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MicroStrategy Buys $15 Million Bitcoin, Rejects Elon Musk’s Bitcoin Criticism
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Average price 55k. Purchase was before the tweet, they just let people know now.
The way it should be done.
Hey, no I completely agree. Just wanted to make sure everyone knew this because I know there are plenty of people who probably saw that and didn't read to see it was done a while ago.
Hey, no yes.
Maybe he's Canadian
Dude have you ever tried to can a Dan? It's literally a recipe for disaster. The last canedan came back and killed Jupiter's son. I would rather eat microwaved spam, and canned ham for an eternity. You might end up getting prison raped for 10,000 ¥ears·
You probably meant that in terms of market affect.
But it also changes the tone of the statement... "I reject Musk's criticism! And to prove it, I bought Bitcoin days before he even made the criticism!" ..Lmao. Doesn't have quite the same "put your money where your mouth is" ring to it, does it?
I mean sure, but literally no one (who's not transparently just trying to pump & dump) is going to purchase a massive amount of BTC and tell everyone about it beforehand, as it'd obviously drive the price you have to pay up.
Yeah dude like what is that 200 coins, I’m sure he made a dent in the supply cap and moved the market.
I wish people (journalists) would say "$15 million IN Bitcoin". Even though in this case they obvs didn't buy a 15 million dollar Bitcoin, or 15 million Bitcoin. It still doesn't hurt to be clear (or accurate).
Whew so... 28 coins... Ridiculous when you think about it.
I wish I had 1/28ths of that almost daily.
stares off into the distance
one day I'll have my a full coin to my name. one day.
273 my dude
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WWMSD??
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Bitcoin is thermodynamically sound money. - - Michael Saylor
BTD BTD BTD BTD BTD
This is from two weeks ago, bought at 55k.
They buy every time they have 15m in profits lying around
Micheal saylor. I mean not worded like that but they’ve been announcing another buy every 3-5 weeks since last year. He just generally says that’s where cash goes when it won’t be needed for short term operations.
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I mean they have 91,850 bitcoin and they’ve announced at least a dozen purchases in the past year most of them 10 or 15 million each
Yeah i buy btc everytime when i have 15 mill laying around, easy money, 0 effort 🐋
Was yesterday tho, and did not really save anything, did it ?
50k floor held up solid. I’m more bullish than ever
This is exactly my thoughts, 50K floor, I love it
I think floor is 49k but 🪓 splitting hairs right. 👍👀
There's no problem with truth-telling!
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"Use all your time to acquire more bitcoin, or educate yourself, and then educate everyone around you." Michael "skin in the game" Saylor.
this dude just might be a little bias
Definitely biased, but maybe not only self-interested. I can believe he is a true believer and trying to spread the message the benefit of all, unlike that other guy transparently pumping and dumping for his own gain.
One of them has been entrusted with millions of dollars from clients to invest on their behalf. The other is a car salesman.
lol, more like one of them is promoting something that you're inline with while the other is not. Cryptocurrency is all driven by adoptions, so of course Saylor just like any other crypto investors want more people to know about it, invest in it, use it.
Both are salesman at the end of day.
One of them has been entrusted with millions of dollars from clients to invest on their behalf. The other has been entrusted to invest billions on behalf of the US tax payers -- and is a car salesman.
Do you think Saylor is promoting because it is his job?
*biased
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If he didn't have skin in the game, he'd be criticized for that, too. There's no way to win with some people.
Are you sure he said sell everything you own and take out a loan against your home? I recall him saying that if you hold btc and need money, rather than sell it you can borrow against your btc, which I feel has credence. But if he really is saying what you claim then I think that's a problem. Could you please link the video with a timestamp?
So a guy sold his home and bought bitcoin a few years. He lived in a van with his family for 3 years. He’s doing good now. I’m bot recommending it just telling the story
Fuck he probably bought his entire family all separate houses by now. Lucky ass. While we are slave laboring he's relaxing right now. Idk who you want to call the dumb one in this conversation
I get that. I have nothing against people making drastic choices in order to heavily invest in bitcoin. I personally think it's the future as well. I also really enjoy Saylor's talks, it's a lot of fun hearing someone so bullish on bitcoin speak about it so eloquently. But I feel it's irresponsible of him to use his platform to straight up tell people to take a mortgage out on their home!
