How much power does Elon still have over the crypto markets?

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Quote from: yat97 on June 17, 2021, 11:48:56 AM

Just because he says some negative or positive stuff, why do people react so much?

Whatever the reasons, are people done listening to him now or what?

I remember when he first tweeted anything about crypto it was doge. He just had a simple rocket with doge on the shuttle and posted that.

SOmehow.... this made doge go from less than a cent all the way up to 7 cents! Wtf kind of power is that?

Then he did some more doge tweets making it go as high as 70 cents.

But then with just one simple tweet, he dumped the bitcoin price. HOW!?

But yeah, has he numbed peoples nerves enough yet or what? It seems like it considering his last positive tweets haven't done much to bump the price up. What gives? Is his power done with or is it just easier to crash a market instead of pump it?

Previously it was true that the power of Elon Musk's tweets can affect the price of bitcoin and the price of meme coins, but lately if we look at the power of Elon Musk's tweets it has started to fade and no longer has the significant impact on the crypto market as it used to be, because I think almost half of the followers It was Elon Musk who depended on him who was disappointed and now they have started to forget about Elon Musk.
He is no longer a nobody in the cryptocurrency world.

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The power of Elon Musk to the crypto world is still strong because of so many people who followed him and still believing him of what he wants to say, it really gives hype on a coin. But for sure in the future, his power will be gone, there is no single person who can control the price of bitcoin in the future or once we all got full knowledge about cryptocurrency. Those people who keep on trusting that guy are those beginners who only rely on other people.

Who says he controls Bitcoin price?
He was trying to manipulate the market but he cannot control the market. Nobody can take control over Bitcoin.
However, Elon will never lose his influence towards cryptocurrency, because he has a lot of followers and not everyone of them are willing to understand the crypto market, they just want an easy money, a get rich overnight scheme.
Those who have learned will find their way to this community.

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Quote from: Tumanggor on June 20, 2021, 02:16:27 AM

people are fed up with Elon when he makes tweets related to Bitcoin

We are but there's still the power that Elon can manipulate the market especially for bitcoin. He's probably done with Dogecoin and just waiting to give some explosion for bitcoin but if that comes I hope that it's going to be the next bullish sentiment that we need for bitcoin. He just havet to tweet positively. Tongue

That's what I'm thinking right now and he might have changed already and understands that he doesn't have to think about green energy for bitcoin mining farms. There's more to take on than that.

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He definitely still has power to affect the market but it is waning.

After having Tesla jump in on Bitcoin he had lots of sway. But after then flip-flopping, and then going back and forth tweeting positive and negative things about Bitcoin, he has muddied his message and his effect. At this point I don't think anyone cares whether Tesla takes Bitcoin as payment, outside of the media who can write articles about it either way. Also the endless pumping of dogecoin has lost Musk lots of credibility, when combined with his flip-flopping on Bitcoin - it shows he is not serious and is just an attention seeker.

Musk's only clear message when it comes to crypto is to pump a shitcoin, so as he continues to flip-flop back and forth on Bitcoin his effect on the market will continue to grow smaller and smaller. The importance of Tesla onboard with Bitcoin was symbolic, but we're passed that now so nobody cares what Tesla does.

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Quote from: yat97 on June 17, 2021, 11:48:56 AM

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long ago, people needed someone who could enlighten them
At first, everything went well when Elon seemed interested in Bitcoin but that all changed when he tweeted something inappropriate

more than half of Elon's followers on Twitter must be crypto players
people are fed up with Elon when he makes tweets related to Bitcoin

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Quote from: yat97 on June 17, 2021, 11:48:56 AM

Just because he says some negative or positive stuff, why do people react so much?

Because people are stupid , they are mostly believing in short term profiting but in the end they lose some .

Quote

Whatever the reasons, are people done listening to him now or what?

at least were done here, Elon had already lose his trust from the previews decision he made.

Quote

I remember when he first tweeted anything about crypto it was doge. He just had a simple rocket with doge on the shuttle and posted that.

he did it on purpose like what he did in Bitcoin last week.

Quote

SOmehow.... this made doge go from less than a cent all the way up to 7 cents! Wtf kind of power is that?

Then he did some more doge tweets making it go as high as 70 cents.

But then with just one simple tweet, he dumped the bitcoin price. HOW!?

lol its not just His tweet but also the Banning from china about mining and some other issues that accomplished the situation.

Quote

But yeah, has he numbed peoples nerves enough yet or what? It seems like it considering his last positive tweets haven't done much to bump the price up. What gives? Is his power done with or is it just easier to crash a market instead of pump it?

He already number people and that is enough for us..

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Quote from: yat97 on June 17, 2021, 11:48:56 AM

But yeah, has he numbed peoples nerves enough yet or what? It seems like it considering his last positive tweets haven't done much to bump the price up. What gives? Is his power done with or is it just easier to crash a market instead of pump it?

To me, Elon is just a natural born personality based on the nature of the market, he is still a crypto advocate with doge, bitcoin. Elon - He's on the right track with the power of a famous billionaire. It is not clear when he will do the opposite. But a series of drama explosions in the market are showing mistakes, for example mCuban - reclaim the regulation just because he lost money by polygon/titan,,, He is wrong. There are people who disguise themselves as gods only when he earns money. Lol

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Quote from: Issa56 on June 19, 2021, 04:06:58 PM

Elon musk have power over cryptocurrency market because he really have the money to pump any coin he wishes and the amount of Followers he is having on the social media which must of them believe in him and they believe if he post about any coin he has the ability to pump and coin and must people are really after money so they believe if they can buy the coin the coin will definitely pump. That's why Elon musk is having power over cryptocurrency market.

