Making Sense Of Elon’s BTC U-Turn Antics
Hey Jessielons
I have been reading all about the latest Elon Drama with Bitcoin. First, they loved him for buying 1.5 Billion USD worth of Bitcoin for Tesla; then we were torn when he sold to bag a profit but still kept a large portion of Bitcoin on the balance sheet. Then we raved when he said that Telsa would accept BTC payments for their cars, probably where he got the extra BTC to dump too.
Now his turned around and said Bitcoin is not green enough for him, and they won't be accepting BTC payments but will keep the Bitcoin on their balance sheet.
This news shocked the market, and Elon's acolytes with their paper hands and hard-ons for Elon sold off their positions, tanking the Bitcoin price in the process. Now everyone and their grandmother want to lecture Elon about the greenness of Bitcoin.
Bitcoin boiling the oceans
This is a new narrative to emerge as the mining network became more powerful, the amount of energy Bitcoin uses to mint assets and maintain the network continues to grow. Having these open stats on consumption allows you to compare Bitcoin to anything you want to make a point. Oh, it uses more electricity than x city or y country.
Okay, but how much electricity does everything else use? Pretty sure the British at tea time use as much electricity as Bitcoin with their kettles, no one telling them they can't enjoy a cup of tea. How much economic value do tea drinkers really bring to the world?
If we are going to look at it through that lens, then we should all stop using energy and go back to the stone age.
Be honest about Bitcoin consumption
Bitcoin uses a shit load of energy; that is true; I think Bitcoiners need to accept that since it's only going to require more energy in the future.
However, Bitcoin is an incentive-based system; it's always going to look for the cheapest energy or the energy that no one is competing for; if it didn't, the miners wouldn't be able to make a profit. Miners are incentivised to find the cheapest, least competitive electricity.
This can come from hydro, wind, solar, gas flaring and more; its energy that was produced that otherwise would have gone to waste. Like it or not, we don't have the greatest battery tech, and Bitcoin actually performs the function of a battery, allowing us to store what would have been wasted energy for future consumption.
Facts don't matter; it's all about feelings
Facts don't matter in crypto. If it did, most of these shitcoins would have been dead by now; it all about narratives and feelings. The better story you can tell, the more money you can attract, so Bitcoin is the big bad wolf killing the worlds power supply.
So every altcoin in the world is getting a stiffy trying to promote how green they are with their pre-mined proof of stake networks. The fact is Elon doesn't give to shits about how to green your project is; he's doing it to cosy up to the fiat money spigot.
So you look like a dumbass saying, or Cardano doesn't use so much electricity, lol, shut the fuck up.
Elon needs big daddy government
The fact is Telsa would die tomorrow if it weren't for government subsidies, Elon knows this, and no matter how much you pump his stock price or put BTC on his balance sheet, the companies lifeblood comes from the government support as Europe goes into this green mandate as well as Biden putting forth a green agenda.
There are literally trillions of freshly printed Euros and USD ready to be deployed into making developed economies greener. Elon is simply trying to front-run that by cosying up to the elites and rejecting Bitcoin.
Car companies are going to all jump on this trend; we've seen VW making moves in EV, and their share price exploded, and Elon realises competition is heating up, and if he wants to take on the greater market share, he needs to secure as much cash as he can upfront to take on competitors.
At least this is the way I see it, given the incentives on the table.
Don't be butt hurt by Elon's comments; he is just a businessman looking out for his self-interest, as you should too. I know I am by picking up these dips.
All I can say is thanks for the 20% + discount; I appreciate you helping me build my stack.
Have your say
What do you good people of HIVE think?
So have at it, my Jessies! If you don't have something to comment, "I am a Jessie."
Let's connect
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It's just FUD and nothing more. Elon's just another nigga trying to pump and dump his bags. Difference is he's Elon and his shitposts move the market. Wouldn't mind sucking his dick tbh.
The alternative view is that that there's an end game that involves Doge, don't know for sure.
