Kurts. From Apocalypse now. Apple Juice in the Jim Bean bottle. Ha

Shit, I got to do for sales?

#107 milleniyoung on 11.30.17 at 9:20 pm

Put my student loans into BTC in Sept and made 250% – sold it all. Best thing going for millennials to make money right now. Wrinklies don’t get it. Pretty much guaranteed.

#108 ANON on 11.30.17 at 9:20 pm

HODL the house purchase, not teh sale of coinybitz. :)

#109 Nuke on 11.30.17 at 9:25 pm

Back in 2009 I had already spent 7 years working on digital currency. Then Bitcoin came out. I read the Satoshi white paper but saw that it did not have the attributes needed for serving the unbankables. It was 1500 bitcoins to $1US. After 10 years it still is no further along as a digital currency.

http://mbappp.blogspot.ca/?m=1 this was my 2009 thoughts about a digital currency. I wanted to have a medium of exchange so that the unbankables would not be crushed by fiat currency and regulations.

#110 BG on 11.30.17 at 9:26 pm

Garth, you are full of insight on many topics.
Cryptos is just not one of them.

Of course. But I know markets. I know people. And I know this outcome. – Garth

#111 StreetsvilleMarc on 11.30.17 at 9:29 pm

110. Great post, as per usual! Thank you once again and keep up the fantastic work!

#112 cd on 11.30.17 at 9:37 pm

Nothing related to finance… just saw this dog pic and was amused.

https://www.reddit.com/r/funny/comments/7gq97f/meeting_the_big_dogs/

#113 Blacksheep on 11.30.17 at 9:37 pm

“Technology always changes. Human nature does not. No, it’s not different this time. — Garth”
——————————
Not claiming human nature changes, it does not.

The discussion is the coming technological changes, more importantly, the rate of said changes and the likeliness that society will struggle to simply adjust.

The ‘old school’ perspective of your blog today only confirms the point i’m making.

#114 Andrew Woburn on 11.30.17 at 9:40 pm

– The release of the Bank of Canada’s Financial System Review was followed up by some stunning statistics from Bank of Montreal Canadian rates and macro strategist Benjamin Reitzes (my emphasis),

“[new mortgage stress tests] will have some impact, but
is unlikely to derail the housing market on its own…we’ll need higher rates too for that… Notably, a pie chart on page 8 says that 47% of mortgages are due to reset within 1 year, 31% from 1-to-3 years, and 22% more than 3 years, suggesting that the rise in rates over the past year will hit a significant chunk of household in the near future.”

No problem. My Mom says houses only go up.

https://www.theglobeandmail.com/globe-investor/inside-the-market/bmo-47-of-canadian-mortgages-are-due-to-reset-within-1-year/article37122628/

#115 Blacksheep on 11.30.17 at 9:45 pm

I should add: My comments have nothing to do with buying Bitcoin or not, its about the big picture of what’s potentially coming.

#116 Andrew Woburn on 11.30.17 at 9:46 pm

Somebody tell TNLTB that Jeff Bezos is coming for her lunch.

“With tens of billions of dollars in fees at stake, the financial sector seems on the verge of disruption from the next burst of technologies, including artificial intelligence and blockchain. Data-laden tech giants including Amazon, Google, and China’s Alibaba and Tencent are invading an industry dominated for more than a century by firms like JPMorgan Chase and Goldman Sachs.”

https://www.axios.com/silicon-valley-wants-to-become-the-next-wall-street-2513498729.html

#117 Jon on 11.30.17 at 9:48 pm

For all exchanges I checked You need government Id and a bill statement showing physical address coinsquare in Canada also gives you a number then you must present a photo of yourself holding that number which they check vs government id. The credit card thing is true many accept credit cards for deposits to join and also put withdrawal limits daily and monthly so if u did acquire millions many sites would take a long time to withdraw. Right now it is a day traders heaven with the large volatility. It’s kinda scary but many large firms already are saying putting 1-2 percent into crypto is a good idea. I only understand bitcoin and think it’s like gold, limited amount and can handle most volume so far. The altcoins scare me a bit they are trying to make a work of it with faster transaction speeds but if I want that I’ll use MasterCard or PayPal. Bitcoin may not be the endgame first adopters rarely win. I’m in at 7100 and my stop sets in at 8499 which may happen anyday now lol.

#118 Ponnaps on 11.30.17 at 10:02 pm

how long before the feminazis start taking offense on the lack of gender neutrality in your illustration of people getting offended..

#119 down_boy on 11.30.17 at 10:13 pm

I bought a whack of one crypto only because it has a picture of ‘happy kitty’ for the logo. Up 30% in 30 days. You can’t get this level of customization in traditional fiduciary instruments. I’m gettin rich with a bunch of anime kids. You can have the Dow Jones Pollution Average.

#120 Sue on 11.30.17 at 10:16 pm

Haha thats funny, she’s been and avid reader for years?? Really?
But yet didnt know the answer. Failed grade 3 reading comprehension maybe. Sounds like she still drinking the real estate kool aid.

#121 akashic record on 11.30.17 at 10:20 pm

Technology always changes. Human nature does not.

Why are you so bitter?
Your illustration today isn’t about changing human nature?

You have yet to see me bitter. – Garth

#122 When Will They Raise Rates? on 11.30.17 at 10:21 pm

Lol you don’t need ID to acquire bitcoin. Trudeau and his merry band of theives will get exactly zero of my extensive crypto portfolio. Just saying… I’ll be long gone from this socialist hole by the time I cash out even a small portion of my insane profits.

It’s still early ladies and gents, all aboard!

#123 Bottoms_Up on 11.30.17 at 10:23 pm

Other than the ‘whiny’ comment I think Garth’s response was bang-on.

Tracey needs to know that no one can time the top, and there’s no sense ‘remorse shopping’.

And thinking she can time the top, plus know that a ‘crash’ will happen in 1 year in order to rebuy, seems a bit presumptuous.

In fact, this almost seems like a planted email from a local realtor….

#124 jane24 on 11.30.17 at 10:29 pm

Agree that web based currencies are part of our future but not yet. Too much of the Old Wild West right now. Bitcoin will fail but will spawn other more stable and regulated options. Non-govt currency is an obvious development from globalisation.

Yes it will hit tax collecting hard but so will employing robots instead of people. Neither Bitcoin or automation currently pay employment taxes. Quite a joke on govts really as they push globalisation hard but haven’t figured out for a global company, who grabs the taxes.

#125 fancy_pants on 11.30.17 at 10:32 pm

humankind and greed/selfishness go hand in hand. its an inherent sin. methods to that goal adapt and change but the song is the same.

#126 Bottoms_Up on 11.30.17 at 10:34 pm

#66 Calgary vs. Ottawa on 11.30.17 at 7:28 pm
—————————–
Ottawa hands down.

Clean, safe city. Clean air. Stable housing market with reasonably priced homes. Stable economy. Family friendly suburbs. Excellent French education (guaranteeing your kids have a job for life). Access to beautiful rivers, parks and all that Quebec has to offer. Short drive to Montreal (another great Canadian city). Drivable to Toronto. Eastern standard time.

Downsides? No spring, and can be very humid in the summer.

#127 genbizx on 11.30.17 at 10:34 pm

welcome to cry-nada..
cry baby pm, cry baby morneau, cry baby political correctness…

#128 fancy_pants on 11.30.17 at 10:40 pm

money is like water. life sustaining but too little or too much can equally do harm

#129 Raging Ranter on 11.30.17 at 10:42 pm

@ #7 Long Branch Apprentice.

The world is changing faster than any Boomer could possibly understand.

Says someone who hasn’t been around long enough to know what real change looks like.

#130 Ergocup on 11.30.17 at 10:48 pm

Bitcoin is technologically obsolete; still the poster child of crypto assets. Yes, as currency it sucks.

Ripple (XRP) is excelling as cryptocurrency. Check out the roster of banks worldwide adopting their international settlement payment protocol. They’re going after SWIFT. From San Fransisco.

