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From the charts I'm looking at (market watch), it appears that other cryptos have lost more than bitcoin, by percentage. Am I incorrect?
Yes, others have, but interestingly, Cardano (ADA) held up well. Even though it dipped, it's still up 20% over the past week and is #4 by market cap.
Market cap explained real simple: https://coil.com/p/XRPFax/Understanding-the-Crypto-Market-Ca...
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.
Musk appears to be a fantastically competent salesman and decent rocket scientist, but we shouldn’t expect him to have the Midas touch on other fields of competence.
And while Musk ought to employ people to warn him about all the issues he now cites as why he changed policy, remember that he did start The Boring Company in response to getting stuck in a traffic jam, and got in trouble with the SEC for repeatedly tweeting stuff that CEOs are not supposed to tweet, and tried to name his kid X Æ A-12 — I assume he has sycophants telling him his every idea is fantastic no matter what he does, just as he has anti-sycophants (sychokrupho? My Greek is terrible) yelling as loudly as possible that he’s evil for failing to spend his money on their pet project.
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.
Also keep in mind that these coins crash with very small amounts of money. The liquidity just isn't there.
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.
My guess is that he just isn't very savvy about cryptocurrencies in terms of implementation mechanics and legitimately didn't understand the extent of bitcoin energy consumption until the drop in April brought up that correlation front and center in the news when the price drop was attributed to a disruption in mining due a blackout in China.
It wouldn't be the first time where he jumped into some topic outside his immediate area of expertise and proceed to get criticized for missing some critical nuances (e.g. the ventilator donation thing, the submarine rescue in Thailand thing)
How long until he figures out that DOGE also wastes energy?
while we're at it, don't rockets pollute too
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How is this a pump and dump? They never dumped. It is certainly stupidity from Musk, but I don't know why you are implying maliciousness when they are still holding Bitcoin and therefore they are equally hurt by this drop in value.
Tesla might not have dumped. But I'd be very interested to see Musk's personal trading accounts, and the trading accounts of his close associates.
There's no conspiracy here.
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This looks like a pump and dump scheme in its finest form. Nothing changed over last year in regards to energy consumption. There's no way that Elon or those in Tesla discussing this were not aware of this prior.
How is this a pump and dump? They never dumped. It is certainly stupidity from Musk, but I don't know why you are implying maliciousness when they are still holding Bitcoin and therefore they are equally hurt by this drop in value.