Elon and influence on crypto currency markets

[Fraank]

Moderator comment - thread renamed from "Why is Elon such a kn*b?"

He's been manipulating the crypto markets for weeks, and pocketing huge sums from doge crypto currency.

And now that his influence on doge buyers has waned he has perfectly timed a tweet to negatively impact Bitcoin price.

He, and Tesla, knew about Bitcoins energy consumption when they purchased it. This is nothing but market manipulation to short price, or fill his personal buy orders.

I work in blockchain and the industry is largely sick of him. If he's still at the helm of Tesla, I don't see myself buying a Model Y next year as previously planned.

Rant over.

 

[Blueskies123]

Sounds like your listening to FUD.

 

[Fraank]

Sounds like your listening to FUD.

Not sure what you mean? He's not affecting my view on the market, but he's profiting from market manipulation.

 

[glide]

Sounds like your listening to FUD.

How is it FUD if it is literally coming from Elon’s Twitter account?

*you’re

 

[MP3Mike]

Not sure what you mean? He's not affecting my view on the market, but he's profiting from market manipulation.

How do you know he is making any trades and profiting from it?

 

[Billbrown1982]

Honestly, there's so much market manipulation going on - at least he's doing it publically so other people get a chance to ride the wave.

 

[jsmay311]

He, and Tesla, knew about Bitcoins energy consumption when they purchased it.

This.

The only explanation I can come up with is that previously they just didn’t care about the environmental harm, and/or they were only focused on the novelty and profitability of it. And then maybe the SNL appearance brought new negative publicity to Tesla’s involvement with Bitcoin, and that changed their calculus.

But regardless of their intent, I still applaud this move since it helps shine a spotlight on Bitcoin’s inherent unsustainability/immorality.

 

[Durzel]

He's been manipulating the crypto markets for weeks, and pocketing huge sums from doge crypto currency.

And now that his influence on doge buyers has waned he has perfectly timed a tweet to negatively impact Bitcoin price.

He, and Tesla, knew about Bitcoins energy consumption when they purchased it. This is nothing but market manipulation to short price, or fill his personal buy orders.

I work in blockchain and the industry is largely sick of him. If he's still at the helm of Tesla, I don't see myself buying a Model Y next year as previously planned.

Rant over.

I’m going to go out on a limb and guess that you’ve got skin in the game…

Isn’t this basically the ebb and flow of cryptos anyway? Elon seems to have such a big effect on them wherever he says something one way or the other, that it strikes me that until such time as he’s not such treated as such a big factor in them then their viability is always going to suspect.

You can’t control what he says, and it’s an unregulated market so he can say what he wants about them without repercussions.

With respect if you get worked up about this stuff then maybe it would be better if you didn’t have money in it?

(Full disclosure: I have some money in BTC, and a few others, as a bit of a folly)

 

[jimbo_hippo]

Just separate the cars from the man. If he appeared naked on top of Mount Rushmore hailing himself of the new messiah, our cars would still drive the same and the Model Y won’t suddenly be crap if he did.

Whenever people start to discus cars in the context of Elon I generally ask what their thoughts are on the CEOs of other Big Auto outfits. Oddly, nobody ever replies unless they bluff it by Googling who they are.

hea a bit odd for sure but it has no bearing on the cars whatsoever IMHO.

 

[HVM]

Did... Did you in UK actually believe what yellow press and BBC write? Ha, Britbongs are really clueless.

 

[Fraank]

How do you know he is making any trades and profiting from it?

A lot of his tweets had timing that was too perfect. I doubt he acted alone, unless he's also a genius on the charts.

Honestly, there's so much market manipulation going on - at least he's doing it publically so other people get a chance to ride the wave.

A chance yes, but more than likely they got burnt. Both 420 and SNL were dump fests as expected, but not what he led people to believe.

If he wanted to make people money he should promote non "sh*t coins".

I’m going to go out on a limb and guess that you’ve got skin in the game…

Isn’t this basically the ebb and flow of cryptos anyway? Elon seems to have such a big effect on them wherever he says something one way or the other, that it strikes me that until such time as he’s not such treated as such a big factor in them then their viability is always going to suspect.

You can’t control what he says, and it’s an unregulated market so he can say what he wants about them without repercussions.

With respect if you get worked up about this stuff then maybe it would be better if you didn’t have money in it?

(Full disclosure: I have some money in BTC, and a few others, as a bit of a folly)

I don't own bitcoin, others yes (not financial advice, but we are entering alt season, so other coins will outperform btc until btc makes its move later this year).

I'm not wound up because I have money in crypto. But because he wields great power, and he uses it poorly. Like you say, over time he will become irrelevant to crypto. But he could have become one of it's "thought leaders" instead.

