Menzo
1667
But cryptocurrency is supposed to be a currency, not an investment. Comparing it to the stock market isn’t really helpful.
I mean it has turned into an investment vehicle for lots of people, but that just demonstrates how terrible an idea it is as a currency.
Thrag
1668
I’m just waiting for someone to sell an NFT of the poster from Wall Street.
The Euro has gone done 0.5% relative to the USD today. The GBP has gone down 0.4%. The AUD has gone down 1.23%. The CNY has gone down 0.4%.
Exchange rates change on a daily basis as well.
Tim_N
1671
Elon is so clever. He is probably getting Tesla to buy Algorand, Stellar, Cardano, or one of the other proof-of-stake coins that use a pittance of energy per transaction, so that when he announces Tesla accepting payments from them for environmental reasons the value will pump greatly.
I don’t think that showing two currencies changing exchange rates disproves the idea that Bitcoin changes exchange rates.
And really, my only point was that “oh look it’s down $1500” isn’t really that much when it’s value is already $50,000. I mean, Berkshire Hathaway dropped 4950 today but no one is panicking because it’s the percentage that matters, not the dollar amount.
It also bounced roughly $3,000 off the low point today. All meaningless, since the % change is what matters.
I mean, if you can look at the graph of BTC from 2018 to now and still conclude that “it’s just like a currency” then you are incapable of critical thought, one way or another. The only currencies with graphs like that are usually the other way and in places like Zimbabwe.
Timex
1675
Bitcoin is nowhere near as stable as the euro. Take that nonsense out of here.
This is the best P&R post of 2021 so far, excepting Give No Fucks @Sharpe, which has its own category.
You know this tweet just ruined a very funny Onion or Babylon Bee article. On the other hand, I’m amazed it took this look for PornCoin to be introduced.
So I went through Elon’s twitter last night after that dumb tweet about how Tesla won’t take Bitcoin payment anymore, like there was a drastic change in Bitcoin’s energy consumption in the last few months.
Then I saw this tweet 1 day previously
So literally one day before Elon had no idea that Doge also requires extreme energy intensity (it’s just lower scale right now)? Or is he just assuming that all doge miners use their GPUs on renewable energy so it’s clean?
But then I scrolled down just a tad more and found:
Oh ok. So he’s had SpaceX buy a bunch of Doge because he knew he could pump the price up, and then sell it for a massive profit and use it for some cheap satellite launches.
Yep. No intentional pump and dumping here!
Timex
1679
People buying Crypto are dumb.
:(
I bought and owned litecoin crypto for a day due to that paypal offer, made $1.24 in profit when I sold it, plus the $25 paypal bux.
Way back before subprimes tanked the economy, there was a series of really annoying commercials for a subprime company. I can’t remember the name, but theme of it was some nerdy, evil mortage company dude always getting beaten out by the subprime company, and him cursing the company’s name.
It ran ALL THE TIME during the morning cable news and CNBC.
I bring that up, because I can’t go anywhere without seeing ads for crypto exchanges, or have a family gathering where someone doesn’t bring up crypto within five minutes.
Yeah, it’s going to come crashing down.
What Elon is doing should be regulated.
KevinC
1683
Yeah, I’ve been pretty surprised at some of the people I know that have talked to me about their crypto “investments”.
Timex
1684
If it were actual stock, it would be… I don’t know what kind of regulations exist for imaginary money crap.
The SEC chair has publicly said just in 2019 that Bitcoin and currencies like it are not securities. So they have very much punted it off of their hands.
Also, not currencies. For regulatory purposes they (specifically bitcoin and things a lot like it - some tokens are considered securities) are commodities, and price manipulation is regulated by the CFTC.
