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

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

#401

Post by wonderwonder »

erentz wrote: post #389
wonderwonder wrote: post #197

Earlier quoted context omitted.

My theory is that he realized how many people he ruined with the SNL / hustle bit when doge coin dropped and he is trying to get out of it. Probably something he should of considered ahead of time, the music was always going to stop. The space x satellite was his attempt to right it but now he wants to get out and focus on his core work. That or his board of directors threatened to pitch him if he did not get out.

That doesn’t fit given he is still pumping Doge since his announcement about BTC. https://twitter.com/elonmusk/status/1392974251011895300?s=21 https://twitter.com/elonmusk/status/1392030108274159619?s=21

Yeah, saw this. At this point I don't think he even knows what he is doing. There are no active Doge devs.

https://twitter.com/elonmusk/status/1392974251011895300

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

#402

Post by p_j_w »

ChrisClark wrote: post #391
bhouston wrote: post #342

Earlier quoted context omitted.

They only declare their sales after the fact. There is a chance that Tesla owns no bitcoin at this time. Probably they still do, but...

Then won't they get in trouble? The most recent statement directly says they have not sold any, just stopping accepting payments in it. That would be an explicit lie then, something the SEC has jurisdiction over? (I'm not actually sure)

SEC doesn't regulate Bitcoin.

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

#403

Post by chrismorgan »

Lramseyer wrote: post #393

I'm surprised that nobody's mentioned it here, but this crypto boom has sent demand for mining hardware through the roof, which has contributed in no small part to the chip shortage. Miners are buying up ASICs, GPUs and FPGAs at a premium. In the short term, crashing the crypto market can ease demand for semiconductors, but in the long term, getting cryptos to move to Proof of Steak will hopefully ease it up for good…

> Proof of Steak

There’s so much scope for word play humour here that I’m paralysed by choice. Vegetarianism, steak and chips…

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

#404

Post by nickik »

rchaud wrote: post #177
txsoftwaredev wrote: post #115

Earlier quoted context omitted.

Which he stated was done to prove liquidity.

Hard to take that at face value when Tesla has historically struggled to make profits. If you were worried about liquidity, you wouldn't put that much capital at risk. Also, liquidity today doesn't say anything about liquidity in a year's time.

Tesla has made profits continually (even during the pandemic) for more then 2 years.

They stated clearly that putting less then 10% of their cash assets into something that was highly liquid, but had also chance at gaining value was preferable to cash.

Specially because they can make it liquid difference currencies very fast.

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

#405

Post by mbesto »

kevinbache wrote: post #283
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…

He's single handedly accelerated the adoption of electric cars by 10 years while advancing literal rocket science to the point where launches will be done 10x cheaper. For those of us who measure by outcomes, he's a genius.

> He's single handedly

Fun reminder, Musk did not start Tesla and bought his way into the company. His involvement should not be understated, but it's had years of management shuffles and changes of direction.

https://en.wikipedia.org/wiki/History_of_Tesla,_Inc.

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

#406

Post by cryptonector »

pkulak wrote: post #234
onion2k wrote: post #229

Earlier quoted context omitted.

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.

Wait, did you not just do that above, calling Musk not that bright?

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

#407

Post by jlokier »

tenpies wrote: post #394
jlokier wrote: post #369

Earlier quoted context omitted.

> and then sold at a huge profit No they didn't, according to the announcment: >> Tesla will not be selling any Bitcoin and we intend to use it for transactions as soon as mining transitions to more sustainable energy.

Realistically we won't know until the Q2 financials are out. Note the wording "*will not* be selling any Bitcoin" not "*has not* sold any Bitcoin". There were major dumps a couple minutes before Elon's announcement. It should be no surprise if Tesla front-run Elon's announcement, knowing that it would affect the price. They'll keep a trivial amount on the financials, but I suspect the majority was off the books. They…

They are publically on record as having bought $1.5billion Bitcoin.

I don't think that counts as a trivial amount on the financials.

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

#408

Post by plebianRube »

Lramseyer wrote: post #393

I'm surprised that nobody's mentioned it here, but this crypto boom has sent demand for mining hardware through the roof, which has contributed in no small part to the chip shortage. Miners are buying up ASICs, GPUs and FPGAs at a premium. In the short term, crashing the crypto market can ease demand for semiconductors, but in the long term, getting cryptos to move to Proof of Steak will hopefully ease it up for good…

Proof of work keeps the network fair. Non mining nodes have the final say. Proof of stake lets players with the most money have the most say.

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

#409

Post by websites420 »

rawtxapp wrote: post #363
Traster wrote: post #349

Earlier quoted context omitted.

Is that the same Peter Thiel who famously talked about how China was pushing bitcoin to destabilize the dollar?

Yep, if you listen to the whole exchange and read through the lines, he's essentially saying to US leadership either we innovate and build with this or we let our main competitor take over.

Is that how he feels about surveillance, too? Is that why he's building probably the evilest corporation out there?

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

#410

Post by nickik »

Ekaros wrote: post #206
bknybkny wrote: post #37

Elon just learned that BTC is bad for the environment? Should have googled it before he bought $1.5 billion of it! Honest mistake I suppose.

Looking at hyper loop his technical chops might not be what some people make them to be... So it might have been...

Have you actually read his paper? Not the bunch of nonsense later published by people like Hyperloop One and other basically scam companies?

What is your bases for dismissing it? Is it videos by one youtuber (who gets reference literally by everybody on this topic)?

And even if its not the best possible solution, he basically spent some amount of time on an idea did some validation on it with teams at Tesla and SpaceX and said he thinks its a good idea and made it public.

Like even if its not the best idea ever, does that prove he is not a good engineer?

Some of the greatest engineers ever had ideas that were not actually workable in practice or were wrong about some major thing.

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