Speaking of sensationalized news ...

[Gleb Gamow]

<with apologies if RawDog has already penned a thread on this very same subject  >

https://thenextweb.com/money/2017/01/27/bitcoin-buyer-house-profit/ (a rehash of https://bitcoinmagazine.com/articles/man-accidentally-makes-13-million-buying-house-bitcoin/ as the screenshot demonstrates)

While Bitcoin has starred in a series of horror stories about wasted retirement funds and lost fortunes due to its notorious unpredictability, one man from California lucked out big time on his recent house purchase – and all thanks to the popular cryptocurrency.

Speaking to Bloomberg Markets, Bitpay CCO Sonny Singh told an intriguing story how Bitcoin’s volatility accidentally helped the buyer in question take home a profit of approximately $1.3 million during the exchange from the cryptocurrency to American dollars.

Singh and his company were recently approached by a real estate developer that received an offer from a prospective buyer who expressed a preference to pay in Bitcoin. After walking him through the peculiarities of the transaction, the two parties eventually reached an agreement for the estate, which was valued at around $4 million at the time.

But here’s the thing: While the cryptocurrency was worth a mere $750 when the transaction was originally initiated, by the end of the transfer Bitcoin had surged up to over $1000, earning him a profit of more than a million dollars.

“The buyer actually ended up making about 25 percent in the currency exchange rate, essentially, in the appreciation,” Singh said. “He got a house for pretty much 25 percent cheaper.”

While the cryptocurrency continues to remain on the verge of mainstream adoption due to its highly unstable rates, the technology is gradually starting to make its way to the masses. Not too long ago, Japan became one of the first countries to introduce a service that allows users to pay their utility bills in Bitcoin.

TO BE CLEAR, the buyer DID NOT make a profit off the purchase for his $4M home. He merely had to allocate less bitcoins that he owned for the purchase, retaining more bitcoins in his coffer than if purchasing at an earlier timeframe. Same true if he had expressed to the phantom broker that he desired to pay with gold valued at $750 per ounce, but once the papers were all signed for the accepted transaction, gold climbed to $1,000 per ounce, thus allowing him to spend less gold than originally planned. THAT IS ALL! Otherwise WE ALL can say that at some time we, too. incurred a lost of X% when bitcoins were trading for less after we ordered our cups of java, having to dole out $4.25 per cup oppose to only $3.99 when we first considering ordering the damn thing thanks to waiting in the long line of people willing to make and pay for purchases with their worthless fiat.

In essence, this is non-story by Bitcoin Magazine designed to garner eyeballs, then picked up by The Next Web, both of which should know a sensationalized story when they read it - unless ...

https://www.linkedin.com/in/kyle-torpey-59687442/

Moved to Inside Bitcoins in August 2014, and eventually became the Editor-in-Chief on two separate occasions (Bitcoinist took over an editorial role there for a bit through a media partnership with Inside Bitcoins).

My bad! Looks like Kyle was ONLY an Editor-in-Chief a couple times, hence now giving him a pass for publishing a sensationalized story that MAY HAVE slipped by Bitcoin Magazine's Editor-in-Chief because he was stuck in some coffee line with bitcoins in hand when the article's deadline for submission came to pass.

Bruno

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[unamis76]

Had to read it twice to see how did the owner "made profit"... I guess you can understand things like Bitcoin Magazine did if you distance yourself a bit from what you know about Bitcoin

Good thing is that at least this is news on a positive tone and I guess there's no way for mainstream media to take this and diss on Bitcoin

[Gleb Gamow]

Had to read it twice to see how did the owner "made profit"... I guess you can understand things like Bitcoin Magazine did if you distance yourself a bit from what you know about Bitcoin

Good thing is that at least this is news on a positive tone and I guess there's no way for mainstream media to take this and diss on Bitcoin

So true! No way in hell could mainstream media diss a phantom broker and phantom buyer conducting a phantom deal involving bitcoins where a phantom amount of profit was made thanks to a meteoric rise in the exchange rate due to collusion among manipulated chinese cryptocurrency exchanges. Viva el RateCoin!

[Gleb Gamow]

Back to sensationalized news, remember the following article back in the day?

http://www.prweb.com/releases/2013/10/prweb11283333.htm

BF Labs, Inc. Processes $1 Million Bitcoin Merchant Transaction for Institutional Bitcoin Mining Hardware Purchase

Butterfly Labs (BF Labs Inc.), the Kansas-based leader in Bitcoin Mining technology, has announced that it has processed a payment of One Million dollars in Bitcoin through Bitpay - the largest single transaction ever executed by a Bitcoin payment processor.

