It's just simply an unfortunate truth. Some people simply have far more influence over the markets(Elon being a perfect example).
And let's not forget that bitcoin and cryptocurrencies are still likely to be mostly dumb retail investors — those people who dump the moment they see FUD, and fomo in whenever they see good news. In contrast to the stock markets whereas it's mostly heavily experienced institutional investors and only a minority is retail, hence why the stock markets are far less affected by negative news.
Topic: Bitcoin Goes Down From a Celebrity - page 2. (Read 231 times)
Today I like to bring out a concern to all the people involved in the markets of cryptocurrency and even in traditional finance. There is a situation that people are unable to make a decision on anything without words being said by someone famous.
I am referring to some recent events going on within the last few weeks and months. One of them evolves around some famous celebrities such as Elon Musk. For some of you who are into cryptocurrency. You may already be familiar with names like Bitcoin and Dogecoin.
Some of you of course know the difference between a good crypto project and a bad one.
Referring to a project like Dogecoin which was created a few years ago. However the creators and developers of that crypto project have left the network sometime ago. Which the coin itself remains in circulation. Dogecoin was very inactive for sometime until recently. Elon Musk started to bring attention to this project again. Which in many turns did start to gain much profit.
The value of this coin started to grow to very high substantial levels. Which is very interesting. Of course there was much market manipulation on this. With many wealthy people and companies putting millions of dollars into Dogecoin. Which from comments direct from Elon Musk made many other people put money into this project.
However, Dogecoin did go down in value after some comments he made while host a show on Television. In which many people in the market started to sell their Dogecoin. All of this is just based on what some celebrity said. People are just following words of what celebrities say over going by their own knowledge and education value. Maybe in some cases people are not able to make financial decisions on their own.
In certain terms, say if your neighbour across the street decided to windmills onto his house to create power. You may not do yourself and think what he is doing is silly. However if you looked on TV and found out someone famous like Tom Cruise was putting windmills on top of his house. Then more people would actually follow that and do the same. Just proves how people are not able to think for themselves.
Referring back tp cryptocurrency. Just recently there was a drop in value of Bitcoin. This was from words said by Donald Trump at a recent event he was attending. He mentioned that Bitcoin was a scam as a way to bring protection to the US dollar. Which in same cases is what the government wants to do. However looking at the market on this. Bitcoin did go down just from his words and people selling out their Bitcoin.
Why do people have to consider words from a celebrity to be correct?
This is a case a concern for sure. People are not able to think for themselves in some case. Which can create a very dangerous situation for themselves and even an entire community with this mindset.
Why would anyone invest lots of money into a project that is quite obvious has no involvement by any people? Referring to Dogecoin and people who invested into it. This is like going to an empty store that is closed and dropping your money into the mailbox just for the fun of it.
In this case it is Elon Musk saying it would a great idea to dump money at an empty store.
That is something to think about for sure.
Perhaps you can clarify more on this. This is one question I will ask you all on this.
Do you want to be your own leader or do you need someone to tell you to run your life?
What are your thought on this? Perhaps offer some examples or elaborate more on what I mentioned.
This is could be something important to address in the future for sure.
I am referring to some recent events going on within the last few weeks and months. One of them evolves around some famous celebrities such as Elon Musk. For some of you who are into cryptocurrency. You may already be familiar with names like Bitcoin and Dogecoin.
Some of you of course know the difference between a good crypto project and a bad one.
Referring to a project like Dogecoin which was created a few years ago. However the creators and developers of that crypto project have left the network sometime ago. Which the coin itself remains in circulation. Dogecoin was very inactive for sometime until recently. Elon Musk started to bring attention to this project again. Which in many turns did start to gain much profit.
The value of this coin started to grow to very high substantial levels. Which is very interesting. Of course there was much market manipulation on this. With many wealthy people and companies putting millions of dollars into Dogecoin. Which from comments direct from Elon Musk made many other people put money into this project.
However, Dogecoin did go down in value after some comments he made while host a show on Television. In which many people in the market started to sell their Dogecoin. All of this is just based on what some celebrity said. People are just following words of what celebrities say over going by their own knowledge and education value. Maybe in some cases people are not able to make financial decisions on their own.
In certain terms, say if your neighbour across the street decided to windmills onto his house to create power. You may not do yourself and think what he is doing is silly. However if you looked on TV and found out someone famous like Tom Cruise was putting windmills on top of his house. Then more people would actually follow that and do the same. Just proves how people are not able to think for themselves.
Referring back tp cryptocurrency. Just recently there was a drop in value of Bitcoin. This was from words said by Donald Trump at a recent event he was attending. He mentioned that Bitcoin was a scam as a way to bring protection to the US dollar. Which in same cases is what the government wants to do. However looking at the market on this. Bitcoin did go down just from his words and people selling out their Bitcoin.
Why do people have to consider words from a celebrity to be correct?
This is a case a concern for sure. People are not able to think for themselves in some case. Which can create a very dangerous situation for themselves and even an entire community with this mindset.
Why would anyone invest lots of money into a project that is quite obvious has no involvement by any people? Referring to Dogecoin and people who invested into it. This is like going to an empty store that is closed and dropping your money into the mailbox just for the fun of it.
In this case it is Elon Musk saying it would a great idea to dump money at an empty store.
That is something to think about for sure.
Perhaps you can clarify more on this. This is one question I will ask you all on this.
Do you want to be your own leader or do you need someone to tell you to run your life?
What are your thought on this? Perhaps offer some examples or elaborate more on what I mentioned.
This is could be something important to address in the future for sure.
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