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

Post by vb6sp6 » Thu, May 13, 2021, 9:12 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…

Post by notyourwork » Thu, May 13, 2021, 9:13 PM UTC

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).

Post by mondoveneziano » Thu, May 13, 2021, 9:15 PM UTC

steveBK123 wrote: post #198

I wonder how much BTC is actually mined with fossil fuel. Even at the record prices, with efficient ASIC/GPU miners, you need some extremely cheap electricity to make it work. 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 M…

Post by ra7 » Thu, May 13, 2021, 9:16 PM UTC

delaaxe wrote: post #188

You cited everything but the most important regarding this news: https://arstechnica.com/tech-policy/2021/05/private-equity-f... (the reason for his change of mind)

Post by worik » Thu, May 13, 2021, 9:19 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…