• ETC
  • Dec 6, 2013
Maybe you've heard of Bitcoin by now, but if you haven't, here's what you need to know: it's a decentralized, electronic currency contained in the world's first completely open financial network (for a better understanding, visit this informative Washington Post article). Bitcoin can be used to buy all sorts of products through the growing list of vendors who accept the currency, and Lamborghini Newport Beach now can be added to that list.

On Wednesday, the Lamborghini dealership sold a Tesla Model S to a customer who paid for the car in Bitcoin, which were converted by an exchange service into US dollars. In an announcement on its website, Lamborghini Newport Beach says it's "fully capable of accepting Bitcoin as payment for vehicles." The electronic currency's value has increased greatly since it started catching on in early 2011, and, as of this writing, one Bitcoin is worth around $900.

If we'd only bought 100 of them for around $100 a couple of years ago...


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    • 1 Second Ago
  • 79 Comments
      Joeviocoe
      • 1 Year Ago
      We will see this bubble begin to deflate, as soon as feds convict the first case of tax evasion from a large bitcoin transaction.
        Jonathan Wayne
        • 1 Year Ago
        @Joeviocoe
        Oh yeah, in addition to the tax evasion charges, all these people that bought these Bitcoins when they were cheap and now they are theoretically worth more better pay their taxes on the profits on their new value. I imagine the IRS is going to jump in very very soon and I would imagine by now with the NSA disclosures you should know that your secret Bitcoins aren't as secret as you think they are and they probably know everything about them, if not enough and they are going to want their money.
          brandon
          • 1 Year Ago
          @Jonathan Wayne
          You don't know much about the interweb world, do you?
      RomanM
      • 1 Year Ago
      Does it mean, he doesn't have to pay sales tax when he registers, cause technically he didn't buy it for dollars?
        EVnerdGene
        • 1 Year Ago
        @RomanM
        You really think the California Board of Equalization is not going to get their cut ?
      kmanning83
      • 1 Year Ago
      Timely post, considering Bitcoin value plummeted to around $500 today (12/7) after a panic sell off triggered when the Chinese government announced that it has banned all of its banks from using bitcoins. The value peaked at around $1100 on 12/6, and is somewhere around $750 as I type this. You can see realtime Bitcoin values here: http://bitcoin.clarkmoody.com/
        RGT881
        • 1 Year Ago
        @kmanning83
        http://www.usatoday.com/story/money/business/2013/12/05/bitcoin-china-pboc/3876727/ The Chinese central bank said that while China's financial system is not currently at risk from Bitcoin trading, the digital currency does carry unacceptable risks, including fostering a trading environment of excessive speculation and the threat of criminal exploitation. However, the powerful bank stopped short of imposing a ban on individuals using Bitcoins. https://ounce.me/ http://www.bitcoinexchangerate.org/
      Bobby Robinson
      • 1 Year Ago
      I got a feeling that this dealer and others this is a preemptive strike for the coming cryptocash age. Bitcoin isn't the only kid on the block either, there will be others. However it pans out, there will be people that will make a fortune off of Bitcoin, Feathercoin, or whoever is the eventual winner is in the cryptocurrrency game. People at this dealership can see the writing on the wall.
      snap_understeer_ftw
      • 1 Year Ago
      the future is now
      Joeviocoe
      • 1 Year Ago
      Since Autoblog is not in the habit of printing retractions... http://www.autoblog.com/2013/12/09/tesla-model-s-bitcoin-purchase-false/ It was a lie!
      Sorten Borten
      • 1 Year Ago
      "If we'd only bought 100 of them for around $100 a couple of years ago..." Sure. It's always easier to gamble after you know the outcome. You could have bought some Apple stock on the day that Microsoft loaned them $150M to save the company.
      Letstakeawalk
      • 1 Year Ago
      So tell me more about how Dealerships are incapable of selling Teslas?
        Val
        • 1 Year Ago
        @Letstakeawalk
        If dealerships want to sell Teslas so bad, nothing is stopping them from buying the cars from Tesla new and reselling them.
          EVnerdGene
          • 1 Year Ago
          @Val
          compare that to 6831 (or more) ittle-bitty batteries connected in a conglomeration of series and parallel circuits, all being monitored for voltage and temperature and all in an aqueous solution for cooling I remember reading the Volt has 600 seals in their battery containment. Tesla ? Not much to go wrong. Oh, and if you puncture it; who knows what might happen ? btw: the motor driver is full of itty-bitty components also; and also liquid cooled. Yeah, it wins the simplicity prize in the gearbox category.
          Letstakeawalk
          • 1 Year Ago
          @Val
          "Buy the extended warranty." Tesla certainly recommends their customers to do so... but they can only be purchased within 30 days of delivery. No pressure at all.
          Letstakeawalk
          • 1 Year Ago
          @Val
          "And because it will be more profitable to sell the BMW, they will never push the tesla." Why do you insist there's no profit in selling a Tesla? I disagree with that point. I also disagree with the idea that there's no profit in servicing a Tesla.
          EVnerdGene
          • 1 Year Ago
          @Val
          "We have no idea what the actual service costs of a Tesla . . . " Big advantage of not having a dealer/distributor network, is that no one outside of Tesla has to know. I always chuckle when people say there are less things to go wrong on an electric car. Buy the extended warranty.
          Letstakeawalk
          • 1 Year Ago
          @Val
          Fair enough. No doubt plenty of Dealers will happily sell used Teslas, just like this one did. Proves Tesla's argument false when it happens.
          Letstakeawalk
          • 1 Year Ago
          @Val
