Texas family sells Porsche – for 300 Bitcoins?

2007 Porsche Cayman S

Detailed on the BitcoinTalk forums and verified by Business Insider, a family residing in Austin, Texas sold their 2007 Porsche Cayman S for 300 Bitcoins.

Definitely one of the first public sales of an automobile in trade for the four-year old digital currency, the family wanted approximately $39,000 for the car and had previously attempted to sell the vehicle on Craigslist. While the family accepted a value of approximately $130 per Bitcoin for the purposes of the sale, the current price of Bitcoins has shifted wildly over the last few days reaching up to $147 per Bitcoin recently before plummeting to $117 on Wednesday. 


With only 8,200 miles on the 2007 Porsche, the sports car came with leather seats, a Bose sound system, an aftermarket suspension and exhaust system in addition to 19-inch Monolite wheels that cost approximately $8,000. 

According to excerpts of the Business Insider interview, the family had previously received offers of 1,000 Bitcoins for the Porsche when the value of the currency was around $26. If the family have agreed to sell the Porsche for $26,000 at the time, those 1,000 Bitcoins would roughly be worth a minimum of $100,000 at the current trade rates.  

However, the buyer of the Porsche had originally purchased his 300 Bitcoins for approximately $4 each. That would make his total investment in the vehicle around $1,200. Sharing the details of the transaction, a member of the family said “All four of us were on the phone, me, father, buyer and surrogate while he sent the coins. We watched the transaction make its way through the network over a span of about 30 minutes , then he signed a bill of sale and passed on the title.”

In addition to listing the car for sale, the family is also attempting to sell a 2011 Harley Davidson Sportster for a price of $9,500. That would be approximately eighty Bitcoins at the current market value.

While it cost more money to mine Bitcoins than they were actually worth approximately eighteen months ago, the explosion in the value of the digital currency occurred approximately two weeks ago when the banking crisis in Cyprus spurred a significant amount of interest and investment in the currency.

People living in other European countries took notice and looked into moving a portion of their finances into Bitcoins. Rather than worry about banks shutting down or collecting a portion of their savings to support an organized bailout action, investing money in Bitcoins essentially keeps the money out of the reach of the government in each European country. 

Starting at the value of $47 approximately two weeks ago, the value of the Bitcoin hit triple digits extremely quickly. There are currently 11 million Bitcoins in existence with a collective value of approximately $1.28 billion and mining will continue until 21 million Bitcoins are in circulation. The digital currency isn’t regulated by a central bank and all transactions are peer-to-peer.

Some analysts are predicting that Bitcoin value could reach levels as high as $1,000, but the highly volatile price fluctuation of Bitcoins could also result in severe losses for any investors putting money into the digital currency right now. However, this hasn’t stopped people from attempting to sell their possessions for Bitcoins.

Besides the recent Porsche sale, a Canadian man is attempting to sell his Alberta-based home for Bitcoins.


Think crypto’s dead? JPMorgan to offer first cryptocurrency backed by a U.S. bank

J.P. Morgan Chase is making history by rolling out a trial, over the next few months, of the first cryptocurrency, dubbed JPM Coin, which is backed by a large United States bank.

You're never too broke to enjoy the best free-to-play games

Believe it or not, free-to-play games have evolved into engaging, enjoyable experiences. Here are a few of our favorites that you can play right now, including Warframe and the perennially popular League of Legends.
Movies & TV

The best shows on Netflix, from 'Haunting of Hill House’ to ‘Norsemen’

Looking for a new show to binge? Lucky for you, we've curated a list of the best shows on Netflix, whether you're a fan of outlandish anime, dramatic period pieces, or shows that leave you questioning what lies beyond.

You could spend $1,000 on an iPhone, or buy one of these awesome laptops instead

Finding a decent laptop is easy, but finding one under $1,000 is a bit tricky. Luckily, we've taken some of the guesswork out of picking out a budget laptop. Here are some of our favorites, the best laptops under $1,000.

The Polestar 2, Sweden’s answer to the Tesla Model 3, begins taking shape

Volvo sister company Polestar has released a teaser image to give us our first look at the 2, its second model. Polestar tells us the 2 will arrive as a four-door fastback with a 400-hp electric powertrain and about 300 miles of range.

2020 Kia Soul and Soul EV continue to think inside the box

The 2020 Kia Soul is the third generation of Kia's boxy curiosity. The Soul maintains its signature look, but gets tech and powertrain upgrades. The all-electric Soul EV returns as well.
Emerging Tech

Awesome Tech You Can’t Buy Yet: Grow veggies indoors and shower more efficiently

Check out our roundup of the best new crowdfunding projects and product announcements that hit the web this week. You may not be able to buy this stuff yet, but it sure is fun to gawk!

Psychedelic Volkswagen Microbus from Woodstock returns for an encore

With its trippy paint scheme, the Volkswagen "Light" bus became a symbol of the 1969 Woodstock music festival. VW teamed up with the artist who created this rolling mural to stage a comeback in time for Woodstock's 50th anniversary.

Amazon plugs in with $700 million investment in electric pickup company Rivian

Amazon invested $700 million for a minority stake in U.S. all-electric truck maker Rivian, according to a joint release. The announcement follows a Reuters report that GM and Amazon might invest $1 billion to $2 billion in the company.

2019 RAM 1500 Classic Warlock special edition: Badass style without the whoop

If you like the looks of blacked-out badass trucks without the cost of a desert racer, FCA announced the 2019 Ram 1500 Classic Warlock, a special edition pickup that focuses on appearance with only a touch of additional off-road capability.
Product Review

Mercedes-Benz updates the timeless G-wagen for the modern world

For decades, the G-Class has been an outlier in the Mercedes-Benz portfolio, a body-on-frame brute with the soul – and driving manners – of an off-road pickup. With the all-new G550, Mercedes seeks to smooth out some of the rough edges.

2020 GMC Acadia toughens up on the outside, gets smarter on the inside

The 2020 GMC Acadia crossover gets styling updates and a more rugged AT4 trim level. Under the skin, the Acadia sports a new turbocharged four-cylinder engine and a wider array of tech features.

Nissan is using old Leaf batteries to power and connect off-the-grid campers

Nissan has teamed up with trailer manufacturer Opus to design a mobile, weatherproof power pack built with battery cells sourced from the first-generation Leaf. Called Roam, the pack stores enough electricity to power a camper for up to a…

Alfa Romeo’s latest Ferrari-powered F1 race car is ready to hit the track

Alfa Romeo is doubling down on Formula One racing after a decades-long hiatus. Now essentially a support team for Ferrari, its 2019 driver lineup includes a former world champion and a potential future star.