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Tag #Ethereum

Tokenised car ownership with BitCar

When Lambo? We don’t know. When Ferrari 599 GTO? Now!

 

Lambos are a popular meme in the crypto world, and who doesn’t love a beautiful, fast car? While most of us can’t afford a whole one (we’re still waiting for $1m BTC), BitCar offers the next best thing with shares in a classic Ferrari.

 

Timeshares to timestamps

Fractional ownership of expensive, rare and luxury items has long been a Thing. From the heydays of timeshares in the 1980s to the square foot of Islay that every purchase of a bottle of Laphroaig gets you, we’re used to the concept of parcelling up commodities we can’t own in their entirety in the knowledge that owning a little is better than owning none.

 

Fractional ownership is an ideal use case for blockchain, for several reasons. It’s easy to create a token to represent the item to be divided up and sold – in this case, a classic Ferrari. The transparency and immutability of the blockchain means owners can be sure their fractions won’t be diluted by the creation of more tokens, and no one can lose or erase their record of ownership. Owners can prove exactly when they bought their shares and when, thanks to the full record and timestamps on each block of the blockchain. Moreover, they can quickly and easily sell their stake to anyone willing to buy it on a global secondary market – something that’s not so easy with a conventional approach.

 

Smart ownership

BitCar have used Ethereum to create a token representing ownership of a Ferrari 599 GTO – an absolute classic and a rare item of which only 599 were made. Having bought the car at a very competitive price ($561,000), the idea is straightforward: customers buy fractions of the car (from as little as $25) and then five years down the line, the car is sold and tokenholders receive the sale value in ETH. The funds are automatically airdropped to the account holding their tokens. The whole process is managed by smart contracts via the BitCar platform.

 

Whatever the crypto markets do, the expectation is that the Ferrari will appreciate in fiat terms – aside from being a rare model, the Chinese market is opening up in the coming months, and supercars are a highly sought-after status symbol. At the very least, tokens are an alternative stablecoin, but the likelihood is the sale value will be significantly higher. The car itself is stored in the UK and occasionally exhibited at events like the Goodwood Festival of Speed. 

 

So here’s how it works:

  • You’ll need MetaMask
  • Go to https://go.bitcar.io/platform
  • Log in and click ‘unlock your wallet’
  • You’ll then need to click the bar at the top to register as a member
  • Read and agree to the terms, obviously not simply scrolling to the end and clicking ‘Ok’
  • Fill out the form
  • Approve the smart contract request via MetaMask (you’ll need some ETH in your account for this)
  • Now refresh your browser, log in using MetaMask and you can click the image of the car in the centre of the screen to buy some fractions
  • You’ll need some ETH to buy fractions, as well as BitCar tokens – there’s a list of exchanges where you can get them.

Red hot news, scorching wit and searing opinion pieces from Crypto Inferno.

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An ETH holder just had a very bad day

TL;DR when you’re making a large transaction, do NOT mix up the amount and the transaction fee.

 

An ETH whale just had a very, very bad day. Take a look at this transaction and see if you can figure out what’s wrong with it: https://etherscan.io/tx/0x1f73b43dc9c48cc131a931fac7095de9e5eba0c5184ec0c5c5f1f32efa2a6bab

 

That’s right. The whale transferred 0.1 ETH, and paid a transaction fee of 2,100 ETH.

 

Cryptocurrency can be an extremely efficient way of moving value around the world. For example, last year a Bitcoin user moved $194 million of value – 29,999 BTC – with a transaction fee of just $0.10. That episode showcased the true potential of crypto to many people. Even the most efficient services in the traditional financial industry would have cost $7,500 to move $1 million.

 

But this fat-fingered or distracted Ether user neatly demonstrated what happens when it goes wrong. He paid approximately $309,000 to move $15.

 

Oops.

 

And it wasn’t the only one, either. This was actually one of several transactions with insanely high fees That makes it look more like deliberate malice, or a malfunctioning dApp – or a piece of software designed to move funds around, but that mixes up two variables. The fact that different pools mined the txs suggests it wasn’t an elaborate form of money laundering, as one reddit user claims.

 

Whatever, someone just lost a lot of money. Potentially a single large holder went from whale to minnow in the time it takes to confirm a few transactions. Alternatively, some crypto project has just burned a good proportion of its ICO reserves. No doubt we’ll find out more soon enough.

 

What we do know is that a bad day for him was a very, very good day for the miner who got those tx fees

Red hot news, scorching wit and searing opinion pieces from Crypto Inferno.

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