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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

#81

Post by paulpauper »

captn3m0 wrote: post #52
bknybkny wrote: post #32

Earlier quoted context omitted.

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

this is why in finance the most obvious or intuitive prediction or outcome is often the wrong one. "omg..he sold his stock/crypto/token etc., therefore it must fall a lot!"

He should have just sold thee shib, convert to $, and cut the check. Too much of charity these days feels like moving assets around and money instead of donating. That is why the UBI is so popular, because it gives the money to the people instead of middlemen, bureaucrats, admins, and money changers.

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

#82

Post by ASalazarMX »

paulpauper wrote: post #51
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.

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.

Pump and deflate? That evil Elon is at it again.

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

#83

Post by whitepaint »

gradys wrote: post #76
whitepaint wrote: post #64

Earlier quoted context omitted.

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.…

What is ridiculous exactly? That it's deflationary? Or the intuition that it should rise in the face of USD inflation (all else equal)?

That it should rise because of USD inflation.

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

#84

Post by aaronharder »

colechristensen wrote: post #56
lhorie wrote: post #47

Earlier quoted context omitted.

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...

...and so, teaching us rubes that lesson was Elon's intended 3D chess move all along?

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

#85

Post by marsrover »

uncomputation wrote: post #59
marsrover wrote: post #40

Earlier quoted context omitted.

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 n…

Ah, how little I care about any of this these days.

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

#86

Post by cjsplat »

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?

Not sure about the down votes either, but "wiped off" is a common phrase for this exact sort of thing.

A search for "wiped off accounting" hits a pretty large number of pages, including : https://www.macmillandictionary.com/us/dictionary/american/w...

"to reduce the value of something by a large amount"

The dictionary URL implies that it may be US English, but searching for "wiped off accounting uk" shows it is common even in the Queen's English.

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

#87

Post by slg »

phire wrote: post #66
slg wrote: post #54

Earlier quoted context omitted.

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.

It is incredibly hard to imagine that the upside in Musk's personal Bitcoin stake, whatever it is, is anywhere close to approaching his personal stake in Tesla. Something like 70% of his net worth is Tesla stock. It would be unbelievably stupid to jeopardize the value of the Tesla stock to pump up the value of his Bitcoin holdings.

Some of these anti-Musk conspiracy theories are truly crazy especially considering the man is so out there that you don't even need to fabricate weird theories like this to make him look bad.

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

#88

Post by paulpauper »

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.

yes the cause and effect doesnot get any more obvious than that

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

#89

Post by ASalazarMX »

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.

How does this even work? Do people hear him saying "Dogecoin is a hustle" and immediately start selling their dogecoins? Where do they get buyers on-demand?

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

#90

Post by wmoxam »

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.

> never going to be useful in the real world, other than for buying drugs online

I've heard it's great for ransomware too

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