These funds represent a down-payment on a multi-million dollar order from HashTrade, a sister company of one of Butterfly Labs' largest existing customers. The multi-PetaHash order is for Butterfly's innovative 28nm Monarch card, and these initial funds will be used to enable production of products which the company will begin delivering in December 2013.

With just a little bit of investigation on my part, I verified the following first penned here exposing the BIG LIE - https://bitcointalk.org/index.php?topic=150803.msg8937278#msg8937278


Sonny Vleisides' personal site, and not BFL's: https://web.archive.org/web/20130625050854/http://sonofodi.weebly.com/

According to https://www.blocktrail.com/address/1Hq2t6dJcxqZjGda919p4c4tmopNRLciAJ, Sonny Vleisides' bitcoin wallet address - 1Hq2t6dJcxqZjGda919p4c4tmopNRLciAJ - used to garner sales for bitcoin miner chips didn't pay any mining fees as shown below:



Yet, with one of my old wallets I doled out 0.0035 BTC for the privilege of sending a lot less fewer bitcoins...



The following is all four transactions for the 1Hq2t6dJcxqZjGda919p4c4tmopNRLciAJ address used by Sonny Vleisides for the supposed sale of bitcoin mining ASIC chips - https://blockchain.info/address/1Hq2t6dJcxqZjGda919p4c4tmopNRLciAJ




All the bitcoins that flowed to 1Hq2t6dJcxqZjGda919p4c4tmopNRLciAJ (BFL's or Sonny Vleisides' personal account) went to 1QAHVyRzkmD4j1pU5W89htZ3c6D6E7iWDs shown above, including the scant amount - 0.01001691 BTC - from 17HSPT3bhYE1rhrwAhi8k6GCGGXRdQimY7 and the 59.9273 BTC from 1DiPE4TnBczmPVoy53tffrd1iNPq87B3PB, the latter seen here: https://blockchain.info/tx/827063279c43c50c3f4c690dbf491071386d80068115f48d0beee7e80b4c7f2f.

Revisiting the 1QAHVyRzkmD4j1pU5W89htZ3c6D6E7iWDs bitcoin wallet address, the following image depicts 0 BTC tx fees paid when HashTrade supposedly paid BFL via BitPay that infamous million-dollar down payment for their multi-million dollar order of Monarchs as the press release reveals here: http://www.prweb.com/releases/2013/10/prweb11283333.htm.

BF Labs, Inc. Processes $1 Million Bitcoin Merchant Transaction for Institutional Bitcoin Mining Hardware Purchase

Butterfly Labs Announces $1 Million Down-Payment on Multi-Million Dollar Order for Next Generation Bitcoin Mining Hardware. Deposit will help enable production of innovative 28nm Monarch card.

<the following image gleaned from https://blockchain.info/tx/1b6ea350c094071412df1f801651263fd65ffa0b89ad6c8626ceeca8755f50bc>



According to the press release, the $1M USD that HashTrade supposedly paid BFL stemming from 1QAHVyRzkmD4j1pU5W89htZ3c6D6E7iWDs was paid to BitPay's wallet address 16fus1FKurpDmPtEZLGbg7vRYtH2TEFbYf.

ONLY 16 hours later, that same $1M USD equaling 5,562.354 BTC had 437.646 BTC added to it, and a new wallet - 1EXDF4fvjRozJ96TjF4SPN7rbTx2ik6Dsd - was created to store 6,000 BTC that has been untouched to this very day, as seen here: https://blockchain.info/tx/ff0fb375a2375b2b9ee7e8daa5759085d8fe8cd85280a97b1dfbb14005f36153, and further illustrated with...



Again, nary a tx fee was paid to the miners, proof with the following:



Note the confirmation time: Only ~11 minutes to get the tx confirmed with nary a fee. I say that's an impossibility for HashTrade to transfer a million dollars worth of BTC to BFL via BitPay if they do indeed maintain the 1QAHVyRzkmD4j1pU5W89htZ3c6D6E7iWDs bitcoin wallet address, of which I'm 100% confident they DO NOT!

BFL/Sonny Vleisides owns the 1QAHVyRzkmD4j1pU5W89htZ3c6D6E7iWDs bitcoin wallet address, as well as the 1EXDF4fvjRozJ96TjF4SPN7rbTx2ik6Dsd BWA, for all the bitcoins that make up the 437.646 BTC to round the wallet up to 6,000 BTC also stemmed from BFL.

