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

Post by phire » Thu, May 13, 2021, 7:44 PM UTC

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…

Post by hinkley » Thu, May 13, 2021, 7:57 PM UTC

BoorishBears wrote: post #130

hinkley wrote: post #118

Earlier quoted context omitted.

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?

Post by snotrockets » Thu, May 13, 2021, 8:03 PM UTC

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.

Post by snotrockets » Thu, May 13, 2021, 8:09 PM UTC

thedudeabides5 wrote: post #103

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.

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'

Post by Robotbeat » Thu, May 13, 2021, 8:11 PM UTC

freshair wrote: post #50

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 don't think it has anything to do with energy or the environment. I think Elon Musk distancing himself from Bitcoin is a consequence of the recent spat of highly publicized ransomware attacks using bitcoin. Elon Musk is connected to the military-industrial complex; it is plausible the federal government has given him forewarning of an impending war on crypto currencies, to make sure their asset, the guy who launche…