Bitcoin backed by four in five experts as Aussies trade white picket fences for cryptocurrency

first_imgDavid and Sandra Jenkins were last week reportedly willing to trade thier Sovereign (Islands home) for 500 bitcoin. Picture: Richard GoslingBITCOIN could become the Uber of the financial world, after winning the support of four out of five Aussie experts and economists — and driving some homeowners to consider trading in their white picket fence for a bit of coin.The latest finder.com.au survey of 33 experts and economists has found that 79 per cent do not believe bitcoin is a “foolish” investment.The backing comes amid a surge in the value of bitcoin to over $10,000 last month, which triggered a rise in Australian homeowners willing to give up their piece of the Australian real estate dream for cryptocurrency.Logan Lincoln of property research firm CoreLogic said the 75 to 80 per cent surge in value of bitcoin in the last month had created a major stir that savvy sellers were piggybacking to lift property profiles.“It’s not just Australia, there’s a lot of interest outside of Australia, I’ve even seen properties marketed in Fiji with bitcoin value,” he said. The owner of 1411 Mountain Highway, The Basin, will accept payment in bitcoin.Mr Lincoln said standard settlement periods would have to go out the window in such a scenario.“What would become more common would be the ability to immediately settle. If they have a smart contract based on blockchain, within five minutes of knocking down hammer, both parties would be ready. I don’t believe you can have same day settlement … but in terms of what we’re going to see with blockchain is the ability to create that kind of transaction.”He said “for all this to become normal, it will actually have to get involvement from banks or lenders” allowing buyers to leverage their bitcoin holding.Among those calling for calm was financial expert Peter Switzer.“While I suspect cryptocurrencies are like most things modern and seemingly illegal, think Uber, Airbnb, etc. (which seemingly break laws that incumbent rivals have to adhere to) they will be here to stay. But the bigger question is: at what price? To buy bitcoin now is a punt and you could do okay but I’m more an expert on investment and that’s why I won’t invest in bitcoin at these prices,” was how he described his trepidation in a column.If you’re still determined to swap your slice of the Australian dream for bitcoin, ATO demands you record four things: Date of transaction, value in AUD (from reputable site), purpose of the deal, and “who the other party was even if it’s just their bitcoin address”. FOLLOW SOPHIE FOSTER ON FACEBOOK FREE: GET THE COURIER-MAIL’S REALESTATE NEWS DIRECT TO INBOX This six bedroom home in Mount Macedon, Victoria, is on the market for $2.5m or its equivalent in bitcoin.The Australian Taxation Office has been eyeing off bitcoin for a while and labelled it “akin to a barter arrangement, with similar tax consequences”.“Our view is that bitcoin is neither money nor a foreign currency, and the supply of bitcoin is not a financial supply for goods and services tax (GST) purposes. Bitcoin is, however, an asset for capital gains tax purposes,” according to an ATO statement.Finder.com.au insights manager Graham Cooke believes there’s no doubting the potential behind bitcoin — “unhackable” technology could revolutionise property and finance.More from newsParks and wildlife the new lust-haves post coronavirus23 hours agoNoosa’s best beachfront penthouse is about to hit the market23 hours ago“The blockchain essentially works as an unhackable record of transactions and interactions,” he said. “Blockchains are being developed today to keep track of property ownership records and to allow expatriates and immigrants to send funds home to their families faster and cheaper than ever before — this could have far wider implications than the cryptocurrency itself.”The fly in the ointment for real estate, according to Mr Lincoln, was that the risk would be on the buyer.“If you consider a price for a 30-day settlement, bitcoin on November 1 was worth $8,000 and if settling (at month end), it would have been valued at $12,000 to $14,000 depending on what time of day. You may value property at $800,000 on day one (100 bitcoin) and in 30 days that bitcoin value goes to $1.3m. If you’ve lost a 10 per cent deposit on an $800,000 investment that’s gone up to $1.3m, you’re going to walk way.” last_img read more

