Skip to comments.Musk Tweets He Supports Crypto in Battle Against Fiat Currencies
Posted on 05/22/2021 6:39:24 AM PDT by rajesh0540
Elon Musk is tweeting about blockchain and cryptocurrency again, and this time he is adamant about where he stands.
In a thread started by Musk compared magic to computers, someone asked what he felt about people "who are mad at you because of crypto," Tesla Inc. According to CEO, the “true war is between fiat and crypto.” Overall, I choose the latter.”
(Excerpt) Read more at recentlyheard.com ...
Ain’t gonna happen, Musk. Governments will not give up the power of the purse. They will literally burn crypto to the ground before that happens. Governments have agencies to enforce their will. Crypto has...what?
fake ape is Musk.
Magic vs electrons. Pixie dust for everyone.
Maybe that will help stop or slow down the free fall that’s happening in crypto. Bitcoin has gone from almost $60k to just under $40k in two weeks.
Glad I needed tractor tires and cashed out $300 a month ago.
I started with $250 and would probably be below that now. That $250 turned into $492 at one point and was $434 a day later when I pulled $300. After fees, that left $115 which went up to $136 but sits at $88 this morning.
Can’t complain though. Even if that $88 disappears, I made $50. Of course part of me wishes I’d have cashed out every penny when it was $492.
Musk made about half a billion dollars by meeting contractual goals of profitability. He did it, but not from selling cars. He did it by selling State tax credits to other car companies and his Bitcoin gamble profits.
Those folks that thing fiat money is riskier than cyber currencies should consider this: Bitcoin went down about 50% from it’s most recent high based on statements from Musk and from the Chinese government.
Musk tanked bitcoin when he announced Tesla would no longer accept it. He did it on purpose.
Like digits on a computer are more real that fiat money? HA!
Yep. He was shorting bitcoins.
All money is fiat money, yes even gold, people quibbling over different types of fiat are just showing they know no history.
Yet he stopped its use at Tesla.
A close relative bought Bitcoin at about $500 and recently sold just below the drop at about $57k each.
Tell me how he made a mistake.
I’m hanging tight, bought soon after him. Apart from gov. intervention, we will see the $60k again. This year? Maybe not......
I have pondered this possibility, could it happen as you see it, most certainly. However it is not quite that simple, short of shutting down the internet, it will very difficult to destroy.
We are in the beginnings of Zimbabwe: weimar situation, people are merely putting money into things they hope will hold value.
All fiat currency eventually ends up at zero, we will also.
Your examples illustrate why Tesla’s decision not to accept bitcoin as payment for its vehicles makes business sense. That’s not inconsistent with Elon Musk’s statement about cryptocurrency.
Then again, with all the Fed’s printing we may ere long see something worse with our fiat currency.
It's no coincidence that in my circle of business associates, the ones who are most enamored of cryptocurrencies are the same ones who were telling me how great dot-com stocks were in 1999, and how I should get an underwater $500,000 mortgage on my home in 2007 because it would be worth $10 million in a few years.
Six months from now I'd like you to tell us about the "close relative" who bought Bitcoin at $57,000.
All money may be “fiat money,” but would you rather hold the currency issued by a supercomputer sitting somewhere you don’t even know, or the currency issued by a global superpower with a dozen aircraft carriers and thousands of ICBMs?
A government could issue currency backed by gold with security costs fully covered by merchant card fees.
The main problem is lack of enough gold to run a modern economic world.
What’s the difference? The vast majority of the “dollars” I hold are electronic and have never been anything but. The fed electronically gave some bank money which eventually got to my employer’s bank’s computer, and then went to my bank’s computer. It’s all just 1s and 0s at this point. Sure I got about $100 cash in my wallet, but that’s just mad money. My “real” money ain’t real.
The Euro is a well-managed fiat currency.
US laws need to be changed so I can use Euros instead of dollars.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.