That's what Elon Musk before but after he made the market dumped, i think his power has just lowered because some of his followers have started to hate him because of manipulating the market into a negative situation.

For me, it's not really all that Elon Musk's fault. China has also contributed to the dump. And even the cryto market alone has also had its own time to dump because of the previous bull run wherein coins were overbought. But this Elon Musk has really got the power to manipulate the market in such a direction he wanted but probably, his power will be gone fully too in the days to come so let's not worry because the market will eventually recover in time.

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Elon musk have power over cryptocurrency market because he really have the money to pump any coin he wishes and the amount of Followers he is having on the social media which must of them believe in him and they believe if he post about any coin he has the ability to pump and coin and must people are really after money so they believe if they can buy the coin the coin will definitely pump. That's why Elon musk is having power over cryptocurrency market.

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Even with the last issue he had with us, we all can tell that his statements or future statements will still have impact with our decisions.

We couldn't change the fact that Elon Musk has all the resources needed to know better than us. His payroll is massive and connections are too much.

Bottomline is, Elon Musk still have the power with cryptocurrency market if he would choose to influence still. I just hope that soon the next thing he would do would positively impact our cryptocurrency market.

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Quote from: yat97 on June 17, 2021, 11:48:56 AM

Just because he says some negative or positive stuff, why do people react so much?

Whatever the reasons, are people done listening to him now or what?

I remember when he first tweeted anything about crypto it was doge. He just had a simple rocket with doge on the shuttle and posted that.

SOmehow.... this made doge go from less than a cent all the way up to 7 cents! Wtf kind of power is that?

Then he did some more doge tweets making it go as high as 70 cents.

But then with just one simple tweet, he dumped the bitcoin price. HOW!?

But yeah, has he numbed peoples nerves enough yet or what? It seems like it considering his last positive tweets haven't done much to bump the price up. What gives? Is his power done with or is it just easier to crash a market instead of pump it?

People reacted so much back then because it was during a bullish market and because of the fact that elon musk himself is a very successful individual with many eyes watching him both in and out of this industry, also the people are desperate for good investments due to the effects of the corona virus pandemic, people need something to believe in and Elon Musk had the best timing.

The people right now are divided. Some still believe in him, while others are stuck with useless bag of shitcoins. There are also others that don't care and just take advantage of the momentum driven by his tweets. And of course, there are those people who are tired of his crap and those that just don't care. Whichever the case, the public is maturing along with this industry which is why I think that in the next years to come, bitcoin will not be easily swayed by some FUD or Shilling anymore. But as of today, we will, time and time again still witness some volatility just because of some people's tweets.

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Quote from: masterrex on June 19, 2021, 11:26:50 AM

Quote from: yat97 on June 17, 2021, 11:48:56 AM

Just because he says some negative or positive stuff, why do people react so much?

Whatever the reasons, are people done listening to him now or what?

I remember when he first tweeted anything about crypto it was doge. He just had a simple rocket with doge on the shuttle and posted that.
SOmehow.... this made doge go from less than a cent all the way up to 7 cents! Wtf kind of power is that?
Then he did some more doge tweets making it go as high as 70 cents.
but then with just one simple tweet, he dumped the bitcoin price. HOW!?
But yeah, has he numbed peoples nerves enough yet or what? It seems like it considering his last positive tweets haven't done much to bump the price up. What gives? Is his power done with or is it just easier to crash a market instead of pump it?

The previous events that you quoted are clear pronouncements on how the crypto market behaves, and it's dangerous, Elon's tweet is just simple there's nothing special about it. But the message depends on the one who reads it, suddenly many speculators and risk-takers are buying that 1 cents tweet driving the price of the "joke" to what is now.

it's part of the manipulation. i don't think the simply bitcoiner with just a fraction of BTC will start selling right after elon tweets negative about BTC. but when a big amount of BTC that moves the price is dumped, that's when the rest follows. its fun sometimes to just follow them as well. elon's tweet sometimes can be your trading signal.

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Quote from: yat97 on June 17, 2021, 11:48:56 AM

Just because he says some negative or positive stuff, why do people react so much?

Whatever the reasons, are people done listening to him now or what?

I remember when he first tweeted anything about crypto it was doge. He just had a simple rocket with doge on the shuttle and posted that.

SOmehow.... this made doge go from less than a cent all the way up to 7 cents! Wtf kind of power is that?

Then he did some more doge tweets making it go as high as 70 cents.

But then with just one simple tweet, he dumped the bitcoin price. HOW!?

But yeah, has he numbed peoples nerves enough yet or what? It seems like it considering his last positive tweets haven't done much to bump the price up. What gives? Is his power done with or is it just easier to crash a market instead of pump it?

The previous events that you quoted are clear pronouncements on how the crypto market behaves, and for me it's dangerous, Elon's tweet is just simple there's nothing special about it. But the message of that tweet depends on the one who reads it. (interpretation) suddenly many speculators and risk-takers are buying that 1 cent tweet and driving the price of the corny "joke" to what is now. but sorry for those people who bought it on the peak.

