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

Post by [deleted] » Thu, May 13, 2021, 8:37 PM UTC

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?

Post by mondoveneziano » Thu, May 13, 2021, 8:40 PM UTC

paulpauper wrote: post #138

noxer wrote: post #135

How long until he figures out that DOGE also wastes energy?

or that electric cars do not actually have zero carbon footprint while we're at it, don't rockets pollute too

Post by 988747 » Thu, May 13, 2021, 8:42 PM UTC

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.

Post by digianarchist » Thu, May 13, 2021, 8:43 PM UTC

rchaud wrote: post #164

Musk blaming excessive energy use for withdrawing from BTC sounds like a ruse, considering that he of all people absolutely knew that going in. I smell Teslacoin in the works. A ostensibly green cryptocurrency, with his face on it.

Post by delaaxe » Thu, May 13, 2021, 8:45 PM UTC

orblivion wrote: post #156

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.

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…