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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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delly

Jeez, I put a few hundred in on Revolut after he gave out last week about not taking BC anymore, now he comes out with this and the blue line keeps getting bigger on the app. It's gas how a tweet can have such an affect.

[Deleted User]

Dobbytoes wrote: »

A positive tweet from Musk gives the market a nice little pump.

https://twitter.com/elonmusk/status/1396914548167233537?s=20

Elon saving the bull run

cnocbui

Dobbytoes wrote: »

A positive tweet from Musk gives the market a nice little pump.

https://twitter.com/elonmusk/status/1396914548167233537?s=20

cnocbui wrote: »

A really good article looking at bitcoin mining and energy use: https://hbr.org/2021/05/how-much-energy-does-bitcoin-actually-consume

This bit really puts into perspective some of the hand-wringing and comparrisons:

It is mentioned in the context that some bitcoin miners have harnessed flared natural gas to produce the energy they use.

I think there is some chance Musk will be back singing bitcoins praises after he's refilled his pockets.

Called it.

Bob24

Dobbytoes wrote: »

A positive tweet from Musk gives the market a nice little pump.

https://twitter.com/elonmusk/status/1396914548167233537?s=20

Musk and Tesla realised they are still holding a few BTCs

And more seriously, I get we have to accept that his tweets are moving the market, but it really is painful. What he is tweeting here is just one guy flattering his own ego by demonstrating his influence on his crowd of followers. It will lead to absolutely nothing in practical terms for cryptos (there are people actually working on reducing emissions, but the fact that Musk had a conf call with a few of them makes zero difference in terms of what will eventually be achieved or not).

pioneerpro

Bob24 wrote: »

Musk and Tesla realised they are still holding a few BTCs

And more seriously, I get we have to accept that his tweets are moving the market, but it really is painful. What he is tweeting here is just one guy flattering his own ego by demonstrating his influence on his crowd of followers. It will lead to absolutely nothing in practical terms for cryptos (there are people actually working on reducing emissions, but the fact that Musk had a conf call with a few of them makes zero difference).

Outside of DOGE I honestly think he's more of a catalyst Signal rather than a Signifier. The market movers utilise him in a totemistic way rather than being influenced by him inherently - they move *when* he tweets rather than *because* he tweets or even *what* he tweets. There are definitely a lot of sentiment bots running off keywords in his tweets though.

Bob24

pioneerpro wrote: »

they move *when* he tweets rather than *because* he tweets or even *what* he tweets.

Agree, it is particularly true of large players (I think when it comes to individuals there is a mix of truely believing what he is saying and opportunistic momentum grabbing).

Having said that i don’t think it makes a difference in terms of why he is annoying me: he is able to move the market with basically troll tweets which are not bringing anything new to the table.

pioneerpro

Bob24 wrote: »

Agree, it is particularly true of large players (I think when it comes to individuals there is a mix of truest believing what he is saying and opportunistic momentum grabbing).

Having said that i don’t think it makes a difference in terms of why he is annoying me: he is able to move the market with basically troll tweets which are not bringing anything new to the table.

Yeah tbh I've been sick of his tweets since he called that Thai rescue worker a paedo - but I'm still holding a significant amount of DOGE in anticipation that we'll see an ATH off the back of him yet.

bfa1509

Bob24 wrote: »

Agree, it is particularly true of large players (I think when it comes to individuals there is a mix of truest believing what he is saying and opportunistic momentum grabbing).

Having said that i don’t think it makes a difference in terms of why he is annoying me: he is able to move the market with basically troll tweets which are not bringing anything new to the table.

Crypto was following a good line until he got involved in January. Now we're just back to that line again except with reputational damage and lots of casualties...

crushproof

bfa1509 wrote: »

Crypto was following a good line until he got involved in January. Now we're just back to that line again except with reputational damage and lots of casualties...

Exactly, the market is far too reliant on the prospect of a Tweet from one single individual. It's beyond ridiculous now.

pioneerpro

bfa1509 wrote: »

Crypto was following a good line until he got involved in January. Now we're just back to that line again except with reputational damage and lots of casualties...

