[2018-03-27] Gold Castings of Nelson Mandela’s Hands Sell for $10m in Bitcoin

[buwaytress]

Canadian cryptocurrency exchange firm Arbitrade bought four gold casts of the first black South African president’s hands for a massive USD 10 million, paid in Bitcoin, at its PDAC conference recently. The firm was planning to launch a global “Golden Hands of Nelson Mandela” tour to educate young people about the anti-apartheid icon’s life.

Arbitrade has paid Duncan a Bitcoin deposit that has been converted to USD 50,000, the rest payable in quarterly instalments of over USD 2 million.

“They take possession when I have the dollar amount in the bank. At two-and-a-quarter million at a time, they take one hand at a time,” Duncan was quoted as saying.

To read this in detail: http://bitcoinnews.com/gold-castings-nelson-mandelas-hands-sell-10m-bitcoin/

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[kevoh]

The sale of Mandela's four gold cast is good publicity for Bitcoin and for Arbitrade firm in particular, as I understand the Canadian company is about to do an ICO for its own cryptocurrency and building a facility in Ontario to mine its cryptocurrency.

[Theb]

Talk about a Win situation here for the seller. The seller obviously wants more than 10,000,000$ as he have opted out on choosing Bitcoin as a mode of payment. With Bitcoin's price right now he is getting more BTC and if he hodls it until it reaches back even at least 15,000$ the seller would most likely have more than 10 million by that time, now the problem I see here is that he will be paid by installments which will obviously give him different amounts every payment for the amount of 2,000,000$. I can also call this a WIN-WIN as Arbitrade shows the ability of Bitcoin as a currency even if involves a massive amount of Bitcoin.  And can someone clarify if the installments will be paid via Bitcoin?

[buwaytress]

Talk about a Win situation here for the seller. The seller obviously wants more than 10,000,000$ as he have opted out on choosing Bitcoin as a mode of payment. With Bitcoin's price right now he is getting more BTC and if he hodls it until it reaches back even at least 15,000$ the seller would most likely have more than 10 million by that time, now the problem I see here is that he will be paid by installments which will obviously give him different amounts every payment for the amount of 2,000,000$. I can also call this a WIN-WIN as Arbitrade shows the ability of Bitcoin as a currency even if involves a massive amount of Bitcoin.  And can someone clarify if the installments will be paid via Bitcoin?

Actually, it seems the seller is requesting for cash (US dollar) payments, so it would seem Arbitrade is the one likely to make more money in the long term (yes, they're paying out in bitcoin, which will be converted to USD in seller's account). Since the instalments are happening over long-term, I guess Arbitrade should be paying far fewer coins over the instalments than if they did today. Still a win-win, of course. We needed pizza to kick things off. Nothing wrong with Mandela goldfingers to keep the spirit alive!