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Thread: Bitcoin plunges 12% after Elon Musk tweets that Tesla will not accept it as payment

  1. #1

    Bitcoin plunges 12% after Elon Musk tweets that Tesla will not accept it as payment

    Bitcoin plunges 12% after Elon Musk tweets that Tesla will not accept it as payment

    The price of bitcoin has nosedived after Tesla CEO Elon Musk said his company was suspending plans to accept the cryptocurrency as payment for electric vehicles.
    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%.
    Musk cited bitcoin's high environmental cost as reason for the move, after months of being bullish on it.

    "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," Musk said in a note posted on Twitter Wednesday. "Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at great cost to the environment."

    Tesla did not immediately respond to questions regarding the move, including how many vehicles have been purchased with bitcoin and whether Musk was previously unaware of its environmental impact.
    ...
    More: https://www.cnn.com/2021/05/12/tech/...oin/index.html
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  3. #2
    I smell a rat.
    "Foreign aid is taking money from the poor people of a rich country, and giving it to the rich people of a poor country." - Ron Paul
    "Beware the Military-Industrial-Financial-Corporate-Internet-Media-Government Complex." - B4L update of General Dwight D. Eisenhower
    "Debt is the drug, Wall St. Banksters are the dealers, and politicians are the addicts." - B4L
    "Totally free immigration? I've never taken that position. I believe in national sovereignty." - Ron Paul

    Proponent of real science.
    The views and opinions expressed here are solely my own, and do not represent this forum or any other entities or persons.

  4. #3
    Full court press is on...

    Elon Musk is right: Bitcoin mining is bad for the planet. Here’s how bad

    Late on Wednesday, Elon Musk went back on his previous decision to let buyers pay for [hotlink]Tesla[/hotlink] cars using Bitcoin. His reason: mining the digital currency is causing a heavy toll on the environment.

    The Tesla CEO's reversal, made on Twitter, led to a steep fall in the value of Bitcoin, with over $365 billion in market value wiped off BTC at one point on Thursday.

    Cue outrage from Bitcoin bulls. “All of a sudden, he’s not so keen due to environmental concerns. But why now?" fumed Nigel Green, CEO of the financial advisor, deVere Group, a noted cryptocurrency booster. "Those issues surrounding the environmental impact have not come up in the last few months."

    Be that as it may, but Musk's warning has a point—one that been raised repeatedly by environmentalists and ESG investing hawks since Tesla in March said it would accept crypto as payment.

    Even Wall Street agrees there's ample evidence point to Bitcoin mining as a bad deal for the environment. In a recent investor note, BofA Securities set out to calculate the costs on the planet.
    ...
    And finally, the BoA report said that no other human activity has a higher carbon footprint—that is, per dollar invested. It's equivalent to powering 632,000 homes with electricity.
    ...
    More: https://www.msn.com/en-us/money/mark...ad/ar-BB1gHlyf
    "Foreign aid is taking money from the poor people of a rich country, and giving it to the rich people of a poor country." - Ron Paul
    "Beware the Military-Industrial-Financial-Corporate-Internet-Media-Government Complex." - B4L update of General Dwight D. Eisenhower
    "Debt is the drug, Wall St. Banksters are the dealers, and politicians are the addicts." - B4L
    "Totally free immigration? I've never taken that position. I believe in national sovereignty." - Ron Paul

    Proponent of real science.
    The views and opinions expressed here are solely my own, and do not represent this forum or any other entities or persons.

  5. #4

    https://twitter.com/elonmusk/status/1392602041025843203
    "Foreign aid is taking money from the poor people of a rich country, and giving it to the rich people of a poor country." - Ron Paul
    "Beware the Military-Industrial-Financial-Corporate-Internet-Media-Government Complex." - B4L update of General Dwight D. Eisenhower
    "Debt is the drug, Wall St. Banksters are the dealers, and politicians are the addicts." - B4L
    "Totally free immigration? I've never taken that position. I believe in national sovereignty." - Ron Paul

    Proponent of real science.
    The views and opinions expressed here are solely my own, and do not represent this forum or any other entities or persons.

