Topic: Tesla Bought 1.5 B in Bitcoins - page 3. (Read 2740 times)

I respectfully disagree; I've said the same things about doge before in a few threads (though in a tone that wasn't so negative against bitcoin), and it's really hard to argue that bitcoin makes for a better currency, i.e., one that you buy things with.  Assuming doge network fees and confirmation times stayed the same over time, it'd be so much easier to spend doge than bitcoin. 

You've been around long enough to remember times when bitcoin transaction fees were through the roof and it took forever to get one confirmation even if you paid a substantial fee, so surely you can admit that doge (and other altcoins) have at least that advantage over bitcoin, no? 

And I haven't drunk any of Elon Musk's Kool Aid, and I don't even own any doge, nor am I a big fan of it either.  But I don't have bitcoin blinders on that prevent me from seeing its disadvantages.  It's a very good investment and the king of crypto.  It just sucks as a form of money.

You are coming off as delusional, jaysabi.   

You may well want to check ur lil selfie into some kind of a clinic. 

Might be some kind of koolaide that you drunk?

Bitcoin definitely won't be useful on Mars, at least not for hundreds of years (if ever).  It's pointless for Mars to have a currency, because there is no commerce and no economy until there is excess effort that can be put into creating things other than what is needed for survival.  And the point where a native population could sustain itself without supplies from Earth would be hundreds of years in the future.

Elon's preference for Doge over Bitcoin is no great mystery.  Bitcoin is slow, clunky and expensive to transact in.  Doge, even as a joke coin, beats bitcoin on everything you would measure a cryptocurrency by other than inflation.

I think a lot like this guy. Looks like he is a hurt fanboy who wished that Elon and Bitcoin never broke up.

I was excited about the possibilities of BTC being the currency on Mars way before he announced this. It is obvious that people will need to transfer value and cryptocurrency is the only possible solution to ensure that you can actually "possess" and "transfer" money in an inter-planetary setting. For sure, the astronauts/ workers wouldn't carry cash to spend for a beer on the Mars city pubs after a long day of hauling sand.

Yet, He seems to have taken a fantasy for DOGE instead. My theory is that Elon still wants a cryptocurrency but over-time, he has seen that Bitcoin is too far down the road for him to make any impact. (And we all know he is a show-off deep inside). It will not be possible for him to have a significant share of the future of currency if he bets on BTC. With DOGE, (or another possible <1% shitcoin he plans to support) the possibility to influence and own is far greater.

I just hope that the genius under whose leadership, SpaceX re-landed what is literally a Stainless Steel building, has more insight to realize that any such plan would fail. If you don't have PoW and Bitcoin's decentralization, there is no future cryptocurrency to be had.

UPDATE:

WTF??
NOW HE HAS CHANGED HIS PROFILE PIC TO THE BITCOIN LOGO COMPLETE WITH LASER EYES!!

I would not give much credence to this analysis. One point he made was that Tesla is running its own nodes, and implied that it is unlikely the nodes are running on renewable energy -- the amount of energy a single node consumes is trivial when compared to even a single miner that can be used to mine profitably commercially.

This person seems to imply that Tesla might somehow use the powerwalls it sells to mine bitcoin. The main problem with this theory is that any electricity tesla powerwalls generate belongs to the customer, not Tesla. Also, if Tesla were to include some kind of ASIC with each powerwall, the effective value of each KwH in excess of consumption would decline over time as difficulty increases.

A nice thread, where someone thought a little bit deeper than the usual Pavlovian reflex to Musk tweets.



https://twitter.com/CroissantEth/status/1399828507849527298?s=20

A good analysis, yet with a few not-so-logical steps (GPU miners? really) but something definitely worth reading.

Welp, we can only say "too bad" today. The guy clearly is playing with this industry and dragging the people here along with it. he is making a fool of dozens of people. I really do not understand why some people would actually take his words seriously and still continue to do so to this day. I mean, I admire the guy's innovative mind and his achievements but as soon as he started talking about dogecoin, I already lost interest in taking any tweet from him seriously. Specially the ones that are outside his expertise and ones that are related to this industry. I just wish people would wake up from this sh*t soon.

If he is egomaniac, then there is zero chance of him purchasing an asset which he so strongly against. But we need to analyze how much of the recent crash was caused as a result of Elon's tweet. There were other factors as well, such as the government action in China, mining ban in Iran, US government investigation against Binance.etc. Frequently Elon get the credit for things on which he has no real connection. The correction was perhaps triggered by his tweets, but if the other factors were not there, then the prices would have easily gone back to $50K by now.

If he bought the dip that he caused, that would be manipulation.  First, I don't believe he's as influential with Bitcoin's price as everyone makes him out to be (and if he is, that's a far larger problem that everyone is such a sheep), and second, if he was actually trying to manipulate the market (which I don't believe he is) it would be more problematic for him to act on it than just to manipulate it because he's an egomaniac.

