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This was from Musk's announcement as can be plainly seen from https://trends.google.com/trends/explore?date=now%201-d&geo=US&q=tesla%20not%20accepting%20bitcoi

This was from Musk's announcement as can be plainly seen from https://trends.google.com/trends/explore?date=now%201-d&geo=US&q=tesla%20not%20accepting%20bitcoin https://trends.google.com/trends/explore?date=now%201-d&geo=... and https://www.coindesk.com/price/bitcoin https://www.coindesk.com/price/bitcoin At 3pm PT on 5/12, Bitcoin was at $54.6k USD. Musk tweeted https://twitter.com/elonmusk/status/1392602041025843203 https://twitter.com/elonmusk/status/1392602041025843203 at 3:06pm. Two hours later, BTC was at $47.7k. One cannot blame the media on this, and it's not the result of macroeconomic news.

lhorie 5y ago
DOGE's drop over the weekend also more or less coincided w/ Musk's appearance on SNL (where he called it a "hustle"). If you recall, the previous rise in BTC also followed closely on the tails of the news that Tesla was getting into BTC. Kinda insane that a single guy can make almost the entirety of the crypto market swing 10-20% every time they mention crypto.
- colechristensen 5y ago
  It’s almost like crypto has very little actual value outside of speculation...
  - kordlessagain 5y ago
    There is yet a killer use case, but AI is coming so just hang on a hot minute. Well be above 100k in six months. Machine learning APIs and Lighting payments are a match made in heaven.
    - paxys 5y ago
      You just strung together some meaningless words.
      - amusedcyclist 5y ago
        I hope its satire
    - chanc3e 5y ago
      I'll bite. What do you mean? Any Mathcoin (or any trade) is an exchange based on energy spent (not including Mathcoins insane transaction cost). It's an abstraction from someone mining for materiel from the ground and trading. An energy cost is involved. What's the killer use case? I can just as easily purchase wine, art, or goods which appreciate and will indefinitely hold a non zero value, even if civilisation comes to a halt, someone wealthier than me will want to get drunk. If the use case is a fungible, I'm good. If I want to do illegal stuff, I can just as easily launder those goods the same way. p.s. if you buy expensive wine in restaurants, thanks.
    - imtringued 5y ago
      >There is yet a killer use case, but AI is coming so just hang on a hot minute. Are you saying AGIs will earn a living by operating a cryptocurrency mine?
  - aaronharder 5y ago
    ...and so, teaching us rubes that lesson was Elon's intended 3D chess move all along?
    - the_local_host 5y ago
      I think Musk just thought it would be funny to accept BTC, and didn't give any thought to the environmental concerns around BTC. Eventually he either realized or had it pointed out that the environmental controversy would be problematic for an electric vehicle company.
- ASalazarMX 5y ago
  How does this even work? Do people hear him saying "Dogecoin is a hustle" and immediately start selling their dogecoins? Where do they get buyers on-demand?
  - lhorie 5y ago
    Sort of. Among DOGE speculators, people were saying that the coin might start to be seen as more "serious" (read: track BTC swings more closely) if it reached $1. It was trading at around $0.70. Then Musk came out on national TV and pretty much took a hard "lol DOGE is just a meme" position. A lot of people were already astronomically up on their DOGE holdings; having its biggest advocate in recent memory (recall Musk crowned himself "Dogefather") basically dismiss any hint that it might be a "serious" coin amounted to a signal that $0.70 was peak DOGE (IMHO). Given that this latest quip from Musk is explained as being related to concerns about BTC's power consumption problems, I wouldn't be surprised to see him in the near future pumping another altcoin that advertises as having a power efficient network like NANO.
  - deleted 5y ago
    [deleted]
- rchaud 5y ago
  That's what happens when the blind are leading the blind.
paulpauper 5y ago
yes the cause and effect doesnot get any more obvious than that

lhorie 5y ago

DOGE's drop over the weekend also more or less coincided w/ Musk's appearance on SNL (where he called it a "hustle"). If you recall, the previous rise in BTC also followed closely on the tails of the news that Tesla was getting into BTC. Kinda insane that a single guy can make almost the entirety of the crypto market swing 10-20% every time they mention crypto.

colechristensen 5y ago
It’s almost like crypto has very little actual value outside of speculation...
- kordlessagain 5y ago
  There is yet a killer use case, but AI is coming so just hang on a hot minute. Well be above 100k in six months. Machine learning APIs and Lighting payments are a match made in heaven.
  - paxys 5y ago
    You just strung together some meaningless words.
    - amusedcyclist 5y ago
      I hope its satire
  - chanc3e 5y ago
    I'll bite. What do you mean? Any Mathcoin (or any trade) is an exchange based on energy spent (not including Mathcoins insane transaction cost). It's an abstraction from someone mining for materiel from the ground and trading. An energy cost is involved. What's the killer use case? I can just as easily purchase wine, art, or goods which appreciate and will indefinitely hold a non zero value, even if civilisation comes to a halt, someone wealthier than me will want to get drunk. If the use case is a fungible, I'm good. If I want to do illegal stuff, I can just as easily launder those goods the same way. p.s. if you buy expensive wine in restaurants, thanks.
  - imtringued 5y ago
    >There is yet a killer use case, but AI is coming so just hang on a hot minute. Are you saying AGIs will earn a living by operating a cryptocurrency mine?
- aaronharder 5y ago
  ...and so, teaching us rubes that lesson was Elon's intended 3D chess move all along?
  - the_local_host 5y ago
    I think Musk just thought it would be funny to accept BTC, and didn't give any thought to the environmental concerns around BTC. Eventually he either realized or had it pointed out that the environmental controversy would be problematic for an electric vehicle company.
ASalazarMX 5y ago
How does this even work? Do people hear him saying "Dogecoin is a hustle" and immediately start selling their dogecoins? Where do they get buyers on-demand?
- lhorie 5y ago
  Sort of. Among DOGE speculators, people were saying that the coin might start to be seen as more "serious" (read: track BTC swings more closely) if it reached $1. It was trading at around $0.70. Then Musk came out on national TV and pretty much took a hard "lol DOGE is just a meme" position. A lot of people were already astronomically up on their DOGE holdings; having its biggest advocate in recent memory (recall Musk crowned himself "Dogefather") basically dismiss any hint that it might be a "serious" coin amounted to a signal that $0.70 was peak DOGE (IMHO). Given that this latest quip from Musk is explained as being related to concerns about BTC's power consumption problems, I wouldn't be surprised to see him in the near future pumping another altcoin that advertises as having a power efficient network like NANO.
- deleted 5y ago
  [deleted]
rchaud 5y ago
That's what happens when the blind are leading the blind.

paulpauper 5y ago

yes the cause and effect doesnot get any more obvious than that