How about
shorting TSLA to buy M3
Good way to
increase the cost of your car.
I'd say, buy shares.
This guy bought shares at 35$ and after 1 to 1,5 year could buy a model S from his profits (at 5m25s).
He's not the only one. The first Model S I ever got to drive was owned by a guy who bought it that way. He was coming to town and needed a place to charge. I offered my garage and 14-40 for him to plug in, and he let me drive the car before we plugged it in. He had put his entire retirement savings into TSLA at $25 or $35. When TSLA was at $35 I considered investing big in it. But folks may remember that when TSLA was $35 Tesla was in a serious cash-flow crunch, the Model S was not yet being sold, and there was a very real chance the company would fail. I think I bought a couple hundred shares, but it was too risky for me to take a really big position. (My "big" gamble on Tesla was buying my Roadster. If they'd gone under there would have been no parts or service.)
If you guess right on a start-up company, you can become fabulously rich. If you guess wrong you can get wiped out. And there are far more failures than successes.
If everybody goes to Tesla and asks them if you can pay the car directly with Bitcoin, they might realize that there is real demand.
The problem with Bitcoin is that it's too unstable for conservative businesses to want to accept. Sure it's going up now. But what comes up must come down. I know someone who bought a second house in 2006 because she "knew" that real estate always goes up. Bitcoin has been great for those who go in early. But as they always say in the stock prospectuses, "Past performance is not a guarantee of future performance."
Note also, that Bitcoin is not an investment. It's a speculation. It produces nothing. You're just hoping that next month or next year someone will be willing to pay more for it than you did. When you buy TSLA you're investing in a company that is producing value. If it succeeds, the actual value (the ability to produce stuff) rises. Precious metals and currencies, including crypto-currencies are all similar in that respect. Crypto-currencies don't have a government regulating their value, but they are subject to all the vagaries of the open market.
... I told him to find a defense attorney.
Why ? Did you suspect illegal activity ?
You don't need a defense attorney only when you've broken the law. You need a defense attorney when the cops decide to suspect you of breaking the law. (Though it sounds from the posts as though this guy was doing something shady.)
I don't think that is a problem for me, I can't see reasonable way of doing more than about $1000 a week from Bitcoin to my checking account.
How do you think it'd look if I did literally $1000 a week every week for several months, non stop, like clockwork.
If the agent asks, it's literally the only way I see to move it to my checking account.
It's not illegal to move around large amounts of cash. You just have to be able to demonstrate that you got it legally. My guess is that nobody's going to bother you over the price of a Model 3. But if they ask, just show them how you got your Bitcoins. If it was by mining or by selling something legit, you're all good. If you got your Bitcoins by selling drugs or other illegal activity, then you may have problems.
... If money in a local bank or credit union isn't subject to capital gains why should bitcoin be subject to it? ...
The quoted passages explain it. Money in your bank account is not taxed because it does not change in value. Note, however, that interest earned on that money
is taxable income. Also, if you buy foreign currency and then sell it at a profit, that, too, is taxable, though nobody is going to bother with you for failing to declare the dollar or two you made when you changed your Canadian dollars back to U.S. dollars. But if you buy $10,000 in Canadian dollars and then sell them for a $100 profit, legally you have to declare that as income. (Whether it's capital gains or income or interest, IDK, but you are supposed to declare it.) If you buy $100 worth of Bitcoins and later sell them for $1,000 you have to pay tax on the $900
minus the cost of acquiring them, e.g. the cost of running the computer to mine them.
