Tag: Drops

Categories
Coindesk News

Bitcoin Drops Over 3% Despite Golden Cross and Bank Calls for More US Stimulus

Bitcoin Drops Over 3% Despite Golden Cross and Bank Calls for More US Stimulus

Bitcoin prices look to be struggling with buyer exhaustion, having put in a negative performance in the last 24 hours despite positive developments on both the macro and technical fronts.

The top cryptocurrency by market value fell from $9,760 to $9,100 during Wednesday’s U.S. trading hours, even though major investment banks like JP Morgan and Goldman Sachs called for an increase in the size of the inflation-boosting government bond purchase programs run by the Federal Reserve and other major central banks. Bitcoin is increasingly eyed as an investment alternative that isn’t prone to inflation.

“The level of the expected increase in supply this year – about $2.1 trillion – is offsetting the $1.9 trillion demand for bonds to the tune of $200 billion,” JP Morgan said. 

The bank is essentially predicting a rise in bond yields and a fall in prices due to the shortage of demand in the bond markets. An uptick in yields or borrowing costs may discourage investors and corporations from borrowing and investing, prolonging the coronavirus-led economic downturn. 

As a result, analysts at JP Morgan think the central banks would have to ramp up their bond purchase programs in order to keep yields depressed. Goldman Sachs strategists echoed similar sentiments last week. 

Even so, bitcoin, which is widely touted as digital gold due to its limited supply and programmed supply cut at regular four-yearly intervals, fell on Wednesday and remains under pressure near $9,390 at press time, representing a 3.8% decline on a 24-hour basis, according to CoinDesk’s Bitcoin Price Index. 

The decline looks more surprising due to the fact that technical studies have been biased bullish from the start of the week. For instance, last week’s candle penetrated an 11-month falling trendline, confirming a bullish breakout. Further, the 50- and 200-day averages produced a “golden crossover” earlier today, signaling long-term bullish conditions (as technical theory suggests, anyway). 

With buyers unwilling to step in despite the bullish signals, the cryptocurrency looks vulnerable to deeper pullbacks. 

Some observers have suggested that on-chain movements of bitcoins caused a decline in prices on Wednesday. Selling pressure strengthened after a dormant address moved some of the earliest mined coins for the first time in 11 years. 

The subsequent recovery was shallow, and prices faced rejection at $9,600 early on Thursday before falling back to lows under $9,400. While, Wednesday’s price dip was an opportunity for investors to snap up bitcoin amid bullish macro developments, the weak bounce suggests most chose to remain on the sidelines. 

Signs of buyer exhaustion is not surprising, as the cryptocurrency has rallied by over 150% in the past two months. The rally was likely fueled by the bullish narrative surrounding the reward halving, which took place on May 11, and due to the unprecedented amounts of liquidity injected by major central banks into the traditional markets. The G7 central banks purchased more than $1.3 billion worth of bonds in April, as tweeted by Jeroen Blokland, a portfolio manager for the Robeco Multi-Asset funds.

Analysts at Stack, a provider of cryptocurrency trackers and index funds, expect bitcoin to consolidate in the range of $8,000–$10,000 for some time. 

From a technical analysis standpoint, immediate support is seen near $8,970 at a trendline rising from March lows. 

Daily chart

btc-daily-23

Acceptance under the ascending trendline support would expose the 200-day moving average located near $8,000.

So far, the confirmation of the golden cross has failed to invite stronger chart-driven buying. The indicator tends to lag prices and trapped traders on the wrong side of the market earlier this year, as warned by Darius Sit, co-founder and managing director at Singapore-based QCP Capital.

On the higher side, $10,000 is the level to beat for buyers. 

Disclosure: The author holds no cryptocurrency at the time of writing.

Disclosure Read More

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.



Source link

Categories
Coindesk News

Price Drops 7% in an Hour After Bitcoin Sees a Ghost

Price Drops 7% in an Hour After Bitcoin Sees a Ghost

Bitcoin was spooked by a ghost Wednesday, tumbling 7% in the span of an hour on reports a previously inactive address dating to the blockchain network’s earliest days had transferred more than $300,000 of the cryptocurrency. 

The scare brought a quick end to bitcoin’s four-day rally. Prices for the largest cryptocurrency by market value fell to around $9,500 as of 17:15 UTC (1:15 p.m. in New York) from $9,788 on Tuesday. Earlier Wednesday the rapid sell-off took bitcoin as low as $9,100.    

