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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

#51

Post by paulpauper »

notyourwork wrote: post #41
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.

but in a pump and dump scheme the dump is the result of the orginal pumpers selling, not from the pumpers wanting to make the stock go down. It is in the interests of the pumpers to keep the stock price inflated as long as possible.

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

#52

Post by captn3m0 »

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?

The charity he donated to is going to liquidate it over time to protect the community. It's ridiculous.

https://twitter.com/CryptoRelief_/status/1392559057764962304

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

#53

Post by _Microft »

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.

My take: this was calculated.

Notice an opportunity for easy money and get into Bitcoin under the pretense of selling cars for it, then pull out "temporarily" citing environmental reasons. They are now in a comfortable position to hold onto it for how long they might want to, without getting too many questions why a car maker is speculating with crypto coins. If they might need cash (or have to pretty up the quarterly results) one day, cash out some. In the meantime, post doge memes to keep crypto in people's minds.

Profit.

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

#54

Post by slg »

notyourwork wrote: post #41
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.

How is this a pump and dump? They never dumped. It is certainly stupidity from Musk, but I don't know why you are implying maliciousness when they are still holding Bitcoin and therefore they are equally hurt by this drop in value.

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

#56

Post by colechristensen »

lhorie wrote: post #47
throwaway5752 wrote: post #18

Earlier quoted context omitted.

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.

It’s almost like crypto has very little actual value outside of speculation...

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

#57

Post by BitwiseFool »

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 suspect it was a brand-saving decision for Tesla. All of the press about Bitcoin's carbon footprint resulted in very bad PR and I suspect this is a reaction to that.

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

#59

Post by uncomputation »

marsrover wrote: post #40
bob33212 wrote: post #3

How 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.

…Congratulations? You didn’t actually address his concerns (although they were troll-y in nature). You just flexed about your own wealth, which just as easily could’ve come from betting on the right stock in 2013. I don’t understand crypto advocates whose only plus-one for crypto is that it made them personally rich. It just as easily could’ve gone nowhere and just because the market happens to be in your favor for now does not validate crypto as a whole in my eyes. What is its genuine value at the moment?

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

#60

Post by pinkybanana »

murgindrag wrote: post #22
sp332 wrote: post #13

Earlier quoted context omitted.

Someone finally securitized the reality distortion field.

Hey, I accept pieces of paper (and now bits in a computer) for my valuable work, and bought a valuable home, car, and computer with those papers and bits. 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 st…

> Elon Musk's net worth is $28B. His faith in a crypocurrency as a value store counts for a lot.

Not only that, but he has pretty dominating role in various companies whose market caps are in hundreds of billions at least.

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