Originally published at: Bitcoin's dramatic loss of value adds additional stress for Tesla | Boing Boing
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it will be interesting to see how they treat this loss in their financial reporting.
And by “treat” you mean “lie and BS about”, of course. Tesla’s shareholders will be thrilled (/s for the serious investors, no /s for the fanbois who always show up here to defend Musk).
With every passing day I see cryptocurrency more and more as a cyanide pill that late-stage capitalism has swallowed. Its biggest proponents don’t do much to reverse that opinion; today’s story on the Kraken exchange provides yet another example.
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Of course.
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It makes things hard for Elon and it shows crypto to be the scam it is - win/win!
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Luckily Mr. Musk is an expert at goodwill impairment; so he has got this.
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This is good news for Elon!
It’s always good news. 
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That’s nothing. Business intelligence software company Microstrategy has lost more than $1B on it’s investment of nearly $4B in crypto. Michael Saylor, the company CEO, is (and still is) a big fan of crypto.
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“stress for Tesla”
Stressla.
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Weird. It’s been five hours and this thread has not been flooded by crypto fanboys or Tesla fanboys.
… they’re behind me right now, aren’t they?
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Well there’s the problem. The Street’s author believes Bitcoin has value. As more people come to the realization that it’s utterly worthless for all legitimate uses, its value will continue to drop.
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I have a loosely-affiliated former coworker who was all in, and dropped about thirty thousand dollars of life savings on it(that I know of, perhaps more). I didn’t exactly ride him hard, but I ribbed him that he was going to lose everything. He assured me it was a sure bet. He wouldn’t let it go.
I told him that I wasn’t going to let him starve and go broke alone, and tossed $100 into a wallet to get him to stop doing his sales pitch. It worked, as I was now in Bitcoin club, and therefore a True Believer.
The $100, as it turns out, was actually a good investment. This morning, it’s only worth $15.22, and is actually unusable because the exchange fees to transact it actually exceed the value. Why do I say it was a good value? Well, for three reasons:
- because I get to say “I told you so.”
- because it allowed us to talk about something other than crypto
- because, despite my friends’ devastating financial losses, he knows that he isn’t alone in those losses, which is keeping him sane.
Update, two hours later: $14.11
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$100 - ‘investment’ in a digital thing that’s being touted as the New Currency
The look on the faces of the true believers as it’s only worth ~14% of what it was? PRICELESS
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It’s also rather privileged and amoral to continue to evangelize this assumption that crypto is somehow ‘benign’. El Salvador bought into it. This isn’t Elon Musk cutting back by refusing to clean his friend’s futon and looking at the dirty dishes, it has real world ramifications.
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