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I just put 80% of my retirement into Bitcoin. Elon’s tweet was 5 hours later. Whoops. Wish he’d tweeted earlier. Would’ve bought the dip. Down significantly, still feel fine.
Thanks for sharing the source, I appreciate that. I know Saylor is all-in on bitcoin and I have little doubt he truly believes the future is bitcoin.
Even still, this is too much. Nobody knows the future for certain and telling people to take such drastic measures is irresponsible. You can present your case, help people to see why you've made the conclusion that bitcoin is the future and let them take whatever measures they feel is appropriate.
Over the past few months I've seen people in this sub putting their houses up for sale in order to get more btc, and honestly I personally think it will be a good long-term investment, but Saylor has influence and should be more responsible with that power. Just because he's all-in, it's dangerous to encourage others to do so.
Sometimes you have to be fanatic if you want to be a billionaire in the future
He's been an investing savant for decades right?
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Wat else wud u dr0p ur life savings into..
Saylor is a PIMP!!
PUMP PIMP
Lil pimp
202020!!
lil pump
PUMP PIMP ... POMP
“The #Bitcoin Proof of Work architecture anchors the crypto-asset network physically & politically to the firmament of reality, driving ferocious competition in the marketplace to decentralize, improve, & secure the network, thus assuring vitality & integrity over time”
The man has a way with words
It is true that Tesla sold $250 million worth of Bitcoin before Musk mentioned energy consumption? So now he’s not trading it until they work out a carbon neutral mining method? So pump (extol the virtues) while selling before you condemn (dump) has been combined with the double standard of denying environmental harm by not trading? Does it get sicker than that?
Word salad, he said a whole bunch of things without saying anything.
Surprisingly, blockchain isn't in there
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Reddit is obsessed with him.
We break up, Michael Saylor been emailing us since before February
When he agrees with me he's a very intelligent entrepreneur, but when he disagrees he's a lucky moron exploiting his lot in life.
I hear reddit is a hacker. Like that 4chan guy.
I was a fan before, not so much nowadays. Still a fan of SpaceX itself though.
Lol this sub loved him when he endorsed btc. Now you don't give a shit about him..
Here at r/bitcoin, we like you just the way you are. As long as you are like us.
Did we? He was shilling Dogecoin most of the time.
You... say that as though that's not how every relationship in history works? When someone stops doing things you like you stop liking them... What alternative is there for someone you don't personally know?
So you agree with Musk? That Bitcoin shouldn't be used due to its environmental impact? Or are you going to ignore that?
What's the environmental impact of traditional finance? Like mining gold, traditional banking(driving to your bank, lol), money printing cost(they are always recyclinn and reprinting money, notice none of your bills are from the 60s?), sure as a standalone item it's got an environmental footprint. As an alternative to the current financial system, it's way less of an environmental problem.
The global economy runs on traditional finance. Nothing runs off BTC.
What? Are you responding to me? Your questions make no sense in the context of what I said.
If these reporters were good they wouldn't be writing for decrypt.co
I don’t give to shits about him and Tesla... totally backing up your statement.
You are mispronouncing Elton
Elon overplayed his hand. Hope it was worth it for him
The idiots who eat up every article about the guy.
His bullshit tweets will soon have no impact on anything
As others have pointed out:
Elon: Bitcoin bad, it uses too much electricity.
Also Elon: Tesla cars are good. The run entirely on electricity.
Elon: Coal is bad!
Also Elon: let’s move factory to state powered on more coal!
Also also Elon: Coal is bad!
Also also also Elon: I have teamed up with coal loving China because I need precious metals mined using oil.
When did he say coal was bad? I remember him saying it’s much harder to mine coal and the cost to mine has dramatically increased? Maybe I’m remembering wrong. Not trying to attack you or anything.
"...especially coal, which has the worst emissions of any fuel." He's not wrong though.
Also, I doubt much Bitcoin is mined with electricity generated from coal - it would be cost prohibitive. Most times it is from cheap excess power that’s stranded, like hydro power that would otherwise go unused.
It’s about alternatives.
The alternatives to driving a Tesla (mostly) involve higher lifetime carbon emissions.
The alternatives to using Bitcoin involve lower lifetime carbon emissions.