IOTA, now a German Foundation, announced this week the Data Marketplace in partnership with Microsoft, Schneider, Orange, Bosch, Accenture, EY, and more.

The wild west days of cryptocurrency are giving way for the institutional technological creative destruction. Volatility? Absolutely? Worth investing 5-10% of a millenial portfolio? You betcha.

#131 LivinLarge on 11.30.17 at 10:55 pm

“When I can buy food and gas with gold, it’s money. Will never happen. – Garth”….let’s hope you meant “never again” because for the vast majority of recorded history gold has been method of exchange and you could indeed buy food or anything else with gold, coin, bullion or dust was an almost universal medium of exchange.

Not today. Gold is not money. Neither are beads or goats. – Garth

#132 M on 11.30.17 at 11:01 pm

no worries Gartho baby :)
..one of the reasons I’ve sent X packing :)
I apply “offended” stress test :)

#133 M on 11.30.17 at 11:08 pm

re gold being money..give it to the metal baby: a good suit today is = to a good toga long ago.
Whether blockchain is able to come up with something that preserve wealth..remains to be seen.
Anything can be money. Goats too.
Since 70s “money” is pieces of foolishly printed paper covering even more foolishly created debt. With morons dictating artificially and incompletely what the “value” of interest should be. Hubris only commies have exceeded.
..we’ll see what comes after the next financial crash., :)
oh yeah… there will be no more crashes… Granny said. Wetting her depends at the same time methinks.
I mean.. what better way to make “money” than just hanging to assets (any assets) from one generation to the next ? Would that buy the “same car” ? who knows these things :)
But one thing is for sure.. when idiots making 60K a year can borrow over 2-3 times their income…something is very very wrong.
Brought to plebes via a friendly “central banker” near you :)

#134 dimi on 11.30.17 at 11:11 pm

Surprisingly closed-minded article full of fear and lacking future vision of a new asset class. You should simply say – put 1% of your wealth into diversified crypto portfolio but no more.

– Oh, it’s different this time? I guess re-visit your own article every year and you’ll find the answer.

No, not different. I used to think like you, but then grew up. – Garth

#135 Kat on 11.30.17 at 11:15 pm

This evening we were sitting at Costco enjoying our cheap dog and poutine and beside us sits a 17 financial genius. He goes on and on about how he owns a house in Surrey, that is with several other of his siblings and is a good landlord etc. I asked him if he has maxed out his TFSA or RRSP or if he spent his life savings of 17 years all in on a house. Well he had no idea what a TFSA was and he said he had some mutal funds through his credit union that he thinks pays about %1. It was painful to listen to, I hope he takes our advise and starts to learn the basics about financial planning. It is frustrating to know how little is taught in school or at home about this. If I had known even a small amount about money at his age I would be a millionaire by now.

#136 Kelsey on 11.30.17 at 11:16 pm

@Garth #131

If 5,000 years of gold’s history as money can so easily be relaced in the 20th century with pieces of paper, then why can’t those same pieces of paper be replaced with de-centralized digits in the 21st century?

Perhaps they can. But this isn’t it. – Garth

#137 Kilt on 11.30.17 at 11:21 pm

#84 SoggyShorts

No, it didn’t offend me. Very little does offend me, maybe ignorance. Garth has gotten in trouble before with these types of things. People misquoting him or in some cases taking things too literally.
I’ve seen images change rather suddenly, copyright issues, or ???

Kilt.

#138 I like cookies on 11.30.17 at 11:23 pm

I can’t imagine what Tracey is asking of you because it seems obvious to me. Sit tight and enjoy being debt free.

“I made my money by selling too soon.” – Bernard Baruch

#139 M on 11.30.17 at 11:28 pm

for the crypto fans out there:

http://www.truth-news.com/2017/11/30/irs-to-obtain-identities-of-14355-cryptocurrency-users/

… not that buying more than 10K in gold from Kitco will NOT leave traces. It does. Thing is, by the time someone is after me..that stash is long gone.

.,.,from a culture of morons that promote THIS:

“CREA wants parents to assist children with home purchase with their RRSPs ”
https://app.tmxmoney.com/news/cpnews/article?locale=EN&newsid=TBDJHH654&mobile=false

..ANYTHING IS POSSIBLE.

I’m thinking that commies used the gulag and tens of millions killed in them to obtain stuff that here was obtained with storytelling and credit cards.

Really amazing when you think…

#140 Fake News Again on 11.30.17 at 11:29 pm

#136 Kelsey on 11.30.17 at 11:16 pm
@Garth #131

If 5,000 years of gold’s history as money can so easily be relaced in the 20th century with pieces of paper, then why can’t those same pieces of paper be replaced with de-centralized digits in the 21st century?

Perhaps they can. But this isn’t it. – Garth

________________

A very very correct response. Cheers….

#141 Happy Housing Crash Everyone! on 11.30.17 at 11:33 pm

I hate SHYSTERS. I HATE YOU POGarbage. You dirty scum of the earth POS don’t care about anyone but your greedy selves. I hope Christmas comes early and the competition bureau opens up MLS so Canadians can be free of the dirty SHYSTERs. Look at these scumbag what they are trying to do. http://www.macleans.ca/economy/surprise-realtors-want-you-to-be-able-to-raid-your-rrsp-to-buy-your-kid-a-house/

Did I mention I hate SHYSTERS?

#142 Ponzius Pilatus on 11.30.17 at 11:40 pm

#102 Blacksheep on 11.30.17 at 8:54 pm
“Oh, it’s different this time? – Garth”
——————————–
Yes, of coarse it’s different this time.

I’m the first to admit, my knowledge on: Crypto + Blockchain + A.I. is limited, but I have read enough to
understand many many things, are going to change much much faster, than most of us old dogs, could ever think possible.

https://www.youtube.com/watch?v=G3psxs3gyf8

Technology always changes. Human nature does not. No, it’s not different this time. — Garth
———–
Garth,
I give this response a 10.
Keep up your good work.

#143 Bob Loblaw on 12.01.17 at 12:02 am

Hey Tracey, if you don’t think you received the advice from Garth that you were looking for, please feel free to fill out a request for a refund

#144 Lost...but not leased on 12.01.17 at 12:02 am

Gregg Zaun gone..

Don Cherry next ???

#145 Chico on 12.01.17 at 12:04 am

Certainly one of your best posts! Unbeatable ending!

#146 Nic on 12.01.17 at 12:05 am

No one has been able to predict this real estate market. Heck..I thought this thing was WAY overvaulued in 14/15..ha! I could have bought within my means then and had equity now. But I thought this thing would blow up then and it didnt. Now the places I could afford are 200-300k MORE. Bah.

#147 Freebird on 12.01.17 at 12:15 am

#185 Kat on 11.30.17 at 11:15 pm

…I asked him if he has maxed out his TFSA or RRSP or if he spent his life savings of 17 years all in on a house. Well he had no idea what a TFSA was and he said he had some mutal funds through his credit union that he thinks pays about %1. It was painful to listen to, I hope he takes our advise and starts to learn the basics about financial planning.
—————-
Been there many times. Age teaches we don’t know what we don’t know and the value in being curious. That and listening twice as much as you speak. You’ll at least look smarter. ; )

#148 Jon B on 12.01.17 at 12:29 am

Nice work on dishing out the tough love to that young lass in Victoria. The graphics did a good job on driving home your point on this group of entitled snowflakes.

#149 austinpowwers on 12.01.17 at 12:35 am

“All it takes to buy is an email address, a smart phone for two-factor identification, a bunch of clicks and a credit card. There’s no personal information required, no identifiable data (except your card number or bank account info), no suitability requirement,”

Tell me more….I like danger….

#150 Bitbrains on 12.01.17 at 12:39 am

The very value proposition of Bitcoin is that it cannot be regulated. You can argue that it can and in theory you are right. In practice however, not so much. Anything that has demand, will have supply for the right price — legal or not. I think that demand for uncensorable digital money with limited supply will only grow from here on.