Wednesday’s tumble was most pronounced on Luxembourg-based exchange Bitstamp, where the price for 1 BTC lost 7% in one hour. 

The sudden drop came as crypto traders lit up Twitter after bitcoin blockchain data showed the address, inactive for 11 years, had moved up 50 BTC to different wallets, then another 9.99 BTC earlier in the day. The address’ owner is unknown at present but the coins were valued at around $379,200 at press time. 

The market pullback appeared to be exacerbated by the liquidation of heavily leveraged positions on the Seychelles-based BitMEX exchange, where traders can use derivatives known as perpetual swaps to bet up to 100 times their money down.  

Spot-market prices briefly diverged from those in derivatives markets, Vishal Shah, founder of the cryptocurrency exchange Alpha5, told CoinDesk via a Telegram message. 

A price gap as high as $15 opened up between spot exchanges and BitMEX, he said. 

“The spot index was higher than perpetual swaps” on BitMEX, Shah said. “This shows that it’s leveraged guys getting liquidated, while the spot bitcoin market is still firm.”

Hunter Merghart, head of U.S. operations for Bitstamp, told CoinDesk in a phone interview there appeared to be a “large sell order on the exchange” but that operations were functioning normally. 

“In general, we see large buys and sells all the time,” Merghart said. “We don’t know why people buy and sell, but it’s probably the news” of coins moving.”

Disclosure Read More

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Source link

Categories
Coindesk News

Bitcoin Mining Difficulty Drops by 6% In First Adjustment After Halving

Bitcoin Mining Difficulty Drops by 6% In First Adjustment After Halving

The Bitcoin network just fine-tuned a key parameter to coax back miners who quit after last week’s halving hammered their profits.

More than 20 exahashes per second (EH/s) of computing power – the equivalent of around 1.5 million older-generation mining machines – has been switched off from Bitcoin since the network’s halving.

The 7-day rolling average of Bitcoin’s hash rate has dropped over 20% from around 122 EH/s just prior to the halving on May 11 to now 97 EH/s. The once-in-four-years event reduced miners’ block rewards from 12.5 to 6.25 bitcoin (BTC) per block.

The hash rate drop after the halving has significantly outrun the hashing sprint prior to it. As such, Bitcoin’s mining difficulty, which measures how hard it is to compete for block rewards, decreased 6% to 15.14 Trillion at 2:00 UTC on Wednesday in the network’s first biweekly difficulty adjustment since the halving.

The amount of computing power connected to Bitcoin has been on a roller-coaster ride over the past two weeks.

Bitcoin’s mining difficulty adjusts itself every 2,016 blocks, roughly 14 days, to ensure the average interval between blocks remains at 10 minutes. If a large number of miners are switched off from the network, resulting in a longer-than-10-minute average block interval, the difficulty will decrease to encourage participation.

And Bitcoin’s third halving on May 11 happened exactly at the halfway mark of the previous 2,016-block difficulty cycle.

Read more: Bitcoin Mining Difficulty Nears All-Time High in Final Adjustment Before Halving

“We believe that, as the halving drew closer, miners in China did a sprint run of mining, even with older generation machines, to make most of the last days of the higher block rewards,” said Kevin Zhang, director of blockchain strategies at Greenidge Generation, a New York-based natural gas power plant that mines bitcoin.

Alejandro De La Torre, vice president of the mining pool PoolIn, agreed that miners were switching on to mine as much as possible before the halving.

“That’s why we saw those sky-high hash rate figures,” he said. But as the halving kicked in midway, he said, miners that were marginally profitable had to switch off.

According to miner profitability data tracked by PoolIn and F2Pool, at bitcoin’s current price and difficulty, old generations of miners won’t be profitable with an electricity rate that’s above $0.05 per kilowatt-hour.

Read more: Bitcoin Halving Arrives: Mining Rewards Drop for Third Time in History

Mitigating factors

That said, the drop in mining competition is helpful to those still in the game that have more efficient equipment and cheaper electricity since they can earn a bigger share of the 900 BTC minted every day.

With the difficulty adjustment, De La Torre expects some, but not all, of these miners to switch back on.

“Consider also, the wet season in China is bringing the cost of electricity even lower,” he said.

