Cryptocurrencies

[pchang]

Bitcoin had a peak price of just under $20,000. Now it is a bit over $6,300. So, I guess those millionaires are now just 300 thousandaires.

[Aeson]

Well that’s enough money that they should at least be able to pay for links on Apolyton. I get offers of $30 to $100 for prominent links all the time. Rich wlfare bots

[Provost Harrison]

It's OK thanks...I'm worth over 3.1m...in WoW gold :laughing:

[Egbert]

Bitcoin had a peak price of just under $20,000. Now it is a bit over $6,300. So, I guess those millionaires are now just 300 thousandaires.

Presumably well on the way to becoming hundredaires now.

[Adebayorgo]

Can you give advice on how to choose a cryptocurrency exchange? I need a good, reliable and modern exchange. And the main condition is that you can trade via your mobile phone. Have you come across other cryptocurrency exchanges with lower fees?

I believe that BTC will be about 70-90k this year. Of course no one can be absolutely sure about that. It is just my assumption

[-Jrabbit]

Thanks for sharing that overwhelming evidence.

[Kidlicious]

(Bloomberg) -- Bitcoin fell amid a wider retreat in assets that had earlier ridden a wave of stimulus-infused optimism among retail traders.

The largest cryptocurrency dipped 2% to about $52,950, a two-week low, as of 7:02 a.m. in New York. The token is mired in its longest losing streak since December. The wider Bloomberg Galaxy Crypto Index is also struggling.

Speculation is growing that the latest stimulus checks in the U.S. will be spent in the real economy rather than markets as vaccinations help return life to something closer to normal. The number of call options traded in the U.S. has slipped from the records earlier this year and high-profile investments like GameStop Corp. and the ARK Innovation ETF are sliding.

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A general Bitcoin downtrend is being “exacerbated by the move to value in general across asset classes” and away from areas like technology, said Vijay Ayyar, head of Asia Pacific with crypto exchange Luno in Singapore. The upcoming expiry of derivative contracts is adding to the volatility, he said.

Bitcoin is about $9,000 below a record of $61,742 set earlier in March, but remains 700% higher over the past year. The coin spiked briefly on Wednesday after a series of tweets from Tesla Inc. CEO Elon Musk announcing the automaker will accept the digital asset as payment.

The token remains mainly a vehicle for speculation and is unlikely to displace alternative stores of value, according to Blythe Masters, a former JPMorgan Chase & Co. executive who is now chief executive of Motive Capital. The Bank of International Settlement’s Benoit Coeure said the coin’s volatility makes it impossible to act as a currency.

Others argue institutional adoption of Bitcoin is expanding as part of efforts to diversify portfolios and hedge risks like faster inflation.

“The color and information we see from the street is largely from the institutional part of the market, and nothing has really changed in their view on the impact of stimulus on longer term inflation and the role of digital assets as a hedge to that,” said Matt Long, head of distribution and prime brokerage at digital-asset platform OSL in Hong Kong.

[Dinner]

Elon Musk said Tesla will accept bitcoins and that they will hold all of their bitcoins not converting them to dollars. That seems to show he thinks the value of the dollar will go down and bitcoins will go up.

[Kidlicious]

Musk likes to pump them.

[Dauphin]

Has Tesla ever turned a profit from its operating activity in its 20 year history, once you account for all the on-paper pollution credits it flogs?

[Dinner]

Yes. They made $6.63 billion last year and haven't been able to sell credits since 2019. Note that is with the expense of building new factories in China, Texas, and in Germany.

[Dauphin]

Their most recent financial statements state they sold $400m in the last three months of 2020 alone.

https://tesla-cdn.thron.com/delivery...Q4-2020-Update

Secondly, capital expenditure does not typically hit the P&L, except through depreciation. I don't know what accounting treatment they use, but would be shocked if they wrote off those costs instead of capitalising them.

Third, their net profit in 2020 was $2bn ($6bn was gross profit before opex), of which $1,5bn was credits. Sure they made a profit for the first time ever across a fiscal year - but most of it was from corporate welfare.

[Dauphin]

166% year on year increase 2019 to 2020 for reg credit revenue.

I think it's safe to say they are still selling those credits.

[EPW]

Elon Musk is a a goodddddd damn madman. love him for it though he's going to be presdinet of mars and win the world series

[Kidlicious]

All that corporate welfare and he hates the USD.

[Bereta_Eder]

However, the British Pound is basically Britcoin

that was funny