That would be against the law, right? First he crashed the prices. And second he used the opportunity to accumulate coins at cheap rates (since he owns a large % of Tesla shares, he can't escape from responsibility even if it is Tesla which made the purchase). Now my second question is, how can he (either directly or indirectly) purchase Bitcoin again, when he has already denounced it? First he needs to come out in public and state that he is going back to his earlier stance.

There seem to be some problems with your wish to admire, fillippone.... because it seems to me that part of the most likely reason that Tesla (or was it Elon) came out with a statement to clarify that Tesla had not sold any of its bitcoin is because Elon's statements and company conduct in buying bitcoin are running upon the boundaries of regulated versus unregulated - especially when you have a public company asserting that they had bought a largely unregulated product... but then the performance of that unregulated (bitcoin) could surely have pretty direct and obvious effects upon the share prices of that company.. not exactly clearly out of regulated space  - no matter how ambiguous it may seem to some of us trying to understand the situation from the outside.

There surely is a lot of ambiguity here in terms of overlap, and many of us recognize that Government agencies will attempt to apply jurisdiction when they believe that they can (get away with it), but at the same time, there has been publicity already that SEC has already been in a few battles with Elon, so who the hell knows what kinds of discussions that he or his legal reps or his company reps might be having behind the scenes in terms of figuring out if the SEC might be considering going after Elon or the company for statements that seemed to have a lot of effects on several markets.. and not just doge coin - including the fact that those various all over the place statements had been getting so much publicity - which also could end up in more behind the scenes discussions regarding whether the SEC believes that Elon might be getting close to crossing some lines (in the sand).

As a long time Elon Musk admirer, the only way he could gain some respect to me, is only if at the EOQ TSLA earning call it turns out they actually bought the fuc*ing dip Elon caused himself.
Manipulation of an unregulated market at his finest.

I believe that this particular transaction is fine, because it was done much before Elon unleashed his manipulation in the cryptocurrency market. And the 10% proportion mentioned here is not very big. I will be having an issue if it turns out that Tesla had sold a majority of their coins days before Elon Musk destroyed the market with his tweet dated 13th May. The SEC should investigate whether Tesla had sold any of their holdings during the first two weeks of May. And also whether they have purchased any new coins in the second half of May.

After all, Tesla herself confirmed that she had sold some of her bitcoins (10%) to prove the validity of the coin (or something like that) I quote:
Elon Musk's company Tesla announced that it sold bitcoins worth $272 million at the end of March, with a profit of $101 million. This is stated in the automaker's financial results for the first quarter.

He is the second richest person in this world, so obviously we have to respect his business skills. But even the best can flounder at times. What he did with cryptocurrency was a mistake. Not only it crashed the exchange rates and pushed many of the investors to bankruptcy, but also it tarnished Elon's own reputation. If he had issues with the electricity consumption of Bitcoin, then why he promoted it in the first place? Promoting Bitcoin and retracting the support after a few weeks is not something that someone with ethics and morals would do. Bitcoin's high electricity consumption is not a recent phenomenon. We have been debating about it for many years now.

Naturally we can't read the direction of his mind, but what is clear, I think Ellon has mastered this business, and of course this is all just his strategy in doing business, I agree we'll see the next development some time later, and we can see what Ellon's words mean the last one, and he probably still keeps his crypto assets too

If I remember it right he tweeted that he have a diamond hands,

Not sure though if that's refer to his bitcoin holdings or just for his dog, but following that statement, yes, He's going to face SEC as taxes

with that huge amount of money needs to show up from his report.  We don't know what inside his mind on his crypto assets we can speculate but the last words still with him alone.

Elon or Tesla can't do that. Because doing so amounts to insider trading. If the SEC comes to know about this, then we can expect Elon be fined anywhere from 2 times to 10 times the amount involved. So unless he has gone 100% crazy, I don't expect him to do that. All we need to do is to wait for another one and half months to find out whether they have sold any of their coins. It will be clear in their quarterly statement. A few days back Elon tweeted that Tsla hasn't sold any of its coins, and this time I believe him.

I think they might have sold some at the high before he begin to tweet about the environment and then now would have started buying again at these prices. Yes, will know in the audit and once financial are released if there is nay change in holding quantity. But definitely he would have not just kept it hold in the falling markets which began because of his tweets.

Asking for the wallet addresses may be a bit too much and Tesla don't have to do that. But being a listed company, they need to undergo third party audit at least once every 12 months. The auditors will be checking the details of all their financial assets, and at this time the company needs to provide all the details of their cryptocurrency holdings. I still believe Elon and don't think that Tesla has sold any of their coins. If they had sold the coins, then it will reflect in their quarterly financial report, which will be released in July.