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Cuban maybe but why Musk? If because of Doge - it's been pretty clear he's just meme-ing and not making huge bets on it but just playing around.

by Tenoke 5y ago

peteretep 5y ago
> it's been pretty clear Do you mean something other than “my guess is” here?
- Tenoke 5y ago
  At minimum he's never presented it as a savvy investment the way Cuban (who talks of crypto projects specifically as an important part of his investment portfolio) has and most if not every single time he's posted about it has been in a meme/joke format.
blunte 5y ago
His big plunge into Bitcoin was an obvious move of ignorance given the well known energy cost of Bitcoin mining. There are other better cryptocurrencies for facilitating transactions, in terms of speed, fees, energy cost, etc. He should have known some of this before publicly jumping on the Bitcoin wagon. Then when he did clue in a bit, he made the move to Doge and chirped about how it required less energy than Bitcoin. But it is still much higher consumption and much slower transaction speed compared to something like Stellar. All this leads me to believe that nobody was educating him, and he wasn’t speeding enough time to come up to speed. I don’t expect him to be an expert in everything, but he could have at least consulted with some experts.
- Tenoke 5y ago
  Tesla accepted Bitcoin in big part as an investment vehicle/place to park money, and there's few fast, cheap, energy-efficient cryptocurrencies that you can put $1.5B in. Hell, Stellar's market cap was what? $5B total at the time? Musk, separately from Tesla plays with Doge. As far as I know Tesla hasn't accepted or invested in Doge.
  - blunte 5y ago
    Surely he had a say in that decision, assuming that he wasn't behind it himself. So to him and/or his board, it should have been an obvious faux pas; it might as well have been an investment in coal mining stock.
meibo 5y ago
The people on reddit that cry about their lost life savings probably wouldn't agree.
elliekelly 5y ago
> he's just meme-ing and not making huge bets on it but just playing around But that’s SO much worse! He’s coaxing his followers to dash out in front of a steamroller to help him — a billionaire — pick up pennies. He’s “just playing around” with peoples’ life savings. It would be far less reprehensible if Musk held sincere but misguided beliefs in Doge but “just meme-ing” is unconscionable. Especially for someone with his exorbitant wealth to do so at the expense of those with far fewer resources.
- Tenoke 5y ago
  Maybe it's worse, maybe it's not but the claim I was replying to doesn't apply to that. >Cuban and Musk are not savvy (crypto) investors. Just because they are rich and successful in one domain does not make them experts in others. Perhaps they are only surrounded by Yes Men who don’t attempt to educate them or advise when they are wrong/under-informed.
- refenestrator 5y ago
  If someone worships Musk like he's a cult leader, that's on them. It's unreasonable to expect someone who's been shit posting on twitter for years to stop because people are for some reason taking him more seriously after Tesla 10x'd. He's always been a shit poster.
  - disgruntledphd2 5y ago
    The tweets of Elon Musk are official communications of Tesla, according to the SEC. That's what he got in trouble for a few years back, when he "decided" to meme himself a securities fraud violation.
- JumpCrisscross 5y ago
  > He’s “just playing around” with peoples’ life savings Not sure how much sympathy people putting their life savings into DogeCoin deserve, on the grand total diligence of a tweet no less.
  - 5y ago

Cuban maybe but why Musk? If because of Doge - it's been pretty clear he's just meme-ing and not making huge bets on it but just playing around.

by Tenoke 5y ago

Cuban maybe but why Musk? If because of Doge - it's been pretty clear he's just meme-ing and not making huge bets on it but just playing around.

peteretep 5y ago

> it's been pretty clear Do you mean something other than “my guess is” here?

Tenoke 5y ago
At minimum he's never presented it as a savvy investment the way Cuban (who talks of crypto projects specifically as an important part of his investment portfolio) has and most if not every single time he's posted about it has been in a meme/joke format.

blunte 5y ago

His big plunge into Bitcoin was an obvious move of ignorance given the well known energy cost of Bitcoin mining. There are other better cryptocurrencies for facilitating transactions, in terms of speed, fees, energy cost, etc. He should have known some of this before publicly jumping on the Bitcoin wagon. Then when he did clue in a bit, he made the move to Doge and chirped about how it required less energy than Bitcoin. But it is still much higher consumption and much slower transaction speed compared to something like Stellar. All this leads me to believe that nobody was educating him, and he wasn’t speeding enough time to come up to speed. I don’t expect him to be an expert in everything, but he could have at least consulted with some experts.

Tenoke 5y ago
Tesla accepted Bitcoin in big part as an investment vehicle/place to park money, and there's few fast, cheap, energy-efficient cryptocurrencies that you can put $1.5B in. Hell, Stellar's market cap was what? $5B total at the time? Musk, separately from Tesla plays with Doge. As far as I know Tesla hasn't accepted or invested in Doge.
- blunte 5y ago
  Surely he had a say in that decision, assuming that he wasn't behind it himself. So to him and/or his board, it should have been an obvious faux pas; it might as well have been an investment in coal mining stock.

meibo 5y ago

The people on reddit that cry about their lost life savings probably wouldn't agree.

elliekelly 5y ago

> he's just meme-ing and not making huge bets on it but just playing around But that’s SO much worse! He’s coaxing his followers to dash out in front of a steamroller to help him — a billionaire — pick up pennies. He’s “just playing around” with peoples’ life savings. It would be far less reprehensible if Musk held sincere but misguided beliefs in Doge but “just meme-ing” is unconscionable. Especially for someone with his exorbitant wealth to do so at the expense of those with far fewer resources.

Tenoke 5y ago
Maybe it's worse, maybe it's not but the claim I was replying to doesn't apply to that. >Cuban and Musk are not savvy (crypto) investors. Just because they are rich and successful in one domain does not make them experts in others. Perhaps they are only surrounded by Yes Men who don’t attempt to educate them or advise when they are wrong/under-informed.
refenestrator 5y ago
If someone worships Musk like he's a cult leader, that's on them. It's unreasonable to expect someone who's been shit posting on twitter for years to stop because people are for some reason taking him more seriously after Tesla 10x'd. He's always been a shit poster.
- disgruntledphd2 5y ago
  The tweets of Elon Musk are official communications of Tesla, according to the SEC. That's what he got in trouble for a few years back, when he "decided" to meme himself a securities fraud violation.
JumpCrisscross 5y ago
> He’s “just playing around” with peoples’ life savings Not sure how much sympathy people putting their life savings into DogeCoin deserve, on the grand total diligence of a tweet no less.
- 5y ago