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The media tends to be extremely trigger-happy to blame a correction or dip in crypto on a single event like Tesla not accepting BTC while it's just as likely that this is an effect of the wider market correction that's taking place after the inflation/CPI news this week.
You'd think an intrinsically deflationary asset like Bitcoin would move differently in the face of USD inflation. Any explanation for why this might be?
Earlier quoted context omitted.
I'm a big fan of Matt Levine's "Money Stuff" column on Bloomberg - he always has amusing and insightful commentary particularly on Elon - > My Bloomberg Opinion colleague Liam Denning points out that “Musk’s move may also indicate that Teslas weren’t flying off the shelves as a result of accepting Bitcoin payment,” and in fact it’s not entirely clear whether Tesla has sold any cars for Bitcoins.[2] I hope it hasn’t.…
Someone finally securitized the reality distortion field.
Money works purely on belief. If we all suddenly disbelieved in the dollar, the value would be zero.
Curiously, most cycles of hyperinflation come more from loss of faith than from money printing. When people lose faith in a currency, they sell it off as a value store.
Elon Musk's net worth is $28B. His faith in a crypocurrency as a value store counts for a lot.
My hot-take having watched the culling from an invested position follows. Disclaimer: i hold both BTC and ETH. While the market in general is down, the major losses in this crash were Bitcoin, Doge and Shiba. Bitcoin is an obvious result given the news. Doge and Shiba have had pretty spectacular gains over the last ~30d and seeing them lose considerable value is unsurprising if you follow crypto markets much. Seeming…
From the charts I'm looking at (market watch), it appears that other cryptos have lost more than bitcoin, by percentage. Am I incorrect?
The media tends to be extremely trigger-happy to blame a correction or dip in crypto on a single event like Tesla not accepting BTC while it's just as likely that this is an effect of the wider market correction that's taking place after the inflation/CPI news this week.
You'd think an intrinsically deflationary asset like Bitcoin would move differently in the face of USD inflation. Any explanation for why this might be?
Yes, the Fed has committed to allowing some >2% inflation to make up for past <2% inflation, but it's still the case that policy might tighten one day, and higher inflation now still brings that day closer than it would have been with lower inflation.
My hot-take having watched the culling from an invested position follows. Disclaimer: i hold both BTC and ETH. While the market in general is down, the major losses in this crash were Bitcoin, Doge and Shiba. Bitcoin is an obvious result given the news. Doge and Shiba have had pretty spectacular gains over the last ~30d and seeing them lose considerable value is unsurprising if you follow crypto markets much. Seeming…
From the charts I'm looking at (market watch), it appears that other cryptos have lost more than bitcoin, by percentage. Am I incorrect?
Coinbase's weekly losses chart[0] captures some of what i hoped to express in my parent comment. Bitcoin is interesting because in a way, it hasn't so much lost value lately as not risen with the market the last couple of weeks.
0: https://www.coinbase.com/price/s/top-losers?resolution=week
So apparently in february tesla bought 1.5 billion in bitcoin as part of a plan to accept payments, then announced today they won't accept those payments and took a nasty hit on the value of that bitcoin because of it. Do I just interpret this at face value as capricious decision-making?
Announcing the acceptance was probably just advertising for the pump and dump they did.
The media tends to be extremely trigger-happy to blame a correction or dip in crypto on a single event like Tesla not accepting BTC while it's just as likely that this is an effect of the wider market correction that's taking place after the inflation/CPI news this week.
Unfortunately, these overly confident posters never learn, never stop spewing bullshit, and never become worthwhile contributors to society.
The media tends to be extremely trigger-happy to blame a correction or dip in crypto on a single event like Tesla not accepting BTC while it's just as likely that this is an effect of the wider market correction that's taking place after the inflation/CPI news this week.
When the price is stable for hours then collapses after an event, you can pretty safely infer the correlation.
The media tends to be extremely trigger-happy to blame a correction or dip in crypto on a single event like Tesla not accepting BTC while it's just as likely that this is an effect of the wider market correction that's taking place after the inflation/CPI news this week.
You'd think an intrinsically deflationary asset like Bitcoin would move differently in the face of USD inflation. Any explanation for why this might be?