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

Post by hef19898 » Thu, May 13, 2021, 8:33 PM UTC

latchkey wrote: post #160

orblivion wrote: post #156

Earlier quoted context omitted.

Okay, here's my Big Brain, 4D Chess take: Elon Musk wanted to adopt Bitcoin, but he knew there was this big problem with energy consumption. It's bad for his brand, and perhaps goes against his own ethics. Could he say "hey, get the energy consumption down and I'll go all-in with Tesla"? People wouldn't think much of it. Better option: Buy a huge stake in Bitcoin, announce that he'll be accepting bitcoin at Tesla, ge…

https://www.bloomberg.com/opinion/articles/2021-05-13/elon-m... Surely by next week he’ll be tweeting, like, “we are building a giant battery in the desert to mine Bitcoin, Bitcoin is good again, you can use it to pay for Teslas,” and the price will shoot back up, and I’ll once again hit the button that auto-generates this column.

Post by rawtxapp » Thu, May 13, 2021, 8:33 PM UTC

chrisco255 wrote: post #113

sickygnar wrote: post #93

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I'm the oppsite, and I'm not a btc maximalist. I'm not going to make any predicitons about the price direction of either coin, I'm mainly surprised by eth's huge rise. there's some risk with the eth2 / PoS migration, though it comes with a huge benefit. would someone mind explaining the technical risk? i'm not that well versed in it, maybe i'm overstating it (the market is obviously bullish about it). without it, sma…

The proof of stake ETH2 chain is already live for Ethereum and has been since December. That chain is parallel to the existing proof of work chain. They now need to merge the POW chain into the ETH2 validator nodes so they can conduct consensus from there on. The merge has been simulated already and is being tested. Core devs seem to be confident it will be feasible with low risk. But of course, there's always a chan…

Post by baq » Thu, May 13, 2021, 8:33 PM UTC

paulpauper wrote: post #81

captn3m0 wrote: post #52

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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…

Post by rchaud » Thu, May 13, 2021, 8:35 PM UTC

txsoftwaredev wrote: post #115

sakopov wrote: post #38

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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.

Post by rchaud » Thu, May 13, 2021, 8:36 PM UTC

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.