  6. #5
    I am by no means a crypto expert, but any word on what the impact is to Stablecoins?? My limited understanding is that the various Stablecoins don't use mining as they're pegged to a commodity and therefore don't have the same energy needs.
    "And now that the legislators and do-gooders have so futilely inflicted so many systems upon society, may they finally end where they should have begun: May they reject all systems, and try liberty; for liberty is an acknowledgment of faith in God and His works." - Bastiat

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  7. #6
    Quote Originally Posted by CaptUSA View Post
    I am by no means a crypto expert, but any word on what the impact is to Stablecoins?? My limited understanding is that the various Stablecoins don't use mining as they're pegged to a commodity and therefore don't have the same energy needs.
    There are plenty of coins that aren't stablecoins that also have low energy costs, but they are not as secure.

    People don't understand that in the future, bitcoin is probably not going to be widely used for people purchasing starbucks. That's what litecoin and dogecoins and such are for. Bitcoin will probably be primarily used for longterm personal savings, transfers between financial institutions and large purchases like houses or cars.
    "He's talkin' to his gut like it's a person!!" -me
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  8. #7
    Now let's compare the pollution from bitcoin to the pollution from global military conflicts caused by central banks..

    Then we can add in the pollution from private central banks, central bankers, their private jets, yachts, etc..
    Last edited by dannno; 05-13-2021 at 01:10 PM.
    "He's talkin' to his gut like it's a person!!" -me
    "dumpster diving isn't professional." - angelatc
    "You don't need a medical degree to spot obvious bullshit, that's actually a separate skill." -Scott Adams
    "When you are divided, and angry, and controlled, you target those 'different' from you, not those responsible [controllers]" -Q

    "Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul

    "Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."

  9. #8
    Quote Originally Posted by Brian4Liberty View Post
    I smell a rat.


    https://twitter.com/PeterSchiff/stat...24833440227328
    "He's talkin' to his gut like it's a person!!" -me
    "dumpster diving isn't professional." - angelatc
    "You don't need a medical degree to spot obvious bullshit, that's actually a separate skill." -Scott Adams
    "When you are divided, and angry, and controlled, you target those 'different' from you, not those responsible [controllers]" -Q

    "Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul

    "Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."



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  11. #9
    11:45

    "He's talkin' to his gut like it's a person!!" -me
    "dumpster diving isn't professional." - angelatc
    "You don't need a medical degree to spot obvious bullshit, that's actually a separate skill." -Scott Adams
    "When you are divided, and angry, and controlled, you target those 'different' from you, not those responsible [controllers]" -Q

    "Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul

    "Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."

  12. #10
    Quote Originally Posted by dannno View Post
    11:45

    Good comeback from Tim...


    https://www.twitter.com/Timcast/stat...09948598476811
    "Foreign aid is taking money from the poor people of a rich country, and giving it to the rich people of a poor country." - Ron Paul
    "Beware the Military-Industrial-Financial-Corporate-Internet-Media-Government Complex." - B4L update of General Dwight D. Eisenhower
    "Debt is the drug, Wall St. Banksters are the dealers, and politicians are the addicts." - B4L
    "Totally free immigration? I've never taken that position. I believe in national sovereignty." - Ron Paul

    Proponent of real science.
    The views and opinions expressed here are solely my own, and do not represent this forum or any other entities or persons.

  13. #11
    Quote Originally Posted by dannno View Post
    Now let's compare the pollution from bitcoin to the pollution from global military conflicts caused by central banks..

    Then we can add in the pollution from private central banks, central bankers, their private jets, yachts, etc..
    Dannno dropping truth bombs left and right... it's like Torah Borah down in this thread!!
    Jesus Is Lord

  14. #12
    The fact that one guy's comments can make bitcoin tank by 20% says it all.

    That being said I don't think bitcoin is going to crash all the way to zero until the Fed has to stop printing. All those dollars sloshing around have to go somewhere and bitcoin is a fun thing to gamble on for young people.

  15. #13

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  16. #14
    Quote Originally Posted by dannno View Post
    Now let's compare the pollution from bitcoin to the pollution from global military conflicts caused by central banks..

    Then we can add in the pollution from private central banks, central bankers, their private jets, yachts, etc..
    I was thinking that. The carbon footprint of the petrodollar has to be enormous. And what's the carbon footprint of Musk's "space tourism?" People could be floated to the edge of space with a helium balloon.
    9/11 Thermate experiments

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  17. #15
    Quote Originally Posted by Madison320 View Post
    The fact that one guy's comments can make bitcoin tank by 20% says it all.

