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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

#121

Post by frockington1 »

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.

US YoY inflation was 4.2% last month with another $6 trillion in proposed spending. Alternatives to bitcoin are looking weak as well

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

#122

Post by mateuszf »

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?

> 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?

I guess because right now a big percentage of bitcoin price comes from speculation and not from people realizing its deflationary potential. Which probably will change in future.

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

#123

Post by lhorie »

ASalazarMX wrote: post #89
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.

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?

Sort of. Among DOGE speculators, people were saying that the coin might start to be seen as more "serious" (read: track BTC swings more closely) if it reached $1. It was trading at around $0.70. Then Musk came out on national TV and pretty much took a hard "lol DOGE is just a meme" position.

A lot of people were already astronomically up on their DOGE holdings; having its biggest advocate in recent memory (recall Musk crowned himself "Dogefather") basically dismiss any hint that it might be a "serious" coin amounted to a signal that $0.70 was peak DOGE (IMHO).

Given that this latest quip from Musk is explained as being related to concerns about BTC's power consumption problems, I wouldn't be surprised to see him in the near future pumping another altcoin that advertises as having a power efficient network like NANO.

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

#124

Post by slg »

loulouxiv wrote: post #107
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…

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

You are equating a stupid in the heat of the moment Tweet by one person to a premeditated months long conspiracy by multiple people in Tesla's leadership. The two aren't equivalent.

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

#125

Post by 35fbe7d3d5b9 »

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…

> Money works purely on belief. If we all suddenly disbelieved in the dollar, the value would be zero.

Is this true? Yes.

Are you wildly underselling what "disbelieving in the dollar" means in practice? Also yes.

I believe in the dollar because the United States has the worlds largest nuclear arsenal, spends nearly a trillion dollars on its military every year – and that's only what it puts on the books – and has been proven to have an itchy fucking trigger finger.

That trust isn't going anywhere without massive global conflict.

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

#126

Post by cma »

txsoftwaredev wrote: post #115
sakopov wrote: post #38

Earlier quoted context omitted.

They also seemed to have taken some profits. Tesla's Q1 reports a profit of $101 million from Bitcoin sales.

Which he stated was done to prove liquidity.

Stated intention is almost meaningless.

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

#127

Post by hinkley »

bknybkny wrote: post #37

Elon just learned that BTC is bad for the environment? Should have googled it before he bought $1.5 billion of it! Honest mistake I suppose.

I mean, in theory someone who owns a big part of a resource distribution system with a high potential waste factor could start a side business that makes use of that resource when it's about to 'spoil'. Be that a condiment factory or BTC mining next to your cubes of lithium.

Building battery backup near solar farms and then burning the surplus as BTC mining whenever the batteries get full but it's a windy, sunny day would reduce the footprint of BTC a bit. But like the rest of the grid, those happy stories are built on a bed of lies/coal/natural gas. You can change the ratios all you want but at the end of the day those don't shrink the bad parts very much, and dilution is not the solution.

Also, the sad fact is that as much as I wish it were different, having hardware sitting idle is super expensive, both financially and embodied cost. Mining hardware and the buildings to store them have a carbon - and water - footprint even when they are off.

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

#128

Post by bob33212 »

marsrover wrote: post #105
bob33212 wrote: post #94

Earlier quoted context omitted.

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.

A painter and a drug user? Who would have guessed?

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

#130

Post by BoorishBears »

hinkley wrote: post #118
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.

Elon is a gambler on a hot streak. He keeps making big bets that pay off, but the luck to cunning ratio is dangerously high. Some day the shoe is going to go cold and he's going to be fucked. He'll drop off the richest people list faster than he climbed it (which was too fast).

Unfortunately that's not how the current setup works.

The most successful the gambler is, the more of other's people they get to gamble.

He's at that point where he could never be right again and it'd never personally affect him. I mean if Tesla goes to 100 tomorrow morning, who gets hurt more? Elon or instructional investors that are supposed to be funding things like pensions?

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