This is just head-in-the-sand stuff trying to remotely weight Elon Musk in this. Amongst other things, since January 1st we've had:

Iranian Government seizing BTC Farms due to Blackouts
Establishment of 1st ever Crypto Trading Desk
Highest 24hr volume in history on every coin in the top 20
Massive GPU Shortages
The arrival of literal ponzi/****coins on BSC; a previously irrelevant exchange-specific token
The establishment of BTC EFTs
The listing of multiple miners and vertical plays
The DPO of Coinbase
Two separate Turkish Exchanges rugpulling
New listing of specific bigcap coins on major exchanges
Goldman Sachs ETH/BTC 'leak'
China crackdown forcing crypto mining operators to close up shop

Like to even *weight* Elon Musk's influence on cryptos in this way is lunacy imo - and then to talk about reputational damage the month of multiple ransomware attacks, the ****coin rugpull tsunami, SEC charging Ripple with conducting a $1.3 Billion Unregistered Securities Offering... Madness imo.

[Deleted User]

Musk must be making a killing.

He can literally control the dips and pumps.

Incredible really.

FFVII

any sign of him buying back his 19000 btc in the last few hours

cnocbui

bfa1509 wrote: »

Crypto was following a good line until he got involved in January. Now we're just back to that line again except with reputational damage and lots of casualties...

I just can't get my head around his cult following and how people haven't pegged him as a spoofer.

In 2016, he said he would have s self driving car drive itself from one coast of the US to the other, with no human intervention or input whatsoever, by the end of 2017 - hell - you could be on one coast and summon it to pick you up from the other. It would of course stop and plug itself in for the necessary recharging, along the way.

It's 2021 and still no coast to coast. He also said years ago that every Tesla had all the hardware needed for fully autonomous level 5 self driving, then without a refund, they backtracked and said they would need to be retro-fitted with a new processor. In early 2020, he said there would be a million fully autonomous self driving robo-taxis by the end of the year. Your expensive Tesla was actually too cheap, because it would be a robo taxi you could pimp out to make a fortune for you while you were in work and later asleep in bed.

Then there's the bitcoin nonsense.

All these things have something in common, they are done to boost the Tesla share price, because he had a deal that if Teslas share valuation reached a very high figure, he would be paid billions, and he was. None of this stuff is harmless off the cuff tweeting, it's carefully contrived BS designed to pump the share price which has made him very wealthy. I have read that Tesla wouldn't have made a profit in 2020 without the bitcoin profit contribution.

Don't worry about the people who believed him as being too modest and cautious about Teslas real autonomous driving abilities and who died because of his hands-free demos and their misplaced trust, he's healthy and very rich.

pioneerpro

Honestly, people need to get out of their heads that this has anything to do with BTC. It has everything to do with the Renewable Energy Credit market in the US.

https://twitter.com/Elisabeth_Steyn/status/1392799067986554880

https://www.reuters.com/business/sustainable-business/exclusive-tesla-seeks-entry-into-us-renewable-fuel-credit-market-sources-2021-05-12/

domrush

pioneerpro wrote: »

Honestly, people need to get out of their heads that this has anything to do with BTC. It has everything to do with the Renewable Energy Credit market in the US.

https://twitter.com/Elisabeth_Steyn/status/1392799067986554880

https://www.reuters.com/business/sustainable-business/exclusive-tesla-seeks-entry-into-us-renewable-fuel-credit-market-sources-2021-05-12/

He’s mainly been tweeting about the energy consumed directly from mining Bitcoin. Of course it has to do with Bitcoin.

pioneerpro

domrush wrote: »

He’s mainly been tweeting about the energy consumed directly from mining Bitcoin. Of course it has to do with Bitcoin.

No, its about an economic war with China and the reliance of Bitcoin on fossil fuels in particular.

One coal mine in Xinjiang flooded in April. 35% of the Global hashrate disappeared. Went from $64,000 on Friday April 16 to $55,000 on Sunday the 18th.

https://fortune.com/2021/04/20/bitcoin-mining-coal-china-environment-pollution/

And you didn't read the tweets, so here's a picture summary to spell it out for you.