    That being said I don't think bitcoin is going to crash all the way to zero until the Fed has to stop printing. All those dollars sloshing around have to go somewhere and bitcoin is a fun thing to gamble on for young people.
    The part I find most ridiculous is anyone with enough bitcoin to by a tesla is not going to buy a tesla. I expect bitcoin will fully recover in short order.
    Do something Danke

  18. #16
    I've always thought musk sounds mildly retarded , lol but probably not as bad off as the people buying his products.
    Do something Danke



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  20. #17
    Quote Originally Posted by oyarde View Post
    I've always thought musk sounds mildly retarded , lol but probably not as bad off as the people buying his products.
    He has Aspergers.

    "He's talkin' to his gut like it's a person!!" -me
    "dumpster diving isn't professional." - angelatc
    "You don't need a medical degree to spot obvious bullshit, that's actually a separate skill." -Scott Adams
    "When you are divided, and angry, and controlled, you target those 'different' from you, not those responsible [controllers]" -Q

    "Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul

    "Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."

  21. #18
    Quote Originally Posted by oyarde View Post
    The part I find most ridiculous is anyone with enough bitcoin to by a tesla is not going to buy a tesla. I expect bitcoin will fully recover in short order.
    If it breaks through 30,000 on the downside, it probably won't stop till 20,000. A buying opportunity.
    "Foreign aid is taking money from the poor people of a rich country, and giving it to the rich people of a poor country." - Ron Paul
    "Beware the Military-Industrial-Financial-Corporate-Internet-Media-Government Complex." - B4L update of General Dwight D. Eisenhower
    "Debt is the drug, Wall St. Banksters are the dealers, and politicians are the addicts." - B4L
    "Totally free immigration? I've never taken that position. I believe in national sovereignty." - Ron Paul

    Proponent of real science.
    The views and opinions expressed here are solely my own, and do not represent this forum or any other entities or persons.

  22. #19
    Quote Originally Posted by CaptUSA View Post
    I am by no means a crypto expert, but any word on what the impact is to Stablecoins?? My limited understanding is that the various Stablecoins don't use mining as they're pegged to a commodity and therefore don't have the same energy needs.
    stablecoins use blockchain, blockchain requires validation. Crypto calls it mining, blockchain services call it validation. Same thing, some machine is stamping blocks to make the blockchain secure. It matters how those stablecoin systems are designed, there are a few. Many stablecoins exist on ETH which is a whole other beast. Some use permissioned servers, meaning it's not totally decentralized and can avoid the bitcoin arms war. Some are entirely centralized so only need a few servers running. In the end a stablecoin should be stable, otherwise it is worthless.

    Then again people are still using Tether even though it is only 4% liquid.

    As to bitcoin, it will always be a total energy hog unless there is a consensus to change the backend algorithm. Currently I don't see that ever happening. The largest mining pools would lose their income stream so there would be no advantage to them to change anything, and those larger pools control the majority of the network. This energy draw will only increase as long as Bitcoin has any value.
    Last edited by kpitcher; 05-24-2021 at 10:23 PM.
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  23. #20
    Elon walking it back a bit. Did he buy the dip?


    https://twitter.com/elonmusk/status/1396914548167233537
    "Foreign aid is taking money from the poor people of a rich country, and giving it to the rich people of a poor country." - Ron Paul
    "Beware the Military-Industrial-Financial-Corporate-Internet-Media-Government Complex." - B4L update of General Dwight D. Eisenhower
    "Debt is the drug, Wall St. Banksters are the dealers, and politicians are the addicts." - B4L
    "Totally free immigration? I've never taken that position. I believe in national sovereignty." - Ron Paul

    Proponent of real science.
    The views and opinions expressed here are solely my own, and do not represent this forum or any other entities or persons.

  24. #21
    Quote Originally Posted by Brian4Liberty View Post
    Elon walking it back a bit. Did he buy the dip?


    https://twitter.com/elonmusk/status/1396914548167233537
    Of course. That's how pump and dump ponzi schemes operate. I really hope people don't still believe that these vaporcoin things are anything other than that.
    "Let it not be said that we did nothing."-Ron Paul

    "We have set them on the hobby-horse of an idea about the absorption of individuality by the symbolic unit of COLLECTIVISM. They have never yet and they never will have the sense to reflect that this hobby-horse is a manifest violation of the most important law of nature, which has established from the very creation of the world one unit unlike another and precisely for the purpose of instituting individuality."- A Quote From Some Old Book



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