Is Elon Musk just a cult leader that has bought into Bitcoin because he realised he has blind followers that will buy Bitcoin as well, solely because he has and that he can make a fortune off this?

What will happen and how many lives will be ruined when he sells out?

He's probably bought into it because he can see an opportunity to make money, and he seems to be bloody good at doing that? Plus Tesla have come out and said they'll accept Bitcoin payments for their cars.

The guy is an alien, he is from another world, a modern-day Albert Einstein.

His forward thinking is revolutionary. We need more minds like his.

He bought Bitcoin because he wants to sell cars to buyers using Bc. He has to be able to give them change from the till if they come into the shop with big denomination Bitcoins.

Bitcoin was going up very well even before Elon bought into it. The US just keeps printing up extra money & their debt has just about doubled over the last 12 months which devalues the US$. Its bound to implode sooner than later. People know this so diversifying into gold, silver & crypto is a lot safer provided you have them properly secured. Very happy I bought my bitcoin fraction at $15k

On the 4th of Jan bitcoin was already up to just under $50k. I think I first read about Elon looking into crypto a couple of weeks after that, probably about 25th of Jan when the market correction had brought it down to about $42k. Its down to about $57k today after a market correction. But looking pretty stable on $57k. I won't be surprised if it has another run with people jumping on board when it appears to be a good time after watching the market for a few days,

Someone like Elon accepting bitcoin as legitimate currency to purchase real world products certainly will not hurt the bitcoin value. But he's far from first. Whats really good is it makes it harder for the nay sayers & those seeking to demonise bitcoin as something used by the underworld to continue doing so

Select to expand quote

bjw said..
What will happen and how many lives will be ruined when he sells out?

Who cares, no one is twisting their weak hands to follow. Plenty of people follow , old man, Warren Buffet for same reason, when he was world richest man.

All I know is that all these normies jumping into Bitcoin is making me obscene wealth.

I'll shed 'White Man tears' if they lose their money. Lol

www.bbc.com/news/technology-56012952

More seriously, Bitcoin is not the future of money. The transaction costs that go with it are way too high to use it for small purchases.
privacypros.io/tools/bitcoin-fee-estimator/
I'm not sure who pays for them. Is it unsuccessful Bitcoin miners pointlessly consuming electricity in the hope that somebody else's computers will slow down?
It's not even private. The blockchain has a record of every Bc in existence. I saw a story a few days ago about some guy in Germany who is subject to a forfeiture order for about $60M in Bc who is holding out by refusing to provide the password to his wallet. So what? He can keep his secret till he dies, but he can't use the money.
Really it's just digital art. It's like a limited edition run of prints from a famous designer. It's only worth something because "experts" say it is.

And why is fiat current any different.? I tell you it's not. Full stop. There is little to no real asset backing to any fiat currency printed and it's brought into circulation from debt anyhow - borrowing from the future based on some nominal notion of a countries potential GDP. Basically we have mortgages our earth to the banks through our crony governments. it's the greatest scam of wealth transfer in human history Along with inflation to reduce this debt, used by the elite to buy assets with money that doesn't exist. People always ask why is the rich and poor gap increasing ... well now you know. Simple. It's not a tin foil hat conspiracy, it's just basic modern economics.

so why are block chain currencies any different? They aren't anymore. Hence their popularity. But don't worry the foxy elites will have even this new form of exchanged medium eventually controlled for their own Benefit.

Select to expand quote

Mr Milk said..
It's only worth something because "experts" say it is.

RUBBISH!

Bitcoin is worth what someone is prepared to pay for it, just like every other asset in existence.

Cryptocurrency is already the future of money. Fiat/Paper money is like CDs or DVDs - on the way to becoming redundant.

Get used to it Pop!

I tend to agree. The eventual fall of the US dollar as the international currency will probably see the final death to the fiat currency experiment. Not just paper money but the entire way in which money is created and brought into existence.
crypto type money will just be the way in which we price and exchange perceived value. Same same really.

