Knock off the blockchain Elon

[Crissa]

Honestly I don't understand the draw behind Crypto currency. I understand it is easy to move , harder to trace, has lower transaction fees, and maybe a hedge against inflation (iff enough people believe in it)

It's no easier to move (uses more energy for proof of work and proof of transfer) than numbers in a bank, it's easier to trace (all transactions are public), and it has no inherent value (even fiat currencies have their value to pay taxes).

I don't get it, either. I just guess you throw enough technobabble at people with enthusiasm and people get distracted.

They're just POGs with a limi to how many can be made.

-Crissa

 

[HaulingAss]

Um, no. That's not what happened. In the "funding secured" debacle, here's what happened - Tesla's and Musk's lawyers ended up in a negotiation to keep them out of court, and to keep Musk out of actual jail for fraud, which resulted in:

• Musk agreeing to have his tweets reviewed by Tesla's in-house counsel;
• Musk was removed from his chairman role at Tesla temporarily, Robin Deholm is still Chairwoman;
• Two new independent directors were appointed to the company's board, and;
• Tesla and Musk paid $20 million each in fines.

This is not running off with their tail between their legs. This was quite serious - it was a legitimate charge of fraud, as Musk didn't have "funding secured" at $420 per share.

$40 million in fines is not nothing, but it was a pretty high price to pay for something that was wrong in the first place, and didn't need to happen at all. Call it an unforced error, because that's what it was.

I'm sure Elon doesn't respect the SEC, but he got lucky on this one - it could have been far worse for him. And he was wrong in the first place.

Musk wanted to make the SEC go away. His lawyers came up with the settlement plan that the SEC signed off on. It was nothing more than a slap on the wrist.

And, as anyone with eyes can see, it didn't muzzle Elon. He can still Tweet to his hearts content, God bless him for standing up for his right to freedom of speech. And he's still 100% in charge of Tesla and the additional diversity on the Board of Directors is a company strength, not a weakness. Anyone calling that a "punishment" I have to laugh at.

Since then, the SEC has had their tail between their legs and they have learned their lesson not to harass Elon Musk. He's smarter than all of them put together!

They are a bunch of cowards who need to learn how to do their job of actually protecting investors instead of carrying out the dirty work of Wall Street shorts. If the SEC was effective at their job, Bernie Madoff would have been in prison a decade earlier!

 

[Newton]

It's no easier to move (uses more energy for proof of work and proof of transfer) than numbers in a bank, it's easier to trace (all transactions are public), and it has no inherent value (even fiat currencies have their value to pay taxes).

I don't get it, either. I just guess you throw enough technobabble at people with enthusiasm and people get distracted.

They're just POGs with a limi to how many can be made.

-Crissa

when bitcoin started, or at least when i got into it, like 15 years ago? (and I sold my mined coin for like 1500$
Everything was pretty secretive regarding your identity.
nowadays in order to trade on probably all big coin trading companies like coinbase, kragen, etc. you have to upload id info, current picture, social security, at least here in USA. not sure about everywhere else. the whole point was to not have your money tracked, or at least that is what the ideal point was.

personally I think it was all made up by china or russia to have a super powerful decryption machine.

 

[Luke42]

With bitcoin dropping, it would be hard to claim in court that Elon was profiting off of it.

-Crissa

There are many ways to profit if you *know* the market is going down.

If you're Tesla, one of the ways you know the market goes down is if you know the boss is going to talk shit about one of your assets in public.

That's a bunch of BS FUD. Elon is not an "insider" when it comes to Bitcoin, there's no such thing. It would be like saying someone could be an "insider" for gold. The SEC has a very definitive term of what it means to be an insider and it applies to public companies, not cryptocurrencies (because there is nothing that is non-public about cryptocurrencies).

You are stretching real hard to try to throw shade on Elon but I'm not falling for it. Take your SEC/Elon FUD somewhere else.

This kind of BS is all over the Internet but people here aren't going to fall for it.

Tesla is what's known as a "whale" in investment slang:
https://www.investopedia.com/terms/b/bitcoin-whale.asp

In other words, Tesla owns so much cryptocurrency that they can affect the price by their market behavior.

The amount of power concentrated here does seem to crate ethical problems.

