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A large number of people were making comments about the environmental concerns of crypto the instant Tesla announced they were buying into Bitcoin. What changed

A large number of people were making comments about the environmental concerns of crypto the instant Tesla announced they were buying into Bitcoin. What changed? It's really hard to argue Tesla's surprise here. (Elon Musk actually replied to Jack Dorsey saying "True" in response to his argument that Bitcoin is good for renewable energy: https://twitter.com/elonmusk/status/1385107878055317509 https://twitter.com/elonmusk/status/1385107878055317509 )

ffggvv 6y ago
they bought in Q4, sold 1/4 of it in Q1, which allowed them to have a profit that quarter since they lose money on selling cars. Now china car sales are down this quarter and they realize they need to cash out completely.
- rawtxapp 6y ago
  "Tesla will not be selling any Bitcoin..." from the tweet.
  - ffggvv 6y ago
    thats what he said before but magically sold some in q1. wonder how much he dumped before this statement.
    - sanxiyn 6y ago
      Maybe Elon Musk dumped his coin, but Tesla is a public company. Tesla almost certainly didn't dump its coin without public notice.
      - cmorgan31 6y ago
        Is there anything actually binding and backing this statement? I’d love to know if there’s anything at all in regards to how public companies have to treat crypto currency ownership.
        belltaco 6y ago
        It's the same as any asset or revenue stream. They have to report their overall GAAP bottom line only at the end of a quarter but even then don't need to legally report the specifics. Usually it's reported for shareholder interest and to attract investors. They can also hide it among other business divisions if they want to, risking investor backlash. Like how Microsoft used to show Azure revenue. https://arstechnica.com/information-technology/2015/12/ballmer-microsofts-cloud-revenue-numbers-are-bullshit/ https://arstechnica.com/information-technology/2015/12/ballm...
      - nodesocket 6y ago
        Don't think they have to disclosing ANYTHING until next quarterly results.
      - ffggvv 6y ago
        they dumped in q1 without disclosing until earnings.
  - vernie 6y ago
    See tweets about self-driving capabilities.
  - prostoalex 6y ago
    They sold 10% of their holdings throughout Q1 https://finance.yahoo.com/news/tesla-sold-bitcoin-q1-proceeds-202359810.html https://finance.yahoo.com/news/tesla-sold-bitcoin-q1-proceed...
  - viraptor 6y ago
    "Will not be selling" is not "has not sold before the announcement"
Barrin92 6y ago
Jack Dorsey saying that 'bitcoin incentivizes renewables' is the modern monetary theory of green energy. Gonna leave the fridge door open, the air conditioning on and drive my EV with the breaks engaged to accelerate the green revolution
- eli 6y ago
  That’s deeply unfair to MMT. Also didn’t musk reply to jack endorsing that opinion?
  - ErikVandeWater 6y ago
    Why would Musk saying anything be a confirmation? He has a history of lying and misrepresenting. https://www.elonmusk.today/ https://www.elonmusk.today/
    - deleted 6y ago
      [deleted]
- postmeta 6y ago
  More like, it adds another use for solar energy surplus besides storing in a battery or selling back to the grid. https://wintonark.medium.com/bitcoin-mining-impact-on-renewable-uptake-fc91c5aa9be0 https://wintonark.medium.com/bitcoin-mining-impact-on-renewa... https://github.com/ARKInvest/SolarBatteryBitcoin https://github.com/ARKInvest/SolarBatteryBitcoin
  - danans 6y ago
    If the problem supposedly being addressed is surplus renewable supply, a far better and more broadly relevant use would be heating domestic hot water, which would simultaneously displace natural gas usage for that purpose. About 15% of US household natural gas usage is for domestic hot water heating. That adds up to a lot of CO2. https://www.eia.gov/todayinenergy/detail.php?id=37433 https://www.eia.gov/todayinenergy/detail.php?id=37433 Edit: corrected percentage and added reference.
ErikVandeWater 6y ago
> A large number of people were making comments about the environmental concerns of crypto the instant Tesla announced they were buying into Bitcoin. What changed? Elon Musk showed him self to be either ignorant or a liar about the Green nature of Bitcoin. Here's a repudiation of the idea that Bitcoin is Green: https://www.ft.com/content/0448b44d-1d78-48f8-8ca8-6edae7976a5f https://www.ft.com/content/0448b44d-1d78-48f8-8ca8-6edae7976...
- xenophonB 6y ago
  Oh if the Financial Times says it then. Fucking shill

ffggvv 6y ago

they bought in Q4, sold 1/4 of it in Q1, which allowed them to have a profit that quarter since they lose money on selling cars. Now china car sales are down this quarter and they realize they need to cash out completely.