But the change over ... it's gonna be nasty. There's no way of getting around it.
We are witnessing the last dying gasps of fiat and indeed the baby boomer generation that created and prospered with it.

a powerful wounded animal in mortal peril will
not die quietly. Those greedy old bastards (and their institutions) are gonna go down swinging hay makers


we've kicked this fiat created debt can so far down the road we can't even see it anymore....

Select to expand quote

myscreenname said..

Mr Milk said..
It's only worth something because "experts" say it is.

RUBBISH!

Bitcoin is worth what someone is prepared to pay for it, just like every other asset in existence.

Cryptocurrency is already the future of money. Fiat/Paper money is like CDs or DVDs - on the way to becoming redundant.

Get used to it Pop!

This is exactly right. It also explains the new Robinhood retail investors. They have skewed the value of stocks so that they no longer represent any intrinsic company value at all. Best example funnily enough is Tesla shares. They're worth what the market are willing to pay or more importantly sell not what traditionally was the value measure of the company value tied to dividends.

in some ways Tesla shares are like Bitcoin.

The Monetary Reform Party in the UK knocked this together:

The best time to buy bitcoin has always been today. People have been saying its worthless for over a decade. It's been declared dead more than 350 times. Funny seeing the same people moaning about it each year. Bad luck fellas, but don't beat yourself up - you can still jump on the boat, it's still early days.

Does nobody see any irony in the fact the only way to "buy" Bitcoin is with fiat money ?

The argument for it is always about how much better than state money it is.

And...then the same people measure it's value as $45,000 or $60,000 or whatever.


So..... what you'se are saying is that Bitcoin is wayyyy better than anything else, controlled by nobody and its value....... is simply however much fiat money two people are willing to exchange it for ???

yeaaaah, riiiight. I soooo totally get it.

Select to expand quote

Carantoc said..
Does nobody see any irony in the fact the only way to "buy" Bitcoin is with fiat money ?

What do you use to buy any other asset?

Once you have some experience with cryptocurrency, particularly, some of the new DeFi offerings, you will find its possible to buy virtual gold, silver, bitcoin, AUD and other virtual stable coins with a few clicks of a mouse. Sure, it's a bit rough, a few scams, rug pulls, and not that user friendly, but its improving all the time

It becomes obvious, this is the future. That's why the "smart" money is moving towards it.

soo ...... virtual silver is the next big thing ????

What's the difference between virtual silver, the three year old filly Virtual Silver, running in the fourth at Flemington and the 4 reel Virtual Silver Power Play $1000 jackpot pokey down the lawn-bowls club ?

I guess they all sell your own gambling addiction back to you in different ways ?

I've just done a bit of reading about Bitcoin forks. It looks like you can throw away the idea of Bc being inflation proof. All it takes is a fork and a new blockchain.

Elon just pulled a GameStop outside the volatility of the share market....
purchased $1,500 000 000 worth of Bitcoin, giving him approximately 38500 coins worth about $39000 in late January.
today Bitcoin is worth $61000 , profits $22000
hmmmm 38500 x $22000 = $847 000 000 profit...give or take a couple of bucks.
in doing so he tells the world to follow his lead, which they will driving the price higher. Etc... etc
Well played sir

Select to expand quote

slipperyduck said..
...
in doing so he tells the world to follow his lead, which they will driving the price higher. Etc... etc
Well played sir

I don't know if it will work. Even Macroscien has fallen out of love with him, so maybe the market will desert him?

No good being the messiah if no one follows you.

Select to expand quote

myscreenname said..
Once you have some experience with cryptocurrency, particularly, some of the new DeFi offerings, you will find its possible to buy virtual gold, silver, bitcoin, AUD and other virtual stable coins with a few clicks of a mouse. Sure, it's a bit rough, a few scams, rug pulls, and not that user friendly, but its improving all the time

It becomes obvious, this is the future. That's why the "smart" money is moving towards it.

The best bit will be enjoying eating the virtual food you buy with it.

I've got hundreds of thousands of $ worth of Bitcoin or at least that's what the emails tell me
??

