Quote:Tesla is executing a rapid U-turn on Bitcoin.

Months after Tesla embraced Bitcoin, CEO Elon Musk said on Wednesday the auto maker would no longer accept the cryptocurrency for car purchases due to its environmental impact.

Bitcoin is very energy-intensive. The "coins" are created through a process called "mining," in which powerful computers solve difficult math problems. That requires electricity — a mind-boggling amount of it.

"We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions," Musk explained in a tweet, "especially coal, which has the worst emissions of any fuel."

The tweet comes just three months after Tesla surprised many by saying it would allow customers to pay for their electric vehicles with Bitcoin. Not only that, the company said at the time it also invested $1.5 billion in the cryptocurrency.

Quote:The currency dipped below $50k yesterday

(05-13-2021, 01:47 PM)Boudica Wrote: This does seem like a suspicious move. Either investors got angry and Tesla had to pull, or they're messing with the market. It's not like it's lack of environmental friendliness wasn't known prior to Tesla's investment.

(05-13-2021, 09:36 AM)Dismas Wrote: Elon backtracked, stating Tesla would scrap its plans to accept BTC. The currency dipped below $50k yesterday, in what one could interpret as price manipulation. One could say it's a move of hypocrisy, as the damage is already done. In February it was already common knowledge that ~75% of BTC is mined in China. For an "climate friendly" company, promoting the currency was a silly move.

Quote:Tesla is executing a rapid U-turn on Bitcoin.

Months after Tesla embraced Bitcoin, CEO Elon Musk said on Wednesday the auto maker would no longer accept the cryptocurrency for car purchases due to its environmental impact.

Bitcoin is very energy-intensive. The "coins" are created through a process called "mining," in which powerful computers solve difficult math problems. That requires electricity — a mind-boggling amount of it.

"We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions," Musk explained in a tweet, "especially coal, which has the worst emissions of any fuel."

The tweet comes just three months after Tesla surprised many by saying it would allow customers to pay for their electric vehicles with Bitcoin. Not only that, the company said at the time it also invested $1.5 billion in the cryptocurrency.

Read More: https://www.bbc.com/news/business-57096305

(05-13-2021, 04:45 PM)AnalAssAssin Wrote:

(05-13-2021, 09:36 AM)Dismas Wrote: Elon backtracked, stating Tesla would scrap its plans to accept BTC. The currency dipped below $50k yesterday, in what one could interpret as price manipulation. One could say it's a move of hypocrisy, as the damage is already done. In February it was already common knowledge that ~75% of BTC is mined in China. For an "climate friendly" company, promoting the currency was a silly move.

Quote:Tesla is executing a rapid U-turn on Bitcoin.

Months after Tesla embraced Bitcoin, CEO Elon Musk said on Wednesday the auto maker would no longer accept the cryptocurrency for car purchases due to its environmental impact.

Bitcoin is very energy-intensive. The "coins" are created through a process called "mining," in which powerful computers solve difficult math problems. That requires electricity — a mind-boggling amount of it.

"We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions," Musk explained in a tweet, "especially coal, which has the worst emissions of any fuel."

The tweet comes just three months after Tesla surprised many by saying it would allow customers to pay for their electric vehicles with Bitcoin. Not only that, the company said at the time it also invested $1.5 billion in the cryptocurrency.

Read More: https://www.bbc.com/news/business-57096305

This is actually quite big news.
I mean, did he just do that because he flip-flopped and changed his mind? Or was it intentional and planned?
Or was it some form of market manipulation? Even a secret powermove and conspiracy to decrease bitcoin?

Personally, as a former owner of bitcoin, I can see how big price drop this is, and how this is going to affect him.
The first hacking related shit i learned when I started with it was cryptography and how to encrypt messages.
I used cryptography to buy drugs, but it almost ruined my life, Im so sick of cryptography, and I think its pretty lame tbh.
Im more into cracking/SQL/botnetting/remote access trojaning, etc.
So I just wanna get rid of those shitty bitcoins, they are C-A-N-C-E-R.

But yeah, this is not going to affect elon musk very well. Imagine increasing peoples hope like that,
just to cancel it and drop the price by 50%. This means that every bitcoin guy, every crypto guy,
every stock market investor that have maybe put millions of dollars into bitcoin, are going to see their market revenue drop by 50%.

Not all crypto guys are dangerous people, but some of them are. There are even darknet sites for crypto
that hire assassins and put prices on peoples heads if they have an interest against them.
So I actually think that Mr. Musk really shit in the blue locker here, he is in a very tight spot and this could even mean life-threatening danger.

:O

(05-14-2021, 07:08 PM)Dismas Wrote: Other coins seem to be doing well today.

(05-13-2021, 07:34 PM)Boudica Wrote:

(05-13-2021, 04:45 PM)AnalAssAssin Wrote:

(05-13-2021, 09:36 AM)Dismas Wrote: Elon backtracked, stating Tesla would scrap its plans to accept BTC. The currency dipped below $50k yesterday, in what one could interpret as price manipulation. One could say it's a move of hypocrisy, as the damage is already done. In February it was already common knowledge that ~75% of BTC is mined in China. For an "climate friendly" company, promoting the currency was a silly move.


Read More: https://www.bbc.com/news/business-57096305

This is actually quite big news.
I mean, did he just do that because he flip-flopped and changed his mind? Or was it intentional and planned?
Or was it some form of market manipulation? Even a secret powermove and conspiracy to decrease bitcoin?

Personally, as a former owner of bitcoin, I can see how big price drop this is, and how this is going to affect him.
The first hacking related shit i learned when I started with it was cryptography and how to encrypt messages.
I used cryptography to buy drugs, but it almost ruined my life, Im so sick of cryptography, and I think its pretty lame tbh.
Im more into cracking/SQL/botnetting/remote access trojaning, etc.
So I just wanna get rid of those shitty bitcoins, they are C-A-N-C-E-R.

But yeah, this is not going to affect elon musk very well. Imagine increasing peoples hope like that,
just to cancel it and drop the price by 50%. This means that every bitcoin guy, every crypto guy,
every stock market investor that have maybe put millions of dollars into bitcoin, are going to see their market revenue drop by 50%.

Not all crypto guys are dangerous people, but some of them are. There are even darknet sites for crypto
that hire assassins and put prices on peoples heads if they have an interest against them.
So I actually think that Mr. Musk really shit in the blue  locker here, he is in a very tight spot and this could even mean life-threatening danger.

:O

What's weird, is 1) we're assuming this was solely an Elon Mush decision, we don't know that, and 2) that he isn't making others happy by boosting other currencies like that joke dogecoin.