BitPay may very well control the 16fus1FKurpDmPtEZLGbg7vRYtH2TEFbYf BWA used to funnel the infamous $1M USD from supposedly HashTrade to BFL, but, again, I contend that said funds were redirected back to BFL's control via parameters they set on their BitPay account.

The only thing that puzzles me now is how if BitPay was used as the payment service provider for the $1M USD transaction, why were no tx fees accrued?

To recap...

Sonny Vleisides owned the 1Hq2t6dJcxqZjGda919p4c4tmopNRLciAJ BWA.

Thousands of transactions from BFL ended up going to 1QAHVyRzkmD4j1pU5W89htZ3c6D6E7iWDs.

1QAHVyRzkmD4j1pU5W89htZ3c6D6E7iWDs was claimed to be owned by HashTrade to pay the $1M USD down payment for BFL Monarchs.

The $1M USD payment from 1QAHVyRzkmD4j1pU5W89htZ3c6D6E7iWDs plus other transactions stemming from BFL totally 6,000 BTC went to the 1EXDF4fvjRozJ96TjF4SPN7rbTx2ik6Dsd BWA after one hop, supposedly BitPay's BWA 16fus1FKurpDmPtEZLGbg7vRYtH2TEFbYf.

http://www.hashtrade.com/about.html

CoinWare and HashTrade have received substantial venture capital investment from the Jacobson Brothers, in order to help establish these emerging businesses, ensure that they have a strong foundation and secure all the capital equipment necessary to deliver the data processing services that the different business models require.

The Jacobson brothers own the Canadian Bitcoin Embassy and the Miami Bitcoin Embassy, both entities that the Bitcoin Development Fund donated 25 BTC to, of which they, too, have yet to liquidate as seen here: https://blockchain.info/address/1LAT5Zzf12cZqDy86ee2mcWhNZpk9DLf1D. Furthermore, I can easily show other BFL moneys flowing to this very address, not to mention from pools closely aligned with BFL.

All that said, which Bitcoin-themed periodical is going to be the first to publish this revelation? And, why haven't nary a one uncovered any of this before?

~Bruno Kucinskas

1-27-17 footnote: Note that the $5.5M+ worth of  6,000+ BTC have yet been moved: https://blockchain.info/address/1EXDF4fvjRozJ96TjF4SPN7rbTx2ik6Dsd

[cpfreeplz]

Had to read it twice to see how did the owner "made profit"... I guess you can understand things like Bitcoin Magazine did if you distance yourself a bit from what you know about Bitcoin

Good thing is that at least this is news on a positive tone and I guess there's no way for mainstream media to take this and diss on Bitcoin

So there wasn't any margin that he made there wasn't profit he just had to spend less bitcoins because the price rose. Wtf that's like saying if you buy a house @ $1000 then bitcoins dropped to $800 you lost $1million. It doesn't really make sense. He got a good deal but he took all of the risk so obviously he deserves the "profit". If someone had invested in some random stock and made 20% in a few weeks then bought a house you would never hear about it hahaha!

[Gleb Gamow]

https://bitcoinmagazine.com/articles/man-accidentally-makes-13-million-buying-house-bitcoin/

According to the numbers provided by Singh, the buyer of the home was left with an extra $1.3 million after the purchase of the home.

“With that extra money, he went and bought a Lamborghini at Newport Beach, Orange County, which also accepts bitcoin with Bitpay,” added Singh. “He got a house for pretty much 25 percent cheaper, as well as a free Lamborghini essentially.”

That's interesting!

Timeline:

Anonymous dude flushed with bitcoins wants to purchase $4M home via bitcoins.
Anonymous dude ask anonymous broker if he, seller and/or respective banks can process a bitcoin payment.
Anonymous broker needed to get up to speed so he contacts Sonny Singh of Bitpay.
Anonymous broker is satisfied and allows the bitcoin dealing to go through some time later, of which during the interim bitcoin price was on a tear.
Anonymous purchasing dude doles out less bitcoins then originally thought he would, so he opts to purchase a Lamborghini because the garage was empty.
Shortly thereafter, Sonny Singh proclaims to the world about how one, now two of Bitpay's clients sold and purchased a $4M home via bitcoins. Further, Sonny let's the world know more about Bitpay's client by stating that the anonymous dude purchased a Lamborghini also with bitcoins using Bitpay as the third-person payment provider from the Lamborghini dealership that accepts bitcoins.

Now, if you went to your local bank and took out a loan for some abstract purchase, and later in the day while at some restaurant you overhear a conversation between two unknowns speaking about said abstract purchase by some anonymous dude unbeknownst to them, you would be highly pissed and be on the phone contacting your lawyer because the only people privy to the transaction were you and your banker, with the former owner of the abstract residing in some foreign country, thus eliminating him or her from the equation of leaking said purchase.