Select to expand quote

Carantoc said..
yeaaaah, riiiight. I soooo totally get it.

You can lead a donkey to water, but you can't make it drink.

Select to expand quote

slipperyduck said..
Elon just pulled a GameStop outside the volatility of the share market....
purchased $1,500 000 000 worth of Bitcoin, giving him approximately 38500 coins worth about $39000 in late January.
today Bitcoin is worth $61000 , profits $22000
hmmmm 38500 x $22000 = $847 000 000 profit...give or take a couple of bucks.
in doing so he tells the world to follow his lead, which they will driving the price higher. Etc... etc
Well played sir

Suppose that Elon, did exactly as you said.
Bought those coins , sold, made this tremendous profit .....,.
and.....
???!!!!
paid income tax to government coffers at 45% as we all do !!!!Then I would say that is fair deal, you the richest do deals like that and pay your share in tax instantly !!!!

Select to expand quote

FormulaNova said..

slipperyduck said..
...
in doing so he tells the world to follow his lead, which they will driving the price higher. Etc... etc
Well played sir

I don't know if it will work. Even Macroscien has fallen out of love with him, so maybe the market will desert him?

No good being the messiah if no one follows you.

I think that Elon did reach ,then exceed his level of competency.
Now it reminds me mental illness with completely blurred border between reality and fiction.

Like our Trump, I doubt that Elon live in real world right now...
His tweets and public statements make you doubt really,
but anyway sill enjoy ever growing fun club of followers.
If you look at those fans and listen - more likely completely brainless people, just follow shiny leader...

If someone was selling a car for 1 bitcoin and he said come around in 3 days from now and we will transact it would you do it?

Select to expand quote

bjw said..
If someone was selling a car for 1 bitcoin and he said come around in 3 days from now and we will transact it would you do it?

I would ask the seller to rephrase the terms of the transaction so it makes sense to the purchaser.

Select to expand quote

Macroscien said..

FormulaNova said..

slipperyduck said..
...
in doing so he tells the world to follow his lead, which they will driving the price higher. Etc... etc
Well played sir

I don't know if it will work. Even Macroscien has fallen out of love with him, so maybe the market will desert him?

No good being the messiah if no one follows you.

I think that Elon did reach ,then exceed his level of competency.
Now it reminds me mental illness with completely blurred border between reality and fiction.

Like our Trump, I doubt that Elon live in real world right now...
His tweets and public statements make you doubt really,
but anyway sill enjoy ever growing fun club of followers.
If you look at those fans and listen - more likely completely brainless people, just follow shiny leader...

Ooo! Someone sounds jealous!

I read Elon Musk (potentially)made more with bitcoin in a couple of months than he ever has with Tesla.

Select to expand quote

kiterboy said..

Macroscien said..

FormulaNova said..

slipperyduck said..
...
in doing so he tells the world to follow his lead, which they will driving the price higher. Etc... etc
Well played sir

I don't know if it will work. Even Macroscien has fallen out of love with him, so maybe the market will desert him?

No good being the messiah if no one follows you.

I think that Elon did reach ,then exceed his level of competency.
Now it reminds me mental illness with completely blurred border between reality and fiction.

Like our Trump, I doubt that Elon live in real world right now...
His tweets and public statements make you doubt really,
but anyway sill enjoy ever growing fun club of followers.
If you look at those fans and listen - more likely completely brainless people, just follow shiny leader...

Ooo! Someone sounds jealous!

I have to acknowledge that Elon and me are almost on the same brain wave, with such difference that every Elons dream (idea) comes to fruition and none of mine.. I still try to push ideas,further, and after total critics from other side, I can see some progress now. For example I envision electric cars equipped with solar panel to recharge battery. Specifically for biger vehicles. Elon laugh off such idea some time ago, but now there is new van presented with solar panels. They claim that dayly recharge could provide 30 miles range. Another is mid air returning booster capture. Space x strongly refuse, but I am sure after some time they will reconsider.
Remember our discussion here about spiral welding rockets instead of patches? It looks next Spaceships will be spiral welded as we wish here.