World's First - Purchased Lambo with Bitcoin

gkhn · 13-10-2017, 01:41 AM

Hello everyone!,

I just saw this amazing video about the serious entrepreneur & could not wait to share it with you guys!.

Peter Saddington, a serial entrepreneur, bitcoin and cryptocurrency enthusiast, decided to buy his dream car with Bitcoin to encourage his community at The Bitcoin Pub and his YouTube Community that bitcoin and cryptocurrency is more than just a novel idea - it’s real technological breakthrough and currency!

He helps share his knowledge and experience at The Bitcoin Pub with the help and support of the community through his Patreon, a community-based system that can help creators monetise their work.

Watch the video here:

I’m part of the bitcoinpub and hold a moderator role.
Please let me know if you have any questions regarding Peter, The Bitcoin Pub, or how to live an amazing crypto-lifestyle (yes, that’s a thing!).

Looking forward to the conversation!

Lunch · 13-10-2017, 02:53 AM

Great investment at $2.52, probably not so much at $4,000

gkhn · 13-10-2017, 02:56 AM

Do you mean $6600 AUD ?

I got in at 2500 AUD this year and I feel pretty good.
Never too late.

Quote:

Originally Posted by Lunch

Great investment at $2.52, probably not so much at $4,000

Lunch · 13-10-2017, 04:58 AM

As you would be but at almost $70k for 10, she's a little too expensive

Makovic · 13-10-2017, 05:42 AM

Another speculative bubble. E.g. during the Dutch tulip speculation of the 17th century, a single bulb traded for the equivalent of $500K aus before that bubble crashed. Suckers won't have a pot to pizz in when the latest music stops.

Sioso · 13-10-2017, 07:03 AM

I've noticed the odd seller on Carsales saying they will accept Bitcoin as payment.

gkhn · 13-10-2017, 08:50 PM

You are comparing flower to a cutting edge world changing technology.
Time will tell.
This topic will be here in a few years and will look at it then

Quote:

Originally Posted by Makovic

Another speculative bubble. E.g. during the Dutch tulip speculation of the 17th century, a single bulb traded for the equivalent of $500K aus before that bubble crashed. Suckers won't have a pot to pizz in when the latest music stops.

b0son · 13-10-2017, 02:16 PM

How much of the bitcoin demand is driven by cryptolocker hackers' victims? And does this sound like a good basis for a business model?

mr smith · 13-10-2017, 09:31 PM

Sounds just like the early 90s Ostrich eggs..

**GO FURTHER** · 13-10-2017, 09:38 PM

I posted the following on 27-8-2017...
https://fordforums.com.au/showpost.p...&postcount=250

Anyone who took that advice and invested in Bitcoin would have made nearly US$15,000 in a month and a half

Wretched · 13-10-2017, 09:54 PM

Bitcoin is here to stay, but what will be more significant in the coming year will be the uptake and further use of its underlying technology, blockchain.

gkhn · 13-10-2017, 10:14 PM

Yes.
It's been almost 10 years since its invention.
It's only going up!

Quote:

Originally Posted by Wretched

Bitcoin is here to stay, but what will be more significant in the coming year will be the uptake and further use of its underlying technology, blockchain.

gkhn · 13-10-2017, 11:15 PM

So who is buying more BTC?

Please drop your questions here if you have any.

gkhn · 15-10-2017, 12:52 PM

Don't forget the blockchain technology is there because of bitcoin

Quote:

Originally Posted by Wretched

Bitcoin is here to stay, but what will be more significant in the coming year will be the uptake and further use of its underlying technology, blockchain.

gossy · 14-10-2017, 08:06 AM

Why are the prices skyrocketing, and why have Investors not bought up all the remaining Bitcoins if they are such a good deal?

I have just been introduced to Bitcoin from a colleague and I am more than skeptical at the moment.

