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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

#101

Post by throwkeep »

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.

A pump and dump is approximately the least likely explanation.

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

#102

Post by freshair »

paulpauper wrote: post #61
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.

> How does anyone justify these obscure tokens and coins being worth billions.

The Greater Fool Theory. This stops working when you run out of fools, but the notion of "there's another sucker born every minute" probably keeps the ball rolling for a while.

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

#103

Post by thedudeabides5 »

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.

Or better yet, did they move into Dogecoin, which apparently uses a lot less energy. Setting up the inevitable 'use Doge instead, it's better for the environment'

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

#104

Post by freeone3000 »

slg wrote: post #87
phire wrote: post #66

Earlier quoted context omitted.

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…

But did he jeapordize the value of his Tesla stock? At all? The price of Tesla stock is entirely disconnected from the worth of the company, and seems to be doing just fine.

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

#105

Post by marsrover »

bob33212 wrote: post #94
marsrover wrote: post #85

Earlier quoted context omitted.

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

Sounds like the drugs are working.

I feel like your personality is probably so unoriginal that I could draw a caricature of you without ever seeing your picture.

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

#106

Post by anxrn »

whitepaint wrote: post #64
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?

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.…

Why do people need gold?

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

#107

Post by loulouxiv »

slg wrote: post #87
phire wrote: post #66

Earlier quoted context omitted.

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…

Remember this guy tweeted "funds secured to make Tesla private at 420$ per share" to take revenge on Tesla shorters blaming him for smoking marijuana on TV

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

#108

Post by paxys »

kordlessagain wrote: post #78
colechristensen wrote: post #56

Earlier quoted context omitted.

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

There is yet a killer use case, but AI is coming so just hang on a hot minute. Well be above 100k in six months. Machine learning APIs and Lighting payments are a match made in heaven.

You just strung together some meaningless words.

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

#109

Post by alexnewman »

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.

People claimed BTC power use was overblown. It turns out it wasn’t overblown. We now have amazing alternatives which are safe and clean. https://medium.com/mobilecoin/mobilecoin-saves-on-environmen...

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

#110

Post by slg »

capableweb wrote: post #99
slg wrote: post #87

Earlier quoted context omitted.

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…

> It is incredibly hard to image 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. I think it's fair to suspect something here though, and question Musks behavior these…

I am not judging the goodness of his heart or whatever. I am simply stating that this theorized plan of him using Tesla as a pawn to increase the value of his Bitcoin holdings is both an idiotic plan and one that there is no evidence of actually existing. The only reason anyone would believe it is because they are forsaking critical thinking in favor of their bias against Musk that exists for both legitimate and illegitimate reasons.
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