Bitcoin can bank the 2B+ people without access to any banking. Bitcoin can also bank the future AIs and algorithms. Bitcoin will change money from monthly settlements to real time streams, where you pay and get paid by the minute.

And the money function of Bitcoin is only the tip of the iceberg. Get ready for smart contracts, borderless equities, digital property titles etc. to be built on top of it. Reputation systems, reviews.. fully private health records that are signed by the providers and verifiable. Bitcoin will probably be the backbone of the next generation of Internet, with full anonymity and no borders for entry.

It still is a high-risk investment never the less. But the rewards have been and might continue to be of a scale never seen before.

#151 westcdn on 12.01.17 at 1:02 am

Today’s picture and Garth got me meandering. It supports my belief that character is the most important human attribute. I consider life management a burden for the competent and a money pot for those who are not. Societal character will define a grey zone and keep it small. Then we can work on one law for all.

I have been looking for public companies that are employing blockchain other than manufacturing and/or managing cyber-currencies. I can’t help myself from thinking they are offering some kind of enhanced loyalty rewards program. I finally found a speculative junior I am considering throwing a few hundred dollars at just to keep it my radar.

“K is a financial technology (FinTech) company offering proprietary, cloud-based software infrastructure that allows firms to design, set up, and operate an investment platform across multiple distribution channels – including web, mobile, and social media. K is being used in over 20 unique regulatory environments to grow investor networks, efficiently manage investors, and streamline deal-flow administration.”

It is probably capital loss fodder and another learning experience but is an investment in my future. I guess it is my background. I am all in for cost containment and paying for societal benefits. This news release from Office of the Chief Health Innovation Strategist caught my attention. https://www.tmxmoney.com/en/news/company_releases/index.html?rkey=20171130C7089&filter=8242

A quote from the release – “In Ontario, five per cent of patients account for two-thirds of all healthcare costs.” This is a conundrum that can’t be allowed to persist in Canada. Maybe public health benefits should only provide palliative care and all other health services are privately provided. Anyway, sign me up. It is all I want from public health in my doddering old age and maybe a supply of happy pills.

#152 TRT on 12.01.17 at 1:09 am

Buddies crypto coin market cap of circulating coin oscillated between $125-$177 Million USD. Was $1 million in March.

The have about the same amount of coin themselves…

Rich Rich Rich if they can liquidate.

Good luck taxing real estate in a global market after these take hold.

#153 TRT on 12.01.17 at 1:11 am

They’re the only ones I’m aware of courting US senators to make it semi-legit. Hence the rise from $1 to $177 million.

#154 Big Dawg on 12.01.17 at 1:55 am

Gee whiz Garth. I thought her questions were totallly legitimate . They were from the heart . She believed in you and was why she messaged you. ! After all , We all want to get ahead in life . Not all of us understand the markets but that’s why we employ financial advisors. Guys just like you . And you’re better than most , right ? And she asked a very legit question about the Victoria real estate market which you TOTALLY avoided .

#155 Dd on 12.01.17 at 2:14 am

Network outage? You clearly don’t understand how the blockchain works…

#156 Neil on 12.01.17 at 2:52 am

Garth your just silly, like boss hog or good ol’ couter from everyone’s favorite show.
But I’m here to help you and the rest of your disciples.
Please Garth pull back the curtain and tell everyone what is really occurring around the world.
Everything evolves even money, at the end of the day its all just 101010101… Don’t be at T-Rex.

RT.com Max Keiser

#157 Exodus 2020 on 12.01.17 at 3:00 am

People who make money from bitcoin are lucky. People who invest in it are stupid. its the most obvious bubble and the media is feeding the frenzy to sucker in more people who believe they need to own a piece before it’s too late.

#158 Dolce Vita on 12.01.17 at 3:54 am

Garth, you need to be more forthright with your feelings.

#159 Under the radar on 12.01.17 at 5:04 am

Do they teach financial literacy in schools? . Perhaps, I’m not sure . My lesson was to save more and spend less. Of course times were different then. That was way back when kids were physically active, boys collected hockey cards and wanted to be in the NHL, adolescents got part time jobs . Now , not so much just crunchy granola with guacamole, $7.00 dollar lattes , and lots of hurt feelings .

#160 Lisa on 12.01.17 at 5:39 am

Bitcoin = freedom 15. Rocks are too heavy, paper well you know what we can do with that. EnCRYPTed CURRENTcy protects privacy and transacts effortlessly. Theives (gov and investment banks – talk about hackers) are being abandonded but they will still try – IRS l have no job, no home, no money…l am Canadian. The cryptocurrency ecosystem offers investment in currencies such as Bitcoin and many more, ICOs and real YIELD (not scraps) from passive investments. Sounds like the world my parents came from….what a beautiful world it must have been.

#161 maxx on 12.01.17 at 6:51 am

Waaaaaah!!! Waaaaah!!! Hold my hand……….sniff, sniff.

#162 Dharma Bum on 12.01.17 at 7:05 am

To all the offended SJW’s:

It’s my right to be offensive!!!

https://www.youtube.com/watch?v=ceS_jkKjIgo

Offended? DEAL WITH IT!

#163 Victor V on 12.01.17 at 7:12 am

Top court to decide whether TREB must share home sales data online

https://www.bnn.ca/top-court-to-decide-whether-treb-must-share-home-sales-data-online-1.931413

TORONTO – The Federal Court of Appeal is set to decide today whether Canada’s largest real estate board must open up access to home sales data to its realtor members, which it could then share with the public online.

The decision to uphold or set aside a previous decision by the Competition Tribunal is expected to have widespread ramifications and affect how other real estate boards provide services to customers on the Internet.

Last April, the Competition Tribunal ruled that the Toronto Real Estate Board prevented competition and stifled digital innovation by prohibiting its realtor members from posting sales data on their websites.

#164 Zwmm on 12.01.17 at 7:26 am

“Digital currency offers no income stream, no guarantee of liquidity, no underlying security, no assets backing it and no failsafe way to safely store it, as with equities, bonds or funds.”

There are a finite number of bitcoin. 21 million or so. We haven’t found them all, but we know this. Unlike other currency, you can’t just create more. The math defines it that way.

The global GDP (~ $78 trillion) divided by 21 million is about $3.5 million. So you could argue the intrinsic exchange rate of bitcoin:dollar is 1 bitcoin = $3.5 million.

#165 crowdedelevatorfartz on 12.01.17 at 7:30 am

@#118 Ponnaps
“how long before the feminazis start taking offense on the lack of gender neutrality in your illustration of people getting offended….”
+++++

Yer Waaaaay too late.
read #50 Kilt

#166 maxx on 12.01.17 at 7:40 am

#25 Fake News Again on 11.30.17 at 5:55 pm

“#7 Long Branch Apprentice on 11.30.17 at 5:12 pm
Garth, you know so little about Bitcoin I actually laughed out loud.

I’d recommend the show Mr. Robot to all the blog dogs, but I’m afraid many won’t understand it.

The world is changing faster than any Boomer could possibly understand.

Oh, it’s different this time? – Garth

__________

Did they have two factory authentication, smart phones and the “interweb” in the olden days? NO…..they didn’t. They also did not have JP Morgan (the genius bank) fraud ridden “mortgage derivatives” that screwed the public out of trillions. So yes….its different this time.”

Keep on telling yourself that. A cutesy, techno-hero script will never, ever bleed into the world of those who owe and make it all better.

Screwers and screwees have always existed and always will. People define themselves by their choices.

It might take you more time than the average screwee, but eventually, you’ll come to realize that it’s definitely not different this time. The screwers who make out like they’re one of you and entertain you but are über rich and privileged don’t live in your world nor do they give a rat’s behind about screwees. All they want is either your vote or your cash.

There ain’t no super heroes and this generation will never change the world. I’ve got enough runway left to check it out. We’ll see if this gen is capable of wiping away all of the evil boomer stuff and install sunshine and unicorns – with a side of avocado toast.

#167 crowdedelevatorfartz on 12.01.17 at 7:43 am

@#126 Bottoms Up
“Ottawa hands down.’