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Lol if you're going to run around listening to what every rich dude says, you're probably going to end up being poor, their incentive isn;t to make you rich its to make them and their shareholders rich.
I just think he likes messing with doge because he can't get called in by the SEC like he did when he joked about taking Tesla private. Honestly if they keep sending out cheques to Americans I can't see why they wouldn't dump into doge at this rate
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If you can't beat them, scalp the shitcoin
Lol it’s all a game of musical chairs! If I have let’s say 25k I can get half a BTC or I can buy 25k shit coins get it pumped and swap it and get 1 maybe 2 BTC
This is the game plan of most shitcoiners in the know and these dogetubers who are jusy super bullish every day for no reason.
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This is the most important bit in all this drama but few people seem to know about it.
Me too. But that still won't make him one of my favourite people. 😂
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Lol well they sure not selling enough cars to cover their expenses that's for sure, and even with the inflated equity that can only get them so far.
I just think anyone that reaches that level of fame and wealth is going to be under a lot of scrutinies and because we're all in it for ourselves it's just on display for everyone to see
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Musk is an irreparable globalist scammer. He is doing with Bitcoin and Dogecoin the same what John McAfee was doing on Twitter. His fake space program with a highly poisonous fireworks every other time are more expensive and more damaging to the nature than Bitcoin ever was:
Yeah well none of those markets have a treat to global fiat currency so obviously its going to get the worst rep. I just think that there must be something BTC is doing right that every alt and the traditional market wants to shit on it
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If he is realising now that BTC is not green enough for him after making some much of investment and publicising it, I would doubt his business skills.
This is the first thing any one look for, get all the facts about something before going in and investing. Did not he checked the environmental cost before he invested. Or he just came with half knowledge, if any of this is true he is not a good businessman.
But the truth is he don’t give a shit.
He came in knowing all these factors, pumped the market, made the profit and exited. That’s it. Maybe Doge is green enough for him 🤣🤣
It’s such a silly argument to have and lol Tesla still holding all that BTC who is to say they not buying more?
These companies are realising that if they want to hold major stake in this economy they must act now and without positive cash flows it’s hard to stack BTC
Lol I couldn’t care less, if people really we’re smart they’d pimp the price and never let them her back in at a lower price again
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who knows, maybe he thinks he can tweak doge to make it his coin. he thrives on attention now, so u can't trust anything he says, cause he changes his own mind week to week. the market is still nascent, confusion abounds... stay the course
I also think his going to try and turn doge into a community coin for his army of tiktok traders who will buy anything he says! The market will remain crazy until Bitcoin totally breaks out of all this garbage, once its in the multi-trillions
truth !!
I think Tesla would also be in trouble if the government stopped supporting them. I don't know how many people would of really bought a Tesla if there were no subsidies to offset the cost. I just think the clean energy stuff is pretty much nonsense.
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I would imagine so as well as all these all these investors like Ark just throwing so much money at Tesla thinking they are the future. I think everyone thinks its a tech play and Telsa is the Netflix of cars and it's going to destroy other brands, I don't think so, I think there's enough competition in the space tesla was just first and now people have a bias towards it.
Im all fine with green energy, I just don't see why it needs to be subsidised this much, I'm sure it can get there on its own
I think that Elon knew what he was doing all along. Nobody buys so much and then do the research after.
100% I wouldn't be surprised if his buying up more via OTC's and also accepting other cryptos he'll probably convert that into BTC, he knows people will take everything he says at face value so why not use that power to your advantage
When it comes to Elon you can expect anything, he plays the market's game
I think it is combination of "friendly persuasion" by government whose subsidies keep his company afloat; exploiting paper hands to accumulate more BTC for himself and his corporate whale friends; too much ego.
In any case, I think it is the beginning of the end of Elon the Unquestionable Crypto Influencer.
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I don't just think it will be for ELon, I think they are going to come down hard on all these people literally giving financial advice online too. It's gotten totally out of hand