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

Post by BoorishBears » Thu, May 13, 2021, 11:38 PM UTC

ecpottinger wrote: post #350

BoorishBears wrote: post #130

Earlier quoted context omitted.

Unfortunately that's not how the current setup works. The most successful the gambler is, the more of other's people they get to gamble. He's at that point where he could never be right again and it'd never personally affect him. I mean if Tesla goes to 100 tomorrow morning, who gets hurt more? Elon or instructional investors that are supposed to be funding things like pensions?

Assume Tesla stock fell to 100. Well I bought mt stock at 189 pre-split, so the share I bought at 189 are still worth 500. It is the day traders who get hurt, but the people in it for the long haul are still doing fine. I always get a laugh for the people trying to scare people that Tesla stock will fall while not realizing a lot of the early purchaser will still make a profit even it the stock tanks big.

Post by [deleted] » Thu, May 13, 2021, 11:40 PM UTC

[deleted] wrote: post #376

tpmx wrote: post #233

Earlier quoted context omitted.

No comment on how smart or stupid Elon is (he is somehow effective ), but I'm with you on all of those things except "He thinks it's easier to make Mars habitable than it is to keep the Earth habitable": The concept of having humans on another planetary body makes a lot of sense as a backup-plan for humanity. The Drake equation be damned - in case we're actually alone, we have a pretty strong moral requirement to mak…

[deleted]

Post by kibwen » Thu, May 13, 2021, 11:45 PM UTC

tasssko wrote: post #282

_Microft wrote: post #53

Earlier quoted context omitted.

My take: this was calculated. Notice an opportunity for easy money and get into Bitcoin under the pretense of selling cars for it, then pull out "temporarily" citing environmental reasons. They are now in a comfortable position to hold onto it for how long they might want to, without getting too many questions why a car maker is speculating with crypto coins. If they might need cash (or have to pretty up the quarterl…

I find it unbelievable that he would use a public company for this kind of speculation. It is grossly irresponsible.

Post by bitexploder » Thu, May 13, 2021, 11:51 PM UTC

api wrote: post #355

dylan604 wrote: post #308

Earlier quoted context omitted.

>Musk bought BTC, single-handedly pumped the price of BTC, and then sold at a huge profit. Doesn't this have legal ramifications when done in the stock market? If it is shady for that market, why is it acceptable in other markets? Oh, right, they're not regulated.

Cryptocurrency is almost completely unregulated, so no there are not likely to be ramifications. It's anarchy and just about anything goes. Buyer beware. Also I didn't get the sense that Musk single-handedly pumped BTC. He jumped on the bandwagon about mid-way through the current pump. I am still foggy on what kicked off the current bull run.

Post by erentz » Thu, May 13, 2021, 11:56 PM UTC

wonderwonder wrote: post #197

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.

My theory is that he realized how many people he ruined with the SNL / hustle bit when doge coin dropped and he is trying to get out of it. Probably something he should of considered ahead of time, the music was always going to stop. The space x satellite was his attempt to right it but now he wants to get out and focus on his core work. That or his board of directors threatened to pitch him if he did not get out.