Bitcoin

[jesmu84]

Thank you, Elon

[Hards Alumni]

Market cap of BTC is now over $1T USD

[rocket surgeon]

carried over $56,000 today

[jesmu84]

👀

[Hards Alumni]

👀

Still up more than 10x from a year ago.  People are easily spooked.  People talked about diamond hands in regards to GME stock?  I've watch my BTC go from a couple thousand to a couple hundred thousand and back down.  If I thought this was a get rich quick thing, I'd have considered selling.  But my number is much higher.

BTW, get your Ethereum while it's still cheap.

[Hards Alumni]

Thank you, Elon

Heh, he's a scum bag, really.  Saying he won't be accepting BTC for Tesla's currently is such a hedge.  He can affect the price this way, and then when BTC drops to where it is he can start accepting again.  So instead of a 3 costing 1/2 a BTC, it costs one BTC now.  And his hope is that in the long run that buy looks really foolish for the Tesla buyer, and genius for Elon.

He's just playing the game, really.  But he has a TON of sycophants that don't know when they're being played, and think that Elon can do no wrong... which is hilarious.  He is as capable of putting his foot in his mouth as anyone (see Covid) but when he does it, it affects financial markets worldwide.  Talk about tangible power.  All hail the Corporatocracy!

[MU82]

Still up more than 10x from a year ago.  People are easily spooked.  People talked about diamond hands in regards to GME stock?  I've watch my BTC go from a couple thousand to a couple hundred thousand and back down.  If I thought this was a get rich quick thing, I'd have considered selling.  But my number is much higher.

Indeed, if one still believes in Bitcoin, one should be buying now.

Cathie Wood said again yesterday that she thinks it's going to $500K ... though her calls lately haven't exactly been golden.

Disclosure: I am not a crypto investor.

[Goose]

82

Cathie Wood might end up being right. I am holding on and trying not to follow the crazy ups and downs.

[TSmith34, Inc.]

Heh, he's a scum bag, really.  Saying he won't be accepting BTC for Tesla's currently is such a hedge.  He can affect the price this way, and then when BTC drops to where it is he can start accepting again.  So instead of a 3 costing 1/2 a BTC, it costs one BTC now.  And his hope is that in the long run that buy looks really foolish for the Tesla buyer, and genius for Elon.

He's just playing the game, really.  But he has a TON of sycophants that don't know when they're being played, and think that Elon can do no wrong... which is hilarious.  He is as capable of putting his foot in his mouth as anyone (see Covid) but when he does it, it affects financial markets worldwide.  Talk about tangible power.  All hail the Corporatocracy!

We know he manipulated the market up after he took a big position, then sold some in order to make his quarterly numbers.

Then he talked it down (won't accept it for purchases, too costly environmentally) before talking it back up (diamond hands). Question is, did he buy more in between those two statements?

[Coleman]

BUY THE DIP

[Hards Alumni]

We know he manipulated the market up after he took a big position, then sold some in order to make his quarterly numbers.

Then he talked it down (won't accept it for purchases, too costly environmentally) before talking it back up (diamond hands). Question is, did he buy more in between those two statements?

I'd bet the farm that he did.

[Coleman]

We know he manipulated the market up after he took a big position, then sold some in order to make his quarterly numbers.

Then he talked it down (won't accept it for purchases, too costly environmentally) before talking it back up (diamond hands). Question is, did he buy more in between those two statements?

I'm sure he did. Not regulated the way stocks are, so he can get away with it.

I'm sure that will change soon though.

[Hards Alumni]

I'm sure he did. Not regulated the way stocks are, so he can get away with it.

I'm sure that will change soon though.

*doubt*

[jesmu84]

Agreed on all posts, Hards

[TSmith34, Inc.]

I'd bet the farm that he did.

Me too. And he is laughing all the way.

[Hards Alumni]

https://itsblockchain.com/bitcoin-whale-bought-3521-bitcoins/

[TSmith34, Inc.]

That should cover Tesla's next shortfall.

[Coleman]

Question for the SEC experts...

Ok so even though manipulating the price of bitcoin by an individual is not illegal, since bitcoin is largely unregulated...

What about a publicly traded company (like Tesla) benefitting from such manipulation, to the extent that it impacts profitability and stock price?

[JWags85]

Question for the SEC experts...

Ok so even though manipulating the price of bitcoin by an individual is not illegal, since bitcoin is largely unregulated...

What about a publicly traded company (like Tesla) benefitting from such manipulation, to the extent that it impacts profitability and stock price?

Not an SEC expert, but I think thats too hard to prove without explicit evidence that they are behind it.  Its scummy, but thats part of the genius behind it all IMO.

If I'm a copper pipe manufacturer and there is widespread manipulation in the price of copper that it plummets and I buy a bunch allowing my costs to dive down for a time, my profitability to rise, and my stock to pop, why should I be punished?  Even if those who manipulated the copper are prosecuted and fined.

[Hards Alumni]

Not an SEC expert, but I think thats too hard to prove without explicit evidence that they are behind it.  Its scummy, but thats part of the genius behind it all IMO.

If I'm a copper pipe manufacturer and there is widespread manipulation in the price of copper that it plummets and I buy a bunch allowing my costs to dive down for a time, my profitability to rise, and my stock to pop, why should I be punished?  Even if those who manipulated the copper are prosecuted and fined.

Right, Musk hasn't be fined because there isn't enough to charge him on.  My guess is that he'll push it too far one day and the new line for what can be gotten away with will be established.

As you know, with him, there is a rather large rebellious side.

[TSmith34, Inc.]

Right, Musk hasn't be fined because there isn't enough to charge him on.  My guess is that he'll push it too far one day and the new line for what can be gotten away with will be established.

As you know, with him, there is a rather large rebellious side.

His fine amounts to a tiny tax on the billions made from him simply frontrunning his own tweets. By no means enough of a disincentive to make him stop.

[Hards Alumni]

His fine amounts to a tiny tax on the billions made from him simply frontrunning his own tweets. By no means enough of a disincentive to make him stop.

An endemic problem with fining companies.  It's never enough to make much of a difference.

[jficke13]

His fine amounts to a tiny tax on the billions made from him simply frontrunning his own tweets. By no means enough of a disincentive to make him stop.

A fine is only a punishment to the poor. To the wealthy it's a cost.

[jesmu84]

A fine is only a punishment to the poor. To the wealthy it's a cost.

A corporate fine less than the profit is simply a tax

[MUBurrow]

We've hit on potential regulation of cryptos elsewhere in this thread and I though this article on the wash sale rules and recent BTC value plummet adds another interesting angle to that - https://www.cnbc.com/2021/05/25/bitcoin-crash-opens-door-to-a-tax-loophole-for-investors.html