patrick.net

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."

Bitcoin says

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

Currencies that trade like OTC Biotechs! Safe store of value - money of the future!

Tesla continues to HODL Bitcoin. Here is Musk's tweet. It also sounds like Tesla could be entering the Bitcoin mining business:



Thank you Tesla!

MisdemeanorRebellionNoCoupForYou says

Bitcoin says

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

Currencies that trade like OTC Biotechs! Safe store of value - money of the future!

you sound bitter and jealous! Just be happy for crypto investors like me who make life changing money in this extremely bullish crypto market :)

Given massive coming inflation, crypto currency will continue to rise in value. When government fiat currency proves weak, investors will see value in currency that can’t be manipulated by simply printing more of it.
Dogecoin FTW!

I think that no matter what the underlying currency, it's always possible to "print" more of it by making more loans.

Even with gold, there were massive credit cycles.

If I promise to pay you an ounce of gold I do not have, and you accept that promise, in effect we have created more money right there.

Patrick says

I think that no matter what the underlying currency, it's always possible to "print" more of it by making more loans.

Even with gold, there were massive credit cycles.

If I promise to pay you an ounce of gold I do not have, and you accept that promise, in effect we have created more money right there.

Nice to see someone who gets it. It’s not specific to any currency, crypto or commodity. Everything is leveraged and the first in wins the most.

Can you make money on crypto? Sure. Will you lose it. Most likely. Anything ramped up with no assets by default is a bubble. Musk burned and will burn a shit ton of people. The goal is Mars. He gives zero fucks about any of us.

He’s made some cool stuff. Tesla is a nice car. Until it can get 400mi per charge and recharge in 2 min, it’s shit. The average person has no use for a $50k car you need to wait 20 min to get going again.

Tesla should buy Cardano (ADA)! I like my 18x, but wouldnt mind a 100x.

Let's go Elon, tweet about Cardano!

Bitcoin says

Tesla continues to HODL Bitcoin. Here is Musk's tweet. It also sounds like Tesla could be entering the Bitcoin mining business:



Thank you Tesla!

Musk conveniently left out what he did with his personal holdings of Bitcoin. Did he sell all of it? Did he go short?

Put him on the spot. I bet he personally made a ton on the pump and dump.

Misc says

Musk conveniently left out what he did with his personal holdings of Bitcoin. Did he sell all of it? Did he go short?

Put him on the spot. I bey he personally made a ton on the pump and dump.

He knew his tweet would push the price down so he can buy more Bitcoin at a discount. He knows that his tweets move the markets.....
If you have the power why not use it?

Cryptocurrency is not yet subject to Federal Insider Trading Rules. So it's the Wild, Wild, West for traders who can start rumors for pump and dump schemes.

Shows a weakening dollar due to inflation.

WillPowers says

Shows a weakening dollar due to inflation.

Inflation is hitting like a storm right now....the perfect set up for Bitcoin and crypto.

Talked to my buddy who is a higher up at a commercial landscaping company. He could hire 30 guys right now because there is so much work. Problem is, they all want $4 more an hour than what he thought the market rate is. Not only is material cost going through the roof....labor is too.
Shit's going to get more expensive very quickly....groceries is next.

The wage inflation is caused by the fools continuing to pay unemployment benefits.

When that stops, the lazy fucks have to go to work or sell their ass if they aren’t ugly hags and fags.

clambo says

The wage inflation is caused by the fools continuing to pay unemployment benefits.

That is also true.....and a booming construction industry. Near the coast we see new construction on almost any buildable land (commercial and residential).
And dont forget, during Trump we had less illegals coming in. My buddy in the landscaping industry tells me all the time how he has to "steal" people from competitors in order to get decent workers. Isnt that a good thing? less illegals and a competition around labor increases labor costs. Do we want illegals to do the work for less or do we want americans to do the landscaping/construction work for more money?

