Porsche Cayman sold for 300 bitcoins

[Dirty F]

https://bitcointalk.org/index.php?topic=143722.0

"The Porsche sold today for ~300 Bitcoins! If this isn't proof that Bitcoin is a legitimate currency, then I don't know what is. The buyer purchased his initial Bitcoin investment at around $4 a piece so they got an amazing deal. I'm not sure if this is the single largest item sold for BTC, but I can guarantee it's the first $40,000 vehicle sold for ~300 BTC. The buyer wishes to remain anonymous, but I've asked a bitpay representative to come and post in this thread to confirm the transaction occurred."

[BlackCrayon]

and the people there have nothing to gain by hyping bitcoin so much...

[Penny24Seven]

but if bitcoins will be worth 100K each why would anyone in their right mind sell them?

[Dirty F]

Originally Posted by Brian837

but if bitcoins will be worth 100K each why would anyone in their right mind sell them?

The guy just bought a Porsche for 1200 dollars. Don't be a hater.

[Penny24Seven]

Originally Posted by Dirty F

The guy just bought a Porsche for 1200 dollars. Don't be a hater.

no. If he did this when they were 4 bucks that would be true. If I put 10K on red and win and go buy a car for 20K I still spent 20K even though half of that was free money.

[Dirty F]

Originally Posted by Brian837

no. If he did this when they were 4 bucks that would be true. If I put 10K on red and win and go buy a car for 20K I still spent 20K even though half of that was free money.

Don't hate man

[Roald]

damn Frank you buying into this hype?

[Dirty F]

Originally Posted by Roald

damn Frank you buying into this hype?

So should you

[dyna mo]

Originally Posted by Brian837

but if bitcoins will be worth 100K each why would anyone in their right mind sell them?

one reason may be the person thinks the price is topped-out. just because btc have the potential to be worth 100k each doesn't mean they will be or that everyone will hold on to them thinking that either.

another reason could be because he's an idiot. it could all be hype. remember the guy who bought a pizza for what $75K in btc. extreme massive risk.

[Google Expert]

Originally Posted by Dirty F

The buyer wishes to remain anonymous

Sounds legit.

[DWB]

Originally Posted by Dirty F

"The Porsche sold today for ~300 Bitcoins! If this isn't proof that Bitcoin is a legitimate currency, then I don't know what is.

Once traded some collectable Star Wars figures for a Motorcycle. Does that make Star Wars figures a legitimate currency? If so, I'm fuckin' rich!!!

I have a feeling that for most of you here hyping bitcoins this is your first time investing or playing with a market of any kind. Your comments, excitement, and general lack of understanding how markets work gives it away.

But kudos for getting in on it early. Hopefully you'll all make shit tones of money and become bitcoin millionaires. That would be pretty bad ass. Weird things like that happen from time to time.

[idolbucks]

That's a spiffy little ride

[pornmasta]

[Manfap]

There any bitcoin futures/derivatives about?

Originally Posted by Roald

damn Frank you buying into this hype?

As long as you sell before the hype ends then go for it..

its like day trading.. keep clearing off your positions bank the profits.

[arock10]

Buuuuuble

[dyna mo]

Originally Posted by DWB

I have a feeling that for most of you here hyping bitcoins this is your first time investing or playing with a market of any kind. Your comments, excitement, and general lack of understanding how markets work gives it away.

i was front and center on the big tech bubble in 2000.

that's just 1 example.

[L-Pink]

Originally Posted by dyna mo

i was front and center on the big tech bubble in 2000.

that's just 1 example.

Good. I was worried you might not know when to get out.

.

[dyna mo]

Originally Posted by L-Pink

Good. I was worried you might not know when to get out.

.

i was expecting an insult, just not from you.

[pornmasta]

Originally Posted by dyna mo

i was front and center on the big tech bubble in 2000.

that's just 1 example.

hmm good to know

[dyna mo]

Originally Posted by pornmasta

hmm good to know

and why's that?

[pornmasta]

Originally Posted by dyna mo

and why's that?

it gives some perspective to some of your comments.

[L-Pink]

Originally Posted by dyna mo

i was expecting an insult, just not from you.

No insult. In fact quite the opposite. The fact you got in early on something that is doubling in value makes me jealous. Just remember all the sure things from the tech bubble that fell as dramatically as they rose.

Protect some of those gains buddy!


.

[DWB]

Originally Posted by dyna mo

i was front and center on the big tech bubble in 2000.

that's just 1 example.

Your posts about it are actually well thought out and intelligent. Some of the others give me the impression they are fresh out of high school and just found out they could make money by buying into something. They are going to freak out when they learn about forex.

[dyna mo]

Originally Posted by L-Pink

No insult. In fact quite the opposite. The fact you got in early on something that is doubling in value makes me jealous. Just remember all the sure things from the tech bubble that fell as dramatically as they rose.

Protect some of those gains buddy!


.

sorry.

i was pretty skeptical then too, i had a shit ton of options for a start-up i was involved with, it was set to go public when the bottom fell out.

[dyna mo]

Originally Posted by DWB

Your posts about it are actually well thought out and intelligent. Some of the others give me the impression they are fresh out of high school and just found out they could make money by buying into something. They are going to freak out when they learn about forex.

i appreciate that, i've tried to learn as much about the exchange side of it as possible for my own benefit, i figured i'd share that here since there are so many peeps here that seem genuinely curious about it.

but, yeah, i am excited about it. i guess the technology appeals to me first, the algorithm, what can i say. i don't understand it but i can appreciate it.

but the timing is very exciting to me, i've learned the time to get in to an investment that looks attractive is before wall street does. i like that a lot about this. that said, it's all for fun.

