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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

#431

Post by 77pt77 »

jon-wood wrote: post #316
77pt77 wrote: post #292

Earlier quoted context omitted.

> 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.

In which case he’s guilty of securities fraud, and is going to have a very bad time.

That's a maybe. Even if he really is guilty he might not have a bad time. The world is not just and there's very little justice in the judicial system.

He called a guy a pedophile with absolutely no evidence and paid no price for that.

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

#432

Post by TchoBeer »

sumedh wrote: post #415
reader_mode wrote: post #398

Earlier quoted context omitted.

>accelerated the adoption of electric cars by 10 years Did it really ? Tesla rode on the advances of battery tech driven by mobile devices, there were other EV efforts arround the time Tesla came up. I agree they recognised it early on and made it fasionable + they had this narrative driven market valuation which pressured other automotive execs to invest in the EV narrative. But 10 years is way too much - battery te…

> Did it really ? Electric cars were a gimmick before Tesla, almost no-one was taking them seriously, after Tesla that changed.

Sure, if you don't count the Chrysler TEVan, the Ford Ranger EV, the honda ev plus, the Toyota RAV4 EV...

also, if you ask me, a super expensive sports car should still count as a "gimmick". I give Tesla credit for reigniting excitement about EVs, but lets not oversell their achievement.

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

#433

Post by tgsovlerkhgsel »

pedalpete wrote: post #351

How many people were buying Tesla's with bitcoin? Tesla hasn't sold their bitcoin, as far as I can tell, they are still holding a portion of their cash in BTC. The hedge against inflation still exists. The future potential for international industrial payments in BTC for Tesla is still there. I'm sure there are some accounting tricks there too. Plus, the tweet from Elon clearly states that they are looking at other c…

My guess: Offering Bitcoin payments has attracted fewer buyers than it has deterred (because there are all kinds of people who find proof-of-work cryptocurrencies bad, e.g. for environmental reasons or because of the GPU shortages, and some might actually boycott a company over supporting those).

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

#434

Post by TchoBeer »

nickik wrote: post #395
SavantIdiot wrote: post #380

Earlier quoted context omitted.

Tesla proved rich people buy rich people things. SpaceX proved government budgets aren't scrutinized enough. Not particularly shocking.

What an idiotic thing to say. This is just pure 'I don't like this person so I'm gone shit on everything he does' syndrome. Rich people buy rich people things, yes, and it matter if its a gas car or an electric. And it matter if the battery industry was transformed by that. And it matters that the image of electric cars was transformed. It matters that the largest fast charging network in the world was financed by th…

>NASA own evaluation showed that the 300M SpaceX spend on the initial Falcon 9 would have cost 3 billion if done by the government.

interesting, can you cite that?

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

#435

Post by guram11 »

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…

>he didn't really understand what Bitcoin was

He's not dumb for a scum that scam billions in profit

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

#436

Post by tsycho »

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.

"Elon Musk is a bullshitter who delivers. This breaks a lot of people's pattern-matching, in both directions."

--Ben Evans (https://twitter.com/benedictevans/status/1358760338724974594...)

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

#437

Post by agumonkey »

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.

So perplexing we all can bet the argument is bogus and there's a hidden agenda.

Few ideas:

- using another crypto and discrediting bitcoin to move capital onto others (apparently cardano price didn't crash.. yay for Haskell I guess)

- Tesla having its own token ?

- Simply toying with panic to buy more.

Tesla has solar panel, batteries, and custom ASIC know how or partnership, they could also have their own system in the pipelines now. And with the microgrid rumor (far fetched but I heard the idea propped up by another car brand on radio the other day... Surprising). Maybe an energy currency ?

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

#438

Post by user-the-name »

plebianRube wrote: post #408
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.

Proof of work also boils the planet. It needs to be banned, yesterday.

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

#439

Post by agumonkey »

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'm no fan but 1) any moron on the web know about energy consumption of Blockchains 2) musk cannot be more stupid than them. He's (sadly) trolling the system imo

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

#440

Post by pshc »

plebianRube wrote: post #408
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.

Can you elaborate what you mean by “the most say”? The nodes aren’t voting on political proposals. So long as one entity doesn’t control >50% of the validating nodes, it doesn’t really matter, does it?
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