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Saw a video the other day of a container full of antminers, running off a generator that was running via flare gas from an oil plant.
Next level thinking how about a remote waterfall with a hydro setup that drives a generator and a bunch of miners, that run via starlink?
Argo Blockchain say no more
This is a good point, but it ignores the old coal facilities being reopened to provide energy for miners.
If profit was enough, then energy companies would be all over alternatives.
Right now Bitcoin is bad for the environment and it would be quite hard to prove it has any effect on the adoption of energy alternatives.
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Yeah, I know all of this.
This whole article is just "it's not as bad as it could be" it's still pretty bad.
To fix that, the world needs to move to renewables or Bitcoin needs to move on from PoW.
Until either of those things happen, Bitcoin is bad for the environment.
I was looking at the global stats. Looks like Bitcoin mining emissions are the same % as the global emissions from electricity. That kind of makes sense. Sure we should reduce our emissions. But I don’t think reducing electricity consumption is the answer. I think moving to renewables is the answer.
I agree. Any business running purely non electricity is incentivized to find the cheaper option, which is usually renewable.
Problem is, recently many coal plants have risen from the dead to mine Bitcoin. Elon tweeted the links to this and the rising use of electricity to mine BTC since they purchased their Bitcoin in Feb. But nobody seems to have bothered to read that.
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I largely agree
I'm too busy hating Elon to read!!!!
Coal is cheaper than renewable energy. That's why they use coal.
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Where I used to live, hydroelectric was 4 cents/KWH
Where I moved to, i'm paying 11c for gas/coal
This
To be fair, Elon is advocating for alternative cryptos that are not PoW. EVs use energy but less so than their ICE counterparts.
Sacrificing network security to save energy is about as stupid as freezing to death at night to save on your heating energy consumption
Or using pebbles found on a beach instead of mined gold.
Exactly. And there’s a lot of pebbles being sold these days
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No. The reality is that Peercoin is not worth attacking because there’s no money there.
Thieves like to steal priceless art and jewels. They don’t break into the Dollar store...
Dollar stores have one of the highest rates of robbery.
I agree. Though I'm not entirely convinced Bitcoin will turn out to be more secure than other prominent projects
No other projects will catch up. Networks are secured by computing power. Bitcoin network hashes over 500 quintillion calculations per second. There is no other network that comes close to this or will come close to this in the next 5-10 years and by that time the Bitcoin network will probably have doubled in size so there is no catching up.
No, the computing power used for Bitcoin is artificial difficulty.
Security is achieved through decentralized constant verification of the blockchain. You don't need much computing power to do that.
The energy consumption of Bitcoin has nothing to do with security. It has to do with artificial difficulty to make mining take longer. There are multiple reasons why this difficulty is increased, but to say that it is necessary for security is just silly.
All it really does is make mining prohibitive.
I agree with Saylor's assessment. However, we should stop propping up other individuals as heroes. Yes, institutional acceptance is a sign of adoption. But just as with Elon, I will not solely rely on big name investors to validate what I think about Bitcoin.
Be your own hero, everyone. Continue to do your own research, weigh the benefits and drawbacks, and come to your own conclusions and convictions.
Should we care, or it's hypocritical to only care when something or in this case someone is pro Bitcoin? let's not care both ways. Bitcoin doesn't need it, or does it?! it doesn't! or does it?
Let's not care both ways is a wise strategy.
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You are one cheeky saylor I give you that.
I think we should care both ways.
If there is criticism about Bitcoin, then we should properly address it, especially if the criticism is valid and can help improve Bitcoin. The more people that believe in Bitcoin, the better off it’ll be. And no matter HOW right you may be about Bitcoin, it won’t matter if people don’t believe you. So we SHOULD care to enlightened and educate people.
In the same light, we shouldn’t care in the sense that we let wrong info make our decisions. We shouldn’t make decisions ONLY off what others say, we should do our diligence and research; then make an informed decision. Don’t let someone else’s conclusion dominate your own understanding and decisions. Recognize it, correct it (if necessary) and carry on
Bitcoin doesn't need it. It hasn't needed it for the last decade.
Good news is always good for bitcoin but bitcoin doesn't need a face.
This! Well said!
Tesla should put BTC miners in their Powerwalls connected to solar panels that turn on and mine when full so they can contribute green hashing to the BTC network when not charging the batteries.