**GO FURTHER** · 14-10-2017, 03:36 PM

Quote:

Originally Posted by gossy

Why are the prices skyrocketing, and why have Investors not bought up all the remaining Bitcoins if they are such a good deal?

I have just been introduced to Bitcoin from a colleague and I am more than skeptical at the moment.

You cannot buy up all the remaining Bitcoins, because they have not been released (mined) as yet.

The Bitcoins need to be "mined", which means people use very fast computers based on fast graphic cards built solely for the purpose by doing work on the Blockchain solving complex mathematical problems.... They are rewarded for their work in Bitcoins for finding a new block (Block reward).

This is the cryptographic work which miners perform in order to find the solution which allows them to define a new block in the chain.

The problem is that it costs a lot of electricity to mine a Bitcoin. To make it worthwhile, mining is best done with solar panels or overseas where electricity pricing is not as high as in Australia.

The rate at which coins can be mined gets less and less over the years till it reaches the 21,000,000 total coins that will ever be released in Bitcoins.

It will get harder to mine them in the years ahead because the computing power needed to mine them increases as the mathematical difficulty increases on the Blockchain.

In the very early days of Bitcoin, one could mine them with a normal desktop PC using fast CPU's alone... But now even the fastest Intel CPU's are too slow and an array of much faster dedicated graphic cards are used.

A state of the art Bitcoin miner PC (ASIC mining rig) costs about US$3,000 to buy.

The cost of running such a machine at say 30 cents a kilowatt hour in Australia would be about $3,100 a year!

So what miners are now doing is working as a "pool" or mining team with their dedicated mining computers a bit like the "SETI" program where users all over the world devote computer downtime to find evidence for extraterrestrial intelligence in the universe.

When Bitcoins are mined by the team with pooled computers, they then agree to share in the Bitcoins.

Think of it as ten people digging a hole in the ground with shovels instead of just one person... Much faster of course.

gkhn · 14-10-2017, 03:39 PM

Thank you very much for contributing this sir!

Quote:

Originally Posted by GO FURTHER

You cannot buy up all the remaining Bitcoins, because they have not been released (mined) as yet.

The Bitcoins need to be "mined", which means people use very fast computers based on fast graphic cards built solely for the purpose by doing work on the Blockchain solving complex mathematical problems.... They are rewarded for their work in Bitcoins for finding a new block (Block reward).

This is the cryptographic work which miners perform in order to find the solution which allows them to define a new block in the chain.

The problem is that it costs a lot of electricity to mine a Bitcoin. To make it worthwhile, mining is best done with solar panels or overseas where electricity pricing is not as high as in Australia.

The rate at which coins can be mined gets less and less over the years till it reaches the 21,000,000 total coins that will ever be released in Bitcoins.

It will get harder to mine them in the years ahead because the computing power needed to mine them increases as the mathematical difficulty increases on the Blockchain.

In the very early days of Bitcoin, one could mine them with a normal desktop PC using fast CPU's alone... But now even the fastest Intel CPU's are too slow and an array of much faster dedicated graphic cards are used.

A state of the art Bitcoin miner PC (ASIC mining rig) costs about US$3,000 to buy.

The cost of running such as machine at say 30 cents a kilowatt hour in Australia would be about $3,100 a year!

So what miners are now doing is working as a "pool" or mining team with their dedicated mining computers a bit like the "SETI" program where users all over the world devote computer downtime to find evidence for extraterrestrial intelligence in the universe.

When Bitcoins are mined by the team with pooled computers, they then agree to share in the Bitcoins.

Think of it as ten people digging a hole in the ground with shovels instead of just one person... Much faster of course.

mr smith · 14-10-2017, 09:02 AM

Bank interest and credit is cheap. End result is asset bubbles and get rich schemes. First things to go during a correction.
This tread also seems more like a spruke for Bitcoin rather than being car related.

gkhn · 14-10-2017, 11:07 AM

Because the dollar you own devalues over time. It is higly
manipulated.
Another reason is the difficulty to create 1 Btc increases over time(electricity and computing power costs).
There are a lot of investors already.
Do you mean the big guys?
They love their Fiat

but one day they will start discovering BTC.

