Tesla Suspends Bitcoin Payments Over "Concerns About Environmental Impact"
(www.zerohedge.com)
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Elon Musk is likely doing this to stay in the good graces of the USDT, the Fed and the SEC.
Thinking a billionaire like Musk is based is a big mistake.
He's just a walking market manipulator. Wait for the dip to settle in and buy back in. The main cryptos are on a constant rise when looking at them on 3 year scales and the fiat currency inflation issue is just starting to hit us.
Agreed. It’s not a bubble, it’s just a reflection of the deflation of the USD more than anything else. Lumber and other things are all up in about the same proportions as Bitcoin.
Arguing economic with an aerospace engineer that went to MIT. "I took econ MIT where did you take it?" "Oh MIT, we used the same textbook you did at my College. Only we took the class from the professor who wrote that book".
Kept on, "raise minimum wage and it makes people less poor". My response was, "not when you keep printing money at a rate far above the increases in actual productivity...that just devalues the dollar for everyone."
I get why it seems appealing in the short term, but raising minimum wage is incredibly short sighted and at a certain point harmful to most people that aren’t Walmart or Amazon. Most small businesses hiring people at that level barely get by. After all this many did or are going under. They’re then forced to pay people more money to work that they don’t have, so they fire people and cut hours because there’s no money to give them.
In the Bay we have a $15-18 or so minimum wage depending on the area as I recall. I remember when the wages first hiked up and they were required to give everyone health benefits, the local restaurants cut their staff in half and prevented anyone from having more than 30-32 hours a week and only had one person working at a time and things like that. All it did was fuck over the workers and make the business go under because they were barely making a profit to begin with.
Living in the leading example of what everyone wants with their leftist economic policies, I can say first hand that it doesn’t work out. They completely ruined the Bay Area. There are people that make $150k plus in things like tech and finance or inherited it, and then there are poor people, hobos, and vagrants living 3 to a room. Even 150k is like making 50-60k elsewhere given how much taxes and fees are taken out, and how expensive most things are.
He may be less bad than the others, but it's a good rule never to trust a billionaire.
Nah I think it's more to poke the SEC in the eye. He hates them, and hates government rules selectively enforced on people the bureaucracy/media doesn't like.
He knows he couldn't pull this shit with public stocks*, so he boldly does it with crypto. Laughing at the SEC and daring them to regulate while he manipulates the market and makes money on the dips.
(*although he did say TSLA was overvalued, I still think that fits into his behavior pattern here)