Yet, here we have the Bitpay CCO during exactly such that, thinking that speaking of the parties anonymously protects their identity. Well, I got some sad news to report to you, Sunshine. Thanks to the blockchain and the timeframes alluded to, I'm now the proud owner of the txID and am 99% certain as to who the purchaser is, again, all thanks to blabbermouth Sonny Singh. And, if I can uncover such with my rudimentary skills, imagine what some others could do with better forensic tools at their disposal. Imagine further if such a person were nefarious actor with some major ill-intent in mind. Get the picture?

To be clear, THERE IS NO WAY IN MOTHERFUCKIN HELL THAT SONNY SIGNH, BITPAY'S CCO, SHOULD'VE EXPRESSED ANY FUCKIN THING ABOUT A SINGLE CLIENT OF THEIRS OUTTA FEAR OF CAUSING THEM UNDUE HARM. If some subordinate employee of Bitpay were caught disclosing vitals of a client no matter how mundane, they would, or should be immediately terminated. If not, they Bitpay would have some major explaining to do. Oh, wait! They now have some MEGA explaining to do thanks, again, to blabbermouth Sonny Signh.

On a side note, I wonder what Block Pierce has been doing lately there in Hermosa I mean LA (speaking of Hermosa I mean LA).

[Gleb Gamow]

Man buys house with Bitcoin, lucks into a $1.3M profit: https://thenextweb.com/money/2017/01/27/bitcoin-buyer-house-profit/

How do we know that the [once] anonymous purchaser acquired $4M worth of bitcoins at a $750 (per) price point, assumed by Sonny Singh, Bitpay's CCO, then rehashed virtually verbatim by trusted news outlets, thus definitively espousing an exact (more or less) profit of $1.3M? The [once] anonymous purchaser may have procured the bitcoins at a much lower exchange rate or at its all time high back in the fall of 2013 during the time I was digging an imu pit so to cook some turkeys for the homeless at Satoshi Forest prior to heading to a Bitcoin conference in Las Vegas where I donned a pink tutu (sans knee pads) to bring awareness to the Tutu Project, but I digress.

Unless Sonny had inside knowledge as to what price point the [once] anonymous purchaser procured $4M worth of bitcoins, opting not to disclose such in spite of blabbermouthing about the dude's high-end purchases, there's no way for sure to calculate the profit true amount of bitcoins saved thanks to an [unexpected] rise in the exchange rate when the deed papers were finalized, then affording the buyer to purchase a Lamborghini with the windfall because that's what one does when they have extra money in their pocket after purchasing a new den [complete with a guest house, all surrounded by a privacy wall a stone's throw from the Pacific].

Ergo, a sensationalize story published so to garner eyeballs to periodicals that rely on ad revenue to survive if not making bank off other ventures directly linked from the news sites also under the same auspices.

Hey, if I'm off-base here with my assessment, then why the hell didn't the Lamborghini dealership release a story of how a [once] anonymous dude was able to make a purchase via bitcoins after purchasing a $4M home using less bitcoins for said purchase than originally expected, hence affording him to now drive around in style up and down the California beaches as the radio blares Let's Hear It for the Boy? I'd say that'll be an excellent free advertisement for the dealership under the guise of news. Then again, a dealership, or a broker, or a third-party payment provider could easily make up similar stories involving anonymous dudes so to freely advance their respective endeavors via rumors under the pretense of breaking news.

Think about it!

[unamis76]

So there wasn't any margin that he made there wasn't profit he just had to spend less bitcoins because the price rose

Bitcoin Magazine or whoever wrote the article doesn't seem to think that way.

“With that extra money, he went and bought a Lamborghini at Newport Beach, Orange County, which also accepts bitcoin with Bitpay,” added Singh. “He got a house for pretty much 25 percent cheaper, as well as a free Lamborghini essentially.”[/size]

Free Lambo! Sign me up for that

I'd say that'll be an excellent free advertisement for the dealership under the guise of news.

My thoughts exactly. Especially because the dealer in question doesn't even like publicity... in several websites or communities... nor do they have a nice social media presence...
And apparently neither BitPay are fans of "Lambo's", maybe someone's just a big fan of BitPay.

[Gleb Gamow]

So there wasn't any margin that he made there wasn't profit he just had to spend less bitcoins because the price rose

Bitcoin Magazine or whoever wrote the article doesn't seem to think that way.

