Is it just me or Tesla looks each day more like Enron 2.0? At he current valuation, buyers are saying tesla is 5 times more valuable than any other auto maker and they are not even close to be compared when big makers sell more than 10million cars per year and tesla barely half a million. Tesla got 60% revenue from selling EV credits to other automakers or it would had been insolvent. EV credits are getting reduced. Add up new/more players are rapidly getting in (NIO and Lucid come to mind) and the big auto makers are catching up faster than expected capturing market and requiring fewer credits from Tesla.
Where is this valuation coming from? Is this Enron 2.0 or what?
Tesla knows its cars won't be bought by USD poor people. USD is where most income inequality exists due to the game being rigged in favor of billionaires. So he's doing the next logical thing. Making people BTC rich as he can control that by pumping money into it. But unfortunately no billionaire will lose money in BTC. Only the average Joe. Those who pump n dump in time will go and buy his expensive Tesla cars and those who lose in this game were miserable anyways. So why bother about them.
Salty ^ What’s the value of Facebook? It’s only as valuable as number of users on Facebook. Read Metcalfe’s Law. What’s the value of US dollar? It’s only as much as the other person is ready to pay for it. Bitcoin is Digital Gold. It’s replacing gold. Gold is $11 trillion market cap. What’s the value of that? It’s just a dumb shinny rock. Bitcoin is a monetary network. It’s value is proportional to its users.
Btw you nailed it with problem with USD. It devalues and creates income inequality. That’s what Bitcoin is trying to solve.
The answer lies in what you're saying. You're valuing gold by what - $. You're valuing Fb by what - again $. You're valuing the new shiny digital gold by - no surprises here, again $. You feel rich or poor because of having more or less of $. Why? Because $ is relatively stable and gets you groceries and lets you pay taxes.
What we're doing by putting our $ into BTC and then claiming big gains is that $ are getting shifted from the guy who bought it at $43K to the guy who bought it at $42.99K. So the leaves of this tree are the bag holders and they'll not get anything back for their $ they put in. This is exponential income inequality by design. It's not solving anything but instead making naive people even more $ poor which they already are. What Tesla did yesterday was to invest $1.5B in BTC. So if the people who bought 1.5B of BTC at a price earlier than what Tesla paid for, they could easily take out their money now and make a profit. But they're betting on the cult growing because Mr. Elon is an influential figure. So they won't rake in their profits just yet. They'll just bet on people buying BTC at 100K, 200K. And you know what, people will do that. Anything that gives them a hope of getting rich quick not realizing this is a pyramid scheme.
Now think who has less $ and more BTC at a lower price point compared to US. Does the name China and billionaires in US in sync with China ring a bell. By juicing up BTC, they get to trade BTC that they bought for peanuts by a ratio of 10:1, 100:1 or even 1000:1. There will come a time when China will have more $ than Americans themselves by making a few billionaires like Elon richer. Small price to pay. And what does that look like for America for BTC to be the currency of foreign transactions. It means US will be forced to buy BTC at higher price point from developing countries thereby willingly imploding its market dominance.
I believe US is not this dumb and it'll regulate Crypto far sooner than people realize. Till then, keep delving in these stupid schemes and making money from fellow Americans' stupidity.
The whole premise of Bitcoin is that one day all the world governments will fall and there will be anarchy and only the rich people who have Bitcoin are going to survive. People who are not rich today want to be rich in that anarchist world. Govt. are cruel because they don't help the poor and they only work for rich people, but how in this new anarchist world where only people with Bitcoin will survive be any better?
@Amzn you’re missing the point. Bitcoin is not about replacing fiat, inflation is actually good when controlled. But it’s terrible when it isn’t, and is the inevitable destiny of all fiat (the dollar is quite a miracle). Bitcoin is the first way to opt-out of that system, it doesn’t mean you need to pick only one.
@amazon - I got nothing. Buying crude oil for a penny in April seemed like a no brainer, but I didn't have a warehouse to put it in. Bitcoin much easier to store.
You can buy a percentage of 1 BTC (SATS/mBTC) and get the cash ready on hand for the pullback. From what I have seen in past 5-7 years, after every bull run there is a pullback so you will get the opportunity to buy in cheaper but I would still recommend buying in a little on this bull run, but wait the next few days, let the hype settle a little bit. Dollar cost average is your best friend.
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Where is this valuation coming from? Is this Enron 2.0 or what?
What’s the value of Facebook? It’s only as valuable as number of users on Facebook. Read Metcalfe’s Law.
What’s the value of US dollar? It’s only as much as the other person is ready to pay for it.
Bitcoin is Digital Gold. It’s replacing gold. Gold is $11 trillion market cap. What’s the value of that? It’s just a dumb shinny rock.
Bitcoin is a monetary network. It’s value is proportional to its users.
Btw you nailed it with problem with USD. It devalues and creates income inequality. That’s what Bitcoin is trying to solve.
What we're doing by putting our $ into BTC and then claiming big gains is that $ are getting shifted from the guy who bought it at $43K to the guy who bought it at $42.99K. So the leaves of this tree are the bag holders and they'll not get anything back for their $ they put in. This is exponential income inequality by design. It's not solving anything but instead making naive people even more $ poor which they already are. What Tesla did yesterday was to invest $1.5B in BTC. So if the people who bought 1.5B of BTC at a price earlier than what Tesla paid for, they could easily take out their money now and make a profit. But they're betting on the cult growing because Mr. Elon is an influential figure. So they won't rake in their profits just yet. They'll just bet on people buying BTC at 100K, 200K. And you know what, people will do that. Anything that gives them a hope of getting rich quick not realizing this is a pyramid scheme.
Now think who has less $ and more BTC at a lower price point compared to US. Does the name China and billionaires in US in sync with China ring a bell. By juicing up BTC, they get to trade BTC that they bought for peanuts by a ratio of 10:1, 100:1 or even 1000:1. There will come a time when China will have more $ than Americans themselves by making a few billionaires like Elon richer. Small price to pay. And what does that look like for America for BTC to be the currency of foreign transactions. It means US will be forced to buy BTC at higher price point from developing countries thereby willingly imploding its market dominance.
I believe US is not this dumb and it'll regulate Crypto far sooner than people realize. Till then, keep delving in these stupid schemes and making money from fellow Americans' stupidity.