Tesla destroys bitcoin :-[ - page 8.

LoyceV

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Quote from: NeuroticFish on May 13, 2021, 02:31:19 AM

Quote from: LoyceMobile on May 13, 2021, 02:23:01 AM

Bitcoin doesn't care about that small car manufacturer wannabe.

There, I've fixed it for you Wink

There, I fixed it back for you Tongue

Seriously though, I assume all this is only for attention. The Bitcoin mining process is well known and well documented, it's not as if any new information came to light. So I'm sure they knew all this already, which means they have other reasons for saying this now. It could very well be they're buying back the Bitcoins they sold last quarter, and need a price drop for it.

It seems to have backfired on his stock price though: Tesla stock and bitcoin drop after Elon Musk says car sales with crypto will be halted due to energy usage of mining .

Kittygalore

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If this is your definition of destruction then you should probably leave the bitcoin market because this isn't even a crazy crash, Tesla still has their coins, they are just suspending their bitcoin payments for their products.

iTradeChips

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I saw that tweet of Elon, and I would say, the tweet is not really the reality behind Bitcoin mining. Many have been using renewable energy sources in other countries like wind and hydro, I mean they should have looked further and see what they are talking about. All I think about what's happening with Bitcoin now is that possibly Elon has already sold his Bitcoins and now he wants to lower the prices by putting out some a bit bad publicity behind bitcoin. Fortunately for the coin, Elon is only one of the many traders of Bitcoin and he did not get the price that he wanted to buy Bitcoins so he will try to put more negativity with the coin. As of today, many fans of Elon will now regard him as one corrupt businessman like most of them.

NotATether

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Quote from: Kakmakr on May 13, 2021, 02:05:54 AM

This is a bunch of crap.....

Tesla should look at it's own footprint, when it comes to environmental impact. They did not build those cars and rockets from minerals that simply appeared out of the magic sky... those mineral was mined and mining pollution is real. What happens to all of those batteries that are used in all their cars, after it reach it's end of life?

How much energy do they use to build those cars and to run those manufacturing facilities? On the other hand, most bitcoins are mined with renewable energy sources in China. (Hydro electricity / Solar / Wind) Roll Eyes

The whole announcement of Tesla accepting BTC payments was a joke anyway, why would you make a business decision only to reverse it a month later because of reasons you should've initially thought out before making such announcement in the first place?

Alucard1

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The bitcoin volatility is not totally caused by any social media platform, if you got shaken by this thing, then you are probably new in the crypto world, there is no surprise with regard to this thing, just keep holding, you might lose the chance to earn more if you are going to sell it all by just what happened to bitcoin right now.

masphie

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-= OI =-

Maybe you should go back in time (10 years ago). If you are in that year, this should not be how you think about bitcoin.
But if you are new to crypto, it's better to look for information about bitcoin 10 years ago.

boyptc

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It might be a big deal today but tomorrow it won't be.

You know why? because bitcoin is known to be one of the most resilient assets that we ever had. Just compare this when Microsoft had also announced the same before.

But what's with it right now? looks like nothing happened and bitcoin continued to thrive.

wallet4bitcoin

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Never. Tesla isn’t controller of btc. Price of btc controlled by all traders. I don’t know, How many tesla purchased with btc, But that was not create big demand. Yes, That was a good hype. But, Not everything of btc. So there is a no chance to destroy btc. Btc is decentralized top popular cryptocurrency.

goinmerry

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Quote from: YanBitMoney on May 13, 2021, 12:05:46 AM

I feel shaken; if only relying on media to grow, bitcoin will collapse at some point!

I wonder what will happen to you if the bitcoin price goes back to $10,000. Cheesy

I don't know where's the part that bitcoin is being destroyed by Tesla. Kindly review how Bitcoin price grows in the past 1 year then ask yourself if a thing such as Elon and Tesla can destroy or able to collapse bitcoin at some point.

If you can't handle a dip like that in Bitcoin, then from now you have to be used to it.

NeuroticFish

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Quote from: LoyceMobile on May 13, 2021, 02:23:01 AM

Bitcoin doesn't care about that ~~small~~ car manufacturer wannabe.

There, I've fixed it for you Wink

Quote from: Findingnemo on May 13, 2021, 02:26:42 AM

Be a man not a stupid, Elon Musk is using everyone for his benefits.

Correct. I don't know what game is Tesla playing, but all this sounds against the logic of their previous investment: selling some and telling they sold, now no longer accepting Bitcoin ... it already sounds like they've sold more than they've announced and now they're dragging the price down to buy back.

On the other hand, I think that the last correction is more related to what happens on stock market than to this not-that-important announcement (since, let's face it, how many would give up Bitcoin for a car?)

