Showing posts with label elon musk. Show all posts
Showing posts with label elon musk. Show all posts

Tesla Shares Why They Believe in Bitcoin in Latest Quarterly Report Filed with The SEC...

Tesla bitcoin crypto investments

Tesla, the US electric car manufacturer, released more details about why it invests in bitcoin (BTC). This is no small investment either, as Tesla currently holds 42,902 BTC making them the 2nd largest Bitcoin holder of all companies globally, with MicroStrategy the largest. However, it's worth noting that MicroStrategy is a company that exists to invest in digital assets.

These new disclosures on Tesla's belief in crypto come in their latest quarterly report filed with the SEC, where they state:

"In the first quarter of 2021, we invested an aggregate $1.50 billion in bitcoin. We believe in the long-term potential of digital assets both as an investment and also as a liquid alternative to cash. As with any investment and consistent with how we manage fiat-based cash and cash-equivalent accounts, we may increase or decrease our holdings of digital assets at any time based on the needs of the business and our view of market and environmental conditions.

Digital assets are considered indefinite-lived intangible assets under applicable accounting rules. Accordingly, any decrease in their fair values below our carrying values for such assets at any time subsequent to their acquisition will require us to recognize impairment charges, whereas we may make no upward revisions for any market price increases until a sale. For any digital assets held now or in the future, these charges may negatively impact our profitability in the periods in which such impairments occur even if the overall market values of these assets increase. For example, in the first quarter of 2021, we recorded approximately $27 million of impairment losses resulting from changes to the carrying value of our bitcoin and gains of $128 million on certain sales of bitcoin by us."

Their crypto investments come up once again in the document, where companies are required to disclose any risks to the business.  It's important to understand this section is where a company gives the absolute worst case scenario to investors. Here, Tesla included everything from being unable to make more batteries because of material shortages, to hackers being able to 'gain control of' their vehicles and the public panic it would cause. 

So, with that tone in mind, they explained the risks they take by holding crypto, saying:

"In January 2021, we updated our investment policy to provide us with more flexibility to further diversify and maximize returns on our cash that is not required to maintain adequate operating liquidity, allowing us to invest a portion of such cash in certain alternative reserve assets including digital assets, gold bullion, gold exchange-traded funds and other assets as specified in the future. Thereafter, we invested certain of such cash in bitcoin. We believe in the long-term potential of digital assets both as an investment and also as a liquid alternative to cash. As with any investment and consistent with how we manage fiat-based cash and cash equivalent accounts, we may increase or decrease our holdings of digital assets at any time based on the needs of the business and on our view of market and environmental conditions. 

The prices of digital assets have been in the past and may continue to be highly volatile, including as a result of various associated risks and uncertainties. For example, the prevalence of such assets is a relatively recent trend, and their long-term adoption by investors, consumers and businesses is unpredictable. Moreover, their lack of a physical form, their reliance on technology for their creation, existence and transactional validation and their decentralization may subject their integrity to the threat of malicious attacks and technological obsolescence. Finally, the extent to which securities laws or other regulations apply or may apply in the future to such assets is unclear and may change in the future. If we hold digital assets and their values decrease relative to our purchase prices, our financial condition may be harmed."

In other words, fairly common fears like potential security threats, which have hit companies far more experienced in holding large amounts of crypto.  Another risk highlighted is the the possibility of future government regulation, which could hurt the whole ecosystem if poorly implemented or too broad.

So far, even with the latest dips, Tesla is well into the profit zone. They acquired their Bitcoin in January 2021, when prices were as low as $29,000 and peaked at $34,000.

At the time of publishing, Bitcoin is trading at $38,350, meaning their profits are a minimum of $186,623,700.

So, where things currently stand, Tesla has no regrets.

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Author: Mark Pippen
London News Desk 
Breaking Crypto News


Saturday Night Live: Elon Musk Explains Dogecoin...

This weekend's SNL featured guest host Elon Musk, and dogecoin fans had high expectations.  A tweet from Musk simply saying "The Dogefather" had some assuming this would be an entire skit, with a mafia godfather theme, but revolving around Dogecoin.

While that didn't happen, in the monologue with his mom he said she was getting DOGE as a mothers day gift.  Then the segment above during the newscast spoof  'Weekend Update'.

Video courtesy of NBC

Twitter Hack Results: Over 300 Idiots Gave Over $115,000 Worth of Bitcoin To Obvious Scam...

Twitter hacked
It's the kind of story that hurts to read, apologies in advance. 

The scam is even older than this, but the first time I wrote about it was in 2018 when Elon Musk addressed the issue on Twitter.

At the time, the wallet used by scammers showed just over $14,000 had been sent to an Elon Musk imposer. 

How? Well, there's clearly something deeply wrong with a surprising number of people.
Jeff Bezos hacked
Amazon CEO Jeff Bezos

This Time, It Wasn't Fake Accounts...

Which is why this time was 10x as profitable. Hackers used the real, verified accounts off Joe Biden, Apple, Uber, Barack Obama, Amazon CEO Jeff Bezos, Kanye West, Mike Bloomberg and more to share the scam.

Other than that difference - the exact same "Send me $1000 i'll send you $2000" concept has been used non-stop for years.

Obama hacked
Even The Former President was targeted...

Blinded By Greed...

This is my only guess on how this happens.  That the idea of a big payday with minimal effort is basically a dream come true for a lot of people.

First off - this whole thing is something they've never heard of happening before - so you would think the first time would be met with some skepticism.  When has a rich person ever just given away massive amounts of money to random people?

Sure, many give money away to charity - but there's a big difference between charity and throwing cash at random people online.

Secondly - the part where they ask for money, so that they can then give you money... this didn't seem strange!?

Let's imagine some rich person was doing a giveaway like this, for real.

It makes a whole lot more sense to just say "Reply with your wallet address, and i'll send you the money!".

Why would someone giving away money, also be asking for it... from the same person they're about to give some to?!

The Worst Part...

The worst part is, while we should be able to laugh at the expensive lesson these people clearly needed to learn, things like this are unfortunately a PR nightmare for Bitcoin.

Sure, you may hear of legitimate usage of cryptocurrency almost daily - the average person still does not. While the volume of illegitimate transactions is a small percentage of total usage, the stories behind everyday crypto usage are rarely interesting enough for the media to cover.

What has the media covered lately?

If I put myself in the shoes of an outsider for a minute: viruses that lock computers until a ransom is paid, North Korea using it to finance weapons, and now a high profile Twitter hack and scam - these would be the 3 most recent times I heard the word 'bitcoin'.

Thankfully, The Media's Focus Isn't Crypto This Time...

It's Twitter's massive security failure, but many stories still include the typical inaccurate babble about crypto being untraceable, which is untrue.

So far, Twitter's only statement has been:

"We are aware of a security incident impacting accounts on Twitter. We are investigating and taking steps to fix it. We will update everyone shortly."

The tweets have been removed, however they do still show up on various apps that pull data from Twitter but do not update immediately when a post is removed.

Fake tweet is still displayed as legitimate on Google. 

For example, at the time of publishing if you google Elon Musk, the first page of Google search results shows the scam as his most recent tweet, with nothing indicating it is fake. 
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Author: Ross Davis
E-Mail: Ross@GlobalCryptoPress.com Twitter:@RossFM

San Francisco News Desk




Elon Musk calls cryptocurrency 'brilliant' while predicting the end of paper money...

The Tesla and SpaceX founder shared his thoughts on cryptocurrency on the ARK Invest podcast, stating:

"Paper money is going away and cryptocurrency is a far better way to transfer value than pieces of paper" but as far as his companies getting involved "I don’t think it would be a good use of Tesla’s resources"

However, some of the companies in his portfolio likely will - as many have remarked that cryptocurrency will be how artificial intelligence powered devices will spend and receive money.

His past experiences with the crypto world haven't been great, as Ethereum scammers have stolen his identity on Twitter countless times.  Posing as Musk they tweet that he's doing an ETH giveaway, just send 1 and get 10 back... I think you know how this ends. (That story here)

There's no denying the advantages of cryptocurrency over fiat, as Musk made clear today.

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Author: Mark Pippen
London News Desk


Elon Musk comments on Ethereum scammers on Twitter - Vitalik responds...

Tesla CEO Elon Musk is among a long list of people targeted by Ethereum scammers on Twitter.

The scam works like this - Elon Musk makes a real tweet, then immediately following it, a profile designed to look exactly like his will respond with something like "By the way, i'm doing a giveway for our fans..."  this usually then involves some gimmick like "Send 0.5 ETH, and get 3 back!".

The bots are aggressive, and manage to usually be the first reply to a targets tweets, causing Musk to comment:

"I want to know who is running the Etherium scambots! Mad skillz …"

Which then got Ethereum's creator Vitalik Buterin to respond, sadly saying:

“I do wish @elonmusk's first tweet about ethereum was about the tech rather than the twitter scambots........”

The scammers do seem to have dozens if not hundreds of impostor accounts pushing their scams.  Even Global Crypto Press has been hit by them - so far we've reported two accounts impersonating our organization (The only real one is @GlobalCryptoDev) - to Twitter's credit both were removed within 24 hours.

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Author: Mark Pippen
London News Desk


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