HGVRHKYY

[Deleted User] wrote: »

What is it with your emojis? Cause I'll tell you, you're not coming across half as clever as you clearly think you are.

"Governments are clamping down on BTC"... I haven't been shuck by that one since 2017.

Try harder.

Always hated the cringey weirdos on this forum that use smileys in that way, bet they're socially awkward in real life

Jeff2

Bought XRP other day @ €0.57 sold this evening @ €0.75 all good.

Lets see how it plays out.

I'll be watching if there is a buy in point.

shtpEdthePlum

fritzelly wrote: »

If you have to ask that stay away from the markets

I'm wondering if it's the actual Tommycoin but thanks for the competely patronising "advice"

It's going interstellar by the way.

Piehead

Going to do a max lump in when Bitcoin hits 25,000

SnuggyBear

The only thing worth doing now is buying matic when there's a big dump and sell when it goes up. Rinse and repeat.

pioneerpro

SnuggyBear wrote: »

The only thing worth doing now is buying matic when there's a big dump and sell when it goes up. Rinse and repeat.

It's far from the *only* thing worth doing, but catching MATIC and ANKR on the hop the next while is a predictable play.

Graham

pioneerpro wrote: »

It's far from the *only* thing worth doing, but catching MATIC and ANKR on the hop the next while is a predictable play.

Got MATIC but why ANKR?

Unicorn Milk Latte

Arstechnica has a new article about Crypto mining bans in China that details some of the environmental impact:

"Fewer than two weeks ago, Elon Musk announced that Tesla would no longer be accepting bitcoin to buy one of its electric vehicles. When Tesla’s bitcoin purchase policy was announced, the bitcoin cost of a Model 3 produced about 400 metric tons of carbon dioxide, compared with just 8.85 metric tons to make and drive the car over its lifetime."

Regarding preserving the environment - a short while ago, I heard about Efforce for the first time. Sounded really interesting at first glance - a cryptocurrency that was co-founded by Steve Wozniak, who also co-founded Apple.
They state that they want to use the WOZX token to 'tokenise energy savings' - whatever that is supposed to mean.
Turns out it's just another ERC-20 token. Super shiny website, with what looks like nonsensical technobabble to me - this may be a scam, on closer inspection, it does not inspire a lot of confidence.

pioneerpro

Graham wrote: »

Got MATIC but why ANKR?

ETH aligned and facilitating token that allows for huge staking % on places like Kraken and serves to address one of the core needs of Web 3.0 and DeFi in an efficient manner - namely goal providing easy and cheap access to cloud computing resources to blockchain developers.

Instead of staking ETH, you can choose to stake 25,000 ANKR to deploy an Eth2 Provider node on the Ankr platform.

https://ankr.gitbook.io/staking-docs/guide-to-ankr-staking-rewards

HGVRHKYY

Those of you who buy and use USDT/USDC to buy cryptos with, does that make any difference when it comes to taxes, or is it just the same as if you'd bought €:crypto directly?

fritzelly

HGVRHKYY wrote: »

Those of you who buy and use USDT/USDC to buy cryptos with, does that make any difference when it comes to taxes, or is it just the same as if you'd bought €:crypto directly?

Just the same - you pay on profits

elbyrneo

Lot of resistance below 40k for BTC. Moving to altcoins during this bounce is working well for me so far, staying clear of any approaching round numbers.

CGT aside of course....

Rob2D

I will buy back in if we go higher. I will buy back in if we go lower. But I don't trust anything right now.

Bob24

HGVRHKYY wrote: »

Those of you who buy and use USDT/USDC to buy cryptos with, does that make any difference when it comes to taxes, or is it just the same as if you'd bought €:crypto directly?

The one difference is that because stablecoins are crypto themselves and not tracking the euro, you might have (small) CGT liability on them if their euro value change slightly between the time you acquire them and dispose of them.

On the “regular” crypto you are buying it makes little difference.