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Tesla no longer accepts Bitcoin due to climate impact

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Re: Tesla no longer accepts Bitcoin due to climate impact

#41

Post by spottybanana »

arcticbull wrote: post #10

So far, Elon/Tesla: 1. Bought a bunch of Bitcoin. 2. Announced they were going to accept Bitcoin, sending the price up. 3. Sold a bunch of Bitcoin to pad out otherwise poor earnings, citing their goal of "testing liquidity of the market." 4. Announced they were going to stop accepting Bitcoin, sending the price plummeting. As though he didn't know the environmental impact a week ago? As though he didn't check for liq…

Meanwhile they started accepting Dogecoin at SpaceX just couple of days ago. Dogecoin has exactly the same energy spending incentives as Bitcoin.

The whole set of actions doesn't sound very logical.

Re: Tesla no longer accepts Bitcoin due to climate impact

#42

Post by simondotau »

rvz wrote: post #39
arcticbull wrote: post #10

So far, Elon/Tesla: 1. Bought a bunch of Bitcoin. 2. Announced they were going to accept Bitcoin, sending the price up. 3. Sold a bunch of Bitcoin to pad out otherwise poor earnings, citing their goal of "testing liquidity of the market." 4. Announced they were going to stop accepting Bitcoin, sending the price plummeting. As though he didn't know the environmental impact a week ago? As though he didn't check for liq…

Yes. A very clever plan, executed to perfection. We don't know the price point of the BTC they bought at the time but it is likely to be somewhere around $30,000 - $40,000 and then they announced it to cause a run up close to $60,000 and then sold some of it for a >$101m profit. Now they somehow 'stop accepting Bitcoin' causing BTC to go down 12%. These same institutions are NOT interested in hodling. They are here t…

> executed to perfection

Except they still own nearly all the Bitcoin they bought, so I don’t see how selling a tiny bit of it and tanking the rest could be described as “to perfection”.

Re: Tesla no longer accepts Bitcoin due to climate impact

#43

Post by bidirectional »

arcticbull wrote: post #10

So far, Elon/Tesla: 1. Bought a bunch of Bitcoin. 2. Announced they were going to accept Bitcoin, sending the price up. 3. Sold a bunch of Bitcoin to pad out otherwise poor earnings, citing their goal of "testing liquidity of the market." 4. Announced they were going to stop accepting Bitcoin, sending the price plummeting. As though he didn't know the environmental impact a week ago? As though he didn't check for liq…

They also wrote the customer agreement such that they would refund Bitcoin purchases in either dollars or Bitcoin[1], depending on which was more profitable. This can be used to effectively get free options on a highly volatile asset[2].

[1] https://twitter.com/TBPInvictus/status/1375088089002094595 [2] https://twitter.com/macrocephalopod/status/13750990694970286...

Re: Tesla no longer accepts Bitcoin due to climate impact

#44

Post by samatman »

jazzyjackson wrote: post #23
ptsneves wrote: post #3

Hope we now can start a proof of stake cycle. Peercoin is dead. What other proof of stake viable currency is there? Only when the energy impact of crypto currency is dealt with will i indulge in speculating that it can be a net good for humanicy

Proof of stake is validation-by-the-rich I like https://chia.net , even if hackernews was just panicking about a harddrive shortage (proof of space) I can't accept that playing bingo on terabyte drives will ever be profitable enough to buy a data center for it. Anyway it's the programmability (chialisp) that is really interesting.

You used to be able to mine Bitcoin on a CPU.

Then a GPU, now it takes warehouses full of ASICs to do it profitably.

What's stopping Chia from doing the same thing to the storage space?

Adoption. I don't like Chia, and I don't want other people to like it either.

Re: Tesla no longer accepts Bitcoin due to climate impact

#45

Post by PurpleFoxy »

Aqua wrote: post #11
lwhi wrote: post #2

I see this as market manipulation. Tesla hasn't suddenly become aware of information not available when Tesla initially announced they'd accept bitcoin as payment.

Absolutely. If anyone believes this bs they're just enabling and encouraging musk to continue manipulating markets as he pleases. People will now start praising his decision but make no mistake, I don't know what was the real reason behind it but sure as hell it wasn't climate change and the way musk goes about releasing information that is moving markets is contemtable

I wonder if Bitcoin investors will start to work out what all those regulations they avoided were for.

Re: Tesla no longer accepts Bitcoin due to climate impact

#46

Post by Negitivefrags »

arcticbull wrote: post #10

So far, Elon/Tesla: 1. Bought a bunch of Bitcoin. 2. Announced they were going to accept Bitcoin, sending the price up. 3. Sold a bunch of Bitcoin to pad out otherwise poor earnings, citing their goal of "testing liquidity of the market." 4. Announced they were going to stop accepting Bitcoin, sending the price plummeting. As though he didn't know the environmental impact a week ago? As though he didn't check for liq…

When Tesla announced the initial move they received a huge amount of push back for the environmental concerns. And it didn’t look good for an EV company of all things.

There is a trend I’ve seen of a company making a decison, everyone hating on them for it, then they reverse the decision, and they are still criticised.

If a company turns around and reverses a decision citing the very reasons they were criticised for making it, shouldn’t we applaud them for listening?

I mean, isn’t this exactly the behaviour we want to encourage?

Re: Tesla no longer accepts Bitcoin due to climate impact

#47

Post by adh636 »

Draken93 wrote: post #38
adh636 wrote: post #25

The same argument people made against Tesla saying why electric cars weren't really better than combustion engine cars. They said Tesla cars use a lot of energy, much of which comes from coal and other dirty sources. What a joke that Elon is making this argument.

The whole situation is completly different. There are way better alternative technologies then Bitcoin. But there is no electric car with < then 0.1% of the energy consumption of a tesla.

How about mass transit, bicycles, running, walking. Lets stop using airplanes and use blimps instead. Maybe there are benefits to using energy? Energy usage is how society and technology advances.

Re: Tesla no longer accepts Bitcoin due to climate impact

#49

Post by mxcrossb »

arcticbull wrote: post #10

So far, Elon/Tesla: 1. Bought a bunch of Bitcoin. 2. Announced they were going to accept Bitcoin, sending the price up. 3. Sold a bunch of Bitcoin to pad out otherwise poor earnings, citing their goal of "testing liquidity of the market." 4. Announced they were going to stop accepting Bitcoin, sending the price plummeting. As though he didn't know the environmental impact a week ago? As though he didn't check for liq…

I wonder if someday we get even more absurd. Musk wagers company money on the Chiefs to win the Super Bowl, announces this on Twitter, then hedges his bet when Vegas moved the line after a bunch of pro chiefs action. I mean, it’s not like there aren’t hedge funds that do sports gambling already.

Re: Tesla no longer accepts Bitcoin due to climate impact

#50

Post by bidirectional »

arcticbull wrote: post #17
lwhi wrote: post #2

I see this as market manipulation. Tesla hasn't suddenly become aware of information not available when Tesla initially announced they'd accept bitcoin as payment.

Yeah, he's just enacting retribution on the SEC for the tweetsitter they appointed due to him ... manipulating the market. ($420 funding secured, anyone?)

Except the SEC is not directly harmed by market manipulation, the market participants they exist to protect are.
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