In a report released May 1, PoolIn estimated that the computing power contributed by miners at the “lower quartile” – older models that compute 0-25 terahashes per second – accounted for 15% to 30% of the network’s total at the time.

“While we expect most of these miners will shut down after the halving, it is likely that some of them have cheap enough electricity to survive in the near future,” the firm said in the report.

Read more: New York Power Plant Sells 30% of Its Bitcoin Mining Hashrate to Institutional Buyers

As the summer rainy season approaches in China, mining farms in the country’s southwestern provinces have been trying to attract customers with electricity rates as low as $0.03 per kilowatt-hour.

Following the halving, the total transaction fees paid to Bitcoin miners have also been on the rise, data shows. Apart from block rewards, miners earn fees that are attached to each transaction on the Bitcoin network.

Total daily network transaction fees have jumped from around 30 BTC at the end of April to over 160 BTC, and now account for roughly 17% of miners’ daily revenue.

“Another interesting observation we made is the significant rise of the transaction fees as a percentage of the block rewards. Yesterday, transaction fees comprised nearly a quarter of Greenidge’s pool payouts,” said Zhang. “With this percentage currently in the range of 15-20%, it remains to be seen how this percentage may change and affect the incentive of miners.”

Read more: BitMEX Is Making Bitcoin Network More Expensive for Everyone, Researcher Finds

Disclosure Read More

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Source link

Categories
News Sputnik

Matrix Creator Lilly Wachovsky Drops F-bomb on Elon Musk and Ivanka Trump for Using Red Pill Meme

Matrix Creator Lilly Wachovsky Drops F-bomb on Elon Musk and Ivanka Trump for Using Red Pill Meme

Viral

Get short URL

https://cdn1.img.sputniknews.com/img/107933/61/1079336121_0:143:1920:1223_1200x675_80_0_0_379f76215c8976fff9dbf1b13bf199ab.jpg

Sputnik International

https://cdn2.img.sputniknews.com/i/logo.png

https://sputniknews.com/viral/202005181079336031-matrix-creator-lilly-wachovsky-drops-f-bomb-on-elon-musk-and-ivanka-trump-for-using-red-pill-meme/

A cult scene from the Matrix has become a popular meme, often used to describe a rejection of mainstream and leftist worldviews, just like Neo decided to reject the simulation and see the things the way they really are. It seems, however, that the creators of the film are not very fond of this, to put it mildly.

Matrix creator Lilly Wachovsky became incensed with Ivanka Trump and Elon Musk for using the red pill meme, referencing the film. In an obscene response, the filmmaker slammed both and then proceeded to share a link to an LGBTQ social service.

​

​While many people were wondering what the billionaire meant by his tweet, guessing if it’s a political statement or just a joke, Wachovsky simply dropped an f-bomb on both Musk and Ivanka.



Source link

Categories
Gateway Pundit News

Attorney Sol Wisenberg Drops a Bomb on Judge Sullivan’s Corrupt Actions: “If the Government Wants to Dismiss a Case

Attorney Sol Wisenberg Drops a Bomb on Judge Sullivan's Corrupt Actions: "If the Government Wants to Dismiss a Case

Attorney Sol Wisenberg shared with Laura Ingraham on the Ingraham Angle tonight that the actions of Judge Sullivan go against the results of a recent case on the matter in the DC Circuit.  If the DOJ or government wants to dismiss a case they proposed, a judge cannot refuse the government’s right to do so. 

The judge overseeing the General Flynn case, Judge Sullivan, has shown his disdain for the rule of law.  He accused General Flynn of treason during one court hearing. He is clearly a Deep State hack.  Now he wants to bring another judge into the case to determine if it is right for the DOJ to dismiss the case against Flynn.

Sullivan’s court is rumored to also want to indict Flynn for lying to the court when he pleaded guilty to a crime he didn’t commit after being coerced into it by the Mueller gang.  The Mueller gang threatened to indict the General’s son if he didn’t plead guilty.  The entire disgusting case against Flynn is the most corrupt in our lifetime, yet judge Sullivan won’t let it end.

Tonight Sol Weisenberg shared why Sullivan’s actions are against current law:

TRENDING: BREAKING: List of Obama Operatives Who Unmasked General Mike Flynn Revealed… Including Brennan, Biden, Clapper and Samantha Power!

