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Merged Bitcoin - Part 3

trustbutverify said:
And you still don't understand them?

Fear is one thing, panic another. But I'm always willing to learn from a financial markets expert like yourself... what, specifically, makes this latest selloff a "panic" as opposed to non-panic setbacks? Or are they all panics?
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It is true I don't understand why markets are so orderly and rhythmical, but I do understand they are not random, and that they are predictable with technical analysis at all time scales, and that simple algorithms can beat the market. This does not help a retirement fund generally, I still have a day job.
The selling in bitcoin yesterday looked like panic to me when people realised a new bull leg attempt had failed again.

ETA this is panic selling now. 16% in a day.
 
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Tesla has suspended vehicle purchases using Bitcoin due to climate change concerns, its CEO Elon Musk said in a tweet.

Bitcoin fell by more than 10% after the tweet, while Tesla shares also dipped.

Tesla's announcement in March that it would accept the cryptocurrency was met with an outcry from some environmentalists and investors.

The electric carmaker had in February revealed it had bought $1.5bn (£1bn) of the world's biggest digital currency.

"We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel," Mr Musk wrote.

"Cryptocurrency is a good idea... but this cannot come at great cost to the environment."

He also said the electric carmaker would not sell any of its Bitcoin, and intends to use it for transactions as soon as mining shifts to using more sustainable energy.

https://www.bbc.co.uk/news/business-57096305
 
Captain_Swoop said:
Tesla has suspended vehicle purchases using Bitcoin due to climate change concerns, its CEO Elon Musk said in a tweet.

Bitcoin fell by more than 10% after the tweet, while Tesla shares also dipped.

Tesla's announcement in March that it would accept the cryptocurrency was met with an outcry from some environmentalists and investors.

The electric carmaker had in February revealed it had bought $1.5bn (£1bn) of the world's biggest digital currency.

"We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel," Mr Musk wrote.

"Cryptocurrency is a good idea... but this cannot come at great cost to the environment."

He also said the electric carmaker would not sell any of its Bitcoin, and intends to use it for transactions as soon as mining shifts to using more sustainable energy.

https://www.bbc.co.uk/news/business-57096305
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I have queried prior, can quantum computing take the baton?
Or like fusion energy is it always 50 years in the future?
 
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Belz... said:
Moving 100 million in cash is similarily annoying and heavy.

As I said, gold has intrinsic value, and is a physical thing that will exist regardless of what happens in your economy following the inevitable EMP attack.

Gold will always be in demand.
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No. Gold is a soft, heavy, almost entirely useless metal. It's supposed "value" is purely a human construct, based on it'r rarity.
 
catsmate said:
No. Gold is a soft, heavy, almost entirely useless metal.
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I take it you never use computers, then?

It's supposed "value" is purely a human construct
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All values are purely human constructs.

Did you even think this through before hitting "submit"? You didn't even get "its" right.

The point is that gold has industrial and cosmetic uses, and as a real-world object that is sought after it is superior to cryptos. It's had value for thousands of years and I see no reason to assume this is going to change within a great number of lifetimes.
 
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Apart from it's use in electronics ewhat use does it have?

It isn't a shoe in that it will always be needed in electronics.
 
Tesla has stopped accepting Bitcoin as payment, citing the deleterious environmental impact of mining.

Bitcoin was down 12% as of 6:50 a.m. ET on Thursday — bringing the coin's price down to about $49,300, according to cryptocurrency news website Coindesk. Other digital currencies followed bitcoin lower, with ethereum losing 14% and dogecoin shedding nearly 20%.
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https://www.cnn.com/2021/05/12/tech/elon-musk-tesla-bitcoin/index.html

Crytpo nerds are big-mad at Musk for turning his back on Bitcoin. An interesting and commendable choice for Musk to prioritize the sustainable energy aspect of his business over weird techno-nerd worship.
 
Belz... said:
It's hard to keep up with what Musk supports recently.
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I think he really just enjoys causing market distortions through social media, purely as an ego trip. He got his wrist slapped for manipulating Tesla stock, so now he's having fun boosting and tanking crypto values.
 
Dr.Sid said:
By lowering BTC prices ? How would that work ?
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It's damage control. All the tree huggers complained about Tesla accepting Bitcoin for payments because "it's killing the environment and using fossil fuels."

Elon makes an announcement, the price drops, he picks up some cheap coin and uses the profits to create a solar mining facility that mines Bitcoin with solar energy stored in Tesla batteries.

All the while Elon gets pegged as helping the environment by thinking up such a green plan for Bitcoin like he's the first to ever do that....

Tree huggers are happy, Tesla begins accepting Bitcoin for payments again, stock rises etc. It's all part of a plan that's made of glass. All one need do is to look.
 
ChrisBFRPKY said:
It's damage control. All the tree huggers complained about Tesla accepting Bitcoin for payments because "it's killing the environment and using fossil fuels."

Elon makes an announcement, the price drops, he picks up some cheap coin and uses the profits to create a solar mining facility that mines Bitcoin with solar energy stored in Tesla batteries.

All the while Elon gets pegged as helping the environment by thinking up such a green plan for Bitcoin like he's the first to ever do that....

Tree huggers are happy, Tesla begins accepting Bitcoin for payments again, stock rises etc. It's all part of a plan that's made of glass. All one need do is to look.
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Why would "tree huggers" care if Musk opened a solar mining rig? The vast majority of Bitcoin is still going to be mined using the cheapest and dirtiest power available.

Building additional power infrastructure, even renewable power, solely for the purpose of crypto is not "green". Wasting electricity for internet fun bucks is still waste, even if that waste is not from coal powered plants.
 
SuburbanTurkey said:
Why would "tree huggers" care if Musk opened a solar mining rig? The vast majority of Bitcoin is still going to be mined using the cheapest and dirtiest power available.

Building additional power infrastructure, even renewable power, solely for the purpose of crypto is not "green". Wasting electricity for internet fun bucks is still waste, even if that waste is not from coal powered plants.
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Yes but it's the "appearance" of doing something green with Bitcoin that will silence many of the objections. When you redesign and build electric cars to help the environment, you kinda have to have a look at other things to improve as well, like Bitcoin.
 
It is kinda funny when you think about it. Most of the people driving Tesla cars seem to forget that they're refueling on fossil fuel produced electricity more often than not. I think it's safe to say that in some places in the World electric cars run on coal.


Added: In fact it would be more efficient to build a car that burns coal directly rather than electricity produced by coal. You're losing lots of energy during the conversion process of coal to electricity.
 
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