Buttcoin

396 readers

33 users here now

Buttcoin is the future of online butts. Buttcoin is a peer-to-peer butt. Peer-to-peer means that no central authority issues new butts or tracks butts.

A community for hurling ordure at cryptocurrency/blockchain dweebs of all sorts. We are only here for debate as long as it amuses us. Meme stocks are also on topic.

founded 11 months ago

MODERATORS

[email protected]

"Tokenized" investments in real estate (elpais.com)

submitted 9 months ago by [email protected] to c/[email protected]

4 comments fedilink hide all child comments

Yesterday, the business section of El País, the Spanish newspaper of record, published this story.

It details how now people are investing in "tokens" using the blockchain, in something that looks pretty much like a regular REIT to me. 12 % average annual return, 6 % to 10 % MER. I already know the end of this movie.

I've contacted the local regulator (the Spanish SEC if you want) and asked them if they have published any information about this ~~scam~~ very sophisticated product.

I was wondering if this is also a thing outside of Spain. We can't have been the first ones to invent this shit.

If you can't access it due to the paywall I can send you a PDF, just DM me.

you are viewing a single comment's thread
view the rest of the comments

[–] [email protected] 5 points 9 months ago (1 children)

I've heard of these schemes before. As you say it's like a REIT; but y'know one run by scammers, libertarians, or fools (or well all of the above).

The blockchain part is entirely pointless at best (where they bolt it onto the side of a more conventional setup as a marketing gimmick), and a legal nightmare at worst (where they decide that code is law).

e.g. in the latter case imagine trying to buy a house that's technically owned by hundreds of anonymous people . Imagine what happens if the tokens that convey ownership in the property get hacked. Image what happens if the house becomes a money pit, needs repairs, is trashed, etc.

[–] [email protected] 3 points 9 months ago

Image what happens if the house becomes a money pit, needs repairs, is trashed, etc.

ordinary REITs deal poorly with residents pouring concrete down the drain on their way out (it’s the one thing you can do to cost them a significant amount of money, if you don’t mind the personal risk); the mental image of a REIT that handles it even worse due to short-sighted crypto shit is very funny to me