          Again, you insist that a salesperson would be unwilling to sell a Tesla to an interested customer. I disagree with that idea. A good salesperson would point out alternatives (like that BMW with the nicer interior and better range), but the customer will buy whatever they want. No salesperson will let a sale walk away.
          Val
          • 1 Year Ago
          @Val
          i didn't say there is no profit, i said it is less than in a gas car. A profit which tesla as a manufacturer is apparently not willing to share with a bunch of entitled entrenched parasites, who are trying to sue tesla into oblivion because they won't conform with their whims. I wholeheartedly disagree that the maintenance of a tesla is comparable to a german car in the same price range. Except for the battery, which only tesla makes and only they can set the price on.
          Val
          • 1 Year Ago
          @Val
          That is the thing, dealers have turned the car buying experience for a vast majority of car buyers into a very stressful haggling nightmare. It is no coincidence that dealing with "dealers" is the most unpleasant experience of owning a car for most customers according to surveys. Why are people unhappy? Partly because they get convinced to buy crap they don't need, by overzealous salespeople. So saying that a person will buy what they want in the end is not always true. If the customer knows what he wants, he doesn't even need to go to the dealer, he can order online at a fixed price and have his car delivered at his driveway. But for the people who are not decided and not sure what they want, the dealer has the power to convince them what to buy. And because it will be more profitable to sell the BMW, they will never push the tesla.
          Letstakeawalk
          • 1 Year Ago
          @Val
          "That is the thing, dealers have turned the car buying experience for a vast majority of car buyers into a very stressful haggling nightmare." You're blaming the Dealer, when truly it's the customer who has the ability to eliminate the "stress" of haggling. The Dealer doesn't want to haggle, after all... Simply walk in and pay MSRP. Put $5-$40k down - just like Tesla *requires*. Pay up front for your service agreement, and then, wait several months for your car to be built. That Dealer (and salesman) will be your best friend for life... ..but that's not how most people buy cars. Most people aren't prepared to buy a car the way Tesla requires: huge cash down payment, wait months for delivery, maybe find out along the way that service fees went up and options you selected are "not available" any more. Tesla's boutique model works ok now for enthusiast early-adopters, but in the long run, Tesla will have to operate like more conventional Dealerships (stock on hand, run specials/discounts) if they want to sell mass-market car volumes.
          Letstakeawalk
          • 1 Year Ago
          @Val
          " I wholeheartedly disagree that the maintenance of a tesla is comparable to a german car in the same price range." We have no idea what the actual service costs of a Tesla will be. I do know of at least one P85+ that has already had to have a complete motor/tranny (drivetrain) replacement, due to a very enthusiastic owner. ;) Certainly wouldn't be a cheap repair, glad it was under warranty!
          Val
          • 1 Year Ago
          @Val
          And i know a few people with audis that had to have their turbos changed. $2000 a pop. A tranny is more than that. An engine is way more. The tranny of a tesla is a single reduction gear. Compare that to an 8 speed automatic, or double-clutch transmission. Just the manufacturing costs are an order of magnitude lower, not to mention the complexity and development effort. Motor is 150 lbs of copper, steel and aluminum with 1 moving part. Compare to a V8 engine with a 1000 moving parts.
      over9000
      • 1 Year Ago
      I have a feeling that those BitCoins came from Silk Road or some underground illegal drug market.
        Levine Levine
        • 1 Year Ago
        @over9000
        over9000: The concept and implementation of the Bitcoin came from a very intelligent Japanese economist/mathematician whose name I've forgotten. Your suspicion that the source of Bitcoin came "from the Silk Road or underground illegal drug market " shows your bias and has no support.
          Marcopolo
          • 1 Year Ago
          @Levine Levine
          @ Levine Levine You never do any research do you ? But yet that never stops you posting stuff you know nothing about. There is no "Japanese economist/mathematician" (intelligent or otherwise "). The identity of the original founder is unknown. The name "Satoshi Nakamoto" is just a pseudonym.
      d
      • 1 Year Ago
      To be clear then car was not purchased with Bitcoin. The car was purchased with dollars after the Bitcoin were exchanged. If I have a painting worth $100k and sell it to someone for $100k and then buy a car, I can say I paid for the car with a painting. However that is different than actually trading the painting for the car directly. The Lambo dealer didn't accept Bitcoin for the car, they accepted dollars.
        AbsntMndedProf
        • 1 Year Ago
        @d
        The article says nothing about exchanging the Bitcoin BEFORE purchase. The customer paid in Bitcoin, at which point, the dealership (which obviously prefers USD) exchanged it.
      Charrop
      • 1 Year Ago
      buttcoin
      bluepongo1
      • 1 Year Ago
      * Cool Story Bro ALERT * I exchanged all the foreign currency I had into Bitcoin ( back when $ 1. = B 1 ) for the personal simplicity of holding fewer currencies, but I'll tell the ladies I'm a futurist genius. The wikipedia is worthless but here is a link if you want to learn more. :-) >===> http://www.wired.com/wiredenterprise/2013/11/bitcoin-survival-guide/
        bluepongo1
        • 1 Year Ago
        @bluepongo1
        Coin Desk is good too. :-) >===> http://www.coindesk.com/kentucky-police-cheifs-salary-bitcoin/
          bluepongo1
          • 1 Year Ago
          @bluepongo1
          -2 troll tears ? LOL!!!! ...I guess all the grudge - fiction trolls didn't show up yet with their petty down-votes for my helpful links. ;-)
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