Tesla buys $1.5B in Bitcoin, may accept it as payment in the future

Post by d10r » Tue, Feb 09, 2021, 6:34 PM UTC

nineplay wrote: post #674

rzodkiew wrote: post #338

Bitcoin is a mystery to me. Somehow it's hailed as revolutionising the economy, by replacing currency with a worse kind of currency. It feels like this is where all the "how to get rich quick" book writers and other hustle bros went and created one giant financial pyramid, which works in quite simple way: - buy bitcoin - tell everyone around how revolutionary it is, so they buy it and what you holding increases in va…

I tried, I sincerely did. I had many friends who were strong believers in bitcoin. I read articles, I watched videos, and every time it felt like hucksterism. There was no serious discussion of the advantages of bitcoin, no attempt to explain blockchain. There was a lot of repeating, over and over again, how amazing and revolutionary bitcoin was. "For the first time ever, a computer owns currency!" one youtuber said…

Post by andreygrehov » Tue, Feb 09, 2021, 7:52 PM UTC

kgwgk wrote: post #951

andreygrehov wrote: post #415

Earlier quoted context omitted.

> by replacing currency with a worse kind of currency. The reason why Bitcoin is a mystery for many people is exactly because of this ^. Bitcoin is NOT a currency. It doesn't position itself as a currency. This fairytale is long gone, forget about it. Bitcoin is a store of value. It cost $7.6M and took five years to repatriate 53,780 gold bars worth $27B back from the US to Germany. It's >1000X faster and >10X cheape…

> It doesn't position itself as a currency. This fairytale is long gone, forget about it. Bitcoin doesn’t position itself as anything. In other comments, though, you can see people are still defending its usefulness as currency. Your example is a bit strange, by the way. Transatlantic bank transfers in your currency of choice have been a solved problem for decades.

Post by ad31mar » Tue, Feb 09, 2021, 8:43 PM UTC

boublepop wrote: post #858

blhack wrote: post #786

To the people on HN who constantly try to talk about how stupid cryptocurrencies are, or how it's all a pyramid that's going to collapse, it's all stupid etc. What do you know that Tesla doesn't know? If you could sit down with the board of Tesla and explain to them what they've missed, what would you tell them?

Your asking the wrong question. What does the board of Tesla know that the average investor doesn’t know? Obviously that no matter the value, news like this will spike the price of Bitcoin. So they just made a huge profit just by slowly aquiring a security, then pumping its price and eventually dumping it. Quite an ingenious scheme there. You have to wonder how it will play out long term though.

Post by kgwgk » Tue, Feb 09, 2021, 10:13 PM UTC

andreygrehov wrote: post #983

kgwgk wrote: post #951

Earlier quoted context omitted.

> It doesn't position itself as a currency. This fairytale is long gone, forget about it. Bitcoin doesn’t position itself as anything. In other comments, though, you can see people are still defending its usefulness as currency. Your example is a bit strange, by the way. Transatlantic bank transfers in your currency of choice have been a solved problem for decades.

I'm talking about transferring bars of gold, which is not the same as a digital transfer.

Post by boc » Tue, Feb 09, 2021, 10:49 PM UTC

lottin wrote: post #322

This is very worrying. Don't they have financial advisors at Tesla? An automaker should focus on making cars. This is what they specialise in and what they are good at. They should not be speculating with financial assets. Tesla shareholders can do that themselves, if they wish to.