“With that extra money, he went and bought a Lamborghini at Newport Beach, Orange County, which also accepts bitcoin with Bitpay,” added Singh. “He got a house for pretty much 25 percent cheaper, as well as a free Lamborghini essentially.”[/size]

Free Lambo! Sign me up for that

I'd say that'll be an excellent free advertisement for the dealership under the guise of news.

My thoughts exactly. Especially because the dealer in question doesn't even like publicity... in several websites or communities... nor do they have a nice social media presence...
And apparently neither BitPay are fans of "Lambo's", maybe someone's just a big fan of BitPay.

https://www.youtube.com/watch?v=F6IqAFDuxjU


"Seriously, mom, I bought a brand new Lamborghini with the bitcoins I saved when I purchased my $4M home. Please sent me an eGift card for Walmart so that I can eat next month. Love you, mom."

[Gleb Gamow]

I'm just gonna leave this here: https://www.youtube.com/watch?v=UGr5HrNl4UM (sometimes I do such for no reason at all  )

[Gleb Gamow]

Thank you, Lulu Chang, for not doing due diligence prior to you, too, publishing a rehashed account in re Bitpay having no issues with its CCO, Sonny Singh, blabbermouthing about it rich clients' affairs, inadvertedly putting them in harms way of nefarious actors known to going through great lengths to secure what is not rightfully theirs: http://www.digitaltrends.com/business/bitcoin-home-buying-profit/

A fuckin retard, myself included, can now deduce exactly which home was purchased during the cited timeframe via http://www.realtor.com/soldhomeprices/Hermosa-Beach_CA/sby-10. From there, it's only a matter of viewing the public records to learn who purchased the home, again, all thanks to Bitpay's CCO, Sonny Singh, releasing the information of one of Bitpay's rich clients under the guise of a FAILED anonymous account, most likely designed to bring awareness to their brand akin to when Bitpay released the following lie which I had no problem exposing as a falsehood, then worst, as an illegal transaction by another dude named Sonny of BFL fame:

BF Labs, Inc. Processes $1 Million Bitcoin Merchant Transaction for Institutional Bitcoin Mining Hardware Purchase

Butterfly Labs (BF Labs Inc.), the Kansas-based leader in Bitcoin Mining technology, has announced that it has processed a payment of One Million dollars in Bitcoin through Bitpay - the largest single transaction ever executed by a Bitcoin payment processor.

These funds represent a down-payment on a multi-million dollar order from HashTrade, a sister company of one of Butterfly Labs' largest existing customers. The multi-PetaHash order is for Butterfly's innovative 28nm Monarch card, and these initial funds will be used to enable production of products which the company will begin delivering in December 2013.

To be clear, you or I can't use Bitpay as an exchange, viz. sending them X bitcoins whereupon they deposit X dollars in your bank account. But that's exactly what happened with that supposed million dollar payment from HashTrade back in the day. The million had been sitting in BFL's bitcoin coffer for a period of time prior to Sonny sending it to Bitpay for fiat directed to some bank account - ALL FUCKIN DOCUMENTED! Further, Sonny Vleisides of BFL continued to funnel bitcoins toward Bitpay to the tune of ... wait for it ... millions of dollars stemmed from dated miner purchases processed by Bitpay and, as we all now know, mined bitcoins stemmed from the days-long burn-in process of BFL's clients' bitcoin miners.

Ironically, the above PROVEN account has never been picked up by any crypto-themed rag, but they have no problem publishing the likes of what this thread's about or, you're gonna love this, about Carl Pattersfield - https://bitcointalk.org/index.php?topic=1665977.0 - where instead of speaking of some anonymous dude, merely create a persona that's never been indexed by Google et al. because, perhaps, the dude's been homeless since his birth weaving in and out of society prior to finding a laptop flushed with bitcoins brought to light to Carl by a person versed in Bitcoin who just so happened to be dining at a cafe walking distance of the dumpster from where Carl just came, still pushing his shopping cart with a growling stomach, musing about his next meal ... and bath (unlike Marshall Long).

[Yakamoto]

I wish there were less retarded articles like this, a lot of this stuff is absolutely insane when you consider the amount of clicks they get from something like this and how it is, in its essence, clickbait. Literally nothing beneficial beyond sensationalized information.

It's a shame that internet journalism has devolved this far.

[Gleb Gamow]

I wish there were less retarded articles like this, a lot of this stuff is absolutely insane when you consider the amount of clicks they get from something like this and how it is, in its essence, clickbait. Literally nothing beneficial beyond sensationalized information.

It's a shame that internet journalism has devolved this far.