Local college athletes to get added year of eligibility after lost season

first_img Mike MandellMike Mandell is the sports editor at The Ellsworth American and Mount Desert Islander. He began working for The American in August 2016. You can reach him via email at [email protected] MPA approves golf, XC, field hockey, soccer; football, volleyball moved to spring – September 10, 2020 Latest Posts Ellsworth runners compete in virtual Boston Marathon – September 16, 2020 Latest posts by Mike Mandell (see all)center_img Hospice volunteers help families navigate grief and find hope – September 12, 2020 ELLSWORTH — This is not how the 2019-20 college sports season was supposed to end.As is always the case, the flip of the calendar from February to March raised the stakes for athletes at universities across the country. For winter athletes, it meant the chance to compete for championships; for those competing in spring athletics, it marked the start of conference play and the first full month of the season.Instead, that season came to a grinding halt with a series of cancellations stemming from the novel coronavirus. From the NCAA canceling March Madness and other championship events to individual conferences calling off their winter tournaments, athletes who are used to seeing their seasons end on the courts, fields and tracks instead saw them end in conference rooms.With winter sports nearing the end, the season’s conclusion was a finality for those athletes; for the underclassmen, a year they would never get back, and for the seniors, the end of the line. Yet with spring sports still in their early stages, those involved in baseball, softball, tennis, outdoor track and more earned a major reprieve: an added season of eligibility.This is placeholder textThis is placeholder text“It feels good to know that we have that opportunity,” said Conner Wagstaff, who graduated from Ellsworth High School last year and now plays baseball at Southern New Hampshire University. “We’re obviously bummed out with the season being over, but at least we know we have that option going forward.”The eligibility relief came after the NCAA Board of Governors instructed all three divisions of competition to grant an additional year to affected athletes. Administrative committees for each division announced March 13 that they would be providing said relief, though details are still being sorted out at the Division I level.Bucksport softball’s Mikayla Tripp pitches during the fourth inning of the Golden Bucks’ 2019 season opener against MDI at Bucksport High School. Tripp, now a freshman on the Husson University softball team, appeared in four of the Eagles’ 12 games prior to the cancellation of the 2020 season. FILE PHOTOWhereas Wagstaff and Southern New Hampshire had already played 16 games by the time the season was canceled, other teams had yet to begin when the dominoes began to fall. Such was the case with the Thomas College baseball team, which features three Ellsworth graduates (Nick Bagley, Devin Grindle and Brad Smith) and was less than a week away from its first game.“It’s really hard because we should be down in Florida playing right now,” Grindle said Tuesday. “We had been practicing since January and had even started some of our outdoor practices, so it’s tough.”Among the issues to be addressed is the effect eligibility relief will have on roster sizes. The NCAA places strict limitations on the number of scholarships (except at the Division III level, which has no scholarships) and overall roster spots teams are allotted for each sport, and with schools also bringing in incoming recruiting classes, there’s a chance many programs could be stretched thin.“I think that’s going to be an issue that varies from school to school,” said Steve Peed, the athletic director and head women’s lacrosse coach at Maine Maritime Academy. “There might be a little bit of a downward push in terms of recruiting, and that could really shake things up.”Getting an additional year is a positive development for many athletes, but exercising that option isn’t always affordable for the seniors set to graduate. Although seniors on scholarships might revel in the opportunity to return for one more year, doing so would mean an extra year of tuition for non-scholarship athletes.Such is the dilemma for seniors such as Bagley, who is still deciding between returning to Thomas and accepting a job offer, and fellow 2016 Ellsworth graduate Kate Whitney, who has elected to forgo an extra year with the St. Joseph’s College softball team. It’s also the case at MMA, where Peed said his two seniors aren’t about to put their prospective careers on hold.“They’re both pretty deep into the job process already,” Peed said. “One has a six-figure job locked down, and the other is interviewing. They’re not going to give that up for a year of lacrosse.”Even for those who will return, the restoration of eligibility won’t reverse the heartbreak of the 2020 season’s early end. Yet in a situation with few alternatives, the chance to play four full years isn’t something that will be lost on those athletes.“We wanted to play, obviously, but to know we’re not losing that year is a very, very good feeling,” Wagstaff said. “It’s awesome to know we have the chance to come back with some of the seniors who helped us through this season.” Biolast_img read more