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unJon
unJon
Joined: Jul 1, 2018
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May 12th, 2021 at 4:55:59 PM permalink
Quote: billryan

Elon Musk announced Tesla will no longer accept bitcoin for its goods or services due to the excessive energy used in creating them. I wonder how bitcoin will react to a progressive call to not accept them. Musk has been a proponent of crypto-currency until now. No word if he will sell his personal positions.



I was wondering when this would happen. Hard to love crypto and be an environmental type.
The race is not always to the swift, nor the battle to the strong; but that is the way to bet.
onenickelmiracle
onenickelmiracle
Joined: Jan 26, 2012
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May 12th, 2021 at 4:59:56 PM permalink
Quote: billryan

Elon Musk announced Tesla will no longer accept bitcoin for its goods or services due to the excessive energy used in creating them. I wonder how bitcoin will react to a progressive call to not accept them. Musk has been a proponent of crypto-currency until now. No word if he will sell his personal positions.

Doesn't sound like him, they're trying to not get shut out in China, so maybe it's the communists talking. China has been cracking down on mining, and China generally doesn't want money leaving their country either. I'm otherwise surprised Elon would say this.
I am a robot.
Calder
Calder
Joined: Mar 26, 2010
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Thanks for this post from:
MaxPen
May 12th, 2021 at 5:10:26 PM permalink
Quote: darkoz

...It's a for lack of a better term a "perpetual motion machine" of finance...


Yikes!
mcallister3200
mcallister3200
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May 12th, 2021 at 5:22:14 PM permalink
Quote: billryan

Elon Musk announced Tesla will no longer accept bitcoin for its goods or services due to the excessive energy used in creating them. I wonder how bitcoin will react to a progressive call to not accept them. Musk has been a proponent of crypto-currency until now. No word if he will sell his personal positions.



Does anyone blatantly manipulate the markets as much as that guy? And find a way to get away with it I should say, Iím sure plenty others have done so, but not gotten away with it.
billryan
billryan
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May 12th, 2021 at 5:30:15 PM permalink
Quote: mcallister3200

Does anyone blatantly manipulate the markets as much as that guy? And find a way to get away with it I should say, Iím sure plenty others have done so, but not gotten away with it.



I've been a Musk fan since Paypal and I was a very early believer in Tesla. I've made an incredible amount of my money off betting on him, but I can't say you are wrong.
The difference between fiction and reality is that fiction is supposed to make sense.
mcallister3200
mcallister3200
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May 12th, 2021 at 5:38:35 PM permalink
I suppose the guy who did more and got away with it is the ONE Enron top dog who didnít run into trouble because he didnít sell off his shares he dumped them in a divorce.
onenickelmiracle
onenickelmiracle
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May 12th, 2021 at 5:52:21 PM permalink
Quote: mcallister3200

Does anyone blatantly manipulate the markets as much as that guy? And find a way to get away with it I should say, Iím sure plenty others have done so, but not gotten away with it.

Anything he says will move markets. Anything. I actually was probably spooked when he tweeted about DOGE coins myself and I thought it had and would bump his stock. Things usually make a blip then disappear unless it's something real and it's hard to always know what is real and what isn't.
I am a robot.
PokerGrinder
PokerGrinder
Joined: Apr 30, 2015
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May 12th, 2021 at 11:21:32 PM permalink
Quote: gamerfreak

PokerGrinder*

FWIW I think crypto is going to crash hard this year, but I have been saying that since bitcoin hit $1k so I am not the person to listen to.

I think PG is smart to invest in crypto the way he has. His ďedgeĒ is being 30 years of age and earning a high income.

Best case scenario he gets FU money, worst case he has to rebuild 5-10 years of savings.



It would take me less than a year to recoup my losses if crypto crashed.

As far as why I have an edge itís because I donít just own btc, I own quite a few alt coins and have done the research into them and know what Iím buying when I do. Iím not just dumping money into doge or Shibu coin and hoping.
You can shear a sheep a hundred times, but you can skin it only once. ó Amarillo Slim Preston
MDawg
MDawg
Joined: Sep 27, 2018
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May 12th, 2021 at 11:44:40 PM permalink
Quote: PokerGrinder

It would take me less than a year to recoup my losses if crypto crashed.


Curious enough to compel comment.

What does that mean though? If my crypto were to crash to 0, it might take me perhaps a year, or maybe two or three years (not less than a year, because I don't have a small amount of crypto and I don't have a low income) to recoup the sum value of what the crypto was worth at all the times that I received it, given that few and far between of my clients gave me crypto instead of cash, even if it was going back some years. I continue to accept crypto from clients to this day.

If I were to say that it would take me less than a year to recoup the current value of the crypto I've hodled then that would mean that
(1) I don't have much crypto
(2) I have a low income.

Sometimes you gotta wonder about someone who doesn't describe in detail anything that he does career wise other than run around collecting casino chips.

So, I assume that PGrinder by losses is referring merely to the sum that he put into the crypto...the actual cash investment, because otherwise, his crypto holdings would appear to be insignificant.

Which gets back to how ridiculous of a statement he's making. It would be like saying, well, I only put two hundred grand into TSLA four years ago, so if it crashes back to 0, all I need to recoup is two hundred grand. Versus the millions that this amount of TSLA is worth today, which would be the actual investment loss were TSLA to crash to 0.

Kudos that the guy says he hodls, my hat is off to hodlers, but....
Last edited by: MDawg on May 13, 2021
I tell you itís wonderful to be here, man. I donít give a damn who wins or loses. Itís just wonderful to be here with you people. https://wizardofvegas.com/forum/gambling/betting-systems/33908-the-adventures-of-mdawg/
darkoz
darkoz 
Joined: Dec 22, 2009
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May 13th, 2021 at 12:27:18 AM permalink
Quote: MDawg

Curious enough to compel comment.

What does that mean though? If my crypto were to crash to 0, it might take me perhaps a year, or maybe two or three years (not less than a year, because I don't have a small amount of crypto and I don't have a low income) to recoup the sum value of what the crypto was worth at all the times that I received it, given that few and far between of my clients gave me crypto instead of cash, even if it was going back some years. I continue to accept crypto from clients to this day.

If I were to say that it would take me less than a year to recoup the current value of the crypto I've hodled then that would mean that
(1) I don't have much crypto
(2) I have a low income.

Sometimes you gotta wonder about someone who doesn't describe in detail anything that he does career wise other than run around collecting casino chips.

So, I assume that PGrinder by losses is referring merely to the sum that he put into the crypto...the actual cash investment, because otherwise, his crypto holdings would appear to be insignificant.

Which gets back to how ridiculous of a statement he's making. It would be like saying, well, I only put two hundred grand into TSLA four years ago, so if it crashes back to 0, all I need to recoup is two hundred grand. Versus the millions that this amount of TSLA is worth today, which would be the actual investment loss were TSLA to crash to 0.

Kudos that the guy says he hodls, my hat is off to hodlers, but....



It's seems to me a different mentality.

I get what you are saying but to me until you sell it's not a gain.

Likewise if you don't sell when the price drops it's not a loss.

Let's flip your example.

Let's say I put two hundred grand into Cytodyn at $3 per share. It goes to thirty cents and stays there for four years. Then it returns to $3 and I sell.

I would say I didn't lose any money in the end.

But to be consistent with your way of thinking you would have to say I won back all the losses I suffered years ago.

Did I really win anything?
For Whom the bus tolls; The bus tolls for thee

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