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Merged Bitcoin - Part 3

ponderingturtle said:
Why are you trying to smuggle $100million out of the country?
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I'm not. That example of "100 million" was not specific to "me". Doing business overseas requires transfers of wealth. Bitcoin is simply a way to complete those transfers quickly and efficiently.

If you have an overseas supply chain or business it's much faster to settle accounts/make payroll to your supplier/business manager etc with Bitcoin. Once your overseas supplier/manager receives the Bitcoin it can be converted/deposited to their local currency into their/your business account.

Instead of transfers taking days, it's done in minutes.
 
ChrisBFRPKY said:
I'm not. That example of "100 million" was not specific to "me". Doing business overseas requires transfers of wealth. Bitcoin is simply a way to complete those transfers quickly and efficiently.

If you have an overseas supply chain or business it's much faster to settle accounts/make payroll to your supplier/business manager etc with Bitcoin. Once your overseas supplier/manager receives the Bitcoin it can be converted/deposited to their local currency into their/your business account.

Instead of transfers taking days, it's done in minutes.
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Sure, it's a great way to transfer wealth, unless Daddy Elon says something mean about Bitcoin before you've cashed out and the value tanks overnight.

The high costs of transactions make it pretty clear that most people are not using this crypto for ordinary transactions that can be processed for less money using conventional means. It's pretty obvious that the volatility and the opportunity to make a lot of money by doing nothing is the prime motivator for most people's involvement in crypto.
 
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Elon Musk should be in jail. He used his status and his business to manipulate prices in a blatant pump and dump. I don't think any reasonable person would believe he and his company didn't know about bitcoin electricity usage prior to investing.
 
Belz... said:
Did it not lose 12k in a few days? Did those who invested before that period not lose money?
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What are you getting so worked up about? Did I not agree with you?

As for "losing" money, it depends on the price when the bitcoins are sold (technically true).
 
SuburbanTurkey said:
Sure, it's a great way to transfer wealth, unless Daddy Elon says something mean about Bitcoin before you've cashed out and the value tanks overnight.

The high costs of transactions make it pretty clear that most people are not using this crypto for ordinary transactions that can be processed for less money using conventional means. It's pretty obvious that the volatility and the opportunity to make a lot of money by doing nothing is the prime motivator for most people's involvement in crypto.
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If you're doing transactions in real time, the price doesn't matter as much.
Convert $ to Bitcoin, transfer Bitcoin, Bitcoin is converted to local currency.

Of course there will be a transaction fee for transfer of Bitcoin like a transaction fee you'd pay to wire a bank transfer etc. There are ways around that too if you use Cryptocurrency. In many cases transfers are made by Litecoin as it is cheaper on the fees than Bitcoin. Either way it's still cheaper and faster than the bank wire fees in my case.

I get what you're saying. Because of the increased volatility most people would want to hang onto their Bitcoin rather than making a payment with it. That's an investing strategy though and a bit different from using it merely as a vehicle to facilitate a transfer of wealth.
 
The_Animus said:
Elon Musk should be in jail. He used his status and his business to manipulate prices in a blatant pump and dump. I don't think any reasonable person would believe he and his company didn't know about bitcoin electricity usage prior to investing.
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I think he did it just to see whether it was possible. I mean, of course it was possible, but I guess Elon just had to see for himself. It was shortly after he did that, and in my opinion because of the result when he did that, that he announced that Tesla would no longer accept payment in bitcoin.
 
Well, here's a new twist to consider: The FEC slapped Elon Musk down for some attempt at manipulating the market with his Tesla stock. So he switched to manipulating in the cryptocurrency market where there is no FEC rules to stop him.

It certainly explains some of his purchases and sales of both Bitcoin and Dogecoin.
 
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ChrisBFRPKY said:
Hmm, sounds like all we need is a steam turbine in the car and skip the electricity production altogether...:thumbsup:
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Then you're back with the issues of economies of scale and so on.

As well as the not inconsiderable issues of having enough water, having efficient condensers and so on.
 
Skeptic Ginger said:
Well, here's a new twist to consider: The FEC slapped Elon Musk down for some attempt at manipulating the market with his Tesla stock. So he switched to manipulating in the cryptocurrency market where there is no FEC rules to stop him.

It certainly explains some of his purchases and sales of both Bitcoin and Dogecoin.
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Every scam that has mostly been regulated out of existence has been born anew with crypto currency.
 
It is an intriguing development this chart pattern shaped by bitcoin.
Typically it leads to 20k bitcoin which looked expensive once but may sit unhappily with institutions who must explain.
 
The world’s largest cryptocurrency has erased all the gains it clocked up following Tesla Inc.’s Feb. 8 announcement that it would use corporate cash to buy the asset and accept it as a form of payment for its vehicles. Now traders are bracing for more pain as the token hovers around a key technical level.
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https://www.bloomberg.com/news/articles/2021-05-19/bitcoin-erases-all-gains-since-elon-musk-s-initial-big-embrace

It's a good sign that the value of bitcoin can be so easily influenced by a single epic memelord like Musk, right?

A suspicious person might be wondering if Musk and others engaged in a deliberate pump and dump, but part of me suspects Musk did this simply for the pleasure of being the center of attention.
 
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