Even better, make it into an HVAC system so the heat of the mining is useful and not wasted. They will definitely do this eventually
That's the kind of innovation you would expect from someone like Musk if he was with a damn. But no, he is just a fucking conman.
Why, cause f*ck Elon that's why
Elon's girlfriend needs that energy to charge her dildo.
Lol nice one
During the dip I bought both BTC and microstrategy stock.
I don't own any tesla stock or care about it, not like I can afford their products lol and they don't even give dividends.
Musk is a fun loving troll, look at the only coin he loves, a meme coin.
I bought $1,000 more upon his announcement! I’m not Elon’s BITCOIN bitch!
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We should be thanking Elon that he tanked the price. Now we can buy some dips.
Look at us all competing over a capped 21 million. Most of us will never sell either. Price goes to infinity
BTC will recover and he bought the dip. Moving on...
Who gives a shit about Elon or this Saylor guy and his stupid voice.
I do my own thing.
I accumulate Bitcoin and HODL. That's all.
Saylor has a great understanding and grasp of the technology and puts a lot of effort into educating people on it. He does great work for the Bitcoin network
you’re gonna need voices like Saylor to make it through crypto winter and not paperhand bitch out of btc
GTFOH with that stupidity. You idiots with your stupid buzzwords honestly. I know the end game, I don't need cheerleaders.
Winter is coming
I think winter is the least of my worries .. the flippening would be a pretty intense test and probably really tough to stomach
Much wisdom. Such advice
I think the richer you are the less you know about bitcoin since it has no appeal to you, it offers you nothing, you don’t need it, so you don’t desire to understand it. Meanwhile some poorer people (or more middle class idk) are actually interested in it. This explains Elon musk inability to understand why bitcoin specifically, of all tokens, is the superior allocation at the moment. Elon simply is not in touch with any actual market. He exists removed from the market networks, people buy things for him and he has purchasing managers, he doesn’t interface with any of the actual monetary networks. He doesn’t buy things he doesn’t sell things, people buy and sell things for him, so he simply does not understand much about money.
The understanding of markets is something that eludes many highly intelligent people, it’s not something we should’ve ever expected Elon musk to understand. His perspective isn’t one where he would see the appeal of bitcoin. To him it’s arbitrary essentially because he’s not familiar with how money really works. He’s highly intelligent, it’s just that his intelligence is focused on things like physics engineering and coding, not markets or investing or resource management or resource efficiency. His money comes from his family who made their money mining. He’s an industrialist, he’s very good at what he does, and what he does is running factories. He’s not someone who understands monetary networks. In his eyes, I think, money is made by making things. Not by investing. This explains his sort of irrational and hard to understand/explain investment habits. He’s just not an investor or finance guy. He’s a.. maker of objects. He deals with 3 dimensional meat space not strategic resource allocation. He’s good at what he does his lack of precision in this area isn’t a character flaw he’s just human. But I will say he’s selfish and we’ve all been seeing that very clearly lately.
Just sold my Tesla and bought me some microstrategy. Before I read this in fact…awesome news!
Elon planned from the beginning to play the game. He bought it cheap, then said it would bring it to Tesla then sold it at high price and pulled out by saying it’s harmful for the nature. Didn’t he know from the beginning. Of course he did. He fooled people for his own benefit.
Elon has a long history of manipulating stocks and currencies and they won't touch him. SpaceX is a "get out of jail free" card for this dick
Things of real value take Energy and Time. Printing fiat currency takes neither.
Right. As everybody has said, he is not the reason for buying. So not the reason to be selling.
True believers
A wise strategy.
Elon needs to worry more about how much fossil fuel it takes to produce his cars than harp on what Bitcoin uses ... https://industrialprogress.com/with-the-tesla-model-s-elon-musk-has-created-a-nice-fossil-fuel-car/
Of course electric cars are not yet built cleanly: ICE vehicles had 100 years to get their infrastructure optimized. But if you look at the learning curve of battery technology (and the improvements in the pipeline), you can see that in a few years they will take over ICE vehicles in manufacturing efficiency just like BTC will take over the world in 10 years.
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I don't think selling is the insurmountable obstacle you seem to think it is.