Findingnemo

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Bitcoin = Financial freedom

Elon bought bitcoin earlier this year so he need som reasons to make profits from his bump so is using this as an opportunity to sell the bitcoin while he is accumulating Doge which can be clearly seen that he is promoting DOGE as payments so one day DOGE payments also will be halted because he thinks its a coin created for dogs not for humans then the price will fall after he sold his entire stocks.

Be a man not a stupid, Elon Musk is using everyone for his benefits.

LoyceMobile

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LoyceV on the road. Or couch.

Bitcoin doesn't care about that small car manufacturer.

stompix

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Quote from: Kakmakr on May 13, 2021, 02:05:54 AM

How much energy do they use to build those cars and to run those manufacturing facilities? On the other hand, most bitcoins are mined with renewable energy sources in China. (Hydro electricity / Solar / Wind) Roll Eyes

Yeah right, like that 30% of the hashrate that went down after that coal mine accident in Xinjiang
Nobody is buying that crap about miners using only renewable and green energy and you can see the effects on your own.

But, that's one aspect of decentralization, unlike in other industries where you can force manufacturers to use only that and this you can't force miners to switch to hydropower or pay for certificates, they will simply move to another country where there are no regulation and the others can't do a thing about it, you can't tax them, you can't ban their "products" you can simply watch. Unless all the countries on this earth find a way to produce greener energy that is also cheaper than coal and thus making coal power plants obsolete miners will use it if it's cheaper, and, as we can pretty much see from the amount of hashrate in Xinjiang and Inner Mongolia and in other parts of the globe like Australia coal is king.

Unless something changes globally nothing will specifically change for bitcoin.

Rikafip

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Tesla destroys Bitcoin? Lol what a clickbait title! It's just Elon Musk talking shit as always and market overreacting, as always. So I would say, just another crypto day. Or to sum it up with the meme

meanwords

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"Destroys Bitcoin" Is a little bit an exaggeration. Bitcoin can grow so much even without the help of Tesla shilling it, it's just that Elon Musk really had us in there for a while. To be honest, it's not a big deal. With or Without Tesla, other companies are still eyeing on Bitcoin.

Kakmakr

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This is a bunch of crap.....

Tesla should look at it's own footprint, when it comes to environmental impact. They did not build those cars and rockets from minerals that simply appeared out of the magic sky... those mineral was mined and mining pollution is real. What happens to all of those batteries that are used in all their cars, after it reach it's end of life?

How much energy do they use to build those cars and to run those manufacturing facilities? On the other hand, most bitcoins are mined with renewable energy sources in China. (Hydro electricity / Solar / Wind) Roll Eyes

20kevin20

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Just like I said.. Musk is the 2021's version of McAfee. Nothing different, it's the same kind of manipulation.

I'm wondering if this is the plan billionaires have today. The very quick transformation from enemy to support was so weird I expect them to attempt heavily at negatively manipulating Bitcoin's price. Musk should've done the calculus back when he invested in BTC, not today. Oh... but wait, he earned billions from it himself but the consumers shall not use BTC because it pollutes, lol. Either all of us or none of us. Can't call for payment suspension due to "omg pollution" when you cashed out a large bag of money recently from it.

virtualdn

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Nothing to worry about. This move only proved once more Musk is a manipulator and you shouldn't worry at all. Now people know he is a person you cannot rely on.

Things are going to be great and it's a great time to buy the dip. We will see 6 digits BTC this year folks Wink

davis196

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Quote from: YanBitMoney on May 13, 2021, 12:05:46 AM

Bitcoin Plunges as Tesla Halts BTC Payments Over Environmental Concerns
Inexplicably, after this event, Really after this event, I feel shaken; if only relying on media to grow, bitcoin will collapse at some point!

https://www.coindesk.com/bitcoin-tesla-50k-environment-concerns

Tesla not accepting BTC payments for their cars is not a big deal,but the cryptocurrency market is always overreacting.
Bitcoin doesn't rely on the media to grow.BTC relies on the buyers.Unfortunately,during the last 2 years,Bitcoin relies on a few big buyers,in order to grow,which doesn't seem sustainable,even though the institutional investors are here for the long run.All the small and medium buyers are just waiting for the next Elon Musk move,or the next FOMO phase.
It seems to me that Elon Musk is a big hypocrite.Why the hell he invested in Bitcoin,if he is concerned about the environment?Bitcoin mining has nothing to do with the environment.Power plants that burn coal are the real problem.

rhomelmabini

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Tesla won't be the one to destroy Bitcoin, the market will. The thing is there's nothing to be shaken off over this news to be honest since they aren't just accepting some Bitcoins with their cars, that's their decision. Market was just dumb over the news or should I say those retail investors, I wouldn't be surprised if the said company bought more during this dip.

Topic: Tesla destroys bitcoin :-[ - page 8. (Read 1357 times)