OT: Elon Musk... WTF

[Jeffreauxdawg]

Tesla & Bitcoin pic.twitter.com/YSswJmVZhP— Elon Musk (@elonmusk) May 12, 2021

So Tesla now thinks Bitcoin is bad for the environment and doesn't want to accept it anymore... Yikes.

 

[PineGroveBully]

Is this a new revelation to him?

 

[Dawgsnsaints]

This just sent ripples through all Crypto. ETH supposedly does not use nowhere near the energy of BTC. Wonder if this lifts ETH?

 

[Leeshouldveflanked]

Elon must have liked being on SNL and considers himself quite the comedian

 

[Xenomorph]

I’ve got some really bad news for him Re: Dogecoin.

 

[Quincy A. Wagstaff]

Elon. We’ve compiled a mix of both pro-Bitcoin and anti-Bitcoin pieces.I’ll send you 1 full Bitcoin if you read all 10 articles and still believe Bitcoin is bad for the environment.I’d urge you to specifically read the pieces by @nic__carter. https://t.co/orLSdQQwju— Yano (@JasonYanowitz) May 12, 2021

 

[Dawgsnsaints]

This just sent ripples through all Crypto. ETH supposedly does not use nowhere near the energy of BTC. Wonder if this lifts ETH?

ETH getting a bounce up after initially falling after the remarks

 

[PineGroveBully]

View attachment 20253
Appears more causation than correlation

 

[Jeffreauxdawg]

No, he thinks everything is a game and likes to push everyone's buttons. About 3 years ago he tweeted he was taking TSLA private at $420 to be funny and it screwed the stockholders after a couple of months when it came to light he was joking. SEC eventually slapped him on fingernail with a feather, but I decided at that moment I wouldn't touch anything he is involved in... I think he is a genius and has some great companies, but I take money and investing seriously. That idiotic behavior will eventually hurt real people who will lose lots of money.

https://www.businessinsider.com/elo...taking-tesla-private-at-420-funding-secured-1

https://nymag.com/intelligencer/2018/12/elon-musk-went-on-60-minutes-and-cried-about-his-tweets.html

And we should all remember who he really is... He's the guy on the left underneath all that money.

View attachment 20252

 

[PineGroveBully]

That’s a real *** burger, forget nothing burger

 

[57stratdawg]

Sweet. No need for me to check the damage with my BTC spot. I’m guessing my coinbase position is getting beat too.

 

[BoDawg.sixpack]

I started doing some ETH mining last week

I had no idea my graphics card was going to get so hot I couldn't touch it. I can't imagine how many kW of power all the ETH miners in the world are consuming right now.

 

[PineGroveBully]

They’re all taking a beating now.
View attachment 20254

 

[Jeffreauxdawg]

I only chart BTC... But this probably isn't the whole dip. I mentioned in a post a couple of days ago how some medium term weakness was showing up in BTC. Well it has confirmed the higher low I was looking at on Monday. That is actually a long term bullish thing that can be traded if you want. Here is an explainer chart on falling wedges.

View attachment 20255

So a falling wedge is just a little controlled profit taking and position adding in a long term uptrend until it hits a point where anyone that was going to take profit has and the massive buying resumes. Wagstaff or others can explain the BTC halving cycle better but after 9 months of rocket fuel, it would be normal to see 3-4 months of consolidation/profit taking. The challenge with BTC is it gets crazy volatile on news and it can shake you out of a position as a trader (Luckily it happened to me up above $62500.) I'm going to look at mid June for an entry most likely. I would expect BTC to follow the white line at this point if it behaved normally, but it doesn't always do that so all of the other paths are possible.

View attachment 20256

Barring some crazy regulatory stuff, I would expect BTC to set new ATH's later this year, but as I am a trader not a HODLR, I will look for a more consolidated entry point.