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Why he could do that? Simple. That's because he has such a huge number of followers, and has a big influence, enough to make people do or follow what he said. He's well known as a figure related to bitcoin, and that's why people believed and put trust in him, especially those who don't really understand about crypto, and finding out about crypto from him. They will follow what he said, and make him like a rule. If he tweets good, they follow, he tweets bad, they also follow. That's how influencer works. But now many people are mad of him already, so maybe that's why his power are getting lessen already now.

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He isn't as powerful as before because some of his tweets failed to impress lots of crypto users. It was clearly for his own good which disappoints lots of investors who are following him. However, we can't hide the fact that there are still people who follow him because he's too influential.

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Elon Musk still has a huge influence on people that can make huge investments, but group of small investors or regular cryptocurrency holders (guys like us) have fewer fate in him that it was several months ago. He still creates hype, as we still see a lots of Elon Musk related topics here, but forum or regular users stopped to praise him. We no longer buy like hell immediately every alt he mention in his tweet. Trust is gone.

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Quote from: yat97 on June 17, 2021, 11:48:56 AM

Just because he says some negative or positive stuff, why do people react so much?

Whatever the reasons, are people done listening to him now or what?

I remember when he first tweeted anything about crypto it was doge. He just had a simple rocket with doge on the shuttle and posted that.

SOmehow.... this made doge go from less than a cent all the way up to 7 cents! Wtf kind of power is that?

Then he did some more doge tweets making it go as high as 70 cents.

But then with just one simple tweet, he dumped the bitcoin price. HOW!?

But yeah, has he numbed peoples nerves enough yet or what? It seems like it considering his last positive tweets haven't done much to bump the price up. What gives? Is his power done with or is it just easier to crash a market instead of pump it?

I think he still has some sort of influence in the crypto industry but I don't think it's as strong as before. The moment he made Bitcoin dump because of this absurd research paper, the majority who follows him are probably staying away from him now as much as possible. I can't imagine people following him even though he made them lose a lot of money.

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Lets say ELon is one of the most influencial person that everything he said has been recognized by his followers. There are tons of people who tend to believe in whatever he will tweet even those who are high profile and big investors are following his statement over cryptocurrency.

The fact that the crypto market moves whenever he talked about it seems he enjoyed to manipulate the market.

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There's a consequence in his influential move, the community trusts him.
He can't make up something not reflected on what really is going to happen in the market.
It would be detrimental to his reputation if people deemed him a fraud

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Elon's Power is not as strong as before. There are many people who are smart enough and start to not believe in him. I'm one of those idiots who really believed in his tweets when he first started tweeting about crypto. But, right now i think i smart enough to realize this man just trolling us.

ropyu1978

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In my opinion for now, it can be said that about 50% percent still has power in the crypto market, because we look at his wealth, I think he still has a lot of sheep who are still loyal to Elon, and there are still many who are loyal. Elon's followers. Musk, unlike us, we are not his followers, we are not his sheep..

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Quote from: yat97 on June 17, 2021, 11:48:56 AM

Just because he says some negative or positive stuff, why do people react so much?

Whatever the reasons, are people done listening to him now or what?

I remember when he first tweeted anything about crypto it was doge. He just had a simple rocket with doge on the shuttle and posted that.

SOmehow.... this made doge go from less than a cent all the way up to 7 cents! Wtf kind of power is that?

Then he did some more doge tweets making it go as high as 70 cents.

But then with just one simple tweet, he dumped the bitcoin price. HOW!?

But yeah, has he numbed peoples nerves enough yet or what? It seems like it considering his last positive tweets haven't done much to bump the price up. What gives? Is his power done with or is it just easier to crash a market instead of pump it?

He has no much appeal in people now, many has changed since they find how trolling Elon Musk is doing the market.

the recent tweets of Elon has no much impact in the community look at it now , elon is losing sympathy little by little.

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Elon is a popular influencer and he has a huge social media followers who support him a lot. They believe in what Elon Musk said and because what Elon said about Doge really happened, the number of believers continuously increased. They always believe that whatever Elon Musk says, it will really happen. But if one day the words of Elon fail, it will also affect his followers.

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Quote from: yat97 on June 17, 2021, 11:48:56 AM

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It is his power that affect his followers, not all people. Me? I don't even flinch to whatever he says about Bitcoin whether it'd be positive or negative. He is just a rich guy in the end and I won't do any decision to crypto just because a certain guy in Twitter says something.

His powers are over? As long as people don't do research and rely on these celebrities, I don't think it is over.

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It would depend on how much people would give a crap about his post and how long they would tolerate it.
They are playing along his plans and enjoying it while they are gaining but once Elon wrecked it again those who are enjoying their crypto ride would starts to cry again.

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As long as people are believing him and he is still active on Twitter tweeting about his stuffs that he does then probably he still have a lot of power of the market, whether we like it or not.

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Quote from: OcTradism on June 18, 2021, 10:41:04 AM

Quote from: michellee on June 18, 2021, 10:35:25 AM

Before Elon enters crypto, he is a popular person with his Tesla and he has a huge fan of Twitter. And he thinks that he can use his popularity to influence the crypto, so he tweets about Dogecoin. His plan worked and made many people panic and buying Dogecoin in the rally of the price. And he did that again with Dogecoin and Bitcoin and boom. People seem not to care about his tweet again and do not like Elon.

