5 ms·
I see this as market manipulation. Tesla hasn't suddenly become aware of information not available when Tesla initially announced they'd accept bitcoin as paym
by lwhi 5y ago
I see this as market manipulation.
Tesla hasn't suddenly become aware of information not available when Tesla initially announced they'd accept bitcoin as payment.
- Aqua 5y agoAbsolutely. If anyone believes this bs they're just enabling and encouraging musk to continue manipulating markets as he pleases. People will now start praising his decision but make no mistake, I don't know what was the real reason behind it but sure as hell it wasn't climate change and the way musk goes about releasing information that is moving markets is contemtable
- PurpleFoxy 5y agoI wonder if Bitcoin investors will start to work out what all those regulations they avoided were for.
- Isinlor 5y agoVery unlikely. For Bitcoin this is just another day. 10-20% drops should be expected by anyone who knows anything about crypto.
- ric2b 5y agoMuch better for people to learn not to make investment decisions based on a single company.
- salawat 5y agoNo, of course not. Most big stakeholders in cryptocurrencies want a manipulable asset to invest in. A long circuituous route was taken to building one when regulation cut off the ability to do what they are doing with their coins. I mean, the whole transacting without borders, and providing a transaction medium that is somewhat immune to geopolitical power projection by any one nation state looks great on paper; but it's also the type of idealistic tool frequuently used to get someone to part with their money. As much of a raging contrarian as I am when it comes to Federal regulation a d interference in markets; the type of market activity surrounding crypto is a spot on copy paste of the types of scammy behavior the SEC was meant to rein in, even if the rulemaking (whether I like how it's done or not) hasn't caught up. It's also market activity that's producing no net positive societal value as far as I've heard of measuring being done to account for it. Businesses popped up to facilitate movement of coins, and conversion to fiat; but the externalities (regulatory escape, lost funds by people when scam exchanges walk off with everyone's assets, greased anti-money laundering mechanisms, environmental costs, brain drain)... I know my viewpoint on it probably means about as much in the long run as a gnat fart, but it's just one of those things that seems like a solution looking for a problem, picking whatever problem looks most likely to gain momentum this week, and to hell with the problems caused as a result.
- input_sh 5y ago> I see this as market manipulation. Absolutely. Any mention of cryptocurrency by Musk or his companies instantly reflects on the price and there's no way in hell Musk doesn't know that. Happened with Dogecoin like a week ago (after his SNL appearance), happening again.
- headmelted 5y agoI'm not suggesting anything here, but it doesn't seem outrageous to think that after the SNL appearance and all the dogecoin references that Tesla/Musk may have bought substantial amounts prior to that before the obvious shilling on live television. If that's the case, he would not have expected it to crash. i.e. This may be desperation to fix the quarterly results after the plan backfired.
- cvak 5y agoWell, they might saw the backslash in environmentalist community, that used to be their main supporters. That's imo a pretty big sudden information.
- toxik 5y agoYou don’t think they knew that going in?
- simondotau 5y agoI think a lot of people are aware that bitcoin transactions have an energy cost but haven’t sufficiently gone down the rabbit hole of quantifying exactly what that cost is.
- isatty 5y agoA company as big as as TSLA has people on payroll to figure that out. If they don’t, then it’s still on them. You think this is WSB where I see a ticker, strike and expiry and I’m in with my life savings?
- simondotau 5y agoI think you're a touch over-optimistic if you think that all large companies always consider every possible ramification of every decision to its fullest extent prior to acting. Personally I think Tesla's (and Elon's, and for that matter everyone's) involvement with cryptocurrency as a serious investment is moronic, driven almost entirely by sci-fi daydreaming rather than by actual principles. But my opinion doesn't matter to anyone else, so *shrug,* I guess.
- kaba0 5y agoIt’s a typical pump-and-dump+market manipulation decision in an unregulated market so it is legal, and highly profitable. It’s not a bad investment, only a moral failing.
- amelius 5y agoHow would he benefit? There are no put-options in Bitcoin land.
- arcticbull 5y agoYeah, he's just enacting retribution on the SEC for the tweetsitter they appointed due to him ... manipulating the market. ($420 funding secured, anyone?)
- bidirectional 5y agoExcept the SEC is not directly harmed by market manipulation, the market participants they exist to protect are.
- pydry 5y agoHe effectively got away with doing it on TSLA why not try it out on BTC and doge coin too? Or maybe he sees something coming in crypo the rest of us don't (e.g. regulatory crackdown).
- henvic 5y agoand Bitcoin is 100% market manipulation. Useless asset.
- monkeydust 5y agoI would be amazed if the SEC doesnt start an investigation assuming one is not in flight.
- kgwgk 5y agoIt was not marketing manipulation until now?
- Isinlor 5y agoThat is anarcho-capitalism to you. Even though I'm a libertarian leaning, I still think we should put a tax from CO2 emissions on crypto transactions. Something in range of 300$ per tonne of CO2. So with bitcoin emissions at 0.5T per transaction, it would be somewhere around 150$ per transaction. And to cash in on bitcoin you should be required to document the whole history of bitcoin you own.
- La1n 5y ago> Something in range of 300$ per tonne of CO2. Why so high, and why specifically for crypto transactions and not everything that generates CO2?
- Isinlor 5y agoThat's about the cost of removing CO2 at industrial scale today. And yes, I'm supporter of overall carbon tax. Preferably something like European Union Emission Trading Scheme [0] where at some point we can just ban unmitigated emissions into the atmosphere. I have no issue with people spending as much resources on bitcoin or any other crypto as they want as long as they clean up after themselves. Actually it should include the whole package of externalities - CO2, electronic waste pollution etc. [0] https://en.wikipedia.org/wiki/European_Union_Emission_Trading_Scheme https://en.wikipedia.org/wiki/European_Union_Emission_Tradin...
- isatty 5y ago100% pump and dump.
- mrweasel 5y agoEither market manipulation or incompetence, it's one of the two. For someone who owns Tesla and a solar company, claiming that he didn't already knew that Bitcoin is a huge energy sink seems unlikely. Tesla is a little more high profile, but they certainly aren't the first company to implement something, or take a action, where you from the outside question the environmental impact. Only to have the company reverse the same decision a while later, claiming a huge effort to help the environment.
- arisAlexis 5y agoI mean, he had all the data in front of him when he announced end of March 2020 that Covid will be gone by April 2020 so I don't know what to think of this erratic behavior.
- me_me_me 5y agoWelcome to the world of BTC. This is quite average event to be honest, the dip isn't even that big.
- esjeon 5y agoAs a one who survived through 70% dip around 2013(?), I totally agree.