Very perplexing behavior from Musk, I must say. Bitcoin's energy consumption has been front-and-center for a few years now and even more so when the bull market got hot. How does Musk decide to throw $1.5 billion worth of Tesla's cash into BTC without acknowledging this? I was expecting a little bit more due-diligence from him, but he's been absolutely consumed by crypto markets in general.
$365B wiped off cryptocurrency market after Tesla stops accepting Bitcoin
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Re: $365B wiped off cryptocurrency market after Tesla stops accepting Bitcoin
#32My 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…
I thought SHIB was dead because Vitalik gave it the rugpull?
Re: $365B wiped off cryptocurrency market after Tesla stops accepting Bitcoin
#33So 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?
Tesla bought BTC when it was around $36k IIRC, so even with the value decrease yesterday-today, they're still up significantly.
Probably, tesla already sold all of crypto holdings, may be they will buy it latter at around 36k, again.
Re: $365B wiped off cryptocurrency market after Tesla stops accepting Bitcoin
#34The word "wiped off" seems misleading, it's not like coins were lost or destroyed, the market value just changed based on demand/offer. Edit: Hum, not sure why the downvotes, is my understanding wrong?
Wiped off its market cap denominated in US dollars. It didn't lose value if you measure its value against some other crypto assets. Everything is relative, but it's not surprising the USD is the root metric considering there isn't much of any real economy that produces anything or pays wages in crypto. Anyway, these articles are generally silly.
Re: $365B wiped off cryptocurrency market after Tesla stops accepting Bitcoin
#35The 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.
It literally started dropping the minute the tweet came out...
Indeed it did. I saw the tweet within a minute of it being posted and watched the crash happen live on TradingView.
Re: $365B wiped off cryptocurrency market after Tesla stops accepting Bitcoin
#36The 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.
If the market of crypto was less of a bull run, I’d be inclined to agree, but a lot of the people in it right now are driven entirely by pumpers/peddlers (Anthony Pompliano, Michael Saylor, David Gokhshtein, etc.), Elon Musk tweets, and speculation/wanting to strike it rich. I think when the market is this speculative, it’s fair to blame a downturn on one event (with a pretty close timestamped correlation - you can see BTC tumble after Elon’s tweet and DOGE after he called it a “hustle” on SNL).
Re: $365B wiped off cryptocurrency market after Tesla stops accepting Bitcoin
#37Elon just learned that BTC is bad for the environment? Should have googled it before he bought $1.5 billion of it! Honest mistake I suppose.
Re: $365B wiped off cryptocurrency market after Tesla stops accepting Bitcoin
#38So 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?
Tesla bought BTC when it was around $36k IIRC, so even with the value decrease yesterday-today, they're still up significantly.
They also seemed to have taken some profits. Tesla's Q1 reports a profit of $101 million from Bitcoin sales.
Re: $365B wiped off cryptocurrency market after Tesla stops accepting Bitcoin
#39My 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…
The top never feels like the top for people buying in. That applies to both Bitcoin and Ethereum.
Re: $365B wiped off cryptocurrency market after Tesla stops accepting Bitcoin
#40How long until other companies take it off their balance sheets? It is amazing how many smart people got sucked into the BTC nonsense. It has always been a libertarian dream currency that was never going to be useful in the real world, other than for buying drugs online.
Nothing makes me happier than to see someone act so condescending about "buying drugs online" while at the same time being so out of touch with reality.
Well, nothing other than the fact that I'm a millionaire today because I decided to buy drugs online in 2013.