Before 2020, Elon Musk tweeted about Dogecoin a few times and his tweets affected Dogecoin demand. Elon tested the market and he saw he can do something big with his twitter. I can't remember his first tweet about Dogecoin but perhaps it was in late 2018 or in 2019.

I don't see it as coincidence. It is test from Elon indeed. He tested and prepared things before he actually entered the manipulation games in 2020.

Maybe, but at that time, the market is at a bearish trend, making the crypto market at the lowest price and not moving higher. Maybe based on that time, Elon realizes that he can influence his fan to follow what he says. So he tried as what we saw and Dogecoin moves so high while many people are not predicted that coin can increase.

Quote from: OcTradism on June 18, 2021, 10:41:04 AM

Quote from: michellee on June 18, 2021, 10:35:25 AM

But we do not know how big Elon's power still has after this and maybe Elon has something that we do not know. But I hope Elon will not do the worst thing like before because that can make him in trouble.

Elon loves what he does in crypto market and he will not stop. He has love with money so he will not leave the crypto market. When one loves crypto, he can not leave it.

But if he can change his behaviour before, maybe he can become more popular after what he did. People only see what he do and if he is doing something wrong, people will easily judge him because of his mistake. So hopefully, he can change for the better, not just because he loves money and crypto.

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Quote from: yat97 on June 17, 2021, 11:48:56 AM

Just because he says some negative or positive stuff, why do people react so much?

Whatever the reasons, are people done listening to him now or what?

I remember when he first tweeted anything about crypto it was doge. He just had a simple rocket with doge on the shuttle and posted that.

SOmehow.... this made doge go from less than a cent all the way up to 7 cents! Wtf kind of power is that?

Then he did some more doge tweets making it go as high as 70 cents.

But then with just one simple tweet, he dumped the bitcoin price. HOW!?

But yeah, has he numbed peoples nerves enough yet or what? It seems like it considering his last positive tweets haven't done much to bump the price up. What gives? Is his power done with or is it just easier to crash a market instead of pump it?

The answer is simple, the more money you have means you became more influential in such a way where most people will follow your lead. If you have good social and financial status, people will believe in whatever you say and will take advantage when they've given the opportunity to do so.

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Quote from: conected on June 18, 2021, 01:35:56 PM

Quote from: goldade on June 18, 2021, 07:20:24 AM

In reality, Elon Musk has no real power over the market. What he has is the power of influence he has over his followers. And it is important to know that his followers are individuals who have a say in the market, however small. When these lot of people listen to whatever Elon Musk says and dance to his tune, it is as though he is the one controlling the market. Control the people and you control the market.
Personally, I hardly ever listen or follow Elon Musk although I do understand how powerful his influence can be over his followers and how disruptive of the market his tweets can be.

- In my personal opinion, he has a great influence on crypto followers and participants, it should also be called the power of the ruling class, the class of a whale giant, many people and including me can feel he is abusing his powers excessively but sometimes it is a jealousy, envy of his ability to control psychology and manage the crypto market, this may only happen for a few weeks but it is enough to speak to the power of Elon Musk. Currently, his campaign in crypto is probably under maintenance, after a successful fix, it is also another boom

He would surely be having a great influence considering that this guy is the richest man on the world where it is no brainer that there would be lots of followers and the words spoken by this guy would really be significant and would really be eyed out for those who do make out investment the bad thing here is that when he had tried
to stir up the crypto market on a non decent way then the community starting out to be sour against him.I don't know if there would be still some trust left for people
to believe into the things that he would try to say after all the things he had done? For sure he can still make out some impacts but wont really be that severe for sure.

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Quote from: goldade on June 18, 2021, 07:20:24 AM

In reality, Elon Musk has no real power over the market. What he has is the power of influence he has over his followers. And it is important to know that his followers are individuals who have a say in the market, however small. When these lot of people listen to whatever Elon Musk says and dance to his tune, it is as though he is the one controlling the market. Control the people and you control the market.
Personally, I hardly ever listen or follow Elon Musk although I do understand how powerful his influence can be over his followers and how disruptive of the market his tweets can be.

- In my personal opinion, he has a great influence on crypto followers and participants, it should also be called the power of the ruling class, the class of a whale giant, many people and including me can feel he is abusing his powers excessively but sometimes it is a jealousy, envy of his ability to control psychology and manage the crypto market, this may only happen for a few weeks but it is enough to speak to the power of Elon Musk. Currently, his campaign in crypto is probably under maintenance, after a successful fix, it is also another boom

$crypto$

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Quote from: ShowOff on June 18, 2021, 09:21:38 AM

Quote from: cryptomaniac_xxx on June 17, 2021, 04:42:37 PM

I agree, even if his company invested billions on the market, it slowly dawn to us that he is trying to manipulate the price. That's why his influence has dwindled a bit, not before when every tweet he said will have a drastic effect on the market. Now crypto investors is seeing Musk as playing with us, with the market.

You also have to admit that Elon Musk's interest in bitcoin is to increase Tesla's popularity. His strategy is to adopt bitcoin as a mean of payment at Tesla and has prompted quite a number of other investor to invest. There are positives from Elon Musk's effect on bitcoin, but he also create negative effect in it. While the reaction of trader and investor to his tweet are starting to wane at this point, it look like he's not done yet.

