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$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

#41

Post by notyourwork »

sakopov wrote: post #31

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.

This looks like a pump and dump scheme in its finest form. Nothing changed over last year in regards to energy consumption. There's no way that Elon or those in Tesla discussing this were not aware of this prior.

Re: $365B wiped off cryptocurrency market after Tesla stops accepting Bitcoin

#42

Post by bttrfl »

sakopov wrote: post #31

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.

why is it downvoted?

Re: $365B wiped off cryptocurrency market after Tesla stops accepting Bitcoin

#43

Post by tomca32 »

bknybkny wrote: post #32
liquidise wrote: post #8

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…

I thought SHIB was dead because Vitalik gave it the rugpull?

it's still roughly 3-4x higher than what it was just a week ago

Re: $365B wiped off cryptocurrency market after Tesla stops accepting Bitcoin

#44

Post by bhay »

sakopov wrote: post #31

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.

Plot twist: he already knew.

Re: $365B wiped off cryptocurrency market after Tesla stops accepting Bitcoin

#45

Post by lordnacho »

didibus wrote: post #15

The 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?

I didn't downvote you, but your comment is the kind that gets downvoted.

You're pointing out something that's true and besides the point. MSFT stock can decrease in value without any shares getting destroyed. The market value is in fact what people mean by "$X wiped off".

Re: $365B wiped off cryptocurrency market after Tesla stops accepting Bitcoin

#46

Post by paulpauper »

MSTR down 10% to $500 (60% off the highs) depsite btc only being down 24% from highs. Put options on MSTR plus being long BTC seems like a good micro-strategy. MSTR is overleverged and at risk of defualt if btc falls below $10k.

https://greyenlightenment.com/2021/03/16/microstrategys-bad-...

MSTR will probably need to sell more debt to cover existing debt and at very unfavorable terms.

Re: $365B wiped off cryptocurrency market after Tesla stops accepting Bitcoin

#47

Post by lhorie »

throwaway5752 wrote: post #18
hd4 wrote: post #6

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.

This was from Musk's announcement as can be plainly seen from https://trends.google.com/trends/explore?date=now%201-d&geo=... and https://www.coindesk.com/price/bitcoin At 3pm PT on 5/12, Bitcoin was at $54.6k USD. Musk tweeted https://twitter.com/elonmusk/status/1392602041025843203 at 3:06pm. Two hours later, BTC was at $47.7k. One cannot blame the media on this, and it's not the result of macroeconomic news.

DOGE's drop over the weekend also more or less coincided w/ Musk's appearance on SNL (where he called it a "hustle"). If you recall, the previous rise in BTC also followed closely on the tails of the news that Tesla was getting into BTC.

Kinda insane that a single guy can make almost the entirety of the crypto market swing 10-20% every time they mention crypto.

Re: $365B wiped off cryptocurrency market after Tesla stops accepting Bitcoin

#48

Post by dboreham »

lvs wrote: post #21
gradys wrote: post #16

Earlier quoted context omitted.

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?

Because it's backed by the full faith and credit of absolute void.

/dev/null

Re: $365B wiped off cryptocurrency market after Tesla stops accepting Bitcoin

#49

Post by dboreham »

BitwiseFool wrote: post #5
encryptluks2 wrote: post #2

SEC wouldn't allow this with the stock market, how is this any different? His actions were intentional by the way it is obvious he is manipulating the market intentionally.

I don't want the SEC involved in crypto, at all.

Too late.

Re: $365B wiped off cryptocurrency market after Tesla stops accepting Bitcoin

#50

Post by freshair »

sakopov wrote: post #31

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.

I don't think it has anything to do with energy or the environment. I think Elon Musk distancing himself from Bitcoin is a consequence of the recent spat of highly publicized ransomware attacks using bitcoin. Elon Musk is connected to the military-industrial complex; it is plausible the federal government has given him forewarning of an impending war on crypto currencies, to make sure their asset, the guy who launches lots of their satellites, doesn't get caught in the crossfire.

This is pure speculation of course.

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