Fun

News Feed - 2023-08-18 07:08:52

Prashant Jha13 hours agoSpaceX Bitcoin write-down sparks confusion, Bitcoiners quiz Elon MuskElon Musk revealed that SpaceX holds Bitcoin on its balance sheet in 2021 but the exact amount of company’s holdings remain unknown.13413 Total views35 Total sharesListen to article 0:00NewsJoin us on social networksSpaceX’s Bitcoin write-down report on Aug. 18 sparked confusion among the crypto community. The report published in The Wall Street Journal puzzled many, who questioned whether SpaceX held $373 million worth of Bitcoin (BTC) and sold it in 2021–2022 or whether they only reduced their Bitcoin exposure by the same amount.


Several social media outlets reported that SpaceX had sold its entire BTC holdings, while others expressed uncertainty, claiming they were unable to confirm the amount based on the wording of the report.I actually read the WSJ report. I think @BitcoinMagazine is wrong here

Yes, the report claims that SpaceX marked down the value of their bitcoin by 373m (btw, that doesn"t mean they SOLD 373m) and sold *some*, but selling some doesn"t necessarily mean they have no bitcoin left https://t.co/rLgwA0N8Zi pic.twitter.com/GSrOio7zku— Pledditor (@Pledditor) August 17, 2023


Elon Musk revealed in 2021 that SpaceX holds Bitcoin, as does Tesla, on its balance sheet. While Tesla’s Bitcoin holdings were made public, there were no estimations around SpaceX’s BTC holdings, which has been key to the ongoing confusion. Tesla once held $1.5 billion worth of BTC purchased during the bull market but revealed it had sold 72% of its holdings in Q2 2022.


The SpaceX write-off claims were also believed to be one of the key catalysts behind the $2,000 BTC price drop, although several others denied it being a cause. Musk hasn’t addressed the issue yet, but the market FUD made him a target of Bitcoin proponents who questioned his strategy of buying high and selling low, while a few others called it market FUD.Buy High & Sell Low - Elon Musk"s #Bitcoin strategy for Dummies https://t.co/yBKsPdg59B— Matt C⚡️ (@mithcoons) August 17, 2023


One Reddit user wrote that Musk is running out of cash across all his companies, suggesting that Musk might sell “all of his Bitcoin and doge within the next 6 months.”


Related:Elon’s ‘not afraid of blowing things up’ — Ex-Twitter exec on working under Musk


Users on X (formerly known as Twitter) also called out Musk for his “paper hands,” a term used for those who sell their BTC holdings prematurely. Others linked the BTC write-down to X’s ambition of becoming a payment giant.Musk appears to be going to toe-to-toe against #Bitcoin with his X empire.

I wish him well, although I don"t think this is wise. https://t.co/WFmOdVBh1E— Dr. Jeff Ross (@VailshireCap) August 17, 2023


While the dilemma around SpaceX’s BTC holdings continues, Bitcoin proponents advocated traders to hodl BTC and not fall for market FUD.@SpaceX didn"t sell its Bitcoin, and neither did@ElonMusk. Now sit back and relax, just some intelligent guys getting 700+ million in longs. Don"t leverage, be patient and just #HODL.— Lodewyck Berghuijs (@LodewyckBTC) August 18, 2023


Bitcoin’s price was trading at $26,433 at the time of writing, having overcome the $26,000 resistance level. BTC’s price decline of 9% last night also led to a sharp downturn in the altcoin market where top altcoins recorded a double-digit decline.


Magazine:Simon Dixon on bankruptcies, Celsius and Elon Musk: Crypto Twitter Hall of Flame# Bitcoin# Cryptocurrencies# Altcoin# Bitcoin Price# Tesla# Elon MuskAdd reactionAdd reactionRead moreHow to track and report crypto transactions for tax purposesCrypto Stories: eToro co-founder Yoni Assia’s life in finance led him to adopt crypto earlyWhat is Chapter 11 bankruptcy? Understand the basics

News Feed

Former FTX Director of Engineering Under Scrutiny by US Law Enforcement, Alleged Proffer Sessions Held With Prosecutors in New York
Former FTX Director of Engineering Under Scrutiny by US Law Enforcement, Alleged Proffer Sessions Held With Prosecutors in New York U.S. law enforcement officials are reportedly sc
Bitcoin analysts converge on a breakout in September — But is $86K possible?
Zoltan Vardai9 hours agoBitcoin analysts converge on a breakout in September — But is $86K possible?Bitcoin could see a breakout to new all-time highs as soon as next month, but BTC must first tackle significant resist
Bitcoin Taps $48K- Traders Discuss Overheated Stats and a Possible Chinese New Year Dump
Bitcoin Taps $48K- Traders Discuss Overheated Stats and a Possible Chinese New Year Dump The price of bitcoin soared to new heights after Tesla informed the publ
2019: The Year Bitcoin Lost Its Mind
Many market analysts think thiswill be the year that Bitcoin finally breaks loose and makes its inevitable run to $100,000.Everything’s Going Haywire in BitcoinI think itâ€
Gareth Jenkinson13 hours agoEthereum L2 Starknet aims to decentralize core components of its scaling networkStarknet has laid out its roadmap to begin decentralizing core components of its Ethereum L2 scaling network to
Breaking Bitcoin: Crypto Proponents Discuss Honeywell’s 6 Qubit Quantum Computer
Breaking Bitcoin: Crypto Proponents Discuss Honeywell"s 6 Qubit Quantum ComputerOn June 19, 2020, the massive industrial firm Honeywell told the public the company is now running a
Martin Young3 hours agoCypher Protocol reveals $600K of stolen funds is now frozen on CEXsSolana-based Cypher Protocol has managed to stop around $600,000 of stolen funds from exiting various centralized exchanges.614 To
Helen Partz10 hours agoTether to publish reserve reports in real time in 2024: BloombergPaolo Ardoino, Tether’s chief technical officer and incoming CEO, said the firm plans to start publishing reserve data in real-tim
Chinese police probe spurs mysterious token movements and platform upgrades
Ezra Reguerra12 hours agoChinese police probe spurs mysterious token movements and platform upgradesLiquid staking protocol STFIL claimed in a post that the FIL tokens on its platform moved to an external address followi
BNB Chain Defies Expectations With Over 20% Surge To $750 – Details
Este artículo también está disponible en español. BNB Chain has been making headlines, setting records, and drawing investors worldwide. With a strong Q4 2024 and a $750
ERC20 wallet drainer receives UK business registration
Christopher Roark4 hours agoERC20 wallet drainer receives UK business registrationA developer of the Nova Drainer phishing protocol has officially registered as a business in the UK.694 Total views1 Total sharesListen to
Turner Wright9 hours agoRobinhood bought back Sam Bankman-Fried’s stake from US gov’t for $606MThe purchase of the 55 million Robinhood shares had been expected following approval from the company’s board and a U.S