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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.
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.
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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.
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.
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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.
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…
If we want to go the conspiracy route though.. Maybe he is buying up ETH and this is priming the market for a later announcement about how ETH is the green future of crypto currency.
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 suppose owning the power plant might work, as in the example ars article linked in this thread of a company spinning a bankrupt fossil fuel plant up for crypto.
I think you can attribute a lot of other factors to crypto volatility than just Musk tweeting, such as:
* Statements this week by SEC that put doubt on crypto currency ETFs being approved in US markets.. which blows up one of the major bull cases- that crypto would become more main streamed, crypto linked products would hit traditional US exchanges and brokers.. increasing accessibility / addressable market.
* More US probes in crypto space - this time of Binance
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
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or that electric cars do not actually have zero carbon footprint while we're at it, don't rockets pollute too
No one suggest they have. As long as they have less than an device that does the same task but uses gas then it reduces emissions. Rockets as well, they pollute but making them reusable pollutes less. Also depending on fuel type its perfectly possible to produce it form solar energy. But DOGE just burns energy it does nothing with it that could not be done without. Its significantly less then Buttcoin but it explodes…