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“Ever Heard Of Paypal?”: Elon Musk Has Epic Meltdown Arguing With Bitcoin Fanatics

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"Ever Heard Of Paypal?": Elon Musk Has Epic Meltdown Arguing With Bitcoin Fanatics With Elon Musk's "stand" against bitcoin last week, claiming that Tesla would not longer accept the coin for payments due to the environmental impact of mining it, the Tesla CEO quickly wound up doing an about-face in terms of his popularity with ...

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"Ever Heard Of Paypal?": Elon Musk Has Epic Meltdown Arguing With Bitcoin Fanatics

With Elon Musk's "stand" against bitcoin last week, claiming that Tesla would not longer accept the coin for payments due to the environmental impact of mining it, the Tesla CEO quickly wound up doing an about-face in terms of his popularity with bitcoin fanatics. 

And that "new" relationship was on full display Sunday when the Tesla CEO had an epic meltdown after a spat that started with podcast cost Peter McCormack. The spat sent cryptos crashing:

And subjected Musk to ridicule...

It began when McCormack had written a thread to Musk, accusing him of "trolling" with his support of Dogecoin, which led Musk to respond:

This set off the coining community, with Dogecoin creator @BillM2K asking of Musk's comment: "Do you see what being a toxic idiot does to your coin and community?"

Musk's response also opened the door for a spat wherein he called bitcoin "highly centralized" and boasted "Hey cryptocurrency 'experts', ever heard of PayPal? It's possible...maybe...that I know [more] than you realize about how money works". 

To which McCormack replied...

Musk's meltdown drew additional jeers from all over Twitter. Max Keiser wasted no time with critiquing Musk's arguments and went directly for an ad hominem shot at his mother, Maye Musk. Others claimed Musk was ready to "rage quit" bitcoin.

Well known Tesla critic @TeslaCharts chimed in:

Others accused Musk of not being able to stay in his lane...

Max Keiser joked that Elon made Peter Schiff, who he is notoriously at odds over bitcoin with, rational.

Finally, one Twitter user summed up Musk's "cradle to grave" experience with bitcoin:

When one user suggested Musk should dump his bitcoin as a result of the treatment he was getting, Musk replied "indeed":

This caused the following headline to hit the Bloomberg terminal: "MUSK IMPLIES TESLA MAY SELL OR HAS SOLD BITCOIN HOLDINGS".

The headline and the spat had Bitcoin trading with a $45,000 handle by mid day Sunday.

Recall, after Elon Musk royally pissed off cryptoworld by announcing that Tesla would no longer accept Bitcoin last week (just three months after Tesla announced they would take it), Dogecoin co-creator, Jackson Palmer, slammed Musk in a now-deleted Tweet, calling him a 'self-absorbed grifter.'

Musk's announcement caused a brutal selloff in most cryptocurrencies, including Dogecoin - which fell precipitously during the Tesla founder's lame appearance on Saturday Night Live, where he called himself the "Dogefather" and pumped the digital coin while also calling it a "hustle."

So goes the new state of the crypto world...

Tyler Durden Sun, 05/16/2021 - 19:50
Tyler Durden
Tyler Durden (a pseudonym) represents the idea that a return to truly efficient markets is a possibility and a necessity. After having experienced the inner workings of capitalism at various asset managers and advisors, Tyler believes that the current model is flawed and a deleveraging at every level of modern society is needed to reinspire the fundamental entrepreneurial spirit. Visit his blog: ZeroHedge (http://www.zerohedge.com/)

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