So, we heard so much bullshit/lies by the Bitcoin haters:

"Elon played you"
"Elon sold all Bitcoin"
"Pump and dump"

here is a reality check:

https://www.youtube.com/watch?v=xd5yeSs_zsI

As I said multiple times before....Bitcoin has its way to slapping the haters left and right.

Takeaways:
Elon Musk said during the conference, not only does Tesla still own 90% of its Bitcoin holdings but also SpaceX holds Bitcoin on its balance sheet and Elon personally owns Bitcoin, Ethereum and Doge.

LOL :) Thank you Tesla! Thank you Elon and thank you SpaceX!

Bitcoin says

https://www.youtube.com/watch?v=nQSFs-PFipE

Is this real? Theyre giving away BTC?



Seems like a money laundering scheme - maybe thats why they want you to send money to them first, so they can send diff money back.

Looks fake / scammy.

Hircus says

Looks fake / scammy.

Total scam but there are still big ole sucker fish ready to take the bait... That type of scam was running hot and heavy on any
semi popular coins but now most know better or at leasr shoul.

Use this link to watch the conference: Its interesting to watch and shows how wrong all the Bitcoin haters are (once again)

https://www.youtube.com/watch?v=xd5yeSs_zsI

the youtube video link is meant for you to watch the dialogue on Bitcoin between Cathie Wood,, Elon and Jack Dorsey.


https://www.cnbc.com/2021/07/21/elon-musk-jack-dorsey-speak-about-cryptocurrency-at-b-word-conference.html

Musk said. “I definitely do not believe in getting the price high and selling or anything like that. I would like to see bitcoin succeed.”

https://www.theblockcrypto.com/post/112158/elon-musk-says-spacex-owns-bitcoin-and-he-owns-ethereum-in-jack-dorsey-talk

hahaha

"Elon Musk says SpaceX owns Bitcoin and he owns Ethereum in Jack Dorsey talk"
"Elon Musk confirmed both Tesla and SpaceX own Bitcoin during his discussion with Twitter CEO Jack Dorsey and ARK Invest CEO Cathie Wood today."
"In his opening remarks at The B Word panel, Musk said he is ultimately a supporter of Bitcoin and cryptocurrencies despite his skepticism towards proof of work concepts. He said the only public stock he owns is Tesla, but the only "three meaningful assets" he owns outside of company stock is bitcoin, ether and dogecoin, and that he owns "much more bitcoin than ether or doge.""


poison for the Bitcoin haters :)

Ya its a fake ark invest youtube account. Looks like they can spoof subscribers, or maybe use their botnet to force people to subscribe to their channel.



I bet they make good money doing this.

Bitcoin says

https://www.theblockcrypto.com/post/112158/elon-musk-says-spacex-owns-bitcoin-and-he-owns-ethereum-in-jack-dorsey-talk

hahaha

"Elon Musk says SpaceX owns Bitcoin and he owns Ethereum in Jack Dorsey talk"
"Elon Musk confirmed both Tesla and SpaceX own Bitcoin during his discussion with Twitter CEO Jack Dorsey and ARK Invest CEO Cathie Wood today."
"In his opening remarks at The B Word panel, Musk said he is ultimately a supporter of Bitcoin and cryptocurrencies despite his skepticism towards proof of work concepts. He said the only public stock he owns is Tesla, but the only "three meaningful assets" he owns outside of company stock is bitcoin, ether and dogecoin, and that he owns "much more bitcoin than ether or doge.""


poison for the Bitcoin haters :)

I wonder how many times Musk has to lie to the public before the public realizes that Musk lies to the public?

Musk is just the modern PT Barnum.

The hyperloop is an old idea, and it was intriguing, when it was proposed back in the 1800's. There's a reason that it was never done. There was a Gene Roddenberry television show that featured it. It was called "Genesis II". Here it is:

https://www.youtube.com/watch?v=3IgdSZJQdWE

"enjoy" that - Roddenberry is a bit over-hyped, and although Star Trek was his idea, he didn't do all the development of it, and took a ton of credit that belonged to other people.

