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fru-gal

We Need A Bitcoin For Housing

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Bitcoin has/is disrupting the status quo of currency/money by quietly entering a market that is rigged by those in power who manipulate fiat currencies for their own ends. Even if people don't like bitcoin/think it is a scam, there is no doubt that it has put the cat amongst the pigeons and shown that what cannot be done via the ballot can be done with ingenuity and without violence. Hopefully the bitcoin end game will be to challenge the power the banks hold and their ability to hold everyone to ransom.

We need something akin to bitcoin to change the property market imo. At the moment, property is a rigged game, the people on the outside (those non-home owners, renters etc) have no power as even at the ballot box are not represented because all parties are in thrall to big money and influence, who are all pro-HPI (bankers, land owners, large corporations and rich, vested interest MP's themselves). Since generation rent cannot influence HPI at the ballot, perhaps we need to think outside the box and come up with another way of changing/disrupting the system from another direction. This is the only way property is going to become a home again rather than an investment.

Edited by fru-gal

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Renting privately is a way of peacefully refusing to participate in the credit-fueled HPI Ponzi scheme.

Not really as your rent usually goes towards mortgage interest and supports the leverage that keeps prices high. Only building more houses is going to reduce prices and rent.

Generation rent need to work out a way of getting more built without having to pay extortionate amounts to land owners. Planning reform is required.

I used to think that it was purely credit that drove prices, but I can learn from USA/Ireland in this case. Credit drove prices much higher, but as building was permitted people built for profit, they built to many and cycle was self fulfilling.

In the UK where building is not allowed under extreme circumstances prices will always be kept high.

When you look at major cities and wonder why the prices are so high, you essentially have the same effect as in the UK where building is not permitted except in the major cities there is literally no more room to build, or building up is too expensive.

It's the grass roots NIMBY's and green belt hungers keeping the prices overinflated.

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Not really as your rent usually goes towards mortgage interest

The landlord can do whatever he wants with the rent. If he has a mortgage and the interest rate on it goes up, the rent will not. He's the one with leveraged skin in the HPI Ponzi, not me.

Edited by Dorkins

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The landlord can do whatever he wants with the rent. If he has a mortgage and the interest rate on it goes up, the rent will not. He's the one with leveraged skin in the HPI Ponzi, not me.

Nice rant - but on a macro level, when everyone is mortgaged to the hilt your sentiment is just that.

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Renting privately is a way of peacefully refusing to participate in the credit-fuelled HPI Ponzi scheme.

Rentiers are a major part of the problem and renters are but pawns in the system.

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Nice rant - but on a macro level, when everyone is mortgaged to the hilt your sentiment is just that.

Only 37% of residential properties have a mortgage secured against them and this number is falling all the time as the old mortgages are paid off and not replaced by FTBs entering the market. The proportion of the population that is "mortgaged to the hilt" is probably quite small, on the order of 20-25% of households.

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Only 37% of residential properties have a mortgage secured against them and this number is falling all the time as the old mortgages are paid off and not replaced by FTBs entering the market. The proportion of the population that is "mortgaged to the hilt" is probably quite small, on the order of 20-25% of households.

How much of the rental market is mortgaged I wonder?

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How much of the rental market is mortgaged I wonder?

The total number of buy-to-let mortgages outstanding at the end of 2012 stood at 1,445,300

link

Off the top of my head I think around 17% of households rent privately and there are about 25m households, so that would be 4.3m private rentals in total. So around a third of private rentals have a mortgage secured on the property, could be a bit more as not all lenders are captured by CML data.

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Bitcoin has/is disrupting the status quo of currency/money

I don't know about that. It's not currency and calling it money is odd. Perhaps the very small group of market makers and huge group of punters who hoard this bunk think so.

Might make some rich just like Amway et al, but it will put everybody 'cashing it out' in a database. Enjoy it while it sits in a legislative grey zone I guess.

We need something akin to bitcoin to change the property market imo

As a servant you'll have to do something about that irritating monarchy first, you know, the ones that own all the land.

Just some observations fru-gal, nothing personal.

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