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Are we excited yet?

Nody

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Continuation of Is anyone else starting to become a bit excited?

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Bob24

Deleted User wrote: »

400,000 bitcoin transactions a day compared to Visa alone which does over 150 million a day.

I've no idea why anyone who likes bitcoin would ever share the fact that it takes up half of all global banking, even including the bank branches themselves.

It would be a misunderstanding of what Bitcoin does to compare it to Visa only.

Visa is a payment network and does nothing more.

Bitcoin covers a lot more layers of the financial system: a hard asset (to be compared to gold), a convenient and trusted means of exchange (to be compared USD/EUR/etc), a custody system (to be compared to banks and vaults), a transaction signalling and settlement system (to be compared SWIFT/SEPA), and a payment layer (to be compared to Visa/Mastercard).

Visa is built on top of all the other layers and would not achieve anything without them, whereas with Bitcoin they are all built-in (people can discuss whether this is a good design and have different opinions, but objectively this is not comparable to Visa-only).

weemcd

Rob2D wrote: »

I wouldn't. They're horribly overpriced here. Get something nice instead

I say let Elon tweet away to his heart's content. The market always bounces back afterward. So the more he does it the more resilient the market will become.

The one thing I've noticed in the last few months is, this market loves recoveries. I've lost count on the number of shake outs in the past 3 weeks alone. Big dumps followed by green candles everywhere within 48 hours.

It'll make a lot of people nervous but if you hold I think you can still take massive gains. At some point there will be a huge correction, not these bi-weekly small dumps.

Trillion dollar question is when. I think the bull run continues through the rest of this year. Purley speculation on my part.

Dante

I find this hilarious. This has all the hallmarks of one hell of a bubble if Elon Musk's tweets are the single biggest influence on prices. The man could literally tank the whole thing with a single tweet saying its all a crock of bolix and to dump while you still can.

I'm sure prices will skyrocket again in the near future, but it has no rhyme or reason other than people joining the hype train.

Larbre34

What a bust this now is.

As the world looks again at commodities to fuel the stimulus of new growth, the absolute absence of a 'store of value' in crypto is dawning on investors.

Between that and the increasing default association with criminality and environmental destruction, well, this monkey has gone to heaven.

Pdoghue

I just caught the end of the piece. Typical RTE.. they read out some texts to the programme.. all negative on crypto. And Claire sounded like she hadn't a clue..

There was an interesting piece by Gillian Tett (FT) in The Irish Times on Saturday.
https://www.irishtimes.com/business/personal-finance/sustainability-issues-a-hurdle-to-crypto-enthusiasts-1.4565430

[Deleted User]

I'm curious to see if the market begins to self regulate Musk, will it just become the Simpsons episode of "Just don't look."

Either way, I've said it elsewhere, he's damaging the Tesla brand with all this, and the inevitable Doge burns will just increase disdain and distrust of the brand. His ego is blind to this and I guess he think's he's a genius by manipulating the crypto market to make up losses in Tesla and whatever other gains he's getting from doing so, inevitably he'll suffer some sort of financial backlash.

Luckycharms_74

Idioteque wrote: »

It was Sean Keyes she had on to cover whats going on in Crypto

What did you make of him.

Some of the texts to the show about crypto "emperor new clothes" :rolleyes:

Larbre34

Rob2D wrote: »

A common misconception. The current systems in place only make a note of a transaction. With the actual settlement happening later. Much later in some cases.

This is why when you tap your card in a shop for example, it doesn't appear on your balance for a couple days.

It appears within minutes to hours.

Idioteque

Luckycharms_74 wrote: »

Talking on RTE Radio 1 now about Crypto and Musk

It was Sean Keyes she had on to cover whats going on in Crypto

Rob2D

Deleted User wrote: »

Visa alone which does over 150 million a day.

A common misconception. The current systems in place only make a note of a transaction. With the actual settlement happening later. Much later in some cases.

This is why when you tap your card in a shop for example, it doesn't appear on your balance for a couple days.

[Deleted User]

Luckycharms_74 wrote: »

Talking on RTE Radio 1 now about Crypto and Musk

Bullish :pac:

Luckycharms_74

Talking on RTE Radio 1 now about Crypto and Musk

Idioteque

Rob2D wrote: »

I wouldn't. They're horribly overpriced here. Get something nice instead

I say let Elon tweet away to his heart's content. The market always bounces back afterward. So the more he does it the more resilient the market will become.

Everything is horribly overpriced here

yeah with you on the tweeting. He's obviosuly shaking off those that were never playing the long game and the over-leveraged. It's like watching a soap now on twitter.

Still though, you can't help but feel this will turn more of the large investors off investing in his companies as he is almost trumpian-like in his tweeting of late.

[Deleted User]

Bob24 wrote: »

Related to the carbon footprint issue, Galaxy Digital has released a report comparing electricity usage of Bitcoin, the banking industry, and the gold industry.

https://cointelegraph.com/news/banking-system-consumes-two-times-more-energy-than-bitcoin-research

I guess many people will discuss the methodology, but in short: half of the banking system and half of the gold industry.

400,000 bitcoin transactions a day compared to Visa alone which does over 150 million a day.

I've no idea why anyone who likes bitcoin would ever share the fact that it takes up half of all global banking, even including the bank branches themselves.

Rob2D

Idioteque wrote: »

I'm the opposite - when the dust settles and the HODL pays off, I'm hoping to buy one as a nice reward .

