161–170 of 276 posts
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.
How would he benefit? There are no put-options in Bitcoin land.
He is also suggests they are look at Proof of Stake cryptocurrencies with significantly lower energy use. Maybe this is just a pre-cursor to Musk launching a PoS 'Tesla EnviroCoin' down the line...
I suggest E-coin. I cannot imagine the hype for such a coin.
Fits a pathological liar like Elon
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…
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.
Tesla cars don't use an absurd amount of energy given the problem they're solving. Bitcoin does.
Earlier quoted context omitted.
> Except they still own a ton of Bitcoin No where in my sentence suggested they sold all of it. > so I don’t see how selling a tiny bit of it could be described as “to perfection” Telsa did not lose any money from their BTC investment and are still up >40%. At that time, they (and others on Twitter) caused a run up in the crypto markets to drive the BTC price up to new all time highs and got out a large profit even b…
Why is it clever to tank an asset that they own? How did the 12% drop benefit Tesla? You're not making any sense.
Earlier quoted context omitted.
There's a big difference. Even if people using EVs now effectively burn coal to do it, they replaced an ICE and can migrate to greener sources over time. On the other hand, crypto mining exists purely on top of existing energy usage. These are not really comparable situations.
Sorry, I am not sure I completely understand your argument. You expect the energy used for Tesla cars to more easily migrate to greener energy? Bitcoin mining is completely location independent and is able to migrate to cheaper (which as renewable energy tech improves will equal greener) energy much easier than an individual tesla owner can.
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…
And of course, there's no one to complain as crypto markets are unregulated anyway
Earlier quoted context omitted.
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.
> Dogecoin has exactly the same energy spending incentives as Bitcoin. Does it? I thought that Bitcoin was particularly bad because block sizes were small, so there's a big incentive to mine and get mining fees. Dogecoin is still wasteful, but it's an order of magnitude less than Bitcoin.
No. Doesn't make sense.
Miners get rewarded for spending energy in all PoW coins. I don't think details such as block size matters. Dogecoin BTW as well has the 1MB block limit, their block time is just smaller (1 minute). However dogecoin has quite small amount of transactions compared to BTC, it is nowhere near its capacity limits yet.