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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

#571

Earlier quoted context omitted.

Its unreasonable to expect any progress in transforming Mars to happen within our lifetime.

...and Rome wasn't built in a day, what's your point? Just because we won't see tangible results in our lifetime doesn't mean the effort, lessons learned and thought energy in that direction is meaningless.

Trying to live on Mars is meaningless. All effort put towards it is complete, and utter waste.

As I said in other comments, feel free to waste your resources on the project. But if you're trying to convince others that the project is useful or fruitful (and ask for other people's resources or help on the matter), then be prepared for some resistance.

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

#572

Earlier quoted context omitted.

I pay for vpn with crypto, the provider doesnt even have my email. How do you do that with ordinary fiat money?

> How do you do that with ordinary fiat money By sending an envelope with cash. Services often offer that option. No E-mail or name disclosure required. A few advantages: Your payment isn't traceable for all eternity for the whole world to see. The amount I pay isn't suddenly worth 10% more or less the next day. Better for the environment.

That might be fine up to a point, but at a certain number it becomes a really bad idea to mail cash.

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

#573
post #548

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.

> He's just not playing the obvious game you think he's playing. I think I would agree with that. Take note of that last part of his tweet[0]: > Tesla will not be selling any Bitcoin and we intend to use it for transactions as soon as mining transitions to more sustainable energy. We are also looking at other cryptocurrencies that use Here he posed a problem that is now on people's mind. Soon he will offer a solution…

YESS!! Finally, an insider I know has suggested that this is some sort of a move to offer a complementary service or clean technology to take over the basic mining operation for a lot cheaper vs now. It’s the long game he’s playing in a weird way

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

#574

Earlier quoted context omitted.

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

Sure. But we're discussing Elon Musk here.

The fact that he's spending resources on nominally going to Mars is completely idiotic. I've got enough of a brain to figure that out.

Its a free country. Which means I'm free to make my opinion on how others spend their money and resources.

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This is relevant because of all of the highly questionable moves Musk has done in the past weeks. He pumped BTC, pumped DOGE online. He pretends that he's a busy and (Aspergers) CEO despite spending huge amounts of effort on pop culture like Rick and Morty, Saturday Night Live, and other cultural mainstays. He proposes that terraforming Mars is a fruitful endevour.

He lies about "Full Self Driving" to the public for years, even as news reports come out as people literally die and burn to death inside of the cars his companies make. He claims COVID19 is a hoax, in an effort to keep his factories open.

He publishes a Finite-Element-Analysis of Hyperloop so basic that a 1st year college student could have done it. He builds tiny tunnels without any emergency contingencies while putting highly flammable lithium Ion batteries inside of those tunnels for Las Vegas.

And then finally, we come to this topic. Where he first hypes BTC (after buying it), and then after selling a huge chunk of it (over 10% in the past quarter), seemingly moves to dump the price of BTC.

Etc. etc.

At some point, we have to recognize that this guy is not an "engineer" at all. Musk is a hypeman at best. His lack of focus (so many topics covered...) suggests mania (as opposed to Aspergers). I dunno. Its getting harder and harder to take Musk seriously on any of these issues.

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

#575

Earlier quoted context omitted.

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.

It is illegal to "pump and dump" a security. I have a hard time believing the people here defending Musk dont know this, and can't see how his behaviour _migbt_ qualify as a pump and dump.

Except Bitcont isn't a security, so there are no laws against "Pump and Dump" in the unregulated market.

Some would argue that Bitcoin is fundamentally a giant "Pump and Dump" anyway, so nothing to see here.

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

#576

Earlier quoted context omitted.

Most of his workers were in an age group at negligible risk from covid; they'd be more likely to die in a road accident driving home.

How many of those workers have friends and/or relatives who are part of a vulnerable demographic?

Nobody's forcing them to associate with vulnerable friends or relatives. And it's not like they don't have a choice; tech workers aren't exactly poor.

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

#577
post #266

Earlier quoted context omitted.

I'm fairly certain it was not in violation of "the law", but rather in violation of edicts from unelected officials.

"The law" gives public health officials authority to issue those "edicts". Try taking them to court and see how far that gets you. Hint: not very.

Some people seem to have done pretty well in court bringing a case against unconstitutional edicts: https://www.npr.org/2021/04/10/986010977/supreme-court-rules...

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

#578
post #220
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…

Your first two points are basically political positions. I know it's fun to imagine that the other political side is less intelligent, but don't take that impulse too seriously.

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

#579
post #558

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.

Why do you need to own Bitcoin for transactions? Someone wants to buy a 50k car. They give you 50k worth of Bitcoin. You immediately sell the Bitcoin for 50k of dollars. At no time did you need to own Bitcoin before the transaction.

I read it as implying Tesla intends to use BTC for outgoing payments.

Of course, that would require Tesla's vendors to start accepting BTC. I strongly suspect LG Chem and Panasonic don't accept bitcoin payments.

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

#580
Honestly, I wouldn’t be surprised if the SEC investigates him (again), this time for what was quite possibly a pump-and-dump. Personally, I don’t think he started accepting BTC in good faith, it seems like a (pretty transparent) move to manipulate the price.
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