I wouldn't. They're horribly overpriced here. Get something nice instead

I say let Elon tweet away to his heart's content. The market always bounces back afterward. So the more he does it the more resilient the market will become.

[Deleted User]

Bob24 wrote: »

Related to the carbon footprint issue, Galaxy Digital has released a report comparing electricity usage of Bitcoin, the banking industry, and the gold industry.

https://cointelegraph.com/news/banking-system-consumes-two-times-more-energy-than-bitcoin-research

I guess many people will discuss the methodology, but in short: half of the banking system and half of the gold industry.

Thanks. I was wondering about this exact comparison recently.

[Deleted User]

Idioteque wrote: »

I'm the opposite - when the dust settles and the HODL pays off, I'm hoping to buy one as a nice reward .

Build quality isn't great, get a Polestar instead.

Idioteque

Badly fukt wrote: »

I've just cancelled my Tesla

I'm the opposite - when the dust settles and the HODL pays off, I'm hoping to buy one as a nice reward

[Deleted User]

Musk is definitely becoming this bull run's John McAfee, and it's not a good look. All we need now to confirm it is a pledge to eat his own balls if DOGE doesn't reach X price by Y date.

Bob24

Related to the carbon footprint issue, Galaxy Digital has released a report comparing electricity usage of Bitcoin, the banking industry, and the gold industry.

https://cointelegraph.com/news/banking-system-consumes-two-times-more-energy-than-bitcoin-research

I guess many people will discuss the methodology, but in short: half of the banking system and half of the gold industry.

[Deleted User]

Badly fukt wrote: »

He's tweeted again

https://twitter.com/elonmusk/status/1394170030741413888

Tesla has not sold Bitcoin? He's talking ****! They sold 10% "to prove liquidity" where in reality the $100+ million Tesla made from selling Bitcoin turned them around from losses to gains.

He's clearly pumping and dumping the market, thankfully, BTC while volatile is able to weather that type of storm. The dips are no different from big bitcoin dips in the past.

Doge on the other hand, many people will get wrecked in that as any kind of volatility brought on by Musk will probably cause a huge crash in it's value, in turn, affecting many other assets as people try to minimise loss.

[Deleted User]

Deleted User wrote: »

His posts and manipulation are perfectly fine and absolutely no one using bitcoin should complain about lack of regulation, and if you have a problem with one man making something with a market cap of 835 billion dollars fluctuate by double digit percentages with posts on Twitter, invest in something that has fundamentals.

My brother has lost loads of money the last couple of days and hasn't complained once because he's a grown up who understands what bitcoin is.

How does this type of comment help anyone?

[Deleted User]

phishcakes wrote: »

I wonder will it drop much further

It stabilised overnight, at least for now anyway, and is currently higher than the price I bought in at. I also used the chance to pick up some cheap Nano because that will surely have at least one more good pump in this bullrun.

FileNotFound

phishcakes wrote: »

I wonder will it drop much further

Seems to be rolling back up at the moment.

Bob24

[Deleted User] wrote: »

His posts and manipulation are perfectly fine and absolutely no one using bitcoin should complain about lack of regulation, and if you have a problem with one man making something with a market cap of 835 billion dollars fluctuate by double digit percentages with posts on Twitter, invest in something that has fundamentals.

My brother has lost loads of money the last couple of days and hasn't complained once because he's a grown up who understands what bitcoin is.

BTC is only one part of this story. The man has corporate and legal responsibilities.

I am not sure all Tesla shareholders agree with you that his tweets are perfectly fine (he is not just exposing his own reputation, but also the company’s), and they might think instead of spending time on this he should try to do something about their share price. Also, while they have been toothless until now, I am sure the SEC is monitoring his statements.

And while from a BTC perspective there is nothing illegal, anyone is entitled to disagree with him and express what they think (I don't think I have actually seen many people here complain about the lack of regulation?).

phishcakes

[Deleted User] wrote: »

Just used this opportunity to get some sub €3k ETH.

It's not pretty out there at the moment, but if we use our laser eyes we should be able to withstand this.

I wonder will it drop much further

[Deleted User]

[Deleted User] wrote: »

His posts and manipulation are perfectly fine and absolutely no one using bitcoin should complain about lack of regulation, and if you have a problem with one man making something with a market cap of 835 billion dollars fluctuate by double digit percentages with posts on Twitter, invest in something that has fundamentals.

My brother has lost loads of money the last couple of days and hasn't complained once because he's a grown up who understands what bitcoin is.

I've just cancelled my Tesla

[Deleted User]

His posts and manipulation are perfectly fine and absolutely no one using bitcoin should complain about lack of regulation, and if you have a problem with one man making something with a market cap of 835 billion dollars fluctuate by double digit percentages with posts on Twitter, invest in something that has fundamentals.

My brother has lost loads of money the last couple of days and hasn't complained once because he's a grown up who understands what bitcoin is.

[Deleted User]

He's tweeted again

https://twitter.com/elonmusk/status/1394170030741413888

bfa1509

FFVII wrote: »

https://finance.yahoo.com/news/musk-latest-dogecoin-tweet-sparks-130000425.html

Musk backlash begins

Idioteque wrote: »

https://decrypt.co/71081/did-elon-musk-just-suggest-tesla-is-about-to-dump-its-bitcoin

Get ready to buy the diiiiiiipppppp

The clown deleted the last few tweets it seems
Edit: No, back up again. The more grief he gets for this the better.