Tldr: Papa elon wipes his ass with Btc, wiping off 365bn
$365B wiped off cryptocurrency market after Tesla stops accepting Bitcoin
631–640 of 758 posts
Re: $365B wiped off cryptocurrency market after Tesla stops accepting Bitcoin
#632Very 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…
When your profits depend on not understanding something chances are you won't understand it :)
Re: $365B wiped off cryptocurrency market after Tesla stops accepting Bitcoin
#633Earlier quoted context omitted.
Bans of future sales of ICE vehicles are a thing, a lot of countries either have them or are proposing them.
I'm willing to bet that Bitcoin mining will be 100% renewable (compared to 40-70% depending on whose numbers you look at today) before ICE vehicles are all gone. I'm basing this on the fact that miners are incentivized to always seek the cheapest source of energy and that renewable/stranded energy is only going to become cheaper over time. At one point, hydro/wind/nuclear will become much more cheaper than coal/fossi…
As long as there are fossil fuels being used for the production of electricity, either non-clean energy or a mix will be cheaper as a purchaser (regardless of production costs).
All the electricity gets mixed together in the power network anyway, so if you buy 'renewable' electricity you are effectively just paying a premium to say yours came from the pool of renewable electricity. If you increase the power load on the network though, and in-aggregate the power requirement increases, chances are that increase still comes from fossil fuels.
I think we will be waiting a long time until global electricity is 100% renewable, although I hope it happens quick and it's good that you are more optimistic than me :)
Re: $365B wiped off cryptocurrency market after Tesla stops accepting Bitcoin
#634Earlier 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.
1. Tell someone you own a security
2. They get excited and buy it
3. You sell it when it goes up
You can't just classify this set of actions as a pump and dump. You have to do something that is considered a scam, such as grossly misrepresenting the security with the intention of making a profit at the cost of uneducated investors. As far as I can tell, Elon never claimed Bitcoin is environmentally friendly, nor did he make other false claims about Bitcoin's functionalities or capabilities.
Re: $365B wiped off cryptocurrency market after Tesla stops accepting Bitcoin
#635Earlier 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…
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.
I certainly won’t argue that Musk is stupid, but trust me, his Mars marketing has never won SpaceX a launch contract, and if anything it probably hurt them in the early days. This business was long dominated by stodgy defense giants, and it has seen a lot of wild-eyed idealists with big dreams and a little too much money come and go. Government and commercial launch contracts have never been awarded on the basis of idealistic excitement, and the conventional wisdom used to be that the SpaceX mentality just didn’t work in this Very Serious and Difficult Field.
In recruiting, on the other hand, the Mars marketing has helped them a lot.
Re: $365B wiped off cryptocurrency market after Tesla stops accepting Bitcoin
#636Earlier 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.
If you've done what Elon Musk has done, you're definitely not dumb.
That's what I hate about people telling Trump is dumb. If you've done what he has done, he's definitely not dumb.
Funny thing is that although I never liked Paris Hilton, I was pretty sure she was not that dumb (turned out she wasn't).
The same story when I look at my Facebook feed. Plenty of smart people have all kinds of different views on Covid and vaccination. And all of them call the 'other group' dumb.
Seems like political viewpoints have nothing to do with being smarter than someone else.
Re: $365B wiped off cryptocurrency market after Tesla stops accepting Bitcoin
#637Earlier 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…
So you mean starting his own crypto?
Re: $365B wiped off cryptocurrency market after Tesla stops accepting Bitcoin
#638Earlier quoted context omitted.
He may not be all-knowing, but my retired, former customer service employee grandmother knows Bitcoin is produced with dirty energy in China. It's not exactly secret knowledge. So, it's obviously a pump and dump.
And how the hell did she come to know that?
She watches TV
Re: $365B wiped off cryptocurrency market after Tesla stops accepting Bitcoin
#639Earlier quoted context omitted.
Sorry if it sounded out of place. The context is that Dan's team does so much impactful work thanks to powerful software. But for various reasons, a lot of the required knowledge is esoteric. (Do you know how to write an emacs library to provide proper indentation for arc? If not, are you ready to dive in and learn, without extensive supervision?) It's also crucial for HN team members to be trustworthy and effective.…
This place is one hell of a trip. Are you for real?
I think I'm closer to the imaginary side of the complex plane, but a little bit of real is nice from time to time.
Re: $365B wiped off cryptocurrency market after Tesla stops accepting Bitcoin
#640Earlier 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.
Ironically, I believe this was overturning a law made by elected officials (on constitutional grounds)