+++++
Ugh
You are kidding right?
A city full of museums like Canada Post, Parliament, Dept of Agriculture, Defense, Fisheries, and on and on and on. And the walking dead that “work” in them.
The main industry is the security companies that lord their authority over any poor schlep that has to access ANY dept of govt. “3 pieces of Govt (natch)ID, drop your pants, bend over”
After the beaurocrats commute to their safe little homes from their safe little jobs the sidewalks roll up.
“Stressful rush hour” is the flow of traffic from Gatineau funneling cross the bridge when there’s Molsons Canadian beer on sale in la Belle Province. Personally I like the 96 pack boxes….I bring a 2 wheel dolly.
I noticed you mentioned all the other cities you can visit……while living in Ottawa?
Beaurocratic Ottawa vs entreprneurial Calgary?
Not even close.

#168 Wrk.dover on 12.01.17 at 8:34 am

Early morning, Jan 01 ’81, in Ottawa. With dual batteries, engine barely turned over. Seat felt like wood, tires went bump, bump, bump for the first mile.

Never going back.

#169 Victor V on 12.01.17 at 8:44 am

BREAKING: Canadian economy added 79,500 jobs in November vs estimated 10,000 job increase

#170 Whatnot to buy on 12.01.17 at 8:47 am

The Bitcoin bubble may run for a bit longer, but resist temptation. Demand temporarily exceeds the artificial supply only because stupid can borrow or inherit money. The arguments of its brain-washed proponents were taken directly from the expose “The Emporer’s New Clothes” with a dash of New – Age Eludeium. The game we all want to win is not be poor, not not be rich.

Whether the unavoidable collapse in the Bitcoin will lead to a run on the markets is anyone’s guess. Indeed, the fundamentals are sound, but the POTUS, not so much. Nobody ever got fired for taking a bit off the table. One day your grandkids will eread about all this and ask if you bought any BTC. What will you tell them?

#171 TorontoBull on 12.01.17 at 9:28 am

anyone shorting the loonie today?

#172 John of Grant on 12.01.17 at 9:39 am

#64 ronh
When I can buy food and gas with gold, it’s money. Will never happen. – Garth

I will split hairs with you: Maple leaf gold coin has a face value of $50.00 CAN. Legal tender too.

https://en.wikipedia.org/wiki/Canadian_Gold_Maple_Leaf
———————————
No need to split hairs. Is the plastic they make bills out of money?

If the government backing it says so, yes. – Garth

#173 Lisa on 12.01.17 at 9:41 am

And consider the devastation caused by a network outage that would blank the entire value of ‘money’ which does not exist and is backed by no government.
—–
Not much different than the fiat money

I have folding pieces of paper in my wallet that can feed me, pay the rent and buy gas. Tell me how Bitcoin does that when the lights go out. — Garth

#174 Eyes wide shut on 12.01.17 at 9:42 am

And in other news –
The real-estate cartel wants changes in the Home Buyers’ Plan (HBP) rules. More specifically, it wants the 2018 budget to allow parents to raid their RRSPs for making inter-generational loans, i.e. loans to their kids, so that the poor souls can “afford” to buy a house.

But wait…there’s more –
The cartel also wants to expand the HBP program to include events like divorce or work relocation, and up the maximum withdrawal amount per person from $25k to $35k.

CREA’s defense of their proposals –
“The intent of CREA’s proposals is not to drive up more demand. It’s to provide the opportunity for people to own a home.”

Creating yet more unhealthy and artificial demand. Just awesome!

#175 Another Deckchair on 12.01.17 at 9:46 am

@167 farty;

One hidden gem of Ottawa is the evening Air Canada flight to London, England. Go to the airport, go to sleep, and in a few hours you are transported to a different world…

;-)

Sure beats driving on the 401 to anywhere!

(presuming the YOW LHR flight is still flying, you never know)

#176 PastThePeak on 12.01.17 at 9:56 am

The supporters of Bitcoin on this thread seem to have severe cognitive dissonance. You argue to the ends of the earth about the benefits of blockchain technology, distributed management, not regulated by government, etc.

You are not addressing the point that a “currency” which is so expensive, slow on transactions, and volatile, is both a danger for retaining value and for doing business.

I get all of the technical arguments. So if the value of Bitcoin is in those technical features, then why should Bitcoin inflate so much, when other/newer crypto currencies like Litecoin, Ethereum also have those attributes. While Bitcoin may only have a finite number of coins, there is nothing stopping these, other, and yet-to-be-developed cryptos from also performing the “no_government-distributed-shove_it_to_the_man” currency function?

But by all means, put every dollar you have into Bitcoin…

#177 Ronaldo on 12.01.17 at 9:57 am

So now CREA figures that the government should allow parents to pillage their RSPs to enable their children to buy into this already massive RE bubble. Nice move Crea.

https://www.ctvnews.ca/business/crea-wants-parents-to-assist-children-with-home-purchase-with-their-rrsps-1.3702165

#178 PastThePeak on 12.01.17 at 10:04 am

Big employment gains and a drop in the unemployment rate. Let’s see old dovey Poloz talk about all of the downside risks…

What any sensible Bank of Canada chair should do (and should have done years ago!!!), is to state that with the economy well away from the great recession (hey, it was back in 2009!) and both employment and expansion being positive for some time, the objective is to normalize rates “slowly” over the coming years. While they don’t have to explicitly say it, the right wording could infer that only a big swing in the economy would justify ‘cutting’ rates, but a slowdown or increases in unemployment would only slow down or pause the normalization.

This would put the floor on speculation, and risk would be repriced, without rates having to rise significantly/quickly. With the expectation of higher rates (and rates do rise a bit, perhaps even only 0.5% per year unless inflation jumps), people will gain (or regain) an understanding of debt and its servicing costs.

But that is too simple and straightforward for the morons at the BoC…

#179 Ronaldo on 12.01.17 at 10:11 am

#164 Zwmm on 12.01.17 at 7:26 am

“Digital currency offers no income stream, no guarantee of liquidity, no underlying security, no assets backing it and no failsafe way to safely store it, as with equities, bonds or funds.”

There are a finite number of bitcoin. 21 million or so. We haven’t found them all, but we know this. Unlike other currency, you can’t just create more. The math defines it that way.

The global GDP (~ $78 trillion) divided by 21 million is about $3.5 million. So you could argue the intrinsic exchange rate of bitcoin:dollar is 1 bitcoin = $3.5 million.
———————————————————-
The artificial creation of scarcity such as the Cabbage Patch kids created a huge demand and the greater fools fell for it hook, line and sinker. Fools and their money are soon parted. Bitcoins days are done along with many of these hundreds of other Cryptos. I have personaly witnessed many so called intelligent people get hooked into these sorts of things over the years. Greed is a powerful motivator.

#180 Rooster on 12.01.17 at 10:11 am

Today, Bell announced a new, low-cost cellphone service named “Lucky Mobile”. The target clients are not ex-smokers or BTC fans, but rather:
“The company specified it’s aiming to reach the new-to-Canada demographic …”

Rumour has it that Rogers is preparing to launch a new internet service named “Uncensored and Uncut.”

The way I see it is that the worse that could happen is we might finally get some decent dim sum here in our cold and sour tundra.

#181 Ottawan on 12.01.17 at 10:15 am

Garth, this might be hard to believe, but sometimes people are offended when you’re rude to them. If you want to get out of the Advice Column game, just quit writing them.

#182 Mattl on 12.01.17 at 10:16 am

#135 Kat – you interupted some guys conversation to ask about his investments? Classy move, bitter much? Does it drive you that crazy that this guy owns a home that you interject in a convo to ask him about tfsa balances?

#183 dosouth on 12.01.17 at 10:31 am

BBWWAAAHH– you certainly made my day with your response to “Tracey the slighted..” You might ask her is she wanted some cheese on her Wahburger. Thanks for the laugh.

