Topic: Elon Musk: "Bitcoin is almost as bs as fiat money" - page 3. (Read 434 times)

I agree that bitcoin is almost the same as fiat money, bitcoin is a legal medium of exchange in several big countries maybe in the future everyone will hold bitcoin, Elon Musk has become a person who wants to collect bitcoin he knows bitcoin in the future can beat fiat money.

Well he is playing with the crypto market because he knows that he is late in the crypto party. Whereas institutional investors have entered into the market at at 28k - 30k region, Elon's Tesla entered at 40k region. So he has to make it worthwhile for his company. He knows he has a great influence due to his wealth and success and he is using it to make his investment look safe. But anyway, he is also making our HODLING look stronger so can't really complain! We would have complained if he had advocated against bitcoin! So enjoy when you are on lottery!

Elon Musk is a charlatan. People don't recognize that because he's so successful but he's the most overrated person on planet earth right now.
I don't wanna get into it. But his opinion on bitcoin is irrelevant. Only his influence among his butt-sniffing followers.


Maybe I'll open a topic on how Elon Musk is a charlatan so that I can be linking to it in situations like this but I'll summarize.


1. He got ridiculous amounts of credit for SpaceX, especially re-usable rockets.

The only reason he is successful is government money and lots of it. The costs of his launches are actually higher than the reusable space shuttle (per launch cost) if you include the fact that the shuttle had multiple passengers and not just cargo.

Many parts of the rockets cannot be re-used and maintenance costs on top of that mean that he hasn't made rocket launches all that much cheaper. In fact his way of doing things doesn't really reach the point where re-usable rockets even make sense.

2. Hyperloop. As in the whole idea is 100 years old. He stole it, gave it a new name and claimed to be the inventor. If that is not bad enough, it's a terrible idea. A low pressure tube can fail along any of it's seals, when that happens (or someone just shoots a part of the steel tube) all the passengers in the system die. The trains accelerate as if in a blow dart gun, crash and die.


3. Electric Cars and batteries.

Electric cars are simpler than Internal Combustion cars. Yes, he's done a lot of good with Tesla but it's not really anything revolutionary. When he simply switched the size of the batteries that will go in his electric cars he claimed that as an improvement.
Yes, a bigger battery can hold more power but that doesn't mean there is any improvement of using more smaller batteries in energy density.


4. Ridiculous bullshit claims.

a. Claiming to make tunnels 100 times cheaper. In reality he compares the cost of digging a tiny hole to the cost of a metro system with trains, stations and everything.
b. Claiming that rockets can be cheaper than planes
c. Claiming that large electric aircraft could work with current technology
d. Claiming that he will make rockets 100+times cheaper by making them re-usable, and then not even reaching the break even point on beating single use rockets for years and years and years.

Agreed. In an indirect way, he is saying that Bitcoin is better than fiat cash in the current form. So I would take this as a positive comment from Elon Musk. He has given cryptocurrency users a lot of things to cheer, and I don't want to badmouth him for just one misunderstood comment. Also, let's not forget the fact that cryptocurrency is not free from major flaws. Scalability issues remain, and at an average of $15 per transaction, the fee remains at a very high level. Any efforts to resolve this issue had to be cancelled due to the opposition from the miners.

Well the keyword there is "Almost" so I don't really think he's trying to manipulate the price nor giving a negative comment about Bitcoin. It's just that he is trying to make his own stand in cryptocurrency. He is enthusiastic about Bitcoin but at the same time open to more alternative ways. People shouldn't make a big deal out of this.

As most users mentioned he's a player, smart businessman and more of a Wall Street professional. When someone has got money, automatically they'll get into more tricks and techniques to keep it growing. One such act is the recent activities of Elon Musk. I ain't good enough to state his mind, but it striked my mind.

At what price he could've invested on bitcoin, for sure he could've invested at the price below $10000. What he has earned out of the investment is huge. Now he needs buying volume to sell off so keeps pumping the market through different activities. Right now the buying volume is low, and this restricts him from taking away the profit and leave the market for now.