 

[rr6013]

Let's not forget that Tesla had a $100M+ gain from Bitcoin in the last quarter.

This alone is enough reason for Elon to not discuss crypto-currencies - he could end up in trouble with the SEC again for stock manipulation. Seriously.

Seriously, Elon is printing money. Whether Roadster, 2S3XY, Cyber*, Semi or crypto. Elon is armed with factories, supercomputers and money People are buying everything Elon can produce that de-carbons a petro-chemical economy.

Simply Elon is making profit. Its his job, its his avocation and fiduciary responsibikity. SEC are only going to determine whether his actions harm consumers, investor or government statutes against his methods. His means are Tesla, SpaceX, Neuralink, Starlink, SolarCity and Astra Nova.

Future, Elon brought into the present earlier than capitalism ever would to illustrate that humanity is digging its own grave. NASA signed-on at a price it couldn’t ignore. Politicians not so much… seeing Mississippi, always the grifter, undermined appropriations for the good of its own self-interests.

At the end of the day, the choice is Elon or suufocation. But there is no law against choosing one over the other - yet.

 

[HaulingAss]

Tesla is what's known as a "whale" in investment slang:
https://www.investopedia.com/terms/b/bitcoin-whale.asp

In other words, Tesla owns so much cryptocurrency that they can affect the price by their market behavior.

The amount of power concentrated here does seem to crate ethical problems.

So what. I affect the market price of a stock when I buy or sell it too. And I post my trades on stock message forums. Guess what? Buyers and sellers are what makes a market. For there to be an ethical problem it would need to be shown that Tesla was being dishonest about what they were doing. I do not believe that's the case, do you? Do you think Musk is lying? If so, please provide evidence rather than vaguely insinuating he's doing something unethical.

Tesla discloses all their trades according to established rules for public companies. It would run afoul of regulations if they didn't post their trades.

I feel like you are new to all of this since you seem convinced there is something nefarious going on here. First you called Elon a Bitcoin insider and, when that didn't stick you tried to accuse him of, well, I'm still not sure what.

 

[Tinker71]

So what. I affect the market price of a stock when I buy or sell it too. And I post my trades on stock message forums. Guess what? Buyers and sellers are what makes a market. For there to be an ethical problem it would need to be shown that Tesla was being dishonest about what they were doing. I do not believe that's the case, do you? Do you think Musk is lying? If so, please provide evidence rather than vaguely insinuating he's doing something unethical.

Tesla discloses all their trades according to established rules for public companies. It would run afoul of regulations if they didn't post their trades.

I feel like you are new to all of this since you seem convinced there is something nefarious going on here. First you called Elon a Bitcoin insider and, when that didn't stick you tried to accuse him of, well, I'm still not sure what.

My understanding is Elon doesn't have a stake in Dogecoin. He was involved and advised the developers to some degree. So unless some friends or family somehow bought a big stake it would be hard for the SEC to get him.

With Bitcoin dropping from $38,000 this AM, which is below the Tesla buy in price TSLA will loose more than it made in the run up. While the SEC probably would not investigate a loosing market manipulation I can't help ask why Elon is so involved. Why why why.

Now I have a theory. This is a game for Elon to crush his doubters (shorters). We will get a string of bad news with delays etc. the stock will drop to $400 and then we will get a string of good news like the economy TSLA and the van platform launch, improved start of productions dates..........wait then another stock split. Boom.

 

[Luke42]

So what. I affect the market price of a stock when I buy or sell it too. And I post my trades on stock message forums. Guess what? Buyers and sellers are what makes a market. For there to be an ethical problem it would need to be shown that Tesla was being dishonest about what they were doing. I do not believe that's the case, do you? Do you think Musk is lying? If so, please provide evidence rather than vaguely insinuating he's doing something unethical.

Tesla discloses all their trades according to established rules for public companies. It would run afoul of regulations if they didn't post their trades.

I feel like you are new to all of this since you seem convinced there is something nefarious going on here. First you called Elon a Bitcoin insider and, when that didn't stick you tried to accuse him of, well, I'm still not sure what.

Market manipulation is usually illegal.

Cryptocurrencies are still in the Wild West stage, but if there is market manipulation happening here, market regulation will come.