Not only did it increase the polarity of bitcoin on Tesla, but Elon Musk also had the opportunity to take huge profits even with his first tweet being able to break down traders and investors who were deceived by him so that in the end it caused a negative session because he had destroyed bitcoin in his tweet. Many don't care about him anymore because his behavior makes a lot of people upset.
And I heard that Tesla will also adopt bitcoin as a means of payment, will this be repeated again with the scenario that has been made? or will create more hype, I'm not sure Elon Musk can move investors again.

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Quote from: michellee on June 18, 2021, 10:35:25 AM

Before Elon enters crypto, he is a popular person with his Tesla and he has a huge fan of Twitter. And he thinks that he can use his popularity to influence the crypto, so he tweets about Dogecoin. His plan worked and made many people panic and buying Dogecoin in the rally of the price. And he did that again with Dogecoin and Bitcoin and boom. People seem not to care about his tweet again and do not like Elon.

Before 2020, Elon Musk tweeted about Dogecoin a few times and his tweets affected Dogecoin demand. Elon tested the market and he saw he can do something big with his twitter. I can't remember his first tweet about Dogecoin but perhaps it was in late 2018 or in 2019.

I don't see it as coincidence. It is test from Elon indeed. He tested and prepared things before he actually entered the manipulation games in 2020.

Quote

But we do not know how big Elon's power still has after this and maybe Elon has something that we do not know. But I hope Elon will not do the worst thing like before because that can make him in trouble.

Elon loves what he does in crypto market and he will not stop. He has love with money so he will not leave the crypto market. When one loves crypto, he can not leave it.

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Before Elon enters crypto, he is a popular person with his Tesla and he has a huge fan of Twitter. And he thinks that he can use his popularity to influence the crypto, so he tweets about Dogecoin. His plan worked and made many people panic and buying Dogecoin in the rally of the price. And he did that again with Dogecoin and Bitcoin and boom. People seem not to care about his tweet again and do not like Elon.

But we do not know how big Elon's power still has after this and maybe Elon has something that we do not know. But I hope Elon will not do the worst thing like before because that can make him in trouble.

k@suy

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Quote from: Coyster on June 18, 2021, 06:59:15 AM

This is not true. Satoshi has no more control over the Bitcoin network than yourself, meaning he has none, cause you don't as well. Satoshi created Bitcoin, but control and freedom of personal funds is in the hands of it's users. Whatever manipulation Elon has over the network is only down to people's naivety, if some newbies to crypto are better informed, then we'd never even have to mention Elon Musk in matters concerning Bitcoin manipulation or control.

Lets give a credit to Satoshi for creating bitcoin because if it is not to him I don't know if the cryptocurrency will exists. Today bitcoin is a community driven type of market where I do believe that everyone of us have a control over the market, in individual means it is just a small impact but as a whole we are the life of crypto that fuel it to the fire. But when it comes to Elon Musk I know and in my own opinion he is above the individual member of crypto market, he doesn''t have control over the crypto market but he can influence the mind of people on whatever he's saying.

ShowOff

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Quote from: cryptomaniac_xxx on June 17, 2021, 04:42:37 PM

I agree, even if his company invested billions on the market, it slowly dawn to us that he is trying to manipulate the price. That's why his influence has dwindled a bit, not before when every tweet he said will have a drastic effect on the market. Now crypto investors is seeing Musk as playing with us, with the market.

You also have to admit that Elon Musk's interest in bitcoin is to increase Tesla's popularity. His strategy is to adopt bitcoin as a mean of payment at Tesla and has prompted quite a number of other investor to invest. There are positives from Elon Musk's effect on bitcoin, but he also create negative effect in it. While the reaction of trader and investor to his tweet are starting to wane at this point, it look like he's not done yet.

22bits

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In the long run I think Elon will have less and less power as he seems to spout off without really thinking it all out first. It is probably good when it drops any way as the weak hands are looking for a reason to exit.

DarkDays

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Quote from: serjent05 on June 18, 2021, 08:58:47 AM

Quote from: CryptoStar19 on June 17, 2021, 11:52:06 AM

Elon's influence over the crypto market comes from his large social media following and the fact that a lot of his followers believe in him almost religiously and will follow his whims blindly without questioning or taking the time to really research and understand it for themselves.

Actually, it is from his achievement and position. Due to this, his social media accounts have lots of followers thus, anything he says has the power to influence the belief of those who admire him. People look at him as a successful icon when it comes to financial things. So whatever he suggests with regards to investment, many will follow it blindly.

Yes, he is definitely an influencer. his action influence what other do and don't. So overall, yes, Elon Musk still does have a large influence on the market monopoly, you can see this from a few weeks ago. Nothing has changed since.

dhemasm

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Quote from: TribalBob on June 18, 2021, 07:21:14 AM

I think the "EM" tweet is no longer valid for bitcoin CS owner after he played the market by revoking his decision to buy Tesla with bitcoin, yesterday seeing new tweet but that the impact was smaller than his first few tweets,

Yeap not as much as his first tweet but still have some little impact to the market especially moving their followers and Tesla fans, He deserve it anyway when basically people already trusting him then he just wasting that. Basically He can change the traditional market since he have some big impact before but yeah now i see Elon as another McAfee.

serjent05

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Quote from: CryptoStar19 on June 17, 2021, 11:52:06 AM

Elon's influence over the crypto market comes from his large social media following and the fact that a lot of his followers believe in him almost religiously and will follow his whims blindly without questioning or taking the time to really research and understand it for themselves.