rawtxapp 6y ago
"Tesla will not be selling any Bitcoin..." from the tweet.
- ffggvv 6y ago
  thats what he said before but magically sold some in q1. wonder how much he dumped before this statement.
  - sanxiyn 6y ago
    Maybe Elon Musk dumped his coin, but Tesla is a public company. Tesla almost certainly didn't dump its coin without public notice.
    - cmorgan31 6y ago
      Is there anything actually binding and backing this statement? I’d love to know if there’s anything at all in regards to how public companies have to treat crypto currency ownership.
      - belltaco 6y ago
        It's the same as any asset or revenue stream. They have to report their overall GAAP bottom line only at the end of a quarter but even then don't need to legally report the specifics. Usually it's reported for shareholder interest and to attract investors. They can also hide it among other business divisions if they want to, risking investor backlash. Like how Microsoft used to show Azure revenue. https://arstechnica.com/information-technology/2015/12/ballmer-microsofts-cloud-revenue-numbers-are-bullshit/ https://arstechnica.com/information-technology/2015/12/ballm...
    - nodesocket 6y ago
      Don't think they have to disclosing ANYTHING until next quarterly results.
    - ffggvv 6y ago
      they dumped in q1 without disclosing until earnings.
- vernie 6y ago
  See tweets about self-driving capabilities.
- prostoalex 6y ago
  They sold 10% of their holdings throughout Q1 https://finance.yahoo.com/news/tesla-sold-bitcoin-q1-proceeds-202359810.html https://finance.yahoo.com/news/tesla-sold-bitcoin-q1-proceed...
- viraptor 6y ago
  "Will not be selling" is not "has not sold before the announcement"

Barrin92 6y ago

Jack Dorsey saying that 'bitcoin incentivizes renewables' is the modern monetary theory of green energy. Gonna leave the fridge door open, the air conditioning on and drive my EV with the breaks engaged to accelerate the green revolution

eli 6y ago
That’s deeply unfair to MMT. Also didn’t musk reply to jack endorsing that opinion?
- ErikVandeWater 6y ago
  Why would Musk saying anything be a confirmation? He has a history of lying and misrepresenting. https://www.elonmusk.today/ https://www.elonmusk.today/
  - deleted 6y ago
    [deleted]
postmeta 6y ago
More like, it adds another use for solar energy surplus besides storing in a battery or selling back to the grid. https://wintonark.medium.com/bitcoin-mining-impact-on-renewable-uptake-fc91c5aa9be0 https://wintonark.medium.com/bitcoin-mining-impact-on-renewa... https://github.com/ARKInvest/SolarBatteryBitcoin https://github.com/ARKInvest/SolarBatteryBitcoin
- danans 6y ago
  If the problem supposedly being addressed is surplus renewable supply, a far better and more broadly relevant use would be heating domestic hot water, which would simultaneously displace natural gas usage for that purpose. About 15% of US household natural gas usage is for domestic hot water heating. That adds up to a lot of CO2. https://www.eia.gov/todayinenergy/detail.php?id=37433 https://www.eia.gov/todayinenergy/detail.php?id=37433 Edit: corrected percentage and added reference.

ErikVandeWater 6y ago

> A large number of people were making comments about the environmental concerns of crypto the instant Tesla announced they were buying into Bitcoin. What changed? Elon Musk showed him self to be either ignorant or a liar about the Green nature of Bitcoin. Here's a repudiation of the idea that Bitcoin is Green: https://www.ft.com/content/0448b44d-1d78-48f8-8ca8-6edae7976a5f https://www.ft.com/content/0448b44d-1d78-48f8-8ca8-6edae7976...

xenophonB 6y ago
Oh if the Financial Times says it then. Fucking shill