ETA While I was typing that post BTC ran down and bounced of my trendline at the bottom of the wedge. I'm not always right and make plenty of mistakes... But damn if I can't figure out a trendline on a chart. And when I do, I will shake my dick in your faces in true SPS fashion.****

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[mcdawg22]

Tesla & Bitcoin pic.twitter.com/YSswJmVZhP— Elon Musk (@elonmusk) May 12, 2021

So Tesla now thinks Bitcoin is bad for the environment and doesn't want to accept it anymore... Yikes.

I had no idea the energy required to deal with crypto. It is insane. Although I’ve never thought about all the plastic, paper, energy, gas, and electricity used to allow, cash, check and card payments.

 

[IBleedMaroonDawg]

I love these ultra rich 17ers telling everyone how we need to do something for the environment when they then board a private jet to take them to a gas guzzling limousine and ride to the mutual million dollar home running 1.21 gigawatts of electricity each day.

 

[Nicephorus]

This just sent ripples through all Crypto. ETH supposedly does not use nowhere near the energy of BTC. Wonder if this lifts ETH?

ETH is currently POW (proof of work) like bitcoin which is energy intensive. ETH2 has been on the road map for some time which will switch to POS (proof of stake) which is basically mining blocks based on the amount of Eth you "stake". This requires a basic computer (or node) running locally or in the cloud (renting computational power from mainly amazon or google). Success is not based on the "power" of your node but rather the number of validators you're running and their uptime (hence why cloud computing is popular as it is less susceptible to power outages or connectivity losses). Currently it takes 32 ETH to run each validator so the limiting factor will be the amount of eth you stake rather than computational power or energy use.

ETH2 with POS will theoretically allow ethereum to scale much more efficiently and substantially lower tx fees as they no longer have to subsidize energy intensive mining "farms". ETH2 could be released as early as late this year although could easily slip to next year. There are talks of creating an action plan for rapid migration to POS as an emergency measure though; namely if the larger mining cartels try to collude to delay or obstruct the release of ETH2 (proof of stake makes them obsolete, and they will have to switch to mining less profitable coins).

Not sure what this environmental narrative means for bitcoin. Could be an issue with more environmentally conscious companies or investment funds although the whole argument is seems bogus given the environmental damage of mining bitcoin is probably considerably less than the gold industry. I shifted some altcoin profits into ETH rather than BTC few weeks ago around $2300 ETH making ETH my biggest bag. I now think there's a reasonable chance of ETH flipping BTC in market cap by end of this year if ETH2 stays on schedule. That seemed like a pipe dream only a couple of months ago. I still hold both though as I'm a "profit maximalist" rather than a "BTC or ETH maxi" and would rather play both sides.

By the way, my prediction in last thread that Vitalik Buterin would dump all these meme "dog coins" like SHIB that were getting sent to his wallet came true today. He dumped them and donated the profits and rest of the coins to various charities for around 55m USD.

https://forums.sixpackspeak.com/showthread.php?225489-ETH-4K&p=1910475#post1910475

[url]https://www.coindesk.com/vitaliks-regift-of-unsolicited-doge-knockoffs-sends-memecoin-prices-plunging
[/URL]

 

[Beretta.sixpack]

friend of a friend used to be largest miner east of MS River

a buddy of mine's brother in law used to be the largest bitcoin miner east of ms river......bought an old warehouse near chicago....running all these servers, portable AC units....said he had to purchase "blocks" of power from the power co-ops.....its really mind boggling how much energy is used to mine these crypto assets....

there are some alts out there like XLM, ADA, and Matic that are energy efficient.....keep an eye on them

 

[Quincy A. Wagstaff]

We'll laugh about all this one day.

In 1999, Forbes claimed that the internet “burns up an awful lot of fossil fuels” and sets the world on a dangerous trajectory of energy usage.Imagine if entrepreneurs, investors, and developers had listened to Forbes and stopped building the internet.Source: @veradittakit pic.twitter.com/gsurdqrJyG— Yano (@JasonYanowitz) May 13, 2021

 

[mstateglfr]

how the true 17 can anyone involved in crypto only just now be aware of the energy required to mine for the ****?


joelee with more words of wisdom- dont follow someone who likes to play around and poke things to get reactions.

