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Isn't that the same as just turning it into a Bitcoin exchange and giving the cash to Ferrari?
by brucethemoose2 3y ago
Isn't that the same as just turning it into a Bitcoin exchange and giving the cash to Ferrari?
- hef19898 3y agoI'd say a move like this would be more of a Lamborghini thing, but hey!
- Hamuko 3y agoLamborghini doesn't need to make any effort to lure in cryptobros so why bother?
- pnpnp 3y agoYes It’s similar to how when I travel overseas, I have local currency in my account & that gets converted to local currency through an intermediary as I pay. The intermediary usually charges a small fee. I only see local currency exit my account, and the seller only sees their local currency enter theirs.
- TrapLord_Rhodo 3y agoexcept not at all because you wouldn't have to bring all the cash in 10 briefcases.
- brucethemoose2 3y agoIf the traditional banking system must be avoided, this is true.
- ccooffee 3y agoWhen crypto is involved, I think of shady folks. If you use a crypto exchange to acquire cash and then purchase a Ferrari in cash, you probably will trigger IRS regulations that require the dealer to report a large cash transaction (>$10k)[0]. I cannot find clear documentation from the IRS that states cryptocurrency transactions trigger mandatory reporting, though it is possible that it is reported somewhere. From my very biased perspective, Ferrari accepting crypto is just advertising to various "bad folks" (drug/gun/human traffickers) that they're not gonna tell the IRS. [0] https://www.irs.gov/newsroom/cash-payment-report-helps-government-combat-money-laundering https://www.irs.gov/newsroom/cash-payment-report-helps-gover...