Actually, it is from his achievement and position. Due to this, his social media accounts have lots of followers thus, anything he says has the power to influence the belief of those who admire him. People look at him as a successful icon when it comes to financial things. So whatever he suggests with regards to investment, many will follow it blindly.

Kong Hey Pakboy

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As much influence and bitcoin that he has, I am pretty sure that is how much his power over crypto market is and I don't think that he won't relinquish any of that power anytime soon. And to everyone who hates him, think of stuff that you can do while he manipulates the market, you can still make some money out of it.

Leviathan.007

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In my own idea, time after time when market becomes bigger, older and Elon tweets more, we will see less effects from his tweets. The first time he did a tweet the effect was too much because it was his first tweet about bitcoin and people were too emotional and this emotional atmosphere made the price rise rapidly. I can see currently, his tweets are not effect the price like he did months ago because people know him and his goals better than before, in the other hand the market is still young and after a few years will see less effects by these people in the market.

yat97

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His power can be restored, just need a little time. Hopefully his tweet will be bullish next time.

I'm really hoping he tweets about doge again in a positive light. I just fear he has no more ability to pump markets, only to crash them. Seems like people were looking for any excuse to sell.

JerryKin

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Elon musk's power on the crypto market is dependent on his social media influence and interests not that he is in direct control of how the market raises or falls.. He has a big social media platform so also an huge influence on almost anything especially crypto market.

TribalBob

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I think the "EM" tweet is no longer valid for bitcoin CS owner after he played the market by revoking his decision to buy Tesla with bitcoin, yesterday seeing new tweet but that the impact was smaller than his first few tweets,

goldade

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In reality, Elon Musk has no real power over the market. What he has is the power of influence he has over his followers. And it is important to know that his followers are individuals who have a say in the market, however small. When these lot of people listen to whatever Elon Musk says and dance to his tune, it is as though he is the one controlling the market. Control the people and you control the market.
Personally, I hardly ever listen or follow Elon Musk although I do understand how powerful his influence can be over his followers and how disruptive of the market his tweets can be.

Coyster

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Quote from: romero121 on June 17, 2021, 04:53:01 PM

Other than Satoshi none have control over the bitcoin network, but lot many people have control over the cryptocurrency market. This is all because of the massive holdings of cryptocurrency. Elon is very much active on the cryptocurrency market in the recent days after finding the massive fluctuation. Now he tends to make use of the market for wealth generation making common people suffer.

This is not true. Satoshi has no more control over the Bitcoin network than yourself, meaning he has none, cause you don't as well. Satoshi created Bitcoin, but control and freedom of personal funds is in the hands of it's users. Whatever manipulation Elon has over the network is only down to people's naivety, if some newbies to crypto are better informed, then we'd never even have to mention Elon Musk in matters concerning Bitcoin manipulation or control.

romero121

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Quote from: Coyster on June 17, 2021, 04:41:15 PM

He doesn't have any power or control over the Bitcoin network, instead his control is on people who can be easily manipulated by FUD, if the Bitcoin network didn't have users who don't do their research and are thrown into confusion just by a single tweet, then even his manipulations wouldn't be possible.

Elon's tweets though can pump coins that are originally pump and dump coins, but his influence can't control such shitcoins and keep them up, cause with time they plunge/dump, in conclusion, if less users heed to whatever it is Elon has to say, the lesser his power/influence can be in the crypto network.

Other than Satoshi none have control over the bitcoin network, but lot many people have control over the cryptocurrency market. This is all because of the massive holdings of cryptocurrency. Elon is very much active on the cryptocurrency market in the recent days after finding the massive fluctuation. Now he tends to make use of the market for wealth generation making common people suffer.

Each and every tweet of him is taken into discussion. As he have got the ability to fluctuate the market there arises a big follower network that take buying and selling strategies based on his activity. In recent days it is the only possible way to profit. So, he have got good influence on the market.

cryptomaniac_xxx

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Quote from: ShowOff on June 17, 2021, 04:17:07 PM

Why are people so interested in trying to talk about Elon when other institution like Microstrategy are also one of the biggest companies that have backed bitcoin with big investment?

I would speculate that it is because Elon is such a famous personality globally. He is so enigmatic that people tend to follow his every move.

Quote from: ShowOff on June 17, 2021, 04:17:07 PM

Elon's effect in investing in bitcoin and meme coin is more accurately described as part of the price monopoly he created. He is a smart man whose power of money can play with price. $1.5 billion is a sufficient number to call it a bitcoin whale. While he is also eager to make something big out of his investment despite his supportive stance through news of his adoption as a mean of payment at Tesla. Now his influence in the market is much less than it was a few month ago and maybe that is because of his carelessness in disclosing inaccurate fact about bitcoin mining which is not environmentally friendly.

I agree, even if his company invested billions on the market, it slowly dawn to us that he is trying to manipulate the price. That's why his influence has dwindled a bit, not before when every tweet he said will have a drastic effect on the market. Now crypto investors is seeing Musk as playing with us, with the market.

Coyster

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He doesn't have any power or control over the Bitcoin network, instead his control is on people who can be easily manipulated by FUD, if the Bitcoin network didn't have users who don't do their research and are thrown into confusion just by a single tweet, then even his manipulations wouldn't be possible.

