Can Elon Musk’s Bitcoin Betrayal Expose the Grift of Cryptocurrency?
The Tesla executive’s reversal affirms that Bitcoin is an environmentally wasteful multilevel marketing scheme. But the true believers won’t hear it.
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It’s a dark day on meme street. Elon Musk, one of Bitcoin’s high priests, seems to have turned against the cryptocurrency, sending its value tumbling more than 10 percent and calling into question an economic model that had depended on the public support of megamoguls to keep crypto prices frothy.
Here’s how the betrayal went down. On Wednesday evening, Musk, who in recent months has been a manicbooster of the cryptocurrencies Bitcoin and Dogecoin, tweeted an announcement that Tesla would no longer be accepting Bitcoin for vehicle purchases.
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Bankers Hours
As the pandemic passed its one year anniversary observance, a lot of entrepreneurs and business owners are learning firsthand what a personal guarantee on debt really means.
Most likely, it means that someone is demanding that you pay them money that you don’t have the means to pay. You personally promised to repay a loan to your business. But your enterprise has been either shuttered for months or operating at 50% of capacity or less; thus, there isn’t enough revenue to service the debt.
Doesn’t matter, says the lender: When you signed the docs, you affixed your signature agreeing that you’re on the hook, no matter what happens to your business.
I mentioned in my previous post that I had another analysis coming soon. I didn’t think it would be so soon, but the paper just got graded and I got another A.
Heads up! This post will get A LOT of hate, but I don’t care. Some of you may appreciate this DD. For the suckers and fools – many of whom have only been around since January this year – this will trigger them in a fit of blind “REEEEEEEEE!” rage as I slaughter their sacred cow. I also have no positions in Tesla and do not intend to initiate a position in Tesla or their derivatives.