311–320 of 758 posts
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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.
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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.
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.
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.
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I mean you will see people here on this forum argue that bitcoin mostly uses up peak energy and unused capacity and such bullshit nonsense - it's frankly not that hard to spin a narrative that could sound plausable. But then when you see people firing up coal plants in your back yard just to mine BTC (as opposed to China) reality suddenly kicks in and it's hard to spin bullshit arround that. Regulators are really dro…
You see people firing up coal plants in your back yard? That's not an experience most people ever have.
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The proof of stake ETH2 chain is already live for Ethereum and has been since December. That chain is parallel to the existing proof of work chain. They now need to merge the POW chain into the ETH2 validator nodes so they can conduct consensus from there on. The merge has been simulated already and is being tested. Core devs seem to be confident it will be feasible with low risk. But of course, there's always a chan…
It's one thing for it to be live, it's another thing for it to be stress tested in actual production/real world with people's actual money. I have a vested interest in hoping it lands successfully, but being a software engineer, I know how many bugs I've had even in simple programs, I can only imagine the kinds of bugs that will be discovered in eth2 considering just how complex it is.
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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…
> He's thought that full self driving was 6 months away for literally 4 years now. He might be completely aware that it's not plausible while still publicly saying otherwise for financial gain.
Some of the major threads in this saga so far: Tesla Makes More Money Trading Bitcoin Than Selling Cars - https://news.ycombinator.com/item?id=27142261 - May 2021 (171 comments) Elon Musk: Bitcoin's energy usage trend over the past few months is insane - https://news.ycombinator.com/item?id=27141493 - May 2021 (41 comments) Tesla no longer accepts Bitcoin due to climate impact - https://news.ycombinator.com/item?id=2…
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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…
> The concept of having humans on another planetary body makes a lot of sense as backup-plan for humanity. Sorry, but it's like planning your workout routine in a burning building. The climate emergency is building right now, this instant. Cosmic threats like asteroids happen on the order of millions of years apart. We need to stabilize the planet, now, in this generation, immediately, or we will doom a million speci…
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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.
Last information we have is from late April saying that TSLA sold off 10 percent of their bitcoin holdings. Nobody has any idea what their holdings are today.
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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.
>Musk bought BTC, single-handedly pumped the price of BTC, and then sold at a huge profit. Doesn't this have legal ramifications when done in the stock market? If it is shady for that market, why is it acceptable in other markets? Oh, right, they're not regulated.