Earlier quoted context omitted.
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.
It's called leverage, unfortunately too many exchanges offer way too high leverage to people who might not fully understand what they are doing.
$365B wiped off cryptocurrency market after Tesla stops accepting Bitcoin
231–240 of 758 posts
Re: $365B wiped off cryptocurrency market after Tesla stops accepting Bitcoin
#232Earlier 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…
> Something like 70% of his net worth is Tesla stock.
That's why they're not actual net worth. They are not liquid and will almost never be.
Private pump and dump schemes generate real cash, that can be used.
Musk can never leverage his Tesla stocks to do anything useful near the theoretical amount he has. better get some real cash that can buy actual yachts.
Re: $365B wiped off cryptocurrency market after Tesla stops accepting Bitcoin
#233Very 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.
Cus he's not that bright. Isn't this the elephant in the room that no one wants to consider? Why do we have to start with the assumption that Musk is a genius, then work back from that? The dude thought covid would go away last May. He thinks it's easier to make Mars habitable than it is to keep the Earth habitable. He's thought that full self driving was 6 months away for literally 4 years now. And he didn't really…
No comment on how smart or stupid Elon is (he is somehow effective), but I'm with you on all of those things except "He thinks it's easier to make Mars habitable than it is to keep the Earth habitable":
The concept of having humans on another planetary body makes a lot of sense as a backup-plan for humanity. The Drake equation be damned - in case we're actually alone, we have a pretty strong moral requirement to make sure that (human) life survives.
Re: $365B wiped off cryptocurrency market after Tesla stops accepting Bitcoin
#234Earlier quoted context omitted.
Cus he's not that bright. Isn't this the elephant in the room that no one wants to consider? Why do we have to start with the assumption that Musk is a genius, then work back from that? The dude thought covid would go away last May. He thinks it's easier to make Mars habitable than it is to keep the Earth habitable. He's thought that full self driving was 6 months away for literally 4 years now. And he didn't really…
SpaceX wins lots of space contracts with the help of Musk's "Occupy Mars" marketing. Tesla sells lots of cars on the promise of self-driving in the marketing. Musk bought BTC, single-handedly pumped the price of BTC, and then sold at a huge profit. I don't think he's a genius but Musk is definitely not stupid. He's just not playing the obvious game you think he's playing.
And denying covid kept workers in his factory, against the law.
I think there needs to be some rule in discussion that as soon as you start arguing over if someone is dumb or evil, you have to stop. It's impossible to figure out which (or what mix) it actually is.
Re: $365B wiped off cryptocurrency market after Tesla stops accepting Bitcoin
#235Earlier quoted context omitted.
This is the third comment in this thread where you've written the same quote, claiming this is what "changed his mind". Do you have any evidence of this claim? I want to keep an open mind and not jump to gaslighting accusations. But something about this thread doesn't sit right.
Shrug... did some quick Googling and found this: https://twitter.com/elonmusk/status/1392938133163888640 He might be right.
I refuse to accept someone in his position (and with his net worth) did not know their environmental impact _before_ moving into cryptocurrencies.
Re: $365B wiped off cryptocurrency market after Tesla stops accepting Bitcoin
#236Re: $365B wiped off cryptocurrency market after Tesla stops accepting Bitcoin
#237Earlier quoted context omitted.
Cus he's not that bright. Isn't this the elephant in the room that no one wants to consider? Why do we have to start with the assumption that Musk is a genius, then work back from that? The dude thought covid would go away last May. He thinks it's easier to make Mars habitable than it is to keep the Earth habitable. He's thought that full self driving was 6 months away for literally 4 years now. And he didn't really…
No comment on how smart or stupid Elon is (he is somehow effective ), but I'm with you on all of those things except "He thinks it's easier to make Mars habitable than it is to keep the Earth habitable": The concept of having humans on another planetary body makes a lot of sense as a backup-plan for humanity. The Drake equation be damned - in case we're actually alone, we have a pretty strong moral requirement to mak…
Yeah, you're right. I reached a bit on that one.
Re: $365B wiped off cryptocurrency market after Tesla stops accepting Bitcoin
#238I don't really buy the pump and dump take here. Even if it had been an intentional pump, no reason to trigger a selloff. Some Theses: - Elon is a quick decision maker, he could have genuinely been persuaded about energy usage post-hoc. The energy bit does run somewhat contrary to Tesla's core mission. - In line with this, tesla may be about to form a partnership or make a move with another crypto platform, both becau…
cash would be a good reason.
and the cycle continues, why pump once when you can do it again?
Re: $365B wiped off cryptocurrency market after Tesla stops accepting Bitcoin
#239Earlier quoted context omitted.
This is the third comment in this thread where you've written the same quote, claiming this is what "changed his mind". Do you have any evidence of this claim? I want to keep an open mind and not jump to gaslighting accusations. But something about this thread doesn't sit right.
Shrug... did some quick Googling and found this: https://twitter.com/elonmusk/status/1392938133163888640 He might be right.
So reviving old power plants was the final straw for Musk? If that hadn't happened, he'd continue to support Bitcoin even with this incredible energy usage?
I don't know. It seems very convenient to list them as reasons now.
Re: $365B wiped off cryptocurrency market after Tesla stops accepting Bitcoin
#240Very 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.
Cus he's not that bright. Isn't this the elephant in the room that no one wants to consider? Why do we have to start with the assumption that Musk is a genius, then work back from that? The dude thought covid would go away last May. He thinks it's easier to make Mars habitable than it is to keep the Earth habitable. He's thought that full self driving was 6 months away for literally 4 years now. And he didn't really…
I'm with you on everything except the Bitcoin bit. I think he knew exactly that (a) it's a highly speculative asset, and (b) he has enough rabid fans and general publicity to move the market in exactly the ways that he benefits from.