Elon Musk says Tesla will stop accepting Bitcoin as payment, crashes crypto's price

FanboysGetPwned

Posts: 36   +20
Currencies adjust their value all the time in response to news and announcements. Also if someone stops accepting a currency then it devalues it because the user is less confident in it.
 

NightAntilli

Posts: 610   +747
BTC is retracing to its 21 weekly average since September last year. This was about to happen regardless. It's in the best interest of Musk to let people sell their bags, so that he can re-buy what he sold last time.

I understand that a 17% drop looks like the end of the world in the traditional stock market. In Crypto, it's just another day of the week. 40% corrections are normal in a BTC bull market. A crash is if BTC drops 80%.
 

Markoni35

Posts: 1,074   +439
Nah, just a classic example of pump & dump. It was plain obvious from day 1 that Proof-of-Work is harmful to the environment.

Thank you, sir. You're restoring my hope in humanity.

Or at least in 1 / 10000000 of total population.
 

terzaerian

Posts: 892   +1,277
BTC is retracing to its 21 weekly average since September last year. This was about to happen regardless. It's in the best interest of Musk to let people sell their bags, so that he can re-buy what he sold last time.

I understand that a 17% drop looks like the end of the world in the traditional stock market. In Crypto, it's just another day of the week. 40% corrections are normal in a BTC bull market. A crash is if BTC drops 80%.
Which it did, last March, during the COVID crash, down to like 3K. Now that sh*t was wild.

To note, Bitcoin volatility hasn't rose over 5% since that day.
 

NightAntilli

Posts: 610   +747
So many people are losing their minds, for literally no reason. People have really lost their ability to think...

I mean. Actually THINK about it. What does Elon Musk's tweet have to do with anything? How many people actually bought Tesla cars with Bitcoin? 10? Maybe 20? People buying or not buying Tesla with Bitcoin has ZERO implications on the technology, transactions or the power consumption of Bitcoin.

There is only one thing that drives the power consumption on Bitcoin, and that is the amount of people mining it.
The amount of transactions doesn't matter because that's capped.
The price of Bitcoin doesn't matter, and although that does influence the amount of miners, the largest mining farms are here to stay. It's the insignificant miners that have the least impact on power consumption that will quit.

Elon Musk knew all about Bitcoin beforehand, even its power consumption. You are being played. How does it feel to be a pawn?
It's still a fact that Bitcoin mining is the industry that has the largest percentage of renewable energy in the world. And don't be surprised if Tesla decides to buy more Bitcoin if it dips enough. And so should you.
 

Geralt

Posts: 272   +317
TechSpot Elite
Money has three functions: (1) It needs to be able to store value, (2) be a unit of account, and (3) be a medium of exchange. This means that a currency that cannot perform any of these three function is not a viable currency. Therefore, crypto currency is not a viable currency. If with every tweet of Elon the currency is moving up and down, so it cannot store value. It should be called Elon-coin instead. Besides, since now Tesla doesn't accept crypto, crypto lost its capacity of being a medium of exchange, at least with this company.
 
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captaincranky

Posts: 16,716   +5,465
I'll just enjoy the rest of my shoe for breakfast, thanks.
You know, that shoe at one point, was some poor, now grieving, mama cow's baby.
So, you're a "baby eater".

(Just a not so subtle demonstration how internet memes take on a life of their own).
 

captaincranky

Posts: 16,716   +5,465
Agreed. I don`t know/care of the actual benefits for society of crypto, decentralization promised freedom, but it looks more and more like a carefully choreograph big transfer of wealth, from everybody else to the very rich, Musk and others, who control the ups and downs of this market.
You mean sort of something like a Ponzi scheme?
 

captaincranky

Posts: 16,716   +5,465
There's more of Ponzi in Musk than Bitcoin
Elon Musk is what happens when you splice Bernie Madoff and P T Barnum's genes together, and get Mae West to carry the baby.

Moving on; an anonymous person plants strings of numbers on computers, and flatly states, "this is all there will ever be of this string of numbers", and now an arbitrary unit of which is worth $60,000? C'mon.:confused:
 
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NightAntilli

Posts: 610   +747
Money has three functions: (1) It needs to be able to store value, (2) be a unit of account, and (3) be a medium of exchange. This means that a currency that cannot perform any of these three function is not a viable currency. Therefore, crypto currency is not a viable currency. If with every tweet of Elon the currency is moving up and down, so it cannot store value. It should be called Elon-coin instead. Besides, since now Tesla doesn't accept crypto, crypto lost its capacity of being a medium of exchange, at least with this company.
He's still shilling for doge, and likely will soon be shilling for Cardano. In any case, he does not seem to be leaving the crypto space anytime soon. He realized that crypto is here to stay, and is trying to guide the sheep to where he wants.
 

terzaerian

Posts: 892   +1,277
He's still shilling for doge, and likely will soon be shilling for Cardano. In any case, he does not seem to be leaving the crypto space anytime soon. He realized that crypto is here to stay, and is trying to guide the sheep to where he wants.
I just had a thought, actually - Musk founded Paypal, and while he isn't part of the company anymore, he likely still has some stake in it. Paypal is to crypto what the passenger train was to the automobile. Is Musk just practicing "embrace, extend, exterminate" here for Paypal's benefit? Is his offer to help Dogecoin become "more environmentally efficient" just the second stage of that strategy?
 