As for Bitcoin, *poof* and it’s gone. I have learnt over the years, if it’s already public knowledge it’s already too late to make that supposed “killing”

#184 dosouth on 12.01.17 at 10:35 am

#50 Kilt on 11.30.17 at 7:02 pm along with all your other replies to posters…

Put on your Tender Tootsies, have a coffee and maybe move on the a blog like the Gender Unicorn. This one is obviously too un-PC for your sensitive personality and your lack of humour (ignorance aside as you say)

#185 Ronaldo on 12.01.17 at 10:36 am

Interesting article on Bitcoin history.

https://www.wired.com/2011/11/mf_bitcoin/

#186 rainclouds on 12.01.17 at 10:45 am

http://www.huffingtonpost.ca/daniel-tencer/why-are-realtors-trying-to-stop-us-from-knowing-the-facts-on-housing_a_23293390/?utm_hp_ref=ca-homepage

Why Indeed? Uhhh is it because Shyster organizations such as this operate much better in the dark?

#187 Capt. Serious on 12.01.17 at 10:45 am

#167 crowdedelevatorfartz on 12.01.17 at 7:43 am

You can have your other cities. I love Ottawa. It is a livable sized city, I can bike to Gatineau park in 30 minutes, I can bike to work almost entirely taking bike paths or bike lanes (30+ km commute), above average income (I work in the tech sector), winter sports at your door step, outdoors at your doorstep, lots of sports clubs, airport is pretty quiet, a large portion of the population are educated post secondary, great mayor, not crazy housing prices, great access to French language education.
Yes, it is cold in winter and it can be humid in the summer.
Yes, the music scene isn’t great — most touring bands skip Ottawa. Restaurants are good, a few are great.
By all means stay away though. Keeps housing affordable, and keeps my income high.
No mountains though. If you want mountains, go to Calgary.

One hidden gem of Ottawa is the evening Air Canada flight to London, England. Go to the airport, go to sleep, and in a few hours you are transported to a different world…
Frankfurt too, though it looks like it might be over for the season. I think it runs from early in the spring to late fall. Great if you want to go anywhere on the continent, as Frankfurt has high speed rail connections to everywhere.

#188 Kelsey on 12.01.17 at 10:51 am

I don’t think Bitcoin is going to succeed for a number of reasons, although I hope it does. More importantly, it’s causing the average person to wake up and see what a fraud central banking is. The end game for fiat is always hyper-inflation and it’s the most insidious form of taxation. Root cause of the everything bubble and why my generation can’t afford housing and the welfare/warfare state would not survive without it.

There is no hyper-inflation and has not been in North America for over a century. The demon for the last decade has been potential deflation. — Garth

#189 Lisa on 12.01.17 at 10:55 am

“lights go out” – you mean on entire planet? Then, really, go for guns, not for the folding paper in your wallet.

If you are not talking about such scenario, and the www is still there, then both fiat and crypto are perfectly fine.

In the meantime, get some Starbucks gift-cards for your bitcoins in any place like https://www.gyft.com/bitcoin/ or similar.

#190 Rod Reynolds on 12.01.17 at 11:27 am

Give me a break Garth. You act like this paragon of wisdom, claim to be “caring”, and now you act baffled when somebody doesn’t like it when you’re being the opposite of wise or caring, ie. a complete arse to them? But it makes for good reading, right?

Baffled? Hardly. Just tired of whining. – Garth

#191 Dolce Vita on 12.01.17 at 11:42 am

Labour Force Survey lots of jobs, up +0.4% Oct-Nov, which is very good. Unemployment at 5.9%. Still, AB and the East at or near recession level unemployment rates. BC, ON, SK, MN and PQ did very well. Mostly Private Full Time jobs. Most sectors added jobs.

GDP up 0.2% Sept from Aug. Growth in almost all sectors.

Queue BoC rate increases.

B20, RE intervensionist YVR governments, 416 RE doldrums…queque largest RE asset devaluation in Cdn. history within the year…the rest is predictable.

#192 Long-Time Lurker on 12.01.17 at 11:44 am

It’s long so I gave it a title:

A Long-Time Vancouverite Reflects Upon Vancouver
by Long-Time Lurker

Since I was writing about Vancouverites yesterday I thought I’d write a bit more. I’ve read some remarks in the comments section about how Vancouverites are vain, self-centered and blinkered on real estate. My response is that is true… about the “New Vancouverites.” I grew up in Van and all of the old-timers are nice, friendly, polite and kind like most other Canadians. All these arrogant people are the “New Vancouverites” mostly from the rest of Canada. Generally, the new immigrants are friendly and polite. They are just grateful to have a chance to become Canadian.

Vancouver used to be a small-sized city, kind of backwater and generally friendly. After the 1990’s the culture started to change. I guess Vancouver got wealthier and the people who came here were attracted to all the money and ended up being as crass as their desires.

Next the real estate market boomed. Yes, starting off with the influx of foreign buyers who bought up parts of the west side and condos which continued for years. This was all done legally I might add and they bought from the locals who were Canadians. If anyone wanted to restrict foreign ownership it could or should have been done at least six years ago. It wasn’t done then so why now are Canadians complaining about foreign ownership when they’re the ones who sold their houses and condos to the foreigners?

Then the housing bubble occurred set off by the real estate industry and the media peddling FOMO. Vast speculation came into play as people saw a way to make a quick buck and got greedier and greedier. More amateur speculators joined in and hiked up the prices even more.

Vancouverites owned multiple properties before the media spurred the real estate frenzy. Some of my long-time neighbours had multiple properties but they weren’t speculating flippers and still own their properties which they rent.

In any case, a lot of people in Van are still buying into the delusion that real estate goes up forever and are living the high life on flipping properties or HELOCs. They’re in for a rude awakening.

Vancouver’s housing market was going to return to normal anyway (FREE MARKET) because unaffordable properties don’t get sold, businesses close for lack of people coming into them in the ghost town areas (created legally with full local consent so why are people complaining?) and then the rest of the area devalues as well. What caused the market to continue on was Premier Christy Clark’s first-time buyers grant (GOVERNMENT INTERVENTION) otherwise the real estate market would have been returning to normal sooner. As Flop is noting SFH are declining in terms of prices. This phenomena will only continue.

(Hi, Flop. I’m glad you stayed on the blog. I appreciate the contribution you make here and I also get a laugh from you every now and then. Vancouverites aren’t all crass. Try to find some old-timers.)

With regards to racism in Van, anyone who grew up east of Cambie grew up in a multi-cultural environment. I went to elementary and high school with a very diverse group of people. We all got along very well. In my opinion, all these racists and their comments about Vancouver are coming from people from the rest of Canada who never grew up in Vancouver.

To sum, Vancouver became a city of d!ckheads because all the d!ckheads from across Canada came here.

Addition:

I had more time to reflect on this. The real change in Vancouver’s society probably stems when the majority of people here became irreligious and secular. Without any higher aspirations to focus on they are left with existing for self-gratification. They then live with little concern for others and are impolite and boorish. (Witness the road salt wars.)

All the stores were closed on Sundays in Vancouver when I was a kid. That changed around 1983. Perhaps that marked the turning point for the decline in Vancouver’s civility.

#193 Stan Brooks on 12.01.17 at 11:58 am

The french villa man is in deep trouble

https://ca.yahoo.com/news/vote-bill-morneau-resign-finance-minister-183048164.html

87 % support his resignation.

Back to you T2.

#194 Ian on 12.01.17 at 12:02 pm

Fed’s Dudley interview with WSJ.

Rates are going to keep rising folks. Even if this tax reform hits the fan.

https://www.marketwatch.com/story/feds-dudley-sees-no-need-for-fiscal-stimulus-at-time-of-solid-growth-2017-12-01

#195 trouble south of the border? on 12.01.17 at 12:08 pm

Flynn pleads guilty. As Mueller gets higher up the food chain. Flynn to co-operate. Markets a bit worried? …:)

we’ve had almost no volatility ytd……tic toc tic toc ….

#196 Zapstrap on 12.01.17 at 12:14 pm

Can’t believe I have lived this long without ever being east of Lloydminster. Seen Calgary quite a few times. Want to head over to the eastern side of our beautiful country and see Ottawa among other places. Anybody want to share what month would be BEST. Thinking the fall.

