Society/Culture Elon Musk abandons crypto

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Chief

Chief

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Cooldude said:
Yet another Elon pump and dump

He ain't some scientific wizard, he made his wealth from pumping and dumping s**t
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You don't understand what a pump and dump is. Tesla sold at a loss btw.
 
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Here's a long list of Elon "opinions" on crypto and a recording of him saying he never recommended anyone buy crypto.



Matt Binder also has a podcast called Doomed - about the QAnon and conspiracy theorists.
 
Elon did an awesome job of scamming, exciting and giving false hope to a lot of 4chan meme bros.

He's just another run of the mill global elite billionaire, avoiding a lot of tax he should be paying but of course the 4chan meme bros are too stupid to realise that. They just get a tingle in their underpants everytime he posts a supposedly edgy meme.
 
This seems to be bigger news to people who aren't into crypto than those who are.

Also interesting this thread was posted in the SRP rather than the money forum. Any reason for that Chief ?
 
Evolved1 said:
This seems to be bigger news to people who aren't into crypto than those who are.

Also interesting this thread was posted in the SRP rather than the money forum. Any reason for that Chief ?
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Money forum has its thread for its pro-crypto people.
 
Chief said:
Money forum has its thread for its pro-crypto people.
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It's strange to hate on an asset class this much.

How did you feel about Elon selling $8.5US billion worth of Tesla shares?
 

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sdfc said:
What's backing it though?
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That depends on which crypto you're talking about.

With respect to bitcoin, your question is a bit of a diversion since nobody has claimed it's backed by assets. Whether it has value is a better question, and the market has decided it has. Despite critiques claiming it to be worthless over the past 14 years, you can sell 1 bitcoin today for over $30,000.
 
Evolved1 said:
That depends on which crypto you're talking about.

With respect to bitcoin, your question is a bit of a diversion since nobody has claimed it's backed by assets. Whether it has value is a better question, and the market has decided it has. Despite critiques claiming it to be worthless over the past 14 years, you can sell 1 bitcoin today for over $30,000.
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How is it a diversion? I wish I'd bought bitcoin in 2010, doesn't stop it from being pretty much a Ponzi scheme.
 
Evolved1 said:
It's strange to hate on an asset class this much.

How did you feel about Elon selling $8.5US billion worth of Tesla shares?
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As we've talked about, it's not an asset. It's a scam.
 
sdfc said:
Returns are generated by new investors. Yeah it qualifies.
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Returns are generated by selling for a higher price than you paid, just like shares, property, and precious metals.
 
Evolved1 said:
Returns are generated by selling for a higher price than you paid, just like shares, property, and precious metals.
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Shares, property and commodities can be over or underpriced but are nevertheless backed by an asset.
 
Evolved1 said:
Returns are generated by selling for a higher price than you paid, just like shares, property, and precious metals.
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Property? You can rent out property. Improve it. Maintain it. Live in it. It's a THING.
 
Chief said:
Property? You can rent out property. Improve it. Maintain it. Live in it. It's a THING.
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I buy itunes gift cards all the time. I also buy crypto. I exchange the giftcards on an app called itunes. I exchange the crypto on a site called… well I won’t name it, but it sells lots of things that are a little hard to find in regular shops.

Are gift cards assets? What about cash? Why not crypto when I can use it to buy things just like I use regular money?
 
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