[Spudstr]

lol, they are up to 141 right now? da faq

[ilnjscb]

Originally Posted by DWB

Once traded some collectable Star Wars figures for a Motorcycle. Does that make Star Wars figures a legitimate currency? If so, I'm fuckin' rich!!!

I have a feeling that for most of you here hyping bitcoins this is your first time investing or playing with a market of any kind. Your comments, excitement, and general lack of understanding how markets work gives it away.

But kudos for getting in on it early. Hopefully you'll all make shit tones of money and become bitcoin millionaires. That would be pretty bad ass. Weird things like that happen from time to time.

Then, when it gets to a certain price, resistance gives way and they all buy in, and mortgage their houses, and sell their TVs, and buy buy buy, and they talk down to waiters, and quit their jobs, and ... within a few months before they are thinking they will sell and come live near you in a big house in Thailand - the bottom falls out. Sad faces, suicides, divorce, repossession, article after article about "what went wrong" and "why we should have known". It isn't bitcoins, friend, it is every bubble ever. If you really want to be rich, stop buying bitcoins and start profiting off the suckers who do. When you see them really buying, when you see an article in Time Magazine called "Bitcoins: Are they the Future?" then sell immediately, even if you miss the top.

[Supz]

Can this story be verified that it is true? Or just some bitcoin forum with fancy pictures on it?

[dyna mo]

Originally Posted by Supz

Can this story be verified that it is true? Or just some bitcoin forum with fancy pictures on it?

i'm going to guess it can never be truly verified, right? due to the anonymous nature of btc.

[ninavain]

you left this in my thread..i thought I'd return it to you

Originally Posted by Dirty F

[_Richard_]

hey Ninavain, in loving respect for the rest of us

please stop

francks unbalanced.. let him have it

[Ringo]

[Supz]

Originally Posted by dyna mo

i'm going to guess it can never be truly verified, right? due to the anonymous nature of btc.

Yea, there is not even a link to the craigslist ad of the car for sale or anything right?

[dyna mo]

what's the rule for posting a link to another forum? i have the link to the original ad offering the car for sale but it's at the btcforum

[dyna mo]

looks like it's ok to post for this

https://bitcointalk.org/index.php?to...617#msg1523617

[dyna mo]

i'ma put this here instead of starting a new thread, but i think this is a pretty good brief

currency analyst advises clients on the nature of Bitcoins and how one might value BTC

his part on how to value btc is..........lacking, maybe i missed the gist of that part



Sebastion Galy has kindly let us run his whole note, which is below the dotted line.

Read more: http://www.businessinsider.com/sebas...#ixzz2PRo3yscH

------------------------------------------------------------------------------------------------------------------
This proved an interesting subject from a central bank/regulatory point of view. Please find below a more comprehensive view on bitcoins. I thank the many who gave me some info, in particular Steve, my super-quant (ex)colleague from MIT.

Bitcoins have a money supply that is theoretically increasing, following an algorithm approximating the effort of mining. As more hashing/solving power from miners appears on the network, the difficulty of solving the next problem increases.

Right now the BTC/USD is tightly following the mining cost of BTC. It tracks how many people are getting involved into it (the more people mining it, the higher cost to get it because of fixed weekly supply).
Some smart investors started to realize that under this situation, you really should buy and hold rather than mining it (obviously). As more buyers come in=>higher prices=>more miners=>more buyers creating a positive feedback loop, whose nature is quite questionable. I was told that

However, with confidence in this BTC potentially increasing, the market actually starts building up its intrinsic value as a means of exchange, which might eventually make it potentially more stable in the long-term. Some professional investors believe the BTC thing is going to rise, though through a very bumpy road in the next few months.

How can we value bitcoins intrinsic value?
-- Monetary Approach. One way to value bitcoins would be to compare the money supply of the US vs bitcoins (1bn USD or so). That simplistic approach would make bitcoins very valuable if they end up being able to buy the same USD asset. This is a supply approach and easily solvable.

-- Law of one price approach. On the demand side, a dollar is used to purchase, say, a piece of software, or game tokens within a game, or to pay someone for watching a video. There the reality meets the rubber. As far as I can see within a game, the value [of] the bitcoin is devalued as games introduce their own tokens (e.g. Metal storm has now three different levels of tokens depending on whether it is externally tradable, internally). If the bitcoin becomes too expensive it loses its usefulness as a numeraire used for exchange.

Structure of the currency:

-- Monetary Policy. With far more rapid advances in the technology of processing than mining, the rules have already been changed to stop some forms of mining which were too effective. This was effectively a form of revaluation of the currency.
-- Legal framework. From a technical point of view, the bitcoin is not yet a currency in the sense that the currency is not anonymous. Volume is low and hence it is easy to influence the price. There is no certainty that the supply of bitcoins will follow the original rules, these rules have already been changed and presume a trust in the ones able to issue the currency. In many countries, printing money is a state privilege that will come to bite in the future as this, like gambling, is regulated for good reasons. In the U.S., the government introduced rules to cover electronic moneys.
-- Technicals. From a trading point of view, we broke out of the upward-trending channel in an exponential upswing typical of aggressive bubbles. As [with] all bubbles, there is a good story behind it, the trick would be to measure both the supply side and more importantly demand side value of bitcoins.

[Helix]

Bitcoin Nutters

[ilnjscb]

It begineth:

Bitcoin May Be the Global Economy's Last Safe Haven

[pimpmaster9000]

shiny object syndrome+greed=bitcoin mania

[dyna mo]

Originally Posted by crucifissio

shiny object syndrome+greed=bitcoin mania

that's one way to look at it.

another way is people buying into btc now are buying into the idea before it has been proven, the reward for that support is a higher payout. the punishment for that is investors will more than likely lose their ducats.