Quote:

Originally Posted by gossy

Why are the prices skyrocketing, and why have Investors not bought up all the remaining Bitcoins if they are such a good deal?

I have just been introduced to Bitcoin from a colleague and I am more than skeptical at the moment.

gkhn · 14-10-2017, 11:16 AM

This thread is about the LAMBO which was bought using Bitcoin for the first time on earth.
I found it interesting so i thought you may find it interesting too.
I don't own a lambo but if you have any questions about the lambo, you can sign up to the bitcoin pub forum and ask him directly...

Quote:

Originally Posted by mr smith

Bank interest and credit is cheap. End result is asset bubbles and get rich schemes. First things to go during a correction.
This tread also seems more like a spruke for Bitcoin rather than being car related.

gkhn · 14-10-2017, 11:36 AM

**GasoLane** · 14-10-2017, 02:34 PM

Moved to the Bar as the thread is only vaguely Automotive related.

b0son · 14-10-2017, 04:19 PM

So bitcoin is more like gold than currency, which can be printed as needed to provide fiscal stimulus?

That surely puts a limit on its utility as currency per se? I cant see a nation relying on bitcoin itself, but perhaps some other form of digital currency that can be generated as needed.

**GO FURTHER** · 14-10-2017, 05:00 PM

Quote:

Originally Posted by b0son

So bitcoin is more like gold than currency, which can be printed as needed to provide fiscal stimulus?

That surely puts a limit on its utility as currency per se? I cant see a nation relying on bitcoin itself, but perhaps some other form of digital currency that can be generated as needed.

Not really... As there will never be more than 21,000,000 Bitcoins released or in circulation. Once this amount has been reached, no more can be mined.

New gold can always be found or mined.

Being a finite supply... If Bitcoin takes off, and If demand exceeds supply, then the price will rise like any other commodity.

It is estimated by some, that within 20 years, a Bitcoin could reach as much as US$100,000.

The two biggest threats to Bitcoin are:

1. Other emerging digital currencies that may be more accepted with the public and retailers and with better Blockchain security. Or even one of the hundreds already in existence.

2. Government regulation that may prohibit the use and making Bitcoin illegal as a currency in certain countries.

If a large respected player such as Paypal, Visa or Amex came out with a digital currency of its own and it was marketed properly... It could have the advantage of toppling most cryptocurrencies in circulation today.

The problem with cryptocurrencies today including Bitcoin is that only 1% of the world's population know or fully understand it, unlike shares and other traditional forms of investment.

I also think Bitcoin also needs to be accepted on the World's stock exchanges to be seen as a serious investment.

Bitcoin's has the "first mover" advantage and has been around for along time though.

ford man xf · 14-10-2017, 06:21 PM

You're much better investing in property and viable shares.

Lunch · 14-10-2017, 07:40 PM

So tempted..

gkhn · 14-10-2017, 10:52 PM

Go get it before it hits 10k

Quote:

Originally Posted by Lunch

So tempted..

winstor · 15-10-2017, 03:57 AM

Could have bought at $20 a coin. In hindsight...

gkhn · 15-10-2017, 05:04 AM

The time is now.
You will say in two years.. Could have bought at $7000.

Quote:

Originally Posted by winstor

Could have bought at $20 a coin. In hindsight...

**GO FURTHER** · 15-10-2017, 11:44 AM

A misunderstanding by many is that they cannot afford to buy a Bitcoin at the current value of AUD$7,000 plus.

It's not like buying shares, in that you must buy a parcel or at least one.

You don't have to buy a whole Bitcoin... You can buy just a percentage of one.

So if you like you could invest $100, $500 or any amount you can afford.

So if the price of one Bitcoin goes up by 50%... Then your initial $100 investment is also worth $150 in Bitcoin.