patrick.net

I didnt realize $5B was invested by Microstrategies into Bitcoin! 5Billion!!

https://finance.yahoo.com/news/bitcoin-hoard-fuels-one-world-191517148.html

Bitcoin Hoard Fuels One of World’s Biggest Crypto Fortunes

(Bloomberg) -- It’s the latest corporate strategy for companies from Tesla Inc. to Square Inc.: shift a portion of cash reserves into cryptocurrencies as digital assets become more mainstream.

Still, few have gone as far as MicroStrategy Inc. Eight months after its first investment, the software firm has a Bitcoin holding worth more than $5 billion.

Shares of MicroStrategy have rocketed almost 600% since mid-July

Bitcoin prices

December close: 28,992
January close: 33,141
February close: 45,240
Mid-March: 55,000

Holy cow...and we are just 3-4 month into this bull cycle! Congrats to all Bitcoin holders!!

Bitcoin says

Congrats to all Bitcoin holders!!

They all blocked you. But continue with the solo circle jerk while you can... lol.

I knew you would not like the excellent performance of Bitcoin. As a Bitcoin hater you hope/predict Bitcoin will go to 1.2k.

But here is the reality for you:

December close: 28,992
January close: 33,141
February close: 45,240
Mid-March: 55,000

Sry :)

Wookie, my take on it is, gold is very useless with respect to industrial applications. At most, it's used in minute quantities for electronics. It's divisibility and nonreactiveness (uselessness) gives it it's optimal function for use as money. Bitcoin essentially emulates that through it's divisional properties. However, you have the added benefit of being able to electronically transfer it. Whether that sold you or not, that's my take.

theoakman says

Wookie, my take on it is, gold is very useless with respect to industrial applications. At most, it's used in minute quantities for electronics. It's divisibility and nonreactiveness (uselessness) gives it it's optimal function for use as money. Bitcoin essentially emulates that through it's divisional properties. However, you have the added benefit of being able to electronically transfer it. Whether that sold you or not, that's my take.

very nice comments!
BTW., the guy predicted Bitcoin will go to 1.2k which was the worst prediction in the history of Patnet I believe. I think there is a credibility issue.

personal

WookieMan says

awaiting moderation

@Patrick
WookieMan is accusing me but provides no backup/support/proof for this claim. I am flagging his post because these are accusations without proof and have nothing to do with the topic (Tesla/Bitcoin). Its very toxic.

Bitcoin says

WookieMan says

awaiting moderation

@Patrick
WookieMan is accusing me but provides no backup/support/proof for this claim. I am flagging his post because these are accusations without proof and have nothing to do with the topic (Tesla/Bitcoin). Its very toxic.

Almost all active users block you. You manipulated quotes. You don't answer questions on crypto when asked about the topic. You then link spam and just straight out spam. That is what is toxic.

Why is BTC valuable?

Let's see what this brings us beside the same copy and pasted response with no original thought.

WookieMan says

awaiting moderation

@Patrick
in response to his second comment, I need to flag again.
Absolutely no proof/backup/support for your claims and then quickly changing the topic. To say that there are only 12 active users on Patnet is yet another thing that is highly doubtful.

@WookieMan
Please remain on topic and when you have such severe accusations you need to provide proof (screenshots/example/links) not just empty words.

OOOOOoooooooOOOoooo. Someone is scared.

Flag it. Go for it. Never mentioned a user FYI. lol.

@WookieMan / @Patrick
very unprofessional and personal comments by WookieMan. None of this has anything to do with the success of Bitcoin and Tesla buying 1.5B USD worth of Bitcoin. Please follow the rules

Also the truth isn't necessarily personal if it's what the person does. Both comments you flagged were fine in my book, but I'll let someone else judge. Didn't know the truth could sting one so much.

You made accusations but have no proof. And you make personal comments that have nothing to do with the topic. Thats why we flag it. Sorry that annoys you. If you remain on topic and stay off personal stuff there shouldnt be an issue. In a forum you need rules and people to enforce rules, otherwise it goes to shit.

Bitcoin says

very unprofessional and personal comments by WookieMan.

Lol, this isn't a profession. I asked you to prove Tesla has bought or sold anything. You've yet to do so. Just post a link or chart.

I don't think Tesla is in BTC anymore. Prove me wrong...

Bitcoin says

You made accusations but have no proof.