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Todays' daily trading volume is 947B$, 9k bitcoins isn't even a whole 1% of that. I think if Microstrategy wants to liquidate 10% of their bitcoin they absolutely can without crashing the market.
edit: 56B $ not 947 xD
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That's the cummulative number sourced from coinmarketcap.com. Well either you want to market sell to create panic, which is possible with this amount if you "dümp eet" correctly. But there's probably a lot of market making and OTC services that allow you to sell as evenly as possible to maximize the profit. I think bitstamp even has OTC option on their page. I'm just saying that moving the market by a single actor is not as easy as it used to be. Well maybe except if your some oldschool whale. Then you can dump the shit out of all the exchanges.
Long time, as in 2 or 3 weeks if he wants to be less than 5% of daily trading volume. If the price falls hard during this time, it will be because of some other reason.
I'm sure a CEO won't view something that takes 3 weeks or even more as an insurmountable challenge.
Instead of committing a genetic fallacy (or something really close to that..), why don't you attack the central point?
Attacking the source, instead of the point, is more often than not the last resort of those who don't really have a valid argument and have to resort to cheap tricks.
I think Saylor is a fucking genius. His audacity scares some people and they find it extreme. I don’t. He’s brilliant.
Fucking badass but it's super prudent. Saylor sees the inflation mess that is sweeping this country and is taking practical steps to have a storage of value.
MS is the CEO prototype. He knows the crypto/ BTC space ... solid, balanced decisions w/ the sense to say less than he could.
Elon is a true autistic narcissist. He got in trouble w/ Tesla's board after smoking reefer on the Joe Rogan podcast. He has no social filter and he cannot stand being out of the limelight. Fuck him; I hope he finds a new sandbox for his toys (and money).
investors showed perennial patience with tesla's when they were blowing up on the side of the highway.
Ive been saying Saylor is the real MVP in the public markets space. I support BTC and $MSTR (their public stock ticker).
Is there a reddit sub so we can support MSTR as well? I see that community is too small for how much Saylor is doing for the BTC community.
We need LESS cults of personality. BTC is all about not trusting humans. Why build an altar to anyone else when the code/idea alone should get credit?
MicroStrategy, my new favourite company that I'd have never even heard of unless I was into crypto
Of course all the serious firms will sit down with their accountants and actuaries and realize the same conclusion. Resources are getting scarcer, we are getting closer to AI mass adoption, the most precious metals and copper are about to skyrocket, the chips are ALL going to be bought up and the real effects of the dearth will drive the prices up exponentially in the next 5 years. So they are making moves to diversify and yeah that means not blindly following everything Elon says. Besides everybody already knows that almost 3/4 of bitcoin is mined with renewable energy.
Elon is a cunt
Sorry not sorry
Fuck Elon!
Musk is only trying to manipulate the market anyways as we all know he is HODLing and is buying the dip he created. Wonder if he is surprised how little it dipped and how little he impacts things overall. I mean don’t get me wrong, his influence over coin price is way higher than mine, but it is clear that even the most powerful people only have some much sway in crypto.
Fuck musk. Hes guilty of market manipulation time and time again. This is just another example.
Saylor knows more about BTC than Elon...
That's real quick badass
You mean like he does every 2-3 weeks? That’s just where microstrategy puts their profits. He’s ride or die
Well give them a bone from the Shiba!
How many Tesla’s charge at home where their power heavily comes from coal? His logic is baffling. More renewables in BTC mining than electric car charging.
Elon needs to be stopped. I hope micheal Saylor is the one to do it.
He didn't criticize Bitcoin
He criticized using coal to mine it
He thinks Bitcoin is great
You people are cheering a failed CEO that is going to bankrupt his company in the next year or so when the debt comes due. Idiots.
Finally, a new god.
Gang shit
It’s great that they keep buying. But this is only 30 BTC, should it really make the news every time?
Bet the farm Musk bought at the dip too.
Saylor knows how to get rich&famous
This is the way.
I didn't get this Elon tweet... Isn't he still invested?? Doesn't he hurt his own gains here?
He hurt BTC in the short term, but he has a pending application for a renewables credit with the EPA right now, and he probably felt that this improved his odds.
That's what you call Dollar Cost Averaging
All hail Saylor!
This is the way
This is the way
The real 🐐