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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

#421

Post by Seb-C »

api wrote: post #368
Traster wrote: post #344

Earlier quoted context omitted.

Isn't this just the same thing idiots did for Trump though? Look at whatever Trump does, and then find a reason in retrospect why actually that was a smart move. SpaceX wins contracts because they are able to send payloads into space, nothing to do with marketing, and sending payloads into space isn't even that hard - they basically beat out Nasa who weren't allowed to compete and Boeing who can't send a plane to 30,…

Trump never actually accomplished anything unless you count ugly casinos that go bankrupt and a golf resort. There is nothing redeeming there to outweigh the bad stuff. There's just bad stuff.

If becoming billionaire and being elected president of the USA is "not accomplishing anything", then I'll start hoping I won't accomplish anything in my life.

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

#422

Post by nightski »

p_j_w wrote: post #402
ChrisClark wrote: post #391

Earlier quoted context omitted.

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.

SEC does regulate stocks of companies like Tesla whose dealings in Bitcoin could affect said stock price.

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

#423

Post by mbesto »

paulpauper wrote: post #61
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…

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.

> How does anyone justify these obscure tokens and coins being worth billions.

You might be misinterpreting market cap of coins.

Simple example:

- I create a new crypto called CRY

- I create 1 million CRY coins

- I have converted zero CRY coins to USD

- I sell 1 CRY coin for $1

- The market cap for all coins is now $1M

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

#424

Post by jokethrowaway »

dragontamer wrote: post #379
tpmx wrote: post #371

Earlier quoted context omitted.

I'm sorry, but short of instating a dictatorship you can't really stop people betting on things you don't like.

I'm not saying you're not allowed to work on it. If its a task you feel like wasting your money on, that's fine. But don't expect me to support the effort by any means, not until you give me an argument for why Mars Terraforming would be a worthwhile use of resources I control or resources I have otherwise influence over.

It's a private enterprise, not the government

Nobody wants your support, they just need crazy enough wealthy people

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

#425

Post by pedroma »

dylan604 wrote: post #308
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.

>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.

It's not illegal to sell a security after disclosing that you own that security.

I don't even have to point to any specific laws, just look at all the websites that talk about stocks operating without any SEC intervention.

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

#426

Post by treeman79 »

chrismorgan wrote: post #403
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…

Such humor is rare, usually put out to pasture. But this joke is well done. Hopefully it ages well.

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

#427

Post by rc_mob »

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.

did he know that though? I'm not exactly ready to call Musk a smart person.

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

#428

Post by simonswords82 »

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…

I admire you for calling Musk out on this platform. He's a quandary for sure...I've not worked him out. He's done too many amazing things to be an idiot - but yeah, he's done some super dumb shit too.

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

#429

Post by loceng »

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…

"Cus he's not that bright."

I think you're confusing mental bandwidth with intelligence, likewise you seem to be putting him on a pedestal expecting him to have an amazing network of advisors on every conceivable topic.

No, he's human and his limited attention is split between Tesla, SpaceX, and arguably the other projects he has. Likewise these are complex organizations with a lot of moving parts and it's impossible to not delegate to other competent people, hopefully more competent than not, and then if bad decisions are made by say a Board of Directors and/or CFO then it's perfectly reasonable to reverse course - it's more reasonable than expecting Elon to be an expert of everything, he's not super human.

However I imagine the situation's more complex than meets the eye, some people like you are sticking to cherrypicked facts, others are putting forward conspiracy theories founded on no evidence that this was Elon pumping and dumping purposefully, or that he's just doing it to piss off the SEC because he hates the SEC. Who knows.

Elon in the not so distant past tweeted: "Bitcoin is almost as much bs as fiat money" - so he certainly has enough of an idea to make that statement.

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

#430

Post by loceng »

cryptonector wrote: post #406
pkulak wrote: post #234

Earlier quoted context omitted.

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?

Clearly they don't pay attention to what they say.
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