Elon's tweets though can pump coins that are originally pump and dump coins, but his influence can't control such shitcoins and keep them up, cause with time they plunge/dump, in conclusion, if less users heed to whatever it is Elon has to say, the lesser his power/influence can be in the crypto network.

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Elon's only "power" in crypto is whether or not Tesla accepts it. He wants to milk that goose for attention as long as he can. I suspect that he thought there would be more applause and a bigger show when Tesla started accepting Bitcoin, and in my opinion it was his expectations not being met with respect to his own limelight that made him stop accepting BTC, not environmental concerns. You can bet when Tesla does decide to start accepting BTC again, it will be a giant spectacle meant only to stroke Elon's ego. I can't wait.

DatKing

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This time, his action wasn't so much affective on Bitcoin price. It increased a little, yes. But the price has come down to its usual levels again. I wonder whether we can see this as his influence on the market is getting weaker.

ShowOff

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Why are people so interested in trying to talk about Elon when other institution like Microstrategy are also one of the biggest companies that have backed bitcoin with big investment?

Elon's effect in investing in bitcoin and meme coin is more accurately described as part of the price monopoly he created. He is a smart man whose power of money can play with price. $1.5 billion is a sufficient number to call it a bitcoin whale. While he is also eager to make something big out of his investment despite his supportive stance through news of his adoption as a mean of payment at Tesla. Now his influence in the market is much less than it was a few month ago and maybe that is because of his carelessness in disclosing inaccurate fact about bitcoin mining which is not environmentally friendly.

Baofeng

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I guess with his supposedly latest positive tweet about Tesla going to accept bitcoin again as payment method, it move the market somewhat to $40'ish, but there was no momentum as I will say that we are in the bear market for more than a month now.

So obviously he has the power but not as big as people think of. Specially when he started his anti bitcoin sentiments, investors are now getting smarter and just wouldn't put their money in the market just because he made a sudden U-turn now.

ziyaaa

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It looks like his influence on the market can still be quite big. He stated that he was thinking of starting to accept payments with Bitcoin again as most of Bitcoin mining started using renewable energies. And it affected Bitcoin price directly again this time in a positive way.

Smartvirus

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Virtually a lot or Virtually nothing! It might seem contradictory right? Well, thats the way it is. Elon Musk has always got his fans who are ready to back him up even with the fact that, his capable of making some decisions that could be considered wrong. These fans who idolise him and blindly follow would always be there to reflect his tweets and anticipations in the the market. Luckily for us, they are only a handful now. Crypto smart people aren't any more all loving and trusting of Elon Musk. He came up as someone who actually wanted crypto to hot heights not thought of, to bring crypto to the elites of the society but later changed to a guy who is looking out to accumulating sats from beginners. Well, it worked fir a time, but it was just for a time and that time is gone now.

Gamerholic

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To my great regret, the power is great. Since this person is an idol for many and people listen strongly to everything he says. He also thinks it is very pleasant and the fact how he disposed of this trust and "power" also says a lot about this person. I hope that authoritative people within the community, leaders of large projects and other centers will fight this populist and put him in his place.

ILuckyGuyI

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It seems like Elon Musk still has a lot of power to affect the market. His last statements helped Bitcoin price to go up again. But it is back to 37k now. As long as he has this influence, I don't think that his power will be gone. But I'd really like to see that power gone.

sapnu

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For the past months, we've all witnessed how Elon Musk affected bitcoin's price after his announcement that he is not gonna accept it as a payment for Tesla anymore. Recently, he announced that he will once again consider accepting bitcoin since he found a good energy source for bitcoin mining that is not that harmful for the environment. It later on led for bitcoin's price to grow once again. Even though it is just a speculation, considering the standing or the position of Elon as a billionaire widely affects other billionaires mindset.

Slow death

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unfortunately he has great power over this cryptocurrency market, I see it as something very dangerous but I face the harsh reality that he has great power, the guy Is billionaire, he has a famous company and he has thousands of people who admire him and he has dozens of rich friends, of course his influence is expected to be a very big one and he is also taking advantage of that, the problem is not in the tesla man, the problem is in the greedy people in the cryptocurrency market who are buying or selling cryptocurrencies every twitter what tesla men do

Quote from: herurist on June 17, 2021, 01:46:36 PM

Indeed, I have seen lately that the effect of Elon presence on crypto is not too big. Even so, don't expect too much.

test:

if he says he will buy a lot of bitcoins and tesla will also buy a lot of bitcoins, he price will increase a lot immediately

herurist

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Quote from: dothebeats on June 17, 2021, 12:08:50 PM

After the crypto market fell, it's probably not a lot by now since those who bought doge and other crypto influenced by this tweets probably lost a lot of money in the process, and are still trapped in the current market situation waiting to get a good enough price to exit. Even if he's a billionaire and commands a lot of innovation at the palm of his hands, I think it isn't enough to sustain such kind of control in a market that he also helped bring down.

Indeed, I have seen lately that the effect of Elon presence on crypto is not too big. Even so, don't expect too much. We have to stop chasing him and focus on the growth of crypto based on the naturalism of cryptocurrency, just as crypto would have grown without him. followers may get bored and lose interest.

how not, in this year alone the gains and losses that have been incurred are almost comparable. let's go back to the natural world, and it educates us not to rely on tweets that only benefit the big holders. As small traders we must be consistent in our decisions and choices about crypto. because it is long term. we must be able to manage finances in crypto as well as possible for the sake of future continuity that is not carried away by FUD.