Aside: That's how one who participates in sig campaigns should be penning posts, and I'm not just saying that because in this case the poster's echoing my sentiment (seriously, for I'm on record in sticking it up myriad posters' asses echoing my sentiments who also participate in sig campaigns because the intend of such were obvious). Bravo, dude.

[Gleb Gamow]

RawDog needs to get his ass in gear to reprimand them Reddit users for starting duplicate threads: https://www.reddit.com/r/Bitcoin/duplicates/5qmebl/man_buys_house_in_bitcoins_lucks_into_13_million/



A many of the replies center around idiot posters seriously concerned about the seller incurring a lost because ... wait for it ... the buyer incurred a profit.   And these are people within our ranks. Imagine what those not versed in cryptocurrencies believe.

And, if that were enough to date, we have another site rehashing the same bullshit: http://www.newsbtc.com/2017/01/28/buying-real-estate-bitcoin-netted-us1-3m-profit/

No need to post its content, for its virtually the same, so let's bring light to its author, mmmkay?

JP Buntinx

JP is working hard to bring more credibility to the Bitcoin and blockchain news industry. Outside of being Europe Editor at Newsbtc, JP is also an active writer for the website, and does not shy away from letting his opinion be heard.

Much cred! Such wow!

And of course we have our very own thread in the Press section: https://bitcointalk.org/index.php?topic=1767305.0

[Kakmakr]

Since when do we complain about positive fluff pieces in the media, when the same media use Fud to write shill articles to give a negative perception about Bitcoin? Let them write what they want, we cannot do anything about that. What proof would be needed to substantiate the claims that were pushed in that article, without doxing the owner of those bitcoins?

We need more Fluff articles like this to cancel out all the negative shilling being done by bigger media outlets. ^smile^

[Gleb Gamow]

Since when do we complain about positive fluff pieces in the media, when the same media use Fud to write shill articles to give a negative perception about Bitcoin? Let them write what they want, we cannot do anything about that. What proof would be needed to substantiate the claims that were pushed in that article, without doxing the owner of those bitcoins?

We need more Fluff articles like this to cancel out all the negative shilling being done by bigger media outlets. ^smile^

My bad! You're right! We need more FLUFF articles that have no semblance to the truth in advancing the Bitcoin cause to those who don't know their asses from holes in the ground, whereupon they can tell their friends about the real deal they've just learnt about. What the fuck was I thinkin'? I guess that's why I've yet to participated in sig campaigns like you do - managers figured out long ago that I'm not smart enough.

What proof would be needed to substantiate the claims that were pushed in that article, without doxing the owner of those bitcoins?

Since those who participate in sig campaigns like yourself don't read past the OP of a thread when replying, allow me to once again provide a link where you'll learn firsthand that no home in Hermosa Beach, CA, was recently sold for $4M: http://www.realtor.com/soldhomeprices/Hermosa-Beach_CA/sby-10. Ergo, no home in said city was sold via bitcoins OR the sale price was less (doubt more) than $4M.

Remember, it was Bitpay, BFL and Hashtrade that publicly stated that Bitpay acted as a third-party payment provider in processing the first ever million-dollar bitcoin transaction between BFL and Hashtrade, a stated fact that later, like within days, I blew outta the water as being a falsehood complete with proof outta my ass [and via the blockchain (maybe you've heard of it - blockchain)].

We're not talkin' rocket science here, else I'd be outta my league, albeit at one time I could and have easily explained in layman's terms how much thrust it would take to put a salt and pepper shaker in orbit with half my brain tied behind my back. Today, I would need the help of Google because I failed in life to find a company seeking a brainiac able to conduct said math/science in sending a set of salt and pepper shakers into orbit, let alone send them to the nearest star, whatever that white dwarf system is called, thus forgetting how to perform the calculations.

[Gleb Gamow]

And the hits just keep on a comin': https://www.cryptocoinsnews.com/lucky-timing-california-home-buyer-gains-an-extra-1-million-by-paying-with-bitcoin/

<snip article, basically a rehash, onto the sole comment to date>

Dorky • an hour ago

"when the contract was signed and when the transaction took place."

FAKE NEWS!!

If the price adjusted upward AFTER the contract was signed, the buyer would overpay.
If the price adjusted upward BEFORE the contract was signed, it would need to be re-negotiated.

There was ZERO mention of the contract being re-negotiated to reflect the new Bitcoin price.
I believe this news is FAKE.

Few significant details omitted, leading to a questionable article.