#197 rainclouds on 12.01.17 at 12:17 pm

TREB/ Fed Appeal Court decision.

Gonna be ANOTHER year before this gets resolved.

The friendly commissioned house sales cartel isn’t gonna let the free market in on their cozy, nefarious, information muzzling source of obfuscation without a fight, Off to the Supreme Court in a pathetic attempt to hang on to assumed relevancy.

Scum is too nice a word

http://www.cbc.ca/news/business/treb-court-ruling-secret-mls-1.4382200

#198 Duke on 12.01.17 at 12:21 pm

#169 Victor V on 12.01.17 at 8:44 am
BREAKING: Canadian economy added 79,500 jobs in November vs estimated 10,000 job increase

============

The main problem of this phony number is, most jobs are part time, low-paying at around minimum wage.

#199 Luck be a Lady on 12.01.17 at 12:33 pm

I saw a TV interview of a pretty gal explaining how to invest in the crypto space. Her company, based in the Bahamas, seemed to have it all figured out. Reminded me of how France swapped Quebec for some sweet Carribean sucre way back in the 18th century.

There may be a pirate’s treasure here, or maybe just a pot o’ gold. I see they’re singing ” When Irish eyes are smilin’ ” again. Advise to run and hide, like a simple soldat.

#200 Marcus on 12.01.17 at 12:45 pm

So much ignorance about Bitcoin. If you are scared just buy 1 bitcoin. In 10 years people wil not be talking about Bitcoin, they will be asking how much something costs in Satoshi. If you do not understand what this means do not give out Bitcoin advice. LOL!

#201 jess on 12.01.17 at 12:50 pm

open banking ? good luck with that!
“consumers will have to be very trusting that the APIs are working in a way that doesn’t allow for criminals to embed themselves in-between the banks and the trusted third party apps.

https://www.computerworlduk.com/applications/is-2017-year-that-open-banking-becomes-reality-in-uk-3653824/
===========================
Data Protection
The European Commission’s EU Data Protection Reform will come into force in May 2018. The Regulation aims to strengthen citizens’ fundamental rights for the
digital age through wide-reaching obligations and changes to the way personal data is protected, whilst also simplifying rules for companies in the Digital Single Market. Virtually every organisation that processes EU personal data will need to take some action in order to be compliant

open banking standards
https://www.paymentsuk.org.uk/sites/default/files/Changing%20Payments%20Landscape%20Jan17_0.pdf
http://europa.eu/rapid/press-release_MEMO-17-1441_en.htm

Anti-Money Laundering
The Fourth Anti-Money Laundering
Package aims to combat money laundering from criminal activities and counter the potential financing of terrorist groups by setting requirements for Member States to implement national registers of beneficial owners of companies (and some types of trusts). It also aims to prevent misuse of virtual currencies, by bringing virtual currency exchange platforms and custodian wallet providers under the legislation.

#202 TS on 12.01.17 at 12:51 pm

#168, 187,

You guys know Westjet, Air Canada, Lufthansa, KLM, BA, and probably a ton of others that I’m missing have direct evening flights to Europe from Calgary. Lots of reasons to pick one over the other, but that wouldn’t be my decision criteria.
For me Calgary wins if you are big on the outdoors, like vacationing in California, Hawaii, better economic opportunities for self starters, less brutal winter, probably friendlier. Ottawa would be a better choice if you are professionally tied to public service, like spending weekends in other major cities, better summers. I’d say you can’t go too wrong either way…they are both looking pretty good compared to other places in Canada these days.

#203 Henry on 12.01.17 at 12:56 pm

Bitcoin = Modern Tulip

#204 Ponzius Pilatus on 12.01.17 at 1:21 pm

#201

Anti-Money Laundering
The Fourth Anti-Money Laundering
Package aims to combat money laundering from criminal activities and counter the potential financing of terrorist groups by setting requirements for Member States to implement national registers of beneficial owners of companies (and some types of trusts). It also aims to prevent misuse of virtual currencies, by bringing virtual currency exchange platforms and custodian wallet providers under the legislation.
—————
Fortunately for the money launderers, Canada is still wide open for business.

#205 tulips on 12.01.17 at 1:23 pm

#200 Marcus on 12.01.17 at 12:45 pm
So much ignorance about Bitcoin. If you are scared just buy 1 bitcoin. In 10 years people wil not be talking about Bitcoin, they will be asking how much something costs in Satoshi.
—————————————————————–
In my view it doesn’t make sense for people to ask how much something costs in Satoshi if a Satoshi can change in value by many % during the time it takes to get quotes, shop around, and make a transaction.

As I see it the value has to stabilize before it will be useful for what it is designed to do. But stabilize to what? There’s no stable reference for it. Imagine if you rented a house one year ago for 2 bitcoins per month on a one year lease. Can’t do it. Please explain how this is supposed to work!

#206 Josh in Calgary on 12.01.17 at 1:25 pm

#183 Do South

I wanted to highlight a statement you made just in case there’s still a chance to get through to some Bitcoiners (do we call them Cryptoheads?)

“As for Bitcoin, *poof* and it’s gone. I have learnt over the years, if it’s already public knowledge it’s already too late to make that supposed “killing””

This is the truth about ANY market and it all relates back to human nature. By the time it’s common knowledge (ie you hear it on the news), you’ve missed the opportunity to make money.

Another saying is “buy on spec, sell on news”. You can make money speculating, but the time to do it on bitcoin is over. I think Crypto currencies are here to stay, but will another one reach bubble proportions? I don’t know? My guess is bit coin blows up in spectacular fashion and no other crypto currency gets this out of control. Although people will find a way to make money off of fluctuations similar to other currency markets.

#207 Ronaldo on 12.01.17 at 1:29 pm

Bitcoin is just the modern version of the old pyramid schemes……….after viewing this video it solidified my thoughts on this thing…..listen to his peanut gallery hooting and hollering on the sidelines….you been had people

Now he is bad mouthing bitcoin and hoping people will jump out of bitcoin and into his latest deal bitcoin.cash

https://www.youtube.com/watch?v=MQbYToRKgpM

#208 crowdedelevatorfartz on 12.01.17 at 1:29 pm

@#197 Rainclouds

You’re not really surprised that TREB will appeal the Court decision are you?
Those self righteous , self serving trolls will milk this cash cow until the last minute before they are ORDERED by the Supreme Court to disclose info.

Pond Scum does what scum will…to survive

#209 Dmitry on 12.01.17 at 1:35 pm

Hello Garth!

You have been the founding father of TFSA, and it looks like you are the last resort for a question that I tried to get an answer for at my financial institution.

Scenario:
I have done max contribution to my TFSA – $52000. The investment has grown to $80000. In year 2017 I withdrew all $80000.
Question: How much can I contribute to TFSA in 2018.
Is it 52000+5500? or 80000+5500?

Your answer is much appreciated!

All of it. $85,500. – Garth

#210 Smartalox on 12.01.17 at 1:55 pm

@Flop #78:

Thanks for the gift of the extra decimal place. I think that it is valuable to see that a place like that (albeit at ground level, in the heart of Gastown) is selling for $223k LESS THAN ASSESSMENT.

As I have stated before, the value assumed y BC Assessment lags the market value of the same property, considerably. On the upswing, this lag fuels the speculation that ‘property values always go up’.

Your posts show that (increasingly) this is not the case.

With new property value assessments due to come out in the next 8 to 12 weeks, a lot of owners of principal and speculative investment properties across the lower mainland may do well to look at the number on the paper – and deduct 10% to 20%, before asking if they’re losing money yet.

Like that property on Windsor St. that you posted: very likely a speculative investment by an ‘investment club’ made up of multiple, local, HELOC-holding families, where rising variable interest rates on the HELOCs that were used to pay for the down, the renos, and the upkeep on the mortgage, continue to eat away at the ‘payday’ profits envisioned by the club members.