The "Boring Company" is a complete scam, on the same level as Solyndra. Here's Solyndra's solar panels:



Can you spot what's wrong with it? I use this as a test to see if an engineer is competent. Notice you can see white and through it? It's an obvious design flaw, blatantly obvious. There is ZERO advantage of using tubes over a flat panel. They are (far - more than 3 times) less efficient, they are more expensive to produce, and they waste space. Fucking incredible that our GOVERNMENT dumped 1/2 billion dollars into something that anybody with an OUNCE of competence in a technical field should see immediately is a stupid idea.

Elon Musk is just a fucking grifter. He's a welfare asshole. Tesla isn't the future, electric cars do NOT reduce pollution, the in fact increase it, they aren't "green", they are like ethanol - which is another fucking stupid idea where low quality fuel is made, by using more energy than to make the fuel than you can get out of it.

Everything is a fucking scam now. The biggest scams get the most attention.

Bitcoin is unworkable as a currency. Sure, it might got to a billion dollars for a bitcoin, it's not a currency. It's an obvious tulip. But whatever, if you've made a bunch of money on it, I'm happy for you. If you've made millions on it, I think you ought to consider cashing out a small portion and just throw it into something like gold, or silver, or platinum, or something tangible.

richwicks says

Everything is a fucking scam now.


typically Richwicks fashion everything is a conspiracy / everything is a scam.
You seem to be unable to see anything good in this world....there is nothing good in a company like Tesla who transformed the entire auto-market? Driving a Tesla is like an Iphone 12 Pro compared to a flip phone (driving a standard internal combustion engine model). But no....its all a scam. I probably should not make an analogy like that....in your world, Apple is probably part of a scam and/or conspiracy as well. Am I right?


Bitcoin is unworkable as a currency.

For the millionth time....nobody wants Bitcoin to replace the dollar. Its another investment class.....digital gold.....it solved the double spend problem.....its decentralized, peer-to-peer, borderless and safe. It has features that FIAT and GOLD can never have. That's why smart, successful people like Cathie Wood and Elon Musk invest in it.

remember when the Bitcoin haters (liars) tell you how Bitcoin is bad for the environment?
remember when the Bitcoin haters (liars) tell you that only China mines Bitcoin and none of the mining is carbon-neutral?

https://www.cnbc.com/2021/07/21/cryptomining-operator-core-scientific-going-public-via-spac.html?utm_content=Crypto&utm_medium=patrick.net&utm_source=patrick.net&fbclid=IwAR3YeCQyw3suMGLsrMe0X3MMrJscbzP7sjhm5QWsqIeanC5gJXEsTdOS0YQ&utm_campaign=patrick.net#Echobox=1626873932-1

"Critics say cryptocurrency has a negative impact on the environment because of its massive use of energy. It is a concern that Core has prioritized since its launch. The company runs a 100% net carbon-neutral business, with 56% of its electricity coming from sustainable sources, including solar, wind, hydro and nuclear. The company buys carbon credits to offset the rest."

"Core Scientific, a major U.S. bitcoin mining company, is going public via SPAC"

Bitcoin says

For the millionth time....nobody wants Bitcoin to replace the dollar. Its another investment class.....digital gold.....it solved the double spend problem.....

Haha, you know best. Whatever.

What happened to our Bitcoin haters??

They were soooo excited when Bitcoin briefly went under 30k......soooo excited......just to be slapped once again.

Dude our country is falling to communism. Last thing I care about is Bitcoin gambling.

Fortwaynemobile says

Last thing I care about is Bitcoin

no way! and so the Bitcoin-hate-cycle continues:


Bitcoin goes up > BTC haters: "We dont care" "We never cared" "Nobody cares"

Bitcoin goes down > BTC haters: Cheer, Rejoice. "We told you so" "Greater fool" "Poison" "Tulip" "Sell, sell, sell"

Bitcoin recovers and goes up > BTC haters: "We dont care" "We never cared" "Nobody cares"