Elon Musk has crashed Bitcoin to pre-Tesla investment levels

fl21289

Posts: 237   +285
they are still trying to access Binance... I heard there issues with logging in, servers are overwhelmed...
Yeah dude they were. I was able to buy crypto via Uphold but it was slow and timing out. But crypto.com couldn't keep up with it. And Binance is a joke of a exchange (the .US).

It dropped to just 30k, not 39k, recovered a little since, but still, that's over 50% from the top of 65k it had recently.
Sure did. Everything was nasty red lol. But BTC is already up close to $38k again. Should close today at around $40k and balance itself this week trending at $43k-44k.
 

mbrowne5061

Posts: 1,835   +1,067
Yeah my 401k has been taking a few hits with this market lately. But still getting a return rate of about 15%. Normally, yearly I would be getting 25-30%.
Its true return isn't as important as relative. Doesn't matter if it is getting 30% for a period if the market overall did 35%.
 

EdmondRC

Posts: 124   +95
I don't think this is all on Elon. I think the ransomware attack on the pipeline also made people realize that crypto's future is shaky. Plus, yes, the environmental impact of crypto is also a factor. I don't think a lot of people were aware of how much energy it uses. When you stop and think about it, crypto mining is unsustainable. Government, regulated, digital currencies are also incoming.

Ethereum is also down from 4100 to 2500.
 

NightAntilli

Posts: 609   +747
Where are all the Bitcoin Gurus now?

You know: the ones who wanna tell you all about "Blockchain's future".
I'm right here, and... For all of you celebrating, I have some bad news;

This is par for the course, and, expected. It has nothing to do with Elon. It was already dropping when he made his comments. A correction was due, and this is it. There's a lot more upside to go this year.

If China has 'banned' crypto again, this is the 6th time. Nothing major. I mean, read this;
Three financial industry associations on Tuesday directed their members, which include banks and online payment firms, not to offer any crypto-related services, such as account openings, registration, trading, clearing, settlement and insurance, reiterating the 2017 ban.
https://www.reuters.com/world/china/what-beijings-new-crackdown-means-crypto-china-2021-05-19/

Obviously the ones in China don't really care about the ban. Celebrate all you want. The market will recover, like it has done time and time again.
 

Peter Farkas

Posts: 554   +408
I don't think this is all on Elon. I think the ransomware attack on the pipeline also made people realize that crypto's future is shaky. Plus, yes, the environmental impact of crypto is also a factor. I don't think a lot of people were aware of how much energy it uses. When you stop and think about it, crypto mining is unsustainable. Government, regulated, digital currencies are also incoming.

Ethereum is also down from 4100 to 2500.
agreed and I think the environmental impact should be the most important factor at the moment. It has no utility, and numerous coal based power plants are running on 100% capacity in China to power only the BTC farms.
It is funny that I pay an extra tax if I use my car in downtown during rush hours due to its environmental impact while China is using coal to power crypto farming.
 

Geralt

Posts: 271   +312
TechSpot Elite
I'm right here, and... For all of you celebrating, I have some bad news;

This is par for the course, and, expected. It has nothing to do with Elon. It was already dropping when he made his comments. A correction was due, and this is it. There's a lot more upside to go this year.

If China has 'banned' crypto again, this is the 6th time. Nothing major. I mean, read this;
Three financial industry associations on Tuesday directed their members, which include banks and online payment firms, not to offer any crypto-related services, such as account openings, registration, trading, clearing, settlement and insurance, reiterating the 2017 ban.
https://www.reuters.com/world/china/what-beijings-new-crackdown-means-crypto-china-2021-05-19/

Obviously the ones in China don't really care about the ban. Celebrate all you want. The market will recover, like it has done time and time again.
You are a Bitcoin Guru? I thought you were a blind fanatic acolyte only.
 

Peter Farkas

Posts: 554   +408
Here's something for you and your environment;

Even though the numbers are crazy on both sides in my opinion gold is not just a store of value but has utility and is widely used in the manufacturing of electronic goods for example. You couldn't have posted your comment without gold mining.
This can't be said about BTC. Proof of Work is not the way forward in my opinion. There are other crypto projects that offer much better utility as a payment instrument, store of value, etc...
Thanks for sharing that study though, I wasn't aware of these figures.
 

NightAntilli

Posts: 609   +747
You are a Guru? I thought you were a blind fanatic acolyte only.
Fanaticism is an emotional state. To be successful, emotion must be on the sidelines. How are you gonna have well-founded opinions or make rational decisions, if tweets and sensationalist news sways your opinion? My views on crypto are rock-solid, because I understand them, and the crap coins are not hard to differentiate from the rest of the pack.

Keep believing the news though...