Bitcoin has made Elon more famous than before. his Twitter follower growing up after mentioned bitcoin daily. he must say thank you into bitcoin. Overall whatever his comment does not make bitcoin price falling down so much, we know he only one of which is an investor for a small value. it's not affected anything.

He is a smart Business man without any doubt and using his clout to promote Bitcoin as an alternative currency because he is heavily invested in it. He strongly  believes in its potential to grow many folds in coming months and years. He has been very successful so far to attract investment of general public and institutions in BTC. Using Tesla to promote Bitcoin and Bitcoin to promote Tesla is very smart strategy.

 https://qz.com/1971100/buying-bitcoin-after-an-elon-musk-tweet-is-a-rational-move/

First off, it looks to me Elon is a player. Moreover, his words are sometimes enigmatic, sarcastic, and so on. And more often, people or his tens of millions of followers, many of them blind, probably do things which are not the ones Elon must have wanted them to do as per his tweets or statements. But he doesn't care about them. He just does his thing. Elon is probably thinking he doesn't have any responsibility over his followers, and perhaps rightly so.

Secondly, it seems to me Elon does not have the perfect money in mind. And the statement in the OP does not mean Elon is backing off as a Bitcoin bull. In the first place, was he ever a Bitcoin bull? What's clear is that Elon is not a fan of fiat. And Bitcoin critics cannot just celebrate simply because Elon calls Bitcoin almost as BS as fiat. It seems this is just a battle of lesser evil. Both are BS but one is apparently better than the other.

This is only proves Him right , that He is a Nonsense Individual that only wanted to Play with the crypto market.

He is trying to see how influential He is in Crypto community and if The pumps  really sparks by him and now if the Dumps will be coming from Him as well.
But this time I'm sure he will fail and people will realized that what they once believe is a pure of BS show only.

Let's not fall into trap and Keep the Market heating and not by Him playing us all along .

But still, he owns a majority of the stocks in Tesla and if he is saying anything on Twitter then he is referring to his companies views too. I think we should not take that tweet so seriously. He comes on to Twitter quite often now and if he continues like this people will not take him seriously.

It would really go down, as it is now actually visible in our naked eyes that ELON MUSK has the power to manipulate the flow of cryptocurrency just by typing in his twitter and pressing the post button. So if he would sell and post it, BTC might experience a great correction, not just by 20 or 30k, it can even reach 40k down.

I bought 50 shares of Tesla back in 2018 and like always, I wish I bought more. Not worried, just wondering what people are thinking.

I guess people have been having difficulties making out which is Elon Musks opinion vs his companys' (Tesla) opinion. People have judged that he was pro-Bitcoin due to Tesla buying such a huge amount, but in his defense, it seemed like a commonsense move due to being right now, holding your money by buying Bitcoin is by far better than any other option available. I don't really know much of what his tweets are about, but based on his words and the tweet prior to what op has posted, you can immediately understand those answers.

Although I do think his interest in Dogecoin is personal, compared to Bitcoin which is viewed from a business perspective instead.

I imagine it would go down.

If you are worried about it, buy Tesla shares as a hedge, as they seem to have dived since they bought Bitcoin 

what happens to the price if he was to sell all his holding?

I doubt he sold yet. It would be all over the media as Tesla would have to disclose it.

It's very different from him holding it personally.

If anything, he truly believes in Bitcoin if he is tying it directly to the fate of his beloved company.

He's gotta cash out some first.  We wouldn't know it if he did.

guess he bought at $30k .. sold at $45k for a easy 50% win.
now wants to ride the price down below $45k again to buy in cheap and get more coin

sounds about normal
buy low sell high. wait for next low.

My bet is he's testing how much an affect he has on the over all value of Bitcoin once he makes a comment about it.  

It's a power trip.  How else does the richest man in the world get his kicks lol?  Of course you folks do know how utterly
nuts the guy is right?  He believes that mankind is a computer program.  And that is just one crazy notion this guy has.