Dude, you altered quotes. Patrick even put you in moderation. As usual you lie. That's not personal, it's reality. I'm sure you'll mark this one personal. Just man up and say you have no clue what crypto is and you can make money off it. Just stop selling snake oil here. It's bull shit.

Correct, Tesla bought 1.5B USD worth of Bitcoin to HODL longterm.

Bitcoin says

Correct, Tesla bought 1.5B USD worth of Bitcoin to HODL longterm.

No actual evidence as usual.

https://www.cnbc.com/2021/02/08/tesla-buys-1point5-billion-in-bitcoin.html

lots of evidence that Tesla bought Bitcoin. Not a single link that would indicate Tesla has any intentions of selling. Wait until their earnings report and you will see BTC reported on their balance sheet. Just because someone wishes that Tesla sold Bitcoin doesnt mean it happenend.

WookieMan says

personal

Good. We can go back to topic now. Thanks Patrick for keeping the forum clean.

Bitcoin says

Wait until their earnings report and you will see BTC reported on their balance sheet. Just because someone wishes that Tesla sold Bitcoin doesnt mean it happenend.

No evidence they bought. Just the "intention" to do so. Musk is smarter than you or myself. We'll see. If they bought, they got in and out. Leverage with $1.5B means you can make shit tons of money quickly. And that's what he did.

Bitcoin says

in response to his second comment, I need to flag again.
Absolutely no proof/backup/support for your claims and then quickly changing the topic. To say that there are only 12 active users on Patnet is yet another thing that is highly doubtful.

How about create a new comment and not edit it? You'd have more credibility. Either way, I think most people have ignored this thread at this point. You're shooting blanks.

looks like I hit the nail on the head

Tesla might have started a trend here:


https://news.bitcoin.com/chinese-public-company-meitu-buys-bitcoin-treasury-90-million-cryptocurrencies/

One of China’s top internet app makers, Meitu Inc., has purchased more bitcoin for its treasury. The company now holds about $90 million in cryptocurrencies. Meitu is listed on the Hong Kong stock exchange and its flagship app has more than 1 billion users worldwide.

I couldnt agree more with Powell

https://www.marketwatch.com/story/feds-powell-says-bitcoin-is-more-of-a-substitute-for-gold-than-the-dollar-11616424786

"the crypto currency is essentially more of a substitute for gold than the dollar, Fed Chairman Jerome Powell said Monday."

Even the FED sees Bitcoin as digital gold......Sry Bitcoin haters :)

And....thank you Tesla!!

And just like that....

https://finance.yahoo.com/news/elon-musk-now-buy-tesla-210055035.html

Elon Musk: ‘You Can Now Buy Tesla with Bitcoin’

Didnt the hater say you cant use your Bitcoin to buy things? Maybe not not mochi ice cream, but a model Y or S.

If I bought Bitcoin years ago, have been storing it my hardware wallet, and then pay for a Tesla with it....how would the gov't ever track my capital gains since I'm not selling that Bitcoin for cash on an exchange?

porkchopexpress says

If I bought Bitcoin years ago, have been storing it my hardware wallet, and then pay for a Tesla with it....how would the gov't ever track my capital gains since I'm not selling that Bitcoin for cash on an exchange?

What happens when you title the car? In addition to mileage, the title must record seller and price.

porkchopexpress says

If I bought Bitcoin years ago, have been storing it my hardware wallet, and then pay for a Tesla with it....how would the gov't ever track my capital gains since I'm not selling that Bitcoin for cash on an exchange?

great question. Could there be regulations that require Tesla to report the crypto purchases/names of buyers?! I dont see how the Gov't can track your Bitcoin purchases if there is no exchange involved other than the seller reporting it.

Bitcoin says

porkchopexpress says

If I bought Bitcoin years ago, have been storing it my hardware wallet, and then pay for a Tesla with it....how would the gov't ever track my capital gains since I'm not selling that Bitcoin for cash on an exchange?

great question. Could there be regulations that require Tesla to report the crypto purchases/names of buyers?! I dont see how the Gov't can track your Bitcoin purchases if there is no exchange involved other than the seller reporting it.

Tesla pays taxes. Penalties for not doing so would screw over shareholders. A Tesla is sold for over $10k. It 100% would get reported and you could expect a letter from the IRS. It would be classified as a cash transaction.

I literally just asked my guy this question who's high up with an auto manufacturer after reading this question. You might be able to get away with it as an oversight or mistake, but the government will find out if they're not lazy. So no, you cannot buy a car outright with tax free gains via BTC. You'll get audited on the crypto and potentially other things.

