Bitcoin Forum

I have a preorder from everyone's favorite ASIC company, BFL, #21XX paid on June 27th 2012, $60,146 for two mini rigs.

If you, like me, are confident that early orders stand to make a large profit reasonably soon, I'd like to give you the opportunity to buy a 40k car to sell to me for BTC or a mining contract for an agreed gigahash/time. So the choices are-

1. I will write a contract guaranteeing you 375 bitcoins before the end of the year (10% profit over the car's asking price without applying your negotiating skills). I would be happy to put in writing that I won't sell the car before you have the 375 bitcoins, so you would have a big safety net in the car being collateral. If I violated the terms of the contract or a situation develops where BFL fails to deliver and I can't come up with the coins, you would easily be able to collect on the collateral. I would also insure the car to whatever extent you wanted because I'm planning to take care of the car anyway.

2. If you're looking to take more risk, I would trade the car for a contract of a certain amount of gigahash/time based on agreed upon conditions.

The car is in North Florida, and I would meet you in person to take ownership/transfer the title and sign the contracts and everything. This is a pretty safe deal, considering the most you have to lose is depreciation on a used car for 6 months.

So they would have a lien on the vehicle?

Yeah, I don't see why the buyer and I couldn't arrange a consensual lien, I'd have to ask my lawyer how to go about it though.