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Genuine question: what's the end game here for Musk? He's been tweeting about dogecoin, and then Tesla invests a non insignificant amount of money in BTC. I sme

by ghego1 6y ago

Genuine question: what's the end game here for Musk? He's been tweeting about dogecoin, and then Tesla invests a non insignificant amount of money in BTC. I smell something fishy.

ForHackernews 6y ago
I have no idea. Maybe it's just a pump-and-dump scheme but he's doing crypto to steer clear of the SEC this time? Maybe he's trolling? Maybe he really is going off the rails?
- XorNot 6y ago
  He's been going off the rails for a while it seems. I've come to feel the human brain isn't really well optimised for handling the type of social integration a few hundred thousand Twitter followers provide.
- conception 6y ago
  When you're the richest person in the world, doing it for the lolz is probably not far from the truth of it.
  - PurpleFoxy 6y ago
    Musk has mentioned a few times that he is in the Wallstreet bets discord. It looks like some of his recent posts like the dogecoin one are at the request of that group. It’s just normal internet shitposting except you have real power.
TrainedMonkey 6y ago
I think Tesla want's to start accepting bitcoin as payment. This is my speculation, but this kind of acquisition makes sense if they also want to render payment in bitcoin. Alternatively this is just a value storage. Musk went on record saying he thinks stock is overvalued at the beginning of 2020 and then it went on 700% rampage. This could be just that Tesla has more cash than they need and they wanted to store it in an asset sheltered from inflation.
- villasv 6y ago
  There are so many ways protect assets from inflation.
xiphias2 6y ago
Dogecoin was a joke...Elon has a sense of humor that most people are missing nowdays. BTC is serious: until FED stops printing money unsustainably, companies need a better store of value.
lostmsu 6y ago
Maybe he did it as a form of charity to Bitcoin holders (who are presumably mostly tech futurists as mentioned elsewhere in this thread). If that's the case, we might see similar news about ETH or Monero tomorrow.

by ghego1 6y ago

Genuine question: what's the end game here for Musk? He's been tweeting about dogecoin, and then Tesla invests a non insignificant amount of money in BTC. I smell something fishy.

ForHackernews 6y ago

I have no idea. Maybe it's just a pump-and-dump scheme but he's doing crypto to steer clear of the SEC this time? Maybe he's trolling? Maybe he really is going off the rails?

XorNot 6y ago
He's been going off the rails for a while it seems. I've come to feel the human brain isn't really well optimised for handling the type of social integration a few hundred thousand Twitter followers provide.
conception 6y ago
When you're the richest person in the world, doing it for the lolz is probably not far from the truth of it.
- PurpleFoxy 6y ago
  Musk has mentioned a few times that he is in the Wallstreet bets discord. It looks like some of his recent posts like the dogecoin one are at the request of that group. It’s just normal internet shitposting except you have real power.

TrainedMonkey 6y ago

I think Tesla want's to start accepting bitcoin as payment. This is my speculation, but this kind of acquisition makes sense if they also want to render payment in bitcoin. Alternatively this is just a value storage. Musk went on record saying he thinks stock is overvalued at the beginning of 2020 and then it went on 700% rampage. This could be just that Tesla has more cash than they need and they wanted to store it in an asset sheltered from inflation.

villasv 6y ago
There are so many ways protect assets from inflation.

xiphias2 6y ago

Dogecoin was a joke...Elon has a sense of humor that most people are missing nowdays. BTC is serious: until FED stops printing money unsustainably, companies need a better store of value.

lostmsu 6y ago

Maybe he did it as a form of charity to Bitcoin holders (who are presumably mostly tech futurists as mentioned elsewhere in this thread). If that's the case, we might see similar news about ETH or Monero tomorrow.