Bitcoin surges after Musk says Tesla will resume accepting it when miners use more clean...

midian182

Posts: 6,912   +62
Staff member
What just happened? Elon Musk has faced criticism recently over tweets that send Bitcoin crashing, but he can push the price upwards, too. On Sunday, the CEO said that Tesla would resume accepting the crypto once there is confirmation of reasonable clean energy use by miners.

Tesla invested $1.5 billion in Bitcoin earlier this year and announced it would accept the digital currency as payment for its products, pushing the price to $44,000. In April, BTC reached a record high of almost $65,000.

Tesla's love affair with BTC turned sour last month when Musk reversed the decision to accept the coin as payment for Teslas, citing the environmental impact of mining. That sent Bitcoin's price falling, as did the billionaire's suggestion that Tesla had sold or could sell its holdings. Musk later confirmed his company still holds most of its Bitcoin investment, but the damage had been done.

One person having so much influence over the price of Bitcoin has angered many, including a group alleging to be Anonymous that posted a threatening video targeting Musk.

Responding yesterday to an article in which Magda Wierzycka, CEO of South African asset manager Sygnia, criticized him for an alleged Bitcoin pump and dump, Musk wrote: "When there's confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing bitcoin transactions."

Musk added that "Tesla only sold ~10% of holdings to confirm BTC could be liquidated easily without moving market." The EV giant sold $272 million of digital assets in Q1, which helped reduce operating losses by $101 million.

Bitcoin jumped from around $35,000 yesterday morning to the current price of just under $40,000, its highest level in about three weeks.

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VitalyT

Posts: 5,700   +5,566
The prick is back at it again, manipulating the price in the direction that makes him money. Wait for the next 180 on this, just as he is done selling his coins at the top and shorts it. What a douche!

And SEC is probably just looking through fingers on this one, 'cos it's not exactly stock market, and it's only a trillion dollars.
 
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DukeJukem

Posts: 198   +184
The prick is back at it again, manipulating the price in the direction that makes him money. Wait for the next 180 on this, just as he is done selling his coins at the top. What a douche!

And SEC is probably just looking through fingers on this one, 'cos it's not exactly stock market.
You have to admit....he's very crafty and intelligent. He's doing nothing illegal and making huge gains. People are mad because he's winning.
 

poohbear

Posts: 632   +549
He's just hustling for Tesla. Selling at the top and buying at the bottom. I'm REALLY curious how much of Tesla's earnings are gonna be from Crypto in a couple of quarters...
 

VitalyT

Posts: 5,700   +5,566
He's doing nothing illegal and making huge gains.

Are you sure about that?

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Squid Surprise

Posts: 4,099   +3,258
That's real dumb. It's the same as saying that a person who masterminds and organizes a crime isn't a criminal, because he does not participate in the action.
Again, check the last part of your own quote... “it’s really hard to prove”... I’d like to see anyone prove any illegality from his speeches...
Don’t get me wrong, I think Musk is a scumball - but he’s a pretty crafty one...
 

Squid Surprise

Posts: 4,099   +3,258
There is nothing crafty in using own influence and popularity to make manipulative market statements. Wicked unethical describes him better.
They aren't mutually exclusive... he's doing it just non-blatantly enough to avoid any legal repercussions... To become a multi-billionaire, you can't be a complete fool.... you also pretty much have to be a real jerk...
 

VitalyT

Posts: 5,700   +5,566
To become a multi-billionaire, you can't be a complete fool....
Most of the worlds billionaires today are complete fools who inherited the money. You only hear about others ones on TV, who made themselves, but that's because they are the ones who are active in this life. The rest (majority) are just blowing their inheritance, and only getting dumber.
 

duckofdeath

Posts: 425   +572
They aren't mutually exclusive... he's doing it just non-blatantly enough to avoid any legal repercussions... To become a multi-billionaire, you can't be a complete fool.... you also pretty much have to be a real jerk...
There are no legal repercussions as bitcoin isn't a regulated currency. Well, technically, someone might be able to sue the shizzle out of Musk in El Salvador, as it is an acknowledged currency there. But the problem there is to get Musk to appear in a court in El Salvador.
One option would be if someone would try to drive the case that crypto currencies are ponzi schemes through the courts. Other than that, he's pretty much free to say anything he likes as it only affects tokens that random people pays random amounts of money for.
 

Squid Surprise

Posts: 4,099   +3,258
Most of the worlds billionaires today are complete fools who inherited the money. You only hear about others ones on TV, who made themselves, but that's because they are the ones who are active in this life. The rest (majority) are just blowing their inheritance, and only getting dumber.
I said "BECOME" a billionaire.... inheriting doesn't count...
 

Lozzy

Posts: 16   +31
Energy is still energy. You use energy you invariably generate heat. Just because it's not generated using fossil fuels doesn't make it ok to use it on stupid things like arbitrary proof of work.
 

wiyosaya

Posts: 6,124   +4,368
He's just hustling for Tesla. Selling at the top and buying at the bottom. I'm REALLY curious how much of Tesla's earnings are gonna be from Crypto in a couple of quarters...
Perhaps this, from the article, is telling of the future:
The EV giant sold $272 million of digital assets in Q1, which helped reduce operating losses by $101 million.
I find this interesting because it implies that Tesla is still not making any money. With more and more automobile makers putting EVs on the market, Tesla is going to be facing stiff competition in the not-too-distant future. Perhaps crypto will be the only way that Tesla makes any money at some point.

And if you ask me, Musky's statement about clean energy usage by miners is very ambiguous - implying that he could change his mind in an instant. Typical Musky BS. The problem with people like him is that other people listen to him as if he is their God.

And I would not call being a first-class con artist "crafty and intelligent". Its precisely this type of attitude that enables scum like him to do what he does and get away with it.
 

Mighty Duck

Posts: 188   +125
Or video games.

You don't game on a mining rig 24/7, some of us just spend 2 hours a day on a PC with a single card. Don't you ever compare the two.

You seem to think we are angry at people who use their PC at home to mine. I don't mind that, my beef is with all the people who get many GPUs and leave others without a chance to get one.