Elon Musk CRASHES Bitcoin With Single Tweet

In this video we look at the news story that Elon Musk crashed the price of Bitcoin with a single tweet. Basically Tesla will no longer accept bitcoin as payment due to environmental concerns, i.e. the amount of energy used to mine it and for transactions. He is looking for an alternative and some suspect it may be Dogecoin.

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[birthdaybatter]

Elon put it on sale for himself to buy.

[OwnD]

How the hell could one tweet crash the price of BTC like this.. I have extremely mixed feelings about this

[teagreen]

people are saying
NO MORE MUSK,
NO TESLA
NO DOGE

[themoneyfarmer]

This coming from the same man launching space shuttles, right? I think there's different motivations here

[teagreen]

people all over the world is furious. they want to stop buying tesla.

[thomasvleminckx]

Elon's antics have cost me over $15, 000 in the past week.

[Rokvtm]

Elon if you really believe the planet is suffering because of Bitcoin mining, you should sell all your Bitcoin, because by owning even One Bitcoin, you are promoting Bitcoin mining.
Pd: Thank you for stepping a side on your efforts to make Bitcoin part of your “Ego”.
We will not miss you, and please be kind and take all your fans with you.

[GraceVTV]

Hey Elon since you're so concerned about the environment why don't you quit making Tesla vehicles since they consume more electricity than Bitcoin that would be the start rather than crashing everybody's portfolios. What a dipstick. Genius my ass

[Doso]

Doge is using a proof of work algo like Bitcoin. So no, this ain't it.

[stephengaudette]

If we get hit by a solar flare from our new solar cycle. Guess I'll be able to burn money. In the form of a flash drive

[featherpony]

What gives anything value is not only scarcity and demand, but how difficult and costly it is to manufacture.

The cost of CD Recordable and DVD Recordable media was much cheaper than the cost, per megabyte, of Blu-ray recordable media. Why? Over half of all the produced BD-R media were detected to be defective right off the assembly line. The would manufacture 1, 000 discs and, maybe, 300 of them worked. The others had to be trashed.

The manufacturing process for DVD and CD media was much more precise with few failures.

The reason gold is priced so high is not just because of scarcity. It factors in the very expensive cost of excavating it from the earth (workers, equipment, diesel fuel, etc). If it was cheap to extract from the earth, it would be worthless.

The reason Bitcoin is valuable is because of the financial cost (electricity) to mine it. If it took no electricity (like centralized Ripple's XRP), it would be worthless.

The value is the cost. So if Doge is cheaper and easier to produce, it's value is less.

Also, Bitcoin's electrical cost comes from "proof of work", which secures and decentralized Bitcoin. Without this cost, your money is more centralized and cheaply hacked.

Show me a coin with 1% transactional electrical cost and I'll show you a coin vulnerable to a 51% attack, which can potentially steal your coins.

[charleswheat]

Do you have any other news from American Express or any of the carriers other than your recent US Bank post

[Topself]

Why don’t miners go to locations where they can set up solar panels farms or windmill energy?

[charleswheat]

Do you think doge coin in the next five years will be the next currency that we’re talking about, and then all over the Internet will see Motley fool ads on peoples YouTube channels basically telling us you should’ve bought in in 2020🙄

[OwnD]

Doge coin’s capabilities is further limited than current version of BTC. Doge has worse scaling issues than BTC

[JackOLanter]

He crashed it because he wants to buy more.

[Topself]

Would using nuclear energy be the best energy source?

[jeffw]

Ok, alright, ok, alright, ok, alright, ok alright, excetera.

[josepholague]

It will it's just a waiting game for tesla

[bangjostvfan]

Hope Jesus loves Elon for making us poor by crashing crypto