NightAntilli

Posts: 610   +747
I just had a thought, actually - Musk founded Paypal, and while he isn't part of the company anymore, he likely still has some stake in it. Paypal is to crypto what the passenger train was to the automobile. Is Musk just practicing "embrace, extend, exterminate" here for Paypal's benefit? Is his offer to help Dogecoin become "more environmentally efficient" just the second stage of that strategy?
It's possible, although, I don't see why he would target Bitcoin specifically. It is possible that he's trying to make Dogecoin the next mainstream currency through PayPal. He's definitely up to something, and it's not random.
 

Danny101

Posts: 1,623   +697
Crypto currencIes seem to be creating the same problems that they were supposedly meant to solve. Value instability. Redundancy is about all they got going.
 

captaincranky

Posts: 16,716   +5,465
Environmentalist?? Just LOL. Every time a SpaceX rocket goes up...then comes down....
Everybody here seems to extol the wonder of Musk reusing boosters, and the power of his mighty Falcon "Heavy" boosters.

Her is a couple of "fun facts", comparing the Saturn V moon rocket. (Keep in mind the Saturn V put the 1st man on the moon in 1969 (51 years ago, give or take).
Fuels:
Saturn V fuel RP-1 & LOX
Falcon Heavy RP-1 & LOX

This is an AV-8 "Harrier" Operational in 1981.
It too is "recoverable", and features VTOL capabilities.

How does it do this, you might ask? Well, it's by "vectoring" thrust nozzles. How do you land a rocket booster? Well, by using "vectoring thrust nozzles".

One of the "problems" with the Harrier, is the amount of fuel it guzzles doing VTOL maneuvers, thus limiting it's range. When doing this with a rocket booster, you have to exchange payload for extra fuel capacity.

I could go on, but IMO, Musk really hasn't achieved that much on his own with respect to technology. He's just a self promoting windbag and a grifter.
 
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wiyosaya

Posts: 5,902   +4,138
Everybody here seems to extol the wonder of Musk reusing boosters, and the power of his mighty Falcon "Heavy" boosters.

Her is a couple of "fun facts", comparing the Saturn V moon rocket. (Keep in mind the Saturn V put the 1st man on the moon in 1969 (51 years ago, give or take).
Fuels:
Saturn V fuel RP-1 & LOX
Falcon Heavy RP-1 & LOX

This is an AV-8 "Harrier" Operational in 1981.
It too is "recoverable", and features VTOL capabilities.

How does it do this, you might ask? Well, it's by "vectoring" thrust nozzles. How do you land a rocket booster? Well, by using "vectoring thrust nozzles".

One of the "problems" with the Harrier, is the amount of fuel it guzzles doing VTOL maneuvers, thus limiting it's range. When doing this with a rocket booster, you have to exchange payload for extra fuel capacity.

I could go on, but IMO, Musk really hasn't achieved that much on his own with respect to technology. He's just a self promoting windbag and a grifter.
Amen to that captain, and not to mention, which all the Muskonauts totally do not understand, SpaceX has royalty free access to Nasa patents and technology. Musk has not invented jack sh!t for space ventures.
 

Danny101

Posts: 1,623   +697
Everybody here seems to extol the wonder of Musk reusing boosters, and the power of his mighty Falcon "Heavy" boosters.

Her is a couple of "fun facts", comparing the Saturn V moon rocket. (Keep in mind the Saturn V put the 1st man on the moon in 1969 (51 years ago, give or take).
Fuels:
Saturn V fuel RP-1 & LOX
Falcon Heavy RP-1 & LOX

This is an AV-8 "Harrier" Operational in 1981.
It too is "recoverable", and features VTOL capabilities.

How does it do this, you might ask? Well, it's by "vectoring" thrust nozzles. How do you land a rocket booster? Well, by using "vectoring thrust nozzles".

One of the "problems" with the Harrier, is the amount of fuel it guzzles doing VTOL maneuvers, thus limiting it's range. When doing this with a rocket booster, you have to exchange payload for extra fuel capacity.

I could go on, but IMO, Musk really hasn't achieved that much on his own with respect to technology. He's just a self promoting windbag and a grifter.
About the only thing environmentally friendly is less space junk lying around. Good description of politics as well.