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I think his impact has less of an impact than his first few tweets made but if he starts rampantly tweeting more negative stuff about bitcoin then sadly, weak hands still are influenced & get shaken out.

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Quote from: BrewMaster on June 17, 2021, 12:44:09 PM

pumping shitcoins is super easy. there are also a lot of pumping groups who are waiting for any excuse to pump these low shitcoins because the real profit is as it has always been in pump and dumping shitcoins. that is why we saw such a mssive DOGE pump when they had the "excuse" to pump it.

as for bitcoin, it was not Elon who crashed bitcoin. there were A LOT of reasons why bitcoin crashed. and since you are new i have to tell you that such crashes are very common during the bitcoin bull runs.

- the main reason was that bitcoin had gone up too much and too fast with only small corrections so it needed a "pause" before it co uld rise big again.
- the other reason was because the $65k-$70k prices were too hard to reach and after a couple of attempts they didn't break. so the correction starteed.
- the other reason which contributed a lot was a huge FUD campaign that fooled newcomes into selling their bitcoin by scaring them into thinking: bitcoin's energy consumption is huge (lie), some countries including China are banning bitcoin (another lie), FBI hacked bitcoin (another huge lie), and a lot of crap like that which they used to keep it down this low.

yet people only see the "celebrity" and associate everything with them!!!

I absolutely agree with what you said. Celebrity or a country's influence will not cause such a price fall, Bitcoin is just reacting to market forces.
I don't get why people are quick to attribute bitcoin price to myths as if it's a stable coin.

bL4nkcode

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Elon is so much a like mcafee pumping shitcoins, but so much power since he's just one of the richest guy on this planet. But unlike mcafee this guy has focused only in doge which really is for memes where everyone is into it.

The whole crypto space is so much hype after elon start tweeting and even started to invest bitcoin, IIRC from 20k to 60k (there are lots of aspects not just from him though), but now since he take back that decision, almost everyone starting to hate the guy.

BrewMaster

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pumping shitcoins is super easy. there are also a lot of pumping groups who are waiting for any excuse to pump these low shitcoins because the real profit is as it has always been in pump and dumping shitcoins. that is why we saw such a mssive DOGE pump when they had the "excuse" to pump it.

as for bitcoin, it was not Elon who crashed bitcoin. there were A LOT of reasons why bitcoin crashed. and since you are new i have to tell you that such crashes are very common during the bitcoin bull runs.

- the main reason was that bitcoin had gone up too much and too fast with only small corrections so it needed a "pause" before it co uld rise big again.
- the other reason was because the $65k-$70k prices were too hard to reach and after a couple of attempts they didn't break. so the correction starteed.
- the other reason which contributed a lot was a huge FUD campaign that fooled newcomes into selling their bitcoin by scaring them into thinking: bitcoin's energy consumption is huge (lie), some countries including China are banning bitcoin (another lie), FBI hacked bitcoin (another huge lie), and a lot of crap like that which they used to keep it down this low.

yet people only see the "celebrity" and associate everything with them!!!

avikz

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Quote from: yat97 on June 17, 2021, 11:48:56 AM

Just because he says some negative or positive stuff, why do people react so much?

Whatever the reasons, are people done listening to him now or what?

I don't think people are done yet, but I believe we will soon overcone his influence over the crypto market. He has a large following in social media and he is also regarded as a visionary inventor of our time. So there are people who listens to him and react on his views. We used to react for Jamie Dimon and Warren Buffet as well. But eventually we have stopped listening to them. Same thing will happen with Elon in due course of time.

kryptqnick

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I think that his impact is currently lower than, say, a month ago, but there are always people whose opinions matter to many other people in any area, and given how Bitcoin is unregulated in terms of price and supply, it's more susceptible to changes and such people can affect the price significantly. People seek for authoritative figures, so that they can put some responsibility on other people and simply listen to things instead of thinking themselves. I think we should just accept it that Bitcoin is volatile and that media coverage, regardless of whether it's FUD or some real troubles, can trigger major changes of the price. But eventually Bitcoin recovers, so it's not a big deal.

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After the crypto market fell, it's probably not a lot by now since those who bought doge and other crypto influenced by this tweets probably lost a lot of money in the process, and are still trapped in the current market situation waiting to get a good enough price to exit. Even if he's a billionaire and commands a lot of innovation at the palm of his hands, I think it isn't enough to sustain such kind of control in a market that he also helped bring down.

CryptoStar19

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Elon's influence over the crypto market comes from his large social media following and the fact that a lot of his followers believe in him almost religiously and will follow his whims blindly without questioning or taking the time to really research and understand it for themselves.

yat97

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Just because he says some negative or positive stuff, why do people react so much?

Whatever the reasons, are people done listening to him now or what?

I remember when he first tweeted anything about crypto it was doge. He just had a simple rocket with doge on the shuttle and posted that.

SOmehow.... this made doge go from less than a cent all the way up to 7 cents! Wtf kind of power is that?

Then he did some more doge tweets making it go as high as 70 cents.

But then with just one simple tweet, he dumped the bitcoin price. HOW!?

But yeah, has he numbed peoples nerves enough yet or what? It seems like it considering his last positive tweets haven't done much to bump the price up. What gives? Is his power done with or is it just easier to crash a market instead of pump it?

Topic: How much power does Elon still have over the crypto markets? (Read 471 times)