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Originally posted by fatlittlepig
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Money and the speculation for hitting home runs. -
Its also just amazingly about as 180 degrees away from teslas stated mission as it can get. Bitcoin uses more energy than some countries, for no real explicit benefit to humanity. Now, shareholders have had zero issues looking past things before so we'll have to see what happens, but also they bought with it really high and it does present a huge downside accounting wise as until its sold it can only be marked down, not up although analysts will value it properly.Originally posted by Brains428 View PostComment
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Bitcoin is dead, its a Doge world now.Originally posted by NapoleanDynamite View PostFor those of you asking (yes there are a few of you)...I am not selling my BTC at this point.
First of all, watch this 1 hour video from last week. Michael Saylor is playing dumb here and interviewing Ross Stevens. It can really help put things in to perspective for you if you still haven't researched anything about Bitcoin. Think about what Ross Stevens says when he states there is another 25 Billion that will be pouring in to BTC in the near future (Tesla only put in 1.5 Billion).
Since you all are also sharing bad trade stories, I will share my worst story. In 2013 I bought stock in Tesla. It was priced at about $85. I bought 400 shares. I sold the last of those shares off at about 340 dollars in 2018. I never bought back in. I made a nice profit and turned 30k into just over 100k. Unfortunately had I just bought and held, those 400 shares today (pre stock split) would now be worth about $1.7 million. The worst financial mistake I have ever made.
I strongly believe Bitcoin at 40K is the equivalent of Amazon at $400 dollars a few years ago. I still expect it to 10x and beyond over the next 1-10 years. I may sell some of my position off over the next year for a second ski/vacation home when it goes higher. Otherwise I plan to hold the majority of my position for quite a while still. I will keep you all updated if I change my mind.
In November, I titled this thread Bitcoin is still early. We are still early.Comment
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By buying 1.5 billion worth of btc, is elon just trying to get richer? or is trying to upend the financial monetary system?Comment
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From their 10-k, bold emphasis mineOriginally posted by burritos View Post
"We hold and may acquire digital assets that may be subject to volatile market prices, impairment and unique risks of loss.
In January 2021, we updated our investment policy to provide us with more flexibility to further diversify and maximize returns on our cash that is not required to maintain adequate operating liquidity. As part of the policy, which was duly approved by the Audit Committee of our Board of Directors, we may invest a portion of such cash in certain alternative reserve assets including digital assets, gold bullion, gold exchange-traded funds and other assets as specified in the future. Thereafter, we invested an aggregate $1.50 billion in bitcoin under this policy and may acquire and hold digital assets from time to time or long-term. Moreover, we expect to begin accepting bitcoin as a form of payment for our products in the near future, subject to applicable laws and initially on a limited basis, which we may or may not liquidate upon receipt.
The prices of digital assets have been in the past and may continue to be highly volatile, including as a result of various associated risks and uncertainties. For example, the prevalence of such assets is a relatively recent trend, and their long-term adoption by investors, consumers and businesses is unpredictable. Moreover, their lack of a physical form, their reliance on technology for their creation, existence and transactional validation and their decentralization may subject their integrity to the threat of malicious attacks and technological obsolescence. Finally, the extent to which securities laws or other regulations apply or may apply in the future to such assets is unclear and may change in the future. If we hold digital assets and their values decrease relative to our purchase prices, our financial condition may be harmed.
Moreover, digital assets are currently considered indefinite-lived intangible assets under applicable accounting rules, meaning that any decrease in their fair values below our carrying values for such assets at any time subsequent to their acquisition will require us to recognize impairment charges, whereas we may make no upward revisions for any market price increases until a sale, which may adversely affect our operating results in any period in which such impairment occurs. Moreover, there is no guarantee that future changes in GAAP will not require us to change the way we account for digital assets held by us.
Finally, as intangible assets without centralized issuers or governing bodies, digital assets have been, and may in the future be, subject to security breaches, cyberattacks or other malicious activities, as well as human errors or computer malfunctions that may result in the loss or destruction of private keys needed to access such assets. While we intend to take all reasonable measures to secure any digital assets, if such threats are realized or the measures or controls we create or implement to secure our digital assets fail, it could result in a partial or total misappropriation or loss of our digital assets, and our financial condition and operating results may be harmed."
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Thought experiment, if someone cornered the BTC market and managed to attain 99% of all BTC, would that spike or crash the price?Comment
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Tesla buying Bitcoin at this time is extremely odd. Why would they buy a big position at the peak of a very big run up? Why not buy it when it was 1/3rd of the current price or 1/10th of the current price (which wasn’t that long ago), if this was part of a coherent long term strategy.Comment
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The skeptic in me thinks it could easily be used to place some blame if/when things don't turn out as planned.Originally posted by Jaqen Haghar MD View PostComment
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I wonder if it is some sort of impulsive idea gone bad. It’s the type of classic mistake a 25 year old rookie trader/amateur investor would make. Tesla/Musk is a bubble-maker however, so who knows what happens now. It will be fun to watch either way. Makes me nervous for the entire market though.Originally posted by CordMcNally View PostComment
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Not to mention he can personally affect the price. Maybe jump in and then let the world know you jumped in then cash out for a quick profit.Originally posted by Jaqen Haghar MD View PostComment
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Would make it more sensitive to the marginal buyers if they were outsized compared to the float, but really nothing. This is what made me sad but also LOL about the GME hodlers. If you just hold, guess what your affect is on price? Thats right, its zero, the marginal buyers/sellers make price. Of course its probably better than dumping into a price drop, but it doesnt hold it up at all.Originally posted by burritos View PostComment
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I am not so sure abotu corporate buying of BTC. I mean look at MSTR price action. It is insane, just cuz they have BTC asset on their books. Ok. Well and good, except BTC is volatile and can go through a period of decline/crash. So all that debt they took to buy into BTC...what? They'd finance through their cashflow...?
I got curious and looked at Microstrategy last 5 year balance sheet/income statement. Their EBIDTA has sucked and shrinking. While I am sure M. Saylor is a smart guy, this seems like a business that has seen better days and in order to 'spark' or help right the ship, the bet went BTC. It may work out, but the bidding up of stock is insane and no less crazp than GME. The traders and option players heaven, but the whole market is frothy and looking like Trader paradise.
My 2 cents.Comment
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