?‍

With great power comes great responsibility.

 

[HaulingAss]

Market manipulation is usually illegal.

Cryptocurrencies are still in the Wild West stage, but if there is market manipulation happening here, market regulation will come.

?‍

With great power comes great responsibility.

Yet no one has shown a shred of information supporting market manipulation. Not even a hair. Nothing. It's all just made up from thin air.

It's generally a good idea to support speculation that improprieties are happening with at least a little bit of supporting evidence, at least a shred of evidence that would suggest something other than normal and legal behavior. Without that, it's best to keep imaginative criminal conspiracy allegations to one's self. Lest one develop a reputation as a tin foil hat loony.

 

[rr6013]

Market manipulation is usually illegal.

Cryptocurrencies are still in the Wild West stage, but if there is market manipulation happening here, market regulation will come.

?‍

With great power comes great responsibility.

We wait…until people use crypto as money i.e. digital cash. Doge has popular support and unlimited fiat.

Regulation will come after the USA writes into statute a digital money platform like fiat currency, checking and credit cards. Then crypto can transact over the banking system. Mostly, Banking is trying to firewall crypto from within its system to prevent remote or self code execution problems. That’s beyond the capacity of existing cryptography.

Don’t hold your breath for regulation.

 

[Sundog]

Spending 1.5 billion on anything and then trash talking it is erratic at best and irresponsible if you’re an officer at the company diluting your own company’s asset.

Failing to recognize that your own business model (electric cars) is even more suspect when it comes to coal and gas powered energy inputs than the thing you’re dumping on Crypto is just whack.

Pumping some fantasy coin (Doge) with little to any developer adoption because you can’t acquire or control the thing that’s the market leader in the sector (BTC) is just silly.

No matter how you look at it, these moves are indefensible at best and outright harmful to the Tesla brand.

They’re a blip on the BTC chart but they do long lsting damage to Elon’s reputation... for what benefit?

 

[beeeasybro]

agreed, it almost like Tesla's motto is a motto and not what he believes. Shrug

he cares more about mars than earth i think.

You guys... he may just be having a crisis. Just like with my child I will say the same thing about Elon. “He’s just going through a phase.”
? I hope he can collect all his thoughts and get more focused on the most amazing truck to ever exist.

 

[beeeasybro]

You guys... he may just be having a crisis. Just like with my child I will say the same thing about Elon. “He’s just going through a phase.”
? I hope he can collect all his thoughts and get more focused on the most amazing truck to ever exist.

And of course to accelerating the world to sustainable transport.

 

[HaulingAss]

One thing I've learned about Musk over the years, there's usually a method to the madness. People who are losing control over their actions do not have the amazing achievements of someone like Musk. He's amazing not in spite of his quirks, but because of them. Watch and see.

He's one guy you don't want to bet against and he has a quarter century of one success after another to prove it. Not many people can match his level of achievement in an entire lifetime and yet he hasn't even slowed down yet. This is not luck or good fortune at work, it's applying himself to the difficult tasks at hand. If you think he's unhinged it's only because you can't see what he's really doing. People were sure his companies would all fail. Instead they thrived like no other.

Sometimes the proof really is in the results.

 

[Marcia Litsinger]

Seriously, Elon is printing money. Whether Roadster, 2S3XY, Cyber*, Semi or crypto. Elon is armed with factories, supercomputers and money People are buying everything Elon can produce that de-carbons a petro-chemical economy.

Simply Elon is making profit. Its his job, its his avocation and fiduciary responsibikity. SEC are only going to determine whether his actions harm consumers, investor or government statutes against his methods. His means are Tesla, SpaceX, Neuralink, Starlink, SolarCity and Astra Nova.

Future, Elon brought into the present earlier than capitalism ever would to illustrate that humanity is digging its own grave. NASA signed-on at a price it couldn’t ignore. Politicians not so much… seeing Mississippi, always the grifter, undermined appropriations for the good of its own self-interests.

At the end of the day, the choice is Elon or suufocation. But there is no law against choosing one over the other - yet.

If Elon cared more about money than humanity he wouldn't have gotten so far. Go ahead and bag on him, do you think the pettiness of ignorant folks bothers him.