Well, at least Dorky got the "fake news" aspect correct as he failed in re the contract negotiation facet. The contract negotiation he speaketh of consists of a back-and-forth exchange between the buyer and seller - with the broker acting as the intermediary - negotiating the asking price, e.g. $4.3M --> $3.8M --> $4.175M --> $3.95M --> $4M --> SOLD! Further, there's the home inspection, among other niceties, mostly mundane, being negotiated unrelated to the means of payment with the exception that the buyer has the means, in this case via bitcoins which the broker, not the seller, supposedly needed to get up to speed, hence supposedly approaching Sonny Singh, CCO of Bitpay, who then couldn't wait to blabbermouth the dealing once the sale finalizes, becoming dealings, viz el Lambo, thanks to the exchange rate being in the buyer's favor, else he would've been stuck with his likes of a years-old BMW to cruise the beaches in sans lookers from lookers.

The Lamborghini purchase shouldn't have even come into play if the buyer isn't a Bitpay client, the broken just becoming a client of Bitpay so that he can facilitate the moneys from crypto to fiat via the broker's bank account, then cutting a check to the seller minus his commission. The broken shouldn't even have known about the Lambo purchase since it occurs after the home sale unless he and the buyer bounded while enjoying some hot tub after dark with Romulan Ale at the ready poolside, and if such was the case, the broker shouldn't have relayed the info to Bitpay's CCO, same true if the assumed male buyer bragged to the broker that with the windfall he's now able to afford the complete sex change operation he's always wanted. Remember, Sonny supposed got the info from the broker, NOT THE [ANONYMOUS] BUYER.

Yep, there's a lot of holes in this story, a major one being that there was no $4M home sold in Hermosa Beach, CA, as Sonny claims on the initial radio broadcast, especially not one sold during the brief runup timeframe, albeit others homes sold are within the expressed price range and timeframe, with one or two coming fairly close, but if one of them, further holes in the story are revealed.

For you newbies in this space, here's the first home sale in the US purchased via bitcoins from the buyer to the broker, both interviewed, with Bitpay acting as the third-person payment provider, all documented: https://www.youtube.com/watch?v=IM861KXyNSg



The above brought to you at the risk of having the restraining order against my scammy Dumb-ass ass being extended for a third year because the victim, a known stolen valor dude residing in said home, fears for his life.  

[Gleb Gamow]

And more hits just keep on a comin': http://insidebitcoins.com/news/man-accidentally-makes-1-3-million-buying-house-bitcoin/36964

http://www.financemagnates.com/cryptocurrency/education-centre/sonny-singhs-ten-predictions-for-the-fintech-industry-in-2017/

Sonny [Singh] is the Chief Commercial Officer of BitPay, the largest processor of bitcoin in the world. Previously, he was the VP of Business Development at Jumio. Sonny is also an adviser to and investor in several VC funds and startups including Lumia Capital, Getaround, EstateAssist (acquired by DocuSign), Civic Technologies, TubeMogul (IPO), Narativ, etc.

http://narativ.com/

Storytelling is as old as humanity and stories are capable of communicating many things. They convey history and culture. They create connection and build community. They translate jargon into understanding. They startle and cajole, motivate and inspire. For organizations and companies, for leadership and employees, stories are a source of limitless possibilities.

Our Listening & Storytelling MethodTM has been tested and refined for over 20 years, with thousands of individuals and Fortune 500 companies in over 10 countries. With our method, any subject matter, from a technical presentation or a strategy brief to an on-boarding session, can become a story, and any employee a storyteller. Our method affects positive and sustainable change in the areas of leadership, engagement, marketing and sales, advocacy and personal development.

Speaking of storytelling, why invest in Narativ when one can now simply declare that they invested in Narativ thanks to Narativ's vision?

[Gleb Gamow]

Thank you, CoinTelegraph, for adding more twists to the drama: https://cointelegraph.com/news/real-estate-buyer-makes-13-million-buying-home-with-bitcoin

A real estate buyer in California profited nearly $1.3 mln after purchasing $4 mln worth of Bitcoin with an intent to purchase a house in California.

Earlier this month, BitPay chief commercial officer (CCO) Sonny Singh was approached by a real estate buyer based in California who wished to purchase a $4 mln house solely using Bitcoin.

Singh and the BitPay team, which provides a wide range of Bitcoin services assisted the buyer and the real estate developer in coming to terms with the final settlement. At last, a $4 mln price tag was agreed upon to be fully paid in Bitcoin.

The buyer went on to purchase millions of dollars worth of Bitcoin to initiate the transaction. At the time, Bitcoin was worth around $750 in the global Bitcoin exchange market. Once the buyer secured $4 mln worth of Bitcoin, he initiated the transaction and sent the payment to the real estate developer to close the deal.

