Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

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

cnbc.com

Post reply on HN
Print view View original

271–280 of 758 posts

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

#271

Post by xur17 »

tootie wrote: post #195
liquidise wrote: post #8

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…

AFAIK none of these currencies have anything resembling fundamentals. Is predicting swings done by watching chatter on reddit?

This is mostly true, but a number of tokens actually do generate an income in the form of fees, inflation rewards, or a combination of the 2. For example, ETH can earn staking rewards, and post ETH2 merge, will also earn transaction fee revenue. A number of the dexes generate trading fees that get distributed to token holders (giving P/E ratios that are high, but not absolute insanity given they are "growth" stocks).

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

#272

Post by samatman »

kingo55 wrote: post #253
tom_mellior wrote: post #240

Earlier quoted context omitted.

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.

That makes it sound like he was doing a cheap pump and dump. Maybe you're right.

Tesla still has 90% of the Bitcoin they bought.

If his proclamation knocks, say, half the value off Bitcoin, and it stays there, that wasn't a very clever pump and dump, because they kinda skipped the 'dump' part.

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

#273

Post by shiyoon »

pkulak wrote: post #220
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.

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…

It's not that he's dumb, he's just not as transparent or even ethical as people paint him out as.

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

#274

Post by [deleted] »

fastball wrote: post #252
pkulak wrote: post #220

Earlier 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…

Most of those things sound like techno-optimism, which isn't really the same as being dumb. COVID could've started to go away in May with HCT / massively more aggressive vax.

[deleted]

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

#275

Post by 988747 »

fastball wrote: post #259
worik wrote: post #219

Earlier quoted context omitted.

It is not possible to clean up bitcoin. Even if it moved entirely to renewable energy it would still be a massive opportunity cost. There are productive uses that energy could be put to. Bitcoin is not productive. Using gigawatts to process a few transactions a second, when existing financial frameworks can process millions of transactions a seconds at a fraction of the energy input means that bitcoin is always a mas…

Layer 2 scaling solutions?

They are like Yeti: everybody talks about them, but no one has actually seen them.

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

#276

Post by hi5eyes »

rawtxapp wrote: post #178
paulpauper wrote: post #61

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.

nearly 10B in longs were liquidated on April 17th, exchanges give everyone way too much leverage with the tap of a couple screens

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

#277

Post by urda »

delaaxe wrote: post #186
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.

He changed his mind because of this: https://arstechnica.com/tech-policy/2021/05/private-equity-f...

Please stop reposting the same comment and link all over this thread to push your agenda thanks.

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

#278

Post by samatman »

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).

Just from a couple tweets he's made, I infer that Elon actually agrees that a lot of his wealth is fake.

Tesla's valuation is insane, it's great evidence that markets are just kind of broken right now. We could speculate on why, but I decline to do that right now.

It appears to me that he mostly focuses on the fundamentals of his companies, including engaging in braggadocio and performance art to pump interest and keep people thinking about what he's doing. But the point of crap like "full self driving", in my opinion, is to sell Teslas. Pumping Tesla stock is a nice side effect, right up until it isn't.

My point is that if Tesla can get robustly profitable, but the stock declines to some reasonable multiple of actual revenue, Elon would count the negative thirty billion dollars next to his name on the Forbes list as a win.

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

#279

Post by outside1234 »

pkulak wrote: post #220
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.

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…

Or he is really good at PR and know that he can raise money off of that and delegate the rest. And therefore smart.

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

#280

Post by anonporridge »

pkulak wrote: post #237
tpmx wrote: post #233

Earlier quoted context omitted.

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.

He's also never said anything of the sort. He regularly admits that Mars is going to be an insanely tough place to live.
Post reply on HN