Under the Fokker Case that just came out 2 years ago, the DC Circuit which governs Judge Sullivan made it very clear if the government wants to dismiss a case you cannot, the District Court cannot refuse to do so because he doesn’t like the government’s theory. Because he thinks the government should continue the case.  And it doesn’t matter if the defendant has pled or not.

Via The Ingraham Angle:
https://www.foxnews.com/category/shows/ingraham-angle

The Fokker case referred to by Weisenberg is discussed in the Harvard Law Review:

Since the Arthur Andersen prosecution in which thousands of innocent workers lost their jobs, the Department of Justice (DOJ) has increasingly turned to deferred prosecution agreements (DPAs) to avoid the collateral consequences of a corporate criminal conviction.1.SeeBrandon L. Garrett, Too Big to Jail: How Prosecutors Compromise with Corporations 41, 44, 55 (2014). In a DPA, the government agrees to dismiss filed charges if a corporation complies with negotiated conditions that are aimed at punishing the misconduct and allowing the corporation to demonstrate rehabilitation. Traditionally, judicial scrutiny over the DPA’s terms has been “essentially nonexistent.”2. Mike Koehler, Measuring the Impact of Non-Prosecution and Deferred Prosecution Agreements on Foreign Corrupt Practices Act Enforcement, 49 UC Davis L. Rev. 497, 505 (2015) (citing U.S. Gov’t Accountability Office, GAO-10-110, Corporate Crime 8, 25 (2009)); see also U.S. Gov’t Accountability Office, supra, at 25 (reporting, based on a survey of twelve U.S. district and magistrate judges who handled cases involving a DPA, that judges “were generally not involved in the DPA process”). However, three recent district court decisions have attempted to assert a more substantive role for the court — declaring that an Article III judge is not a “potted plant”3. United States v. HSBC Bank USA, N.A., No. 12-CR-763, 2013 WL 3306161, at *5 (E.D.N.Y. July 1, 2013); see also United States v. Saena Tech Corp., 140 F. Supp. 3d 11, 33 (D.D.C. 2015) (quoting HSBC Bank, 2013 WL 3306161, at *5). or “rubber stamp”4. United States v. Fokker Servs. B.V., 79 F. Supp. 3d 160, 164 (D.D.C. 2015). when reviewing DPAs. The D.C. Circuit subsequently curtailed these efforts in United States v. Fokker Services B.V.,5. 818 F.3d 733 (D.C. Cir. 2016). in which it held that to preserve “the Executive’s long-settled primacy over charging,”6.Id. at 743. a court is not authorized to reject a DPA based on a finding that the “charging decisions” and “conditions agreed to in the DPA” are inadequate.7.Id. at 747. By ostensibly precluding judicial review of a DPA’s negotiated terms, the D.C. Circuit overcorrected and reinforced the executive branch’s unchecked discretion over DPAs by reassuring prosecutors that future courts will rubber stamp such agreements.

The Harvard article continues noting the Judge in the Fokker case stated that:

…as a matter of established law, the judiciary is not to second-guess the Executive’s decisions of “whether to initiate charges, whom to prosecute, which charges to bring, and whether to dismiss charges.”

The ruling states that it is the government’s duty to charge individuals with crimes and to dismiss cases not the court’s decision.  Judge Sullivan’s actions are now putting him in contention in the race for the title of most corrupt judge, followed closely by fellow DC Judge Amy Berman Jackson.

What a group of criminals we have running the government and courts after voting Obama into power!  Will the US ever recover?

Source link

Categories
Coindesk News

Exchange Run by Ex-Morgan Stanley Team Drops Trading Fees for Subscription Model

Exchange Run by Ex-Morgan Stanley Team Drops Trading Fees for Subscription Model

Crypto derivatives exchange Phemex is swapping out its existing trading fee structure for a new subscription model it says will make frequent trading more accessible.

The Singapore-based exchange, which only launched in November, said its new Premium subscription model would encourage clients to trade as much as they like on the platform without towering fees. Open only to manual traders, subscriptions start at about $10 a month – paid in the tether (USDT) stablecoin – and will be available as of Friday. Clients using algorithms for trading will still be charged maker, taker fees.

In itself, the subscription-based model isn’t revolutionary: many large exchanges already offer a flat fee to larger clients. But Phemex is offering subscriptions for traders who may not otherwise meet the minimum deposits and volume thresholds required on other platforms. Clients that deposit more than 0.2 bitcoin (around $1,800 at press time) or make more than $1,000 worth of trades a month will be eligible for a 30-day membership.