Revisiting the original boadcast - https://assets.bwbx.io/av/users/iqjWHBFdfxIU/vAYHE__RECQg/v2.mp3 (at the 7:00 mark) - Sonny Singh states that it was a reale state developer (hell, not even a real estate broker, but one who develops [new] properties oppose to merely acting as a [legal] third-party intermediary) and NOT the buyer who initiated contact with Bitpay's CCO.

Further, the CoinTelegraph rag advances the notion that the exchange started at the beginning of the month (January). Interesting, given ...



... given that Bitcoin's meteoric rise started in the latter part of 2016 when at one point the exchange rate was at $750 per, hitting $1,000+ per on the New Years Day, climbing higher prior to the correction(?) on the 5th of January, CT's twist on the original account is now blown outta the water BY ME.

Sonny Singh was clear in his account (see link to broadcast above) of how a developer made contact with him (Bitpay) last month (December) because a purchaser wanted to pay with bitcoins and wasn't sure what that was, how it could be processed, etc. Nowhere does Sonny mention that the buyer purchased bitcoins for the sole purpose of purchasing a Hermosa Beach, CA, home, for he was supposedly only in contact with the developer-com-broker, again, NOT the buyer, also again, not privy to how the buyer used the bitcoins he was able to retain thanks to the exchange rate being in his favor, yet Sonny was supposedly versed on how said buyer went and purchased a Lamborghini from a dealership who just so happens to not only accept bitcoins, but uses Bitpay as their third-party payment provider to facilitate the bitcoin transaction to fiat, deposited into their bank account within 48 hours.

Singh and the BitPay team, which provides a wide range of Bitcoin services assisted the buyer and the real estate developer in coming to terms with the final settlement. At last, a $4 mln price tag was agreed upon to be fully paid in Bitcoin.

I'm not even going to get into how a non real estate entity in Georgia was able to negotiate a real estate transaction in the state of California where fiat, bitcoins or seashells was the currency of choice being considered.

So, if Bitpay's CCO is so open in publicly disclosing its client's transactions, what are they saying openly sans broadcasts about their other clients' purchasing and selling habits?

Again, I state that this is either a made up story, or Bitpay's CCO, Sonny Singh, has put one of it well-to-do clients in harm's way. THAT'S THE STORY with no other options, and now thanks to myriad periodicals picking up Sonny's story, rest assured that at least one nefarious actor having ill-intend is considering the possibilities if the latter is the case, all thanks to Sonny Singh. Genius!

[Gleb Gamow]

And the STORY gains traction around the globe (unless you're a flat-Earther): http://www.tamindir.com/bitcoin-ile-ev-aldi-13-milyon-dolar-kar-etti_h-19347/

Virtual currency Bitcoin continues to come with amazing stories about. As a reminder for those who do not, Bitcoin currency is famous for its instant fluctuations and generally untrustworthy became notorious as an investment tool. These fluctuations are not so small, but they appear as serious fluctuations. Not surprisingly, as many Bitcoin victims so far and very interesting Bitcoin story appeared and were often dramatic story. However, a man in California shot Bitcoin with this momentary fluctuation in the face of the battle. Bitcoin complete in seconds with the guy who bought the home $ 1.3 million profit earned.

In this positive Bitcoin story by Sonny Singh, who is responsible for Bitpay's business activities, a man in California sued a house for $ 4 million. The man who wants to sell the house wants to pay this money with Bitcoin when he notices the seller's "Bitcoin is valid" statement. Bitcoin will do it again during the transfer of the money while everything is going on normal course so far. At the end of the payment process to begin again with $ 750 worth of Bitcoin payment in 1000 dollars with a sudden surge higher. Thus, although the home buyer to pay , taking home 25 percent cheaper than put the full $ 1.3 million in his pocket. And the top story does not end here either. $ 1.3 million to make empty as the winner of a number of guys that go in between a difference with a self- bought Lamborghini , the subject still Bitcoin.

It is not known whether Bitcoin's unreliable perception may change with the story of a man who owns a $ 4 million single house and a Lamborghini owner, but let's also note that Bitcoin has made a remarkable progress in the last year. Because Bitcoin most preferred investment vehicle of 2016 was.

Unless lost in translation, this version has the seller willing to accept bitcoins as payment, not the real estate developer-cum-broker.

I do see that since Bitcoin was a preferred investment vehicle in 2016, purchasing a Lamborghini at the start of 2017 was an appropriate way to celebrate.