Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

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

cnbc.com

Post reply on HN
Print view View original

61–70 of 758 posts

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

#61

Post by paulpauper »

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…

The crypto market is so big now that it's hard to imagine enough new money to make prices go up anymore. How does anyone justify these obscure tokens and coins being worth billions.

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

#62

Post by BitwiseFool »

hannasanarion wrote: post #9
BitwiseFool wrote: post #5

Earlier quoted context omitted.

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

Why, are hoping to be able to pump and dump like old musky someday?

Wherever the Federal Government goes seeking to protect citizens a litany of intrusive, bloated, and invasive regulations follow.

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

#64

Post by whitepaint »

gradys wrote: post #16
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.

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?

That is just a ridiculous statement. If you want a hedge against inflation you'd buy something like shares of McDonald's (people will keep eating burgers), gold and other commodities, things that people need.

No one actually needs Bitcoin. If Bitcoin disappeared right now, who would lose besides the people who hold Bitcoin? No one. If you want to circumvent the banks there are other ways to do so and very easily so.

It's the biggest speculative bubbles of all time. And at the same time I believe it's a very important innovation by the way (solving the double-spending problem, or more precisely, making it good enough).

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

#65

Post by exporectomy »

sp332 wrote: post #12
BitwiseFool wrote: post #5

Earlier quoted context omitted.

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

Laws still apply to individual people even if those people denominate their illegal actions in BTC instead of USD. They're not going after exchanges or miners here.

Market manipulation isn't illegal because it hurts investors, it's illegal because it hurts the market which is important for the economy. The crypto market isn't, so it doesn't need that kind of legal protection.

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

#66

Post by phire »

slg wrote: post #54
notyourwork wrote: post #41

Earlier quoted context omitted.

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.

Tesla might not have dumped.

But I'd be very interested to see Musk's personal trading accounts, and the trading accounts of his close associates.

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

#67

Post by dubcanada »

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.

He's not an idiot, the people who praise him as a god and follow his every word and beckon are. Musk is extremely smart, he knows Bitcoin energy consumption is high and unsustainable. And he knows how to manipulate a bunch of people who have no idea what they are investing in/how to invest.

What he did (and this is pure speculation) is a basic pump and dump (well sort of dump, I guess they still have a bunch?). Bought a bunch of Bitcoin, pumped it WAY up, and sold a bunch so TSLA hits revenue targets. A win win for Musk, and it's perfectly legal (versus the other time he tried and got slapped on the wrist by the SEC).

The fact Bitcoin/cryptocurrency drops 365B after someone sends out a tweet is another issue.

It's true markets are highly encouraged by global issues (such as Trump tweets sending stocks high or low) but the fact that Bitcoin went down 15%~ after a single tweet is an issue.

It's way to easy to manipulate it, and that's really bad.

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

#68

Post by BitwiseFool »

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.

Are you talking about the Dollar?

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

#70

Post by SilasX »

osenthuortuh wrote: post #17
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…

From the charts I'm looking at (market watch), it appears that other cryptos have lost more than bitcoin, by percentage. Am I incorrect?

Yes, others have, but interestingly, Cardano (ADA) held up well. Even though it dipped, it's still up 20% over the past week and is #4 by market cap.
Post reply on HN