Phemex announced a $3.5 million Series A funding round, led by NGV Ventures, earlier this year. It already offers perpetual contracts – futures without expiry dates – on coins including bitcoin and ether, at 100x leverage. Currently unregulated, the exchange has applied for a license with the Monetary Authority of Singapore.

With eight team members coming straight from Morgan Stanley, the exchange said one of its aims is to add traditional products such as stock indices, commodities and products based on interest rates to the platform somewhere down the line.

In a statement, Phemex CEO Jack Tao – a former senior leader at Morgan Stanley’s electronic trading desk – said the new subscription model was “in line with the blockchain’s mission to facilitate financial transactions.” By putting customer needs first, he claimed Phemex would “empower individuals with all the advantages of our service in a cost-saving manner.”

CoinDesk asked Phemex whether there was a chance the new subscription model might potentially put the firm out of pocket. “Our derivatives market will continue working under industry standards, so we don’t expect to lose any revenue,” a spokesperson said.

Disclosure Read More

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Source link

Categories
Daily Beast News

Gov. Cuomo Says New York ‘Safe’ to Reopen on May 15 in Parts of State as Coronavirus Cases, Death Toll Drops

Gov. Cuomo Says New York ‘Safe’ to Reopen on May 15 in Parts of State as Coronavirus Cases, Death Toll Drops

New York Gov. Andrew Cuomo on Monday announced the light at the end of the coronavirus pandemic tunnel, revealing regions of the Empire State should prepare for reopening after the state-wide pause is set to end on May 15.

“We start a new chapter today in many ways. It’s a new phase,” Cuomo said at a press briefing from Rochester Regional Health. “We are, from my point of view, on the other side of the mountain. Now we can intelligently turn toward reopening.”

As the rate of new COVID-19 cases in New York has declined to the rate of “about where we started this horrific situation,” Cuomo said the state is ready to begin a “safe” and prepared to reopen.

Cuomo said the state has been broken down into 10 regions, each ranked across seven metrics related to the rate of infection and the hospital capacity for their residents. In the most concrete step toward restarting the virus-stricken state, Cuomo said three regions—the Southern Tier, Mohawk Valley, and the Finger Lakes—have met the readiness metrics and proved they have controlled their infection rate and established local hospitals have the capacity and testing to handle any possible virus resurgence.

“Some regions are ready to go today,” Cuomo said, noting that other regions are very close to begin the re-opening process. “This is the next big phase in the historic journey.” 

To date, 26,000 people in New York have died and hundreds of thousands more have been infected by the deadly virus. Though 161 more New Yorkers died overnight, Cuomo said the state is “over the mountain” as the rate of hospitalizations, intubations, and ICU admissions have all dramatically declined.

“When you see the number of lives lost, again, we’re right about where we started before we really went into the heart of this crisis. And that’s what it’s been. It’s been a crisis and a painful one. But we’re coming out of the other side. So in many ways, from my point of view, we’re on the other side of the mountain, right?”

The latest numbers, Cuomo said, gave him the confidence to begin the phased reopening starting this weekend—with limited construction, manufacturing, and curbside retail—is the first move in toward a return to public life in over 10 weeks.

“When we reopen, we’re talking about a phased reopening… the question is moderating that reopening to do it intelligently,” Cuomo said. “This reopening phase is locally driven, regionally driven.”

In New York City, Mayor Bill de Blasio said Monday that while new hospital admissions and the percent of residents testing positive have decreased, the city of 8.3 million won’t likely see the ease in restrictions until June. 

“I think it is fair to say June is when we’re going to potentially be able to make some real changes if we can continue our progress,” de Blasio said during his daily coronavirus briefing. The mayor said that despite indications that New York City is ahead of the virus, he is worried that lifting restrictions too soon would leave to a “boomerang” effect across the five boroughs.

To avoid a spike in COVID-19 cases, de Blasio said that city officials are focused on three indicators—daily hospitalization rate, ICU admissions, and percentage of new cases—to decide when to reopen non-essential businesses. “We are going to always go by the data,” de Blasio said. “It’s been pretty good and pretty consistent, but it is quite not where we want it to be but definitely trending in the right direction. But we need to see it sustained in a deeper way and right now that takes us into June.”