Everyone needs to understand what is going on with the Tesla involvement in BTC. Let's keep it simple. A Tesla sells for $100USD. The car is therefore worth $100USD. They then decide to accept BTC and "say" they're going to put $1.5B into BTC. They now get BTC worth $130USD after they pumped it with the $1.5B announcement.

Tesla is playing a minority of people that have invested in BTC. It's as obvious as water being wet. It's a con. Musk didn't get his wealth by being an idiot. He just plays the idiots. He's deliberately increasing the cost of his car to take others money via BTC and YOU pay substantially more taxes on it if it was short term cap gains. You think you're getting a deal, but you're not. You'd have been better off getting a loan or writing a check.

When that $100 Tesla is worth $90, he'll stop taking BTC. If you don't understand the game I wouldn't be playing it.

WookieMan says

So no, you cannot buy a car outright with tax free gains via BTC.

Nobody has ever suggested that on this forum. People have stated many times that realized crypto gains are a taxable event.
The question was, how can the gov't track it if the transaction is not facilitated through an exchange (which are obligated to report users and holdings/transactions (KYC regulations etc)). The answer is, the seller has probably the obligation to report purchases via Bitcoin.

Obviously, for Bitcoin perma bears, its not a happy fact that Tesla purchased 1.5B USD worth of Bitcoin and is now allowing buyers to purchase via Bitcoin. I can see how this is painful for our Bitcoin haters :) Very enjoyable to see.

Thank you Tesla!!!

The crypto market is now at over 2Trillion! Holy smokes those altcoins are exploding!

Thank you Tesla!

Bitcoin says

The answer is, the seller has probably the obligation to report purchases via Bitcoin.

Yes, that's what was said and what happens... Not sure your point. Tesla pays taxes.

Bitcoin says

The question was, how can the gov't track it if the transaction is not facilitated through an exchange (which are obligated to report users and holdings/transactions (KYC regulations etc)

Tesla is not accepting BTC via hardware. Nobody would be stupid enough to do so unless you're a trafficker or drug dealer with threat of death on you. Short term cap gains on purchasing a car with BTC is not logical either. Even long term with the volatility. You could end up selling a car for $20k that the buyer paid $60k for. You literally just took a 60% hit when you convert it to cash. The party will end. I hope you get your gains instead of constantly pumping on a site that has minimal investment talk.

WookieMan says

Yes, that's what was said and what happens

Yep, Bitcoin is now accepted by Tesla a form of payment! On top, Tesla converted 1.5B USD into Bitcoin!

Market is now at 2Trillion USD :)

Thank you Tesla!

I am excited for the Coinbase IPO. The ticker is COIN

https://news.bitcoin.com/coinbase-q1-revenue-9-fold-1-8-billion-ipo-nasdaq/

Coinbase's Q1 Revenue Soars 9-Fold to $1.8 Billion Ahead of IPO on Nasdaq

Commenting on his company’s userbase, Coinbase CEO Brian Armstrong said during the Q1 earnings call on Tuesday: “We announced 56 million verified users for Q1 of 2021. We often talk about our addressable market as anyone with a smartphone, which is 3.5 billion people today and growing.” Moreover, Coinbase says it has Monthly Transacting Users (MTUs) of 6.1 million.

Tesla sold 10% of its Bitcoin holdings. Sorry to disappoint the perma-bears who predicted that TESLA would sell ALL of its Bitcoin. Lol.

https://news.bitcoin.com/elon-musk-owns-bitcoin-has-not-sold-any-tesla-hold-btc-long-term-sold-to-prove-liquidity/

"Elon Musk Confirms He Owns Bitcoin, Has Not Sold Any — Tesla Intends to Hold BTC Long Term, Sold Some to Prove Liquidity"

"Tesla Sold 10% of Its Bitcoin Holdings, Made $272 Million"

Is Tesla making more money with Bitcoin than selling car's?

https://www.cnn.com/2021/04/28/investing/tesla-bitcoin/index.html

"Tesla bought $1.5 billion in bitcoin early this year. By the end of March, it was worth $2.5 billion"

My avg cost on ADA is $0.1 (10 cents) :)

yep, I fucking killed it....18x in less than a year!

No Tesla, for you!
What Elon giveth, Elon taketh.
Bitcoin, Dogecoin sink after Elon Musk walks back Tesla's support for crypto transactions
And, as noted by some Pat.net critics as well: Musk said in his post that Tesla was "concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel."