Re:Tesla has suspended vehicle purchases using Bitcoin
by bell-cot on Thursday May 13, 2021 @07:43AM
(#27140994)
If the market going up again (Step 4) is a sure thing, then Step 3 is obviously sub-optimal. If that is not a sure thing, then they've still got a potential ~$1B net loss.
I am not asserting that Elan's and Tesla's motives were pure. Nor that they complied with all applicable laws, regulations, etc. But "classic pump-and-dump" is a poor and very misleading description of the events to date.
Re:Tesla has suspended vehicle purchases using Bitcoin
by lanstin on Wednesday May 12, 2021 @08:24PM
(#27136916)
Like him or hate him, I don't think you can tar him with the "figurehead" brush.
Re:Tesla has suspended vehicle purchases using Bitcoin
by qayxc on Wednesday May 12, 2021 @08:32PM
(#27136983)
It's a figure of speech and meant to be completely neutral and independent of the actual person. Just like "the face of the company", e.g. Pat Gelsinger in the case of Intel or Tim Cook for Apple.
Re:Tesla has suspended vehicle purchases using Bitcoin
by CydeWeys on Wednesday May 12, 2021 @08:39PM
(#27137038)
"Face of the company" and "figurehead" have different meanings. The latter is pejorative. From the dictionary: "a person who is head of a group, company, etc., in title but actually has no real authority or responsibility".
Re:Tesla has suspended vehicle purchases using Bitcoin
by Normille on Thursday May 13, 2021 @02:52AM
(#27139189)
>Face of the company" and "figurehead" have different meanings. The latter is pejorative..
Re:Tesla has suspended vehicle purchases using Bitcoin
by CydeWeys on Monday May 17, 2021 @03:40PM
(#27187458)
Consult a dictionary: "A nominal leader or head without real power".
Re:Tesla has suspended vehicle purchases using Bitcoin
by alisonkisk on Wednesday May 12, 2021 @08:36PM
(#27137013)
"figurehead" is a word with a meaning. "Head" and "face" have different meanings.
Step 1: purchase $1.5Bn in Bitcoin
Step 2: make an announcement that will likely result in a rising valuation (it briefly went up by ~20% just because Musk added #bitcoin to his bio on Twitter...)
Step 3: sell 10% of your bitcoin at a profit of >$272M in Q1
Step 4: wait for the market to go up again, then proceed with Step 3
It's less risky to invest in a highly volatile, unregulated market if you have the means to somewhat steer the market just by making an announcement or have your company's figurehead add a hashtag on Twitter...