Under the state reopening plan first revealed last week, the first phase will allow manufacturing and construction operations to begin with strict social-distancing guidelines, staggered shifts, and frequent disinfecting. Some businesses will also be allowed to open for curbside service.

After two weeks, Cuomo said retail, finance, and professional services will be allowed to carefully lift restrictions with mandatory health screenings and safety guidelines. 

The third phase, which would occur after another two weeks, would allow restaurants, hospitals, and other hospitality to have a limited opening, followed by arts and entertainment venues. Cuomo stressed that education and entertainment sectors will be the last to resume because of the high density. 

Cuomo also said Monday there will be a “circuit breaker” in control rooms for each region, which will monitor the number of local infection and hospital rates to avoid any possible resurgence. 

He said that if regions that begin to open see a surge in new virus cases, or a decline in one of the seven metrics, the “circuit breaker” will alert local officials to immediately lock down the region again.

Despite the plan to return New York to a “reimagined” public life, Cuomo admitted he is cautious about the lifting restrictions, noting any could inflict even more damage on the state and economy if the virus resurges. 

“We have a clear uniform set of criteria, the same all across the state, all science-based, all data-based. We’ll look at those data points to see where it’s safe to open,” he said Sunday.

Source link

Categories
News Sputnik

Elon Musk Drops ‘Idiot’ Remark in Russian Over Being Called Out for His Plan to Reopen Tesla Plant

Elon Musk Drops ‘Idiot’ Remark in Russian Over Being Called Out for His Plan to Reopen Tesla Plant

Viral

Get short URL

Elon Musk has been pushing for his San Francisco Bay area-based electric car factory to resume operations, following several weeks of quarantine and lockdown measures to curb the spread of COVID-19, he’s, however faced a no-go order from the health authorities.

Tesla and SpaceX founder Elon Musk has emotionally hit back at a comment by Professor Robert Reich, a former US secretary of labour, in which he posted the gist from a Washington Post article saying “Musk threatens to take away people’s jobs unless he is allowed to risk their health” before concluding “capitalism at its worst”.

“Idiot”, Musk for some reason wrote in Russian, then “sorry”, continuing, also in Russian, his not-so-wordy rant: “boring idiot”.

The exchange of course didn’t go unnoticed by both Musk’s and Reich’s subscribers, with many expectedly calling out what they referred to as Musk’s self-centredness as a top businessman.

“You are a Понци [Ponzi]”, one struck back, also adding a word in Russian.​

“Elon, public health is more important than your businesses, sorry bud”, one posted, with many more putting forth similar views and stressing they would rather support Musk’s rivals if there were any:

“Since you got $700M from the 6 month average of 100B. Why don’t you just pay for your employees not to work until it’s safe”, a third posted.

“Robert Reich is a communist. There’s no room for debate here if you understand his economic policies”, another retorted.

A great many rose to Musk’s defence, suggesting he is right and “a hero” for bringing up the subject:

“State of California’s fault, respect to Elon for having the testicular fortitude to do what’s best for Tesla, share holders, and employees”, a second reacted similarly.

“Sad its come to this, but at least Elon can now see what the left has become. They are irrational, anti-liberty, non-scientific, fascists. Eyes are opening…”, someone in the thread concluded, whereas another insisted going back to work would always be an option and that scaremongering is no good:

Some even shifted the discussion to pondering whether Tesla should be deemed “an essential” enterprise:

“According to the California governor’s emergency declaration, Tesla is considered an essential business”, one shot back.

“That may be true but like I said, ‘essential’ has been used loosely during this whole thing we all know this”, another said.

Musk has been pushing to reopen Tesla’s Fremont, California, factory since the Alameda County Health Department said the carmaker must not reopen due to local anti-coronavirus lockdown measures remaining in effect.

Tesla filed a lawsuit against the county on Saturday, calling the continued restrictions a “power-grab” by the county citing the California governor having said the other day that manufacturers in the state would be allowed to reopen as part of the lockdown easing.

Tesla said Alameda was going against the federal and California constitutions, as well as defying the governor’s order, in the lawsuit filed in a San Francisco federal court.

The outspoken entrepreneur took to Twitter on Saturday to complain, threatening to leave the San Francisco area, where the only Tesla factory is based.

“If we even retain Fremont manufacturing activity at all, it will be dependent on how Tesla is treated in the future”, he posted.



Source link