$365B wiped off cryptocurrency market after Tesla stops accepting Bitcoin • Hacker News Board

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

#701

Post by soperj » Fri, May 14, 2021, 3:09 PM UTC

tenpies wrote: post #399

soperj wrote: post #361

Earlier quoted context omitted.

If they are so easy, why isn't everyone doing it? Why can't Bezo put payloads into space with a billion every year invested? Why can't every other car manufacture seem to put together an electric car with the same range? I don't want to buy a Tesla, I'd rather something with physical knobs, but there's nothing that quite hits the mark yet.

> Why can't Bezo put payloads into space with a billion every year invested? Because he was busy changing the face of consumer retail, the internet, and other huge aspects of society up to a few months ago. Give it a couple of years and you'll see Blue Origin eat SpaceX's cake. > Why can't every other car manufacture seem to put together an electric car with the same range? Mostly because other car manufacturers are…

Blue Origin is older than SpaceX.

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

#702

Post by BenoitEssiambre » Fri, May 14, 2021, 4:03 PM UTC

logicchains wrote: post #687

BenoitEssiambre wrote: post #682

Earlier quoted context omitted.

I gave you textbook macro about deflationary currencies and you gave me hand wavy talking points about the 1800s that are easily verified as lies https://en.wikipedia.org/wiki/List_of_recessions_in_the_Unit... . But that doesn't even matter since that era's global financial system was too different to draw much parallels. In particular, asset prices weren't globally and instantly synchronized so financial crises were…

The link you provided doesn't even mention the GDP effect of those recessions, but if you look it up you'll find that none had as severe an effect on GDP as the great depression. The Cantillon effect is how the financial industry profits from inflation in its current format, which you'd know if you read the link. This incentivises it to produce FUD against deflation.

Look at the "Business Activity" column. I'm not sure you are going to get great GDP figure for the 1800s however.

You are really grasping at straws with the Cantillon effect. There are distribution effects with everything including inflation and deflation.

Deflation however is the one that is widely known, for even a little of it, badly hurting the economy especially workers as few are investing in businesses that are productive and need workers because everyone is chasing tokens instead.

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

#703

Post by SavantIdiot » Fri, May 14, 2021, 4:12 PM UTC

robryan wrote: post #546

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.

SpaceX is saving the US government heaps of money. Sure you could argue about spending on things in the first place. Assuming though we are talking about who to award to contracts to though they have saved heaps on just giving the extra work to ULA/ Boeing and other traditional aerospace companies. They have also created a competitor that will drive down prices on all space contracts.

I did argue exactly this, one hour before you commented. See my peer post down the thread.

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

#704

Post by PopsiclePete » Fri, May 14, 2021, 4:21 PM UTC

koonsolo wrote: post #636

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.

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 an…

If you started your adult life with the same help from Daddy that Trump had - and did nothing, literally besides putting all of that money into an index fund - you’d be richer than Trump is today. They did the math.

So what exactly are Trump’s accomplishments? It’s not like the dude started off selling hot dogs. He made a lot of shitty investments, lost a lot of money, and is one of the few people on this planet capable of bankrupting a casino. In Vegas.

Yes he’s famous, of course, but his “look at me I’m a successful billionaire” image is all smoke and mirrors.

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

#705

Post by ses1984 » Fri, May 14, 2021, 4:42 PM UTC

nlitened wrote: post #697

ses1984 wrote: post #676

Earlier quoted context omitted.

That’s what miners do as well.

Yes. I just wanted to emphasize that in PoW coins, a rogue miner cannot force the whole network to accept blocks because all network participants (even passive non-miners) will just ignore the "invalid" block.

No, but if all the miners fork from all the non mining nodes, the chain with all the miners will be more secure. If a minority of miners side with the non mining nodes, that chain will be more vulnerable to disruption.

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

#706

Post by mbesto » Fri, May 14, 2021, 4:43 PM UTC

kevinbache wrote: post #581

mbesto wrote: post #405

Earlier quoted context omitted.

> 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 .

No doubt, but he has been something special.

That's what you think. See: https://en.wikipedia.org/wiki/Reality_distortion_field

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

#707

Post by anonAndOn » Fri, May 14, 2021, 4:52 PM UTC

staticman2 wrote: post #560

anonAndOn wrote: post #174

Earlier quoted context omitted.

> Something like 70% of his net worth is Tesla stock. For now. Spacex is going to be the most valuable company on Earth and Mars.

"For some people... Tesla is a religion."

“Listen to the mustn'ts, child. Listen to the don'ts. Listen to the shouldn'ts, the impossibles, the won'ts. Listen to the never haves, then listen close to me... Anything can happen, child. Anything can be.”

― Shel Silverstein

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

#708

Post by vanusa » Fri, May 14, 2021, 5:09 PM UTC

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.

How does Musk decide to throw $1.5 billion worth of Tesla's cash into BTC without acknowledging this?

Easy. By being the nutjob that he transparently is and has been for several years now.

The only mystery here is why so many people seem willing to hitch their wagons to a financial "instrument" whose trading value is so critically dependent on the whims and effluents of such a person.

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

#709

Post by pshc » Fri, May 14, 2021, 5:35 PM UTC

Animats wrote: post #453

pshc wrote: post #440

Earlier quoted context omitted.

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?

The nodes aren’t voting on political proposals. In the Etherium world, which has more changes, they do. Bitcoin, not so much.

I suppose they are voting on fork chains in that sense, true.

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

#710

Post by nprz » Fri, May 14, 2021, 5:51 PM UTC

grassgreener wrote: post #689

nprz wrote: post #338

Earlier quoted context omitted.

Say you wanted to pseudonymously send funds to a family member with a frozen bank account in say, Gaza, by the end of the day. What tech would you use to accomplish this?

Please don’t use Gaza as a justification to this broken piece of technology. That’s borderline dishonest.

It's 100% honest. Palestinians have been using bitcoin for exactly the reason I mentioned above. [0]

[0] https://www.coindesk.com/crypto-gaza-west-bank-bitcoin-pales...