And all the eyes on the ‘prize’ of gains (that will likely be declared as tax-free) are keeping the asking price high. Sure, sunk and holding costs are divided pretty much equally, and might still be relatively easy to bear, but those rising HELOC and mortgage rates, the affordability hit coming from the B20 stress test, and the general erosion of the market are all starting to add pressure.

And even though the costs are borne equally, I can assure you that the stress of it all is not. The first member of the ‘club’ to buckle may be bought out by the other investors in the club at a decent price – everyone craving a bigger piece of the pie – but as the losses mount, and the second, third, or fourth members feel the chill, this house of cards will get shakier and shakier.

It’s a nice house, and a good neighbourhood; 5% off the ask with no action, and probably 15% off the assessed value. Maybe when it’s 35% or 45% off the asking price, I’ll make an offer.

Should be sometime next summer.
Or after the stress of mounting costs and shrinking ‘profit’ gives one of the investment club members a heart attack – whichever comes first.

#211 Brendon on 12.01.17 at 1:56 pm

(Long-time reading addict/first time poster) Does anyone else here not see that Tracey was not looking for sympathy or to complain, just some respectful opinions from the blogger that she’s not only been reading, but basing her financial decisions on?

How is her simple question unlike anyone else asking “Hey Garth, when do you think Toronto RE will actually correct?”. For someone who has “lost” $100,000 for selling too early based on Garth’s advice/market opinions, don’t you think she deserves a little more respect instead of bashing one of our own and ignoring her simple question?

Why is (what I can only describe as) defensiveness and mockery being hailed as a reasonable response back to a respectfully asked question?

Garth’s opinion, for years (I’ve been reading for at least 5 years), has been that real estate prices aren’t sustainable and that people should rent until housing is more affordable. Tracey is a good disciple, but has been turned on and labelled for asking a simple question about Garth’s projections for Victoria. She’s trying to time the market a bit. Doesn’t everyone want to buy low and sell high? I feel bad for her and would be deterred from asking a question of Garth. I don’t understand all the angry people in the comment section piling on the anonymous contempt for someone they have much in common with. What do I know – I must be one of those SJW millennials, right?

Garth, I have never had to write a daily blog, but I can imagine that some days, it’s hard to come up with content. It’s your blog, but why lead everyone in turning on your own? There’s so many others to make fun of other than your own disciples.

She got the best advice. Stop whining and wanting it all. — Garth

#212 Kelsey on 12.01.17 at 2:01 pm

Government “statistics” systematically underestimate inflation and when CBers claim they can’t hit 2%, they are full of more hot air than JT doing bong hit. However, I do agree that free market forces have been pushing toward deflation during the past decade due to demographics and debt. But even if deflation wins the day in the short-run, it will not prevail in the longer term because the people with the printing presses won’t allow it. Either way, with the amount of government debt and unfunded liabilities in the system, eventually someone is going to have to eat the losses. I think we all know that the proverbial helicopter drop is the only politically expedient solution, and when faith in our current institutions are eventually lost there will be a return to some form of honest money which could involve cryptos, tangible assets, or something we haven’t yet thought of.

#213 John of Grant on 12.01.17 at 2:20 pm

#64 ronh
When I can buy food and gas with gold, it’s money. Will never happen. – Garth

I will split hairs with you: Maple leaf gold coin has a face value of $50.00 CAN. Legal tender too.

https://en.wikipedia.org/wiki/Canadian_Gold_Maple_Leaf
———————————
No need to split hairs. Is the plastic they make bills out of money?

If the government backing it says so, yes. – Garth
—————————-
Garth, I was agreeing with you. I meant the plastic itself is not money, just as gold that they make gold coins out of is not money.

#214 Fake News Again on 12.01.17 at 2:39 pm

#198 Duke on 12.01.17 at 12:21 pm
#169 Victor V on 12.01.17 at 8:44 am
BREAKING: Canadian economy added 79,500 jobs in November vs estimated 10,000 job increase

============

The main problem of this phony number is, most jobs are part time, low-paying at around minimum wage.

__________________

Or they are Govt Workers….which are a net drain on the economy.

#215 Happy Housing Crash Everyone! on 12.01.17 at 2:40 pm

SHYSTERS hate free and open markets. Realtors are lazy communists.

#216 Kat on 12.01.17 at 2:44 pm

No Mattl I did not interrupt him he starting chatting with us talking about how he was a busser making great money etc and owned a house. Both my mate and I enjoy talking to people and tend to have made a few friends out of complete strangers. The young man in question asked if he could add us to facebook if he had anymore questions. We had to cut the conversation off as we had to go but he was eager to chat. I directed him to couch potato and another few sites such as this one. He was very much trying to show his feathers to us which is fine he was very young and it is all part of it. I am not sure how you got envy out of my post but I don’t feel chatting with young people and directing them to education about financial planning is a bad thing when the subject comes up. We do it because we wish someone had done it with us.

#217 TREB LOST!!! on 12.01.17 at 2:50 pm

TREB LOST THE APPEAL!!!!!!!!!!!!!

#218 DON on 12.01.17 at 2:56 pm

#190 Rod Reynolds on 12.01.17 at 11:27 am

Give me a break Garth. You act like this paragon of wisdom, claim to be “caring”, and now you act baffled when somebody doesn’t like it when you’re being the opposite of wise or caring, ie. a complete arse to them? But it makes for good reading, right?

Baffled? Hardly. Just tired of whining. – Garth
***********************

It’s called ‘tough love’.

#219 DON on 12.01.17 at 3:18 pm

#207 Ronaldo on 12.01.17 at 1:29 pm

Bitcoin is just the modern version of the old pyramid schemes……….after viewing this video it solidified my thoughts on this thing…..listen to his peanut gallery hooting and hollering on the sidelines….you been had people

Now he is bad mouthing bitcoin and hoping people will jump out of bitcoin and into his latest deal bitcoin.cash

https://www.youtube.com/watch?v=MQbYToRKgpM
********************************

*Stamping my feet up and down – failing my arms above my head*

You are a dinosaur…set in the old ways….this is a new world – why can’t you see it?????. I went to University… don’t you know – it means I know what I am saying on every topic.

Real life experience is for losers…I don’t need real life experience, didn’t I mention I am highly educated on specific subjects…can’t you tell??? All my peers think the same way as I – soooo we must be right!

Critical thinking…Pssst! That’s soo olden style thinking. Give your head a shake (*laughing*). I’ll believe it when I see it…

Wisdom?…That is soooo yesterday, get with the times, cycles don’t exist – things always go up…nothing ever comes down. I have never witnessed an asset bubble so I know they don’t real exist.

(sarcasm of course).

#220 jess on 12.01.17 at 3:19 pm

But justice roll down like waters and righteousness like an ever-flowing stream” Amos 5:24 https://t.co/o89PSY1YBd
— James Comey (@Comey) December 1, 2017

http://abcnews.go.com/US/senior-trump-transition-official-directed-flynn-contact-russia/story?id=51515179

#221 Alistair Mclaughlin on 12.01.17 at 3:20 pm

@196 ZapStrap –

Come to Ottawa the first week of October. The fall foliage in Eastern Canada is magnificent. Colour peaks around Thanksgiving weekend. Autumn is easily the most beautiful time in the National Capital Region, even if the weather is less than perfect sometimes. I’ll take nice dry early October days at +12 to +22 over the oppressively humid summers here any time. I wish it could be late September – early October year round.

#222 DON on 12.01.17 at 3:22 pm

#217 TREB LOST!!! on 12.01.17 at 2:50 pm

TREB LOST THE APPEAL!!!!!!!!!!!!!
****************

CUE the Music*

Hallelujah
Hallelujah
Hallelujah
Hallelujah
Hallelujah
Hallelujah
Hallelujah
Hallelujah
Hallelujah
Hallelujah
Hallelujah
Hallelujah
Hallelujah
Hallelujah
Hallelujah
Hallelujah
Hallelujah
Hallelujah

#223 acdel on 12.01.17 at 3:23 pm

#214 Fake News Again

I know in my neighborhood; it’s all short term contracts with no benefits, low wages or they have giving up for looking for now. These numbers are so delusional and an outright lie. It is sickening on how the numbers are misconstrued!