 

[Fraank]

Did... Did you in UK actually believe what yellow press and BBC write? Ha, Britbongs are really clueless.

I didn't understand the relevance of anything you just said, so yes, I may be clueless.

 

[Fraank]

Just separate the cars from the man. If he appeared naked on top of Mount Rushmore hailing himself of the new messiah, our cars would still drive the same and the Model Y won’t suddenly be crap if he did.

Whenever people start to discus cars in the context of Elon I generally ask what their thoughts are on the CEOs of other Big Auto outfits. Oddly, nobody ever replies unless they bluff it by Googling who they are.

hea a bit odd for sure but it has no bearing on the cars whatsoever IMHO.

You're absolutely right, and I've used that same logic on myself in the past. At least there's plenty of time before we get the Y...

 

[HVM]

I didn't understand the relevance of anything you just said, so yes, I may be clueless.

"pocketing huge sums from doge crypto currency."
Maybe just maybe you could show some evidence instead of ruminating and vomiting FUD pieces...

 

[imstitch]

Honestly, who cares... Crypto isn't a regulated market and having hodl'd since 2014 a 10% drop isn't something to write home about.

 

[Durzel]

A lot of his tweets had timing that was too perfect. I doubt he acted alone, unless he's also a genius on the charts.

A chance yes, but more than likely they got burnt. Both 420 and SNL were dump fests as expected, but not what he led people to believe.

If he wanted to make people money he should promote non "sh*t coins".

I don't own bitcoin, others yes (not financial advice, but we are entering alt season, so other coins will outperform btc until btc makes its move later this year).

I'm not wound up because I have money in crypto. But because he wields great power, and he uses it poorly. Like you say, over time he will become irrelevant to crypto. But he could have become one of it's "thought leaders" instead.

A balanced view. Kudos.

My crypto portfolio is 90% BTC (if only I’d bought more ETH), bought at over £40k, so it’s fair to say I’ve taken a fairly big bath immediately.

I’m very much a novice in this stuff though, and am long on it anyway. I only wish I’d had the smarts to have sold my holdings just over an hour ago, and bought back in at the dip, as I would’ve covered my losses. It seems to be going back up again so I’ve missed the boat. These losses are only psychological though, because as said I’m long and as @imstitch said above this is how it works.

I’ve got some blockchain investments so that’s what I’m principally interested in anyway.

(Cool story bro etc)

 

[glide]

This.

The only explanation I can come up with is that previously they just didn’t care about the environmental harm, and/or they were only focused on the novelty and profitability of it. And then maybe the SNL appearance brought new negative publicity to Tesla’s involvement with Bitcoin, and that changed their calculus.

But regardless of their intent, I still applaud this move since it helps shine a spotlight on Bitcoin’s inherent unsustainability/immorality.

So if Bitcoin is immoral and Tesla owns Bitcoin but will not accept it as a form of payment…does that make Tesla immoral hypocrites?

 

[Bootneckshuffl]

I like Elon, think he’s one of the most genius names on the planet. That said, his comments on BTC are purely market manipulation in my opinion, drive the price lower and buy bags. He’s messed around with Doge, which is an absolute joke of a coin and now rumour mill about Tesla accepting Doge as payment.

 

[NewbieT]

Tesla did make a wedge from crypto in the last quarter (read transcript from last earnings call) and Elon is manipulating the market.

Is it legal? Probably. Is it ethical? Probably not on several levels. It is a abuse of power but if there is any solace at least he is transparent about it unlike many leaders.

People trust and follow Elon like a god. They would probably kill themselves if he said AP will stop you hitting a brick wall in a Tesla (please don’t try this). Using that power to hoodwink / influence people to invest so that Tesla can profit isn’t ethical. We can’t sell cars quick enough so let’s brainwash people, manipulate the market and rob them instead.

Yes yes crypto is a highly volatile, high risk unregulated market that has transparent ledgers. Investor beware (oh we don’t say that for crypto do we). Seems to be a playground for drug deals to me.

It all comes down to one question: Who do you trust?

 

[pgkevet]

Wasn't the real point here that that he claims bitcoin mining uses too much coal and other fossil fuels? Obviously he should stop selling cars in China and concentrate on inventing the battery powered computer instead

Other power saving ideas include abandoning SatNav and inventing the resuable paper navigation guide, dumping mobile phone and providing public access call devices strategically placed in tiny coin operated booths and note sending boxes. We could also get rid off road freight and dig a network of waterways with barges for distance haulage. And for people who insist on driving in a mire of noise I have an idea for clockwork device that turns a grooved cyclinder to vibrate a needle amplified through a large horn....