 
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NightAntilli

Posts: 609   +747
Even though the numbers are crazy on both sides in my opinion gold is not just a store of value but has utility and is widely used in the manufacturing of electronic goods for example. You couldn't have posted your comment without gold mining.
This can't be said about BTC. Proof of Work is not the way forward in my opinion. There are other crypto projects that offer much better utility as a payment instrument, store of value, etc...
Thanks for sharing that study though, I wasn't aware of these figures.
Maybe... Time will tell :) For the time being, Bitcoin is not dying though. And it is leading the whole crypto industry. Everyone was trying to be superior to Bitcoin, which is why there's a bunch of other payment coins.
Then there was Ethereum, and now everyone is trying to be superior to Ethereum.

I wonder what the next one will be. Bitcoin might indeed be superseded at some point... But the knowledge and understanding of crypto is still too niche for it to happen, I think.
 

fl21289

Posts: 237   +285
agreed and I think the environmental impact should be the most important factor at the moment. It has no utility, and numerous coal based power plants are running on 100% capacity in China to power only the BTC farms.
It is funny that I pay an extra tax if I use my car in downtown during rush hours due to its environmental impact while China is using coal to power crypto farming.
Time to move to a red state if you pay taxes to drive in downtown ;)
 

terzaerian

Posts: 888   +1,273
The only people that burn today are the ones who bought last. The true believers of crypto mined them long long ago and are still on massive gains . People like you that were wondering what is bitcoin and bought recently are indeed ... burned :D
He was bragging about buying shares of Coinbase right at ICO. Lol.

Meanwhile, I'm only up 8x on my cost basis on crypto purchases instead of 10x I had the other day., 8x I made while "catching falling knives" during last crypto winter, and while investing in less flashy alts and bog-standard BTC and ETH.

As for Musk, I'm glad at least one Dogecoin developer sees him for what he is. The rest of their community, however, seem besotted with him, which is not going to work out well for them.
 
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Bitcoins shown price exhaustion for several weeks and this last week especially. It was already due a correction before Elon tweeted about the energy consumption issue, and price was struggling. It was just poor timing and he helped finish it off. The banking system uses a lot more power than the bitcoin network by a large amount anyway so his argument is mainly important from a man in his position in a company that invests in batteries and renewable technologies. It was a good thing to say from his position
 

bviktor

Posts: 398   +701
It has nothing to do with Musk. What a foolish clickbait title. It's all about the Chinese ban. Also the SEC/IRS investigation of Binance. And the prosecution of RenrenBit founder Zhao Dong, facing 3 years in prison. Amongst others.

... but not this irrelevant clown tweeting random cr@p.
 

Slappy McPhee

Posts: 206   +128
It could be argued that that has already happened since cryptocurrency, in general, has no intrinsic value. Its not like anyone who owns cryptocurrency bought a cryptocurrency that was backed by gold or something else of high intrinsic value. ;)

Someone has their head buried in the sand. Paper money along with it's ilk has been just farts and dreams for a LONG time now. Just look at these stimulus injections in the United States over the last two years. We'll just keep printing money until the ink runs out and continue to have it be backed by farts, hopes, and dreams per usual.
 

Karlos95

Posts: 167   +93
Bitcoin ain't going any where. All these naysayers need to study a chart. It is very in line with every other bullrun it has had. My god, can't teach old dogs new tricks it seems.

Had nothing to do with FUD. Also, might want to check your own currency (They say can't be legit, look at all of them different currencies, meanwhile 180 different currencies for individual nations, pick up a book, or search the net maybe) USA coin (shitcoin) has 27 trillion in circulation, based on debt, unlimited supply cap, only 1 node, 25% of supply was minted in the last 6 months and 1% of holders own 30%.

Hyper-inflation anyone? Oh wait, these old dogs can't learn new tricks.
 

scavengerspc

Posts: 1,154   +1,090
TechSpot Elite
Where are all the Bitcoin Gurus now?

You know: the ones who wanna tell you all about "Blockchain's future".
Here's one, kind of.

If you like I will PM you about the BC I bought 6 years ago, the average price for each one, how many I carried for those 6 years, and how much I sold every last one of them for last month. And the fact that I didnt mine a single one of them.

Then you can tell me about all the BC "suckers". Again.
 

Karlos95

Posts: 167   +93
Here's one, kind of.

If you like I will PM you about the BC I bought 6 years ago, the average price for each one, how many I carried for those 6 years, and how much I sold every last one of them for last month. And the fact that I didnt mine a single one of them.

Then you can tell me about all the BC "suckers". Again.
They base their opinions and "facts" on current news, meanwhile the main crypto coin has had 11 years history, hasn't collapsed, continues to make new highs.


I think they are just upset most of their outdated investments can't keep up with crypto.
 

poohbear

Posts: 626   +541
It was a pump and dump by Musk. Crypto is unregulated, so the SEC can't do $hit. He tried such market manipulation tactics with Tesla stock and SEC clamped down on him. I bet after he sold bitcoin at the top, he's now buying more and he's gonna pump it up again. Rinse & repeat to pad Tesla's earnings. Tesla still hasn't made any profit from selling cars, they made their profit from tax credits and creative accounting. Bitcoin would most definitely fall under creative accounting.

Hey if there are fools that follow him why not take advantage of them.