#224 Graeme on 12.01.17 at 3:28 pm

I agree regarding bitcoin but the FOMO is eating away my brain. I’m an emotional wreck watching this as of late.

I thought I could hold out but I don’t know how much more I can take before I become a zombie (and buy in).

I need help.

#225 DON on 12.01.17 at 3:35 pm

repost – spelling

#147 Freebird on 12.01.17 at 12:15 am

#185 Kat on 11.30.17 at 11:15 pm

…I asked him if he has maxed out his TFSA or RRSP or if he spent his life savings of 17 years all in on a house. Well he had no idea what a TFSA was and he said he had some mutal funds through his credit union that he thinks pays about %1. It was painful to listen to, I hope he takes our advise and starts to learn the basics about financial planning.
—————-
Been there many times. Age teaches we don’t know what we don’t know and the value in being curious. That and listening twice as much as you speak. You’ll at least look smarter. ; )
*********

Don’t know what we don’t know at each stage in life. – well put!

#226 TREB got nuked! on 12.01.17 at 3:51 pm

Game over for realtors… Love it!
http://toronto.ctvnews.ca/mobile/federal-appeals-court-rules-real-estate-agents-must-make-home-sales-data-public-1.3702640

#227 rainclouds on 12.01.17 at 3:56 pm

#208 flatulence in a confined space”You’re not really surprised that TREB will appeal the Court decision are you?”

not surprised at all……..disgusted? yes.

given the trust and deep bonds house sales weasels and their association portend to have with the purchasing public.

likely be yet another year long delay in ensuring consumers ability to separate truth from realtor bovine excrement.

they truly are psychopathic bottom feeding shysters who deserve whatever sanctions are imposed on them when this goes to hell

#228 SimplyPut7 on 12.01.17 at 4:04 pm

Is it really over or can TREB delay this decision?

https://decisions.fca-caf.gc.ca/fca-caf/decisions/en/item/301595/index.do

I won’t celebrate until I actually see sold on Realtor.ca

#229 Lobster Man on 12.01.17 at 4:12 pm

#196 Zapstrap,

Go in the fall. The tulip season is also nice, but avoid the spring if you suffer from hay fever.

LM

#230 Victor V on 12.01.17 at 4:19 pm

Toronto real estate agents must make data public: Federal appeals court

https://www.bnn.ca/toronto-real-estate-agents-must-make-data-public-federal-appeals-court-1.931948

TORONTO – The Federal Court of Appeal has upheld a previous decision by the Competition Tribunal ruling that the Toronto Real Estate Board must allow its realtor members to make home sales data publicly available online.

The ruling against Canada’s largest real estate board is expected to have widespread ramifications and affect how other real estate boards provide services to customers on the internet.

Last April, the Competition Tribunal ruled that the Toronto Real Estate Board prevented competition and stifled digital innovation by prohibiting its realtor members from posting sales data on their websites.

The Commissioner of Competition argued that TREB’s rules restricted the ability of realtors to introduce innovative real estate brokerage services online, denying consumers the benefits of greater competition, such as lower prices.

The tribunal also said TREB must provide data such as sales figures, pending sales and broker commissions, which it does not currently disclose.

TREB later appealed the decision and argued that publishing sensitive data such as the price a home is sold for would violate consumers’ privacy.

#231 Happy Housing Crash Everyone! on 12.01.17 at 4:24 pm

You are sickening POS. I hate YOU SHYSTER POS.

http://www.cbc.ca/news/business/treb-court-ruling-1.4428262

I think we get it. Enough. – Garth

#232 Happy Housing Crash Everyone! on 12.01.17 at 4:30 pm

TREB got nuked! on 12.01.17 at 3:51 pm
Game over for realtors… Love it!
http://toronto.ctvnews.ca/mobile/federal-appeals-court-rules-real-estate-agents-must-make-home-sales-data-public-1.3702640

These SHYSTERS really HATE the FREE and OPEN markets. If they offer as much value as they claim then open MLS up and we will see what value they hold

TH

#233 paul on 12.01.17 at 4:40 pm

17 TREB LOST!!! on 12.01.17 at 2:50 pm

TREB LOST THE APPEAL!!!!!!!!!!!!!
——————————————————————–
Great ! new pastime looking at what Your ex, your Bother, Boss, Neighbor, Financial advisor sold their house for , or any one else’s business you want to stick your nose in.

#234 Smartalox on 12.01.17 at 4:47 pm

@DON #219:

Your post reminded me of a quote from Robertson Davies’ book ‘The Rebel Angels’, about the role of ‘learning’ in academia:

It is not that I wanted to know a great deal, in order to acquire what is now called expertise, and which enables one to become an expert-tease to people who don’t know as much as you do about the tiny corner you have made your own…In a modern university if you ask for knowledge they will provide it in almost any form — though if you ask for out-of-fashion things they may say, like the people in shops, “Sorry, there’s no call for it.” Second Paradise II, section 3.

#235 crowdedelevatorfartz on 12.01.17 at 4:51 pm

A Full Moon and the TREB ruling all in one weekend.

HHCE is beside himself with glee….hide the alcohol.

#236 rainclouds on 12.01.17 at 4:56 pm

Well, if the house sales professionals in the GTA are interested to know where there dues are going …………..

[196] We would therefore dismiss this ground of appeal.

VI. Conclusion

[197] For the reasons above, we would dismiss the appeal with costs.

#237 acdel on 12.01.17 at 5:10 pm

TREB=hopefully equals “Thelma and Louise”, hopefully all this B.S. is breaking down!

#238 Newcomer on 12.01.17 at 5:41 pm

#211 Brendon on 12.01.17 at 1:56 pm

Why is (what I can only describe as) defensiveness and mockery being hailed as a reasonable response back to a respectfully asked question?

The problem she had was not a failure to get what she wanted, but a failure to appreciate what she has already got. She needed some perspective. She got some. She asked a well-known curmudgeon and got the kind of curt response he’s famous for. That’s another thing she should have had the sense to apprciate.

#239 Overheardyou on 12.01.17 at 5:53 pm

#7 Long Branch Apprentice on 11.30.17 at 5:12 pm
Garth, you know so little about Bitcoin I actually laughed out loud.

I’d recommend the show Mr. Robot to all the blog dogs, but I’m afraid many won’t understand it.

The world is changing faster than any Boomer could possibly understand.

Oh, it’s different this time? – Garth

—–

The world may be changing but people haven’t. May I recommend some reading into the past? Tulips maybe?

#240 crowdedelevatorfartz on 12.01.17 at 7:09 pm

@#239 Over herd you
“May I recommend some reading into the past? Tulips maybe?”
+++++++

Garth doesnt need two lips to read.
You, on the other hand, may.

#241 The Awakened One on 12.01.17 at 7:27 pm

Garth,

Very cool post! Is Bandit up for the highest bidder in Bitcoin or not ?

Should set up a survey for blog dogs re: who believe Bitcoin will be here to stay and will go big eventually. Yay or Nay. Winner takes Bandit ?

#242 Tanya on 12.01.17 at 11:11 pm

I started buying a bit of crypto in July of this year. Sold it all over the past week. Made 2.5X my initial investment. Thank you very much, Mr. Parabola. Blockchain is the future, decentralization is a game-changer. But crypto is cray-cray.

If you’re still in, consider getting out. Nobody ever went broke taking profits off the table. Just ask Nasdaq investors circa 2001.

#243 Steven Rowlandson on 12.02.17 at 2:17 pm

There seems to be much confusion as to what money is and what currency is. Currency is essentially a unit of measure of money and a means of exchange. When you take the money out of the equation all you have is an arbitrary numerical value for your currency based on the opinion of the powers that be. Welcome to a Never Never land that lacks absolutes and any real value.
Bitcoin and its clones are merely a more extreme exmple of this madness.

https://justaskbenwhy.com/2015/04/24/difference-between-currency-and-money/