 

[Jeffreauxdawg]

My guess is in about 6 months he rolls out with a "solution" to the BTC energy problem. Of course it will be Tesla and batteries that provide this solution. This feels like a dump and then pump type of move.

 

[Quincy A. Wagstaff]

My guess is in about 6 months he rolls out with a "solution" to the BTC energy problem. Of course it will be Tesla and batteries that provide this solution. This feels like a dump and then pump type of move.

It is interesting how this has evolved:

1. Tesla buys over $1 billion of bitcoin.
2. Tesla accepts bitcoin for cars.
3. Tesla sells 10% of their bitcoin to "prove liquidity".
4. Tesla no longer accepts bitcoin for cars but still holds it on the balance sheet.

I don't think this is over. Who knows what's next. Just stay humble and stack sats.

A year and two days ago was the third halving event. The price of bitcoin was under $9k. Here we are a year later and news that Tesla no longer accepts bitcoin for payment but still holds $2 billion of bitcoin on its balance sheet dumps the price to...checks notes...$50k. What a time to be alive!

 

[Beretta.sixpack]

he's playing games....

this is why i do not play with Doge or safe moon or any other meme coin....they are all ********....genius playing games with other people's money....

there are several legit coins out there that are twice as fast, cheaper, and green.....most all of them trade at low margins right now.....i bought another pile of Cardano yesterday when i saw the *** Burger make this tweet...

ADA, XLM, and Matic all looking real nice right now and i own a ton of each....

 

[ShrubDog]

Tesla & Bitcoin pic.twitter.com/YSswJmVZhP— Elon Musk (@elonmusk) May 12, 2021

So Tesla now thinks Bitcoin is bad for the environment and doesn't want to accept it anymore... Yikes.

If any group of people out their knew how much energy was behind BTC it would be the tesla folks. I’m talking to you Elons.

Cardano yall

 

[Nicephorus]

Issue with Cardano is its vapor ware until they release smart contracts. Then when they finally do, they’re going to have to try to entice the 100s of devs currently developing on ethereum and evm compatible side chains (see matic or BSC or fantom use same programming environment as eth so easy to port over) to learn a whole new programming language (Haskell) and migrate to cardano. Going to be a chicken and egg problem. Nobody will switch because there’s no users because there’s no devs making dapps etc...

Not saying it’s impossible but just that it is naive to assume these people will just migrate en mass right away. This problem does not get mentioned in the prevailing mainstream Cardano narratives.

See Tron for an example of a ghost chain with little meaningful dev activity and it’s even EVM compatible IIRC

Having said this, still could be reasonable play in the short to mid term as that’s more dependent on the retail narratives rather than the actual success of their platform.

 

[ShrubDog]

POS and Africa plan looking good to me. A whole country buying in with more coming. It’s going to happen.

 

[MaroonOil]

Memelord Musk is making so many people so much money. I’m enjoying it all. Loaded up on Doge last year as a joke but that illusion is now reality.

There is major validity to the statement that those that have made it indeed don’t care. Most of you in this thread have missed the boat on crypto but that is okay. Maybe some of you haven’t, who knows.

This is about making money, Doge is hot right now & this bubble won’t bust any time soon.

Doge is now coming to Coinbase, which oh btw most coins added see on average 40-91% spikes. Doge is going to space with SpaceX next year & Tesla will be accepting it for payment.

My advice? Load up now, give it until after the Doge space launch.

Don’t kid yourself though, BTC & ETH are the standards.BTC will see 100k. Litecoin, XRP, ADA

Edit: Elon is doing what many want to do & say. The SEC is a joke & they are always late. Your money, your responsibility & choice