No, Elon Musk's SpaceX Isn't the Cause of This Multi-Billion-Dollar Bloodbath

Blitzboy

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Quote from: hd49728 on August 28, 2023, 08:46:02 PM

Quote from: Compromise me on August 28, 2023, 01:51:07 PM

Whenever the price of Bitcoin goes down ,there are endless rumours in the market . Whatever news is there ,not a single news on social media proves that the price of Bitcoin has decreased because of this .Yes of course it will give us all a joy which is going to happen soon if it becomes an ETF proof then Bitcoin will become a legal asset if it happens then it's price will go into million which we all Bitcoin will give you a very nice surprise.When Bitcoin becomes a legal asset, all investors will jump on it , then Bitcoin making it a shining of star .

You always have reasons why market goes down as market makers will give you news to find reasons. Social media is their tool to spread their prepared explanations on reason of market movements that is part of their plans for market manipulation.

Market can go up and down with many news, Bitcoin Spot ETF approval or rejection is only one of news types and actually is not real reason of market movement. Market needs to have cash flow in and out to make up its momentum. If it does not have enough fresh capital in, it will lose momentum and price will start to decrease after that.

People who don't have enough experience will feel very excited with news about Bitcoin Spot ETF approval and highly disappointed or fearful when a rejection is released on social media. Approval or rejection, the market is still lively and continue to grow more so if they don't read news on social media, they will feel better and won't panic sell or FOMO buy.

Market makers certainly use these channels to drive the narrative. But you see, its not always nefarious. Information asymmetry exists in all markets; its the lifeblood of trading. You mentioned Bitcoin Spot ETFs; yes, their approval or rejection isnt the sole factor affecting market dynamics. Market momentum is a function of cash flow - fresh capital in and old capital out. If the balance is disrupted, the market corrects itself.

People get swayed by headlines because they lack the broader perspective. The market has its own pulse, independent of hourly updates. Investment decisions should be rooted in comprehensive research, not just breaking news. Ignore the noise; focus on fundamentals.

Compromise me

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Quote from: hd49728 on August 28, 2023, 08:46:02 PM

Market can go up and down with many news, Bitcoin Spot ETF approval or rejection is only one of news types and actually is not real reason of market movement. Market needs to have cash flow in and out to make up its momentum. If it does not have enough fresh capital in, it will lose momentum and price will start to decrease after that.

Yes , you are right that if the investors stop investing in BTC and start withdrawing their investment from Bitcoin, then it's price will start going down that too by a limit.This makes sense ,but suddenly there is an earthquake in the market and the price of BTC drops indefinitely It will not happen because the investor stopped investing and started withdrawing his investment from Bitcoin.I have already mentioned that if no investment is made and Bitcoin is de-invested its value will decrease to a certain extent and it is mind-boggling to see the price drop so much. We cannot put this factor on the investor.

hd49728

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Quote from: Compromise me on August 28, 2023, 01:51:07 PM

Whenever the price of Bitcoin goes down ,there are endless rumours in the market . Whatever news is there ,not a single news on social media proves that the price of Bitcoin has decreased because of this .Yes of course it will give us all a joy which is going to happen soon if it becomes an ETF proof then Bitcoin will become a legal asset if it happens then it's price will go into million which we all Bitcoin will give you a very nice surprise.When Bitcoin becomes a legal asset, all investors will jump on it , then Bitcoin making it a shining of star .

You always have reasons why market goes down as market makers will give you news to find reasons. Social media is their tool to spread their prepared explanations on reason of market movements that is part of their plans for market manipulation.

Market can go up and down with many news, Bitcoin Spot ETF approval or rejection is only one of news types and actually is not real reason of market movement. Market needs to have cash flow in and out to make up its momentum. If it does not have enough fresh capital in, it will lose momentum and price will start to decrease after that.

People who don't have enough experience will feel very excited with news about Bitcoin Spot ETF approval and highly disappointed or fearful when a rejection is released on social media. Approval or rejection, the market is still lively and continue to grow more so if they don't read news on social media, they will feel better and won't panic sell or FOMO buy.

Compromise me

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Quote from: savetheFORUM on August 26, 2023, 10:10:56 AM

when I see a dump like this I happen to think of it any regular day and nothing important at all, I do not even check what the reason for the dump was and it is just another dump day which we have all the time. I think it should be important to remember that we are going to end up with a result that would be different in the end.

I believe that we are going to end up with a result that should be considered different, and that means that we are going to end up with a different thing. Just hope that we get the best of it and when we can, that will be something to enjoy without a doubt. I hope that it gets to a point where it should be considered a different subject and should be considered hopeful.

Whenever the price of Bitcoin goes down ,there are endless rumours in the market . Whatever news is there ,not a single news on social media proves that the price of Bitcoin has decreased because of this .Yes of course it will give us all a joy which is going to happen soon if it becomes an ETF proof then Bitcoin will become a legal asset if it happens then it's price will go into million which we all Bitcoin will give you a very nice surprise.When Bitcoin becomes a legal asset, all investors will jump on it , then Bitcoin making it a shining of star .

savetheFORUM

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Quote from: Tony116 on August 22, 2023, 10:47:40 AM

Quote from: pawanjain on August 22, 2023, 09:43:58 AM

I guess newbies in the community are the ones making the noise because the early ones know that this short dump in the market is nothing.
We have seen huge dumps earlier too. So I guess we shouldn't panic over it and allow the price to recover.
I personally think it was bound to happen because the price was flat around $30k and a movement was needed.
Now that the price is down we sill see some movement in the price in coming days.

Hundreds of large dumps have occurred in the market over the years. So, it can be said that bitcoin dumping is a very normal thing for old investors, but they will also be surprised and unhappy if they buy bitcoin at a higher price. No one is happy when our investment goes negative, even if it is a seasoned investor or a long-term investor.

If you are sure it will happen. Did you sell your bitcoin for 30k and repurchase it now? If you said this before it happened I would believe you, but it happened and we can say whatever we want.

This is definitely true, when I see a dump like this I happen to think of it any regular day and nothing important at all, I do not even check what the reason for the dump was and it is just another dump day which we have all the time. I think it should be important to remember that we are going to end up with a result that would be different in the end.

I believe that we are going to end up with a result that should be considered different, and that means that we are going to end up with a different thing. Just hope that we get the best of it and when we can, that will be something to enjoy without a doubt. I hope that it gets to a point where it should be considered a different subject and should be considered hopeful.

tread93

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It is funny isn't it, I call it the Bitcoin Blame game. Most of the time people who don't have a pulse with what's going on at all will talk about it like they know. Like SpaceX causing the price to go down, it's a baseless claim as the article states and the claim has no credibility. What makes a lot of sense is attributing these losses to a multitude of factors which I think this article did a good job of laying out. Thanks for sharing.

pawanjain

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Quote from: Tony116 on August 22, 2023, 10:47:40 AM

Quote from: pawanjain on August 22, 2023, 09:43:58 AM

I guess newbies in the community are the ones making the noise because the early ones know that this short dump in the market is nothing.
We have seen huge dumps earlier too. So I guess we shouldn't panic over it and allow the price to recover.
I personally think it was bound to happen because the price was flat around $30k and a movement was needed.
Now that the price is down we sill see some movement in the price in coming days.

Hundreds of large dumps have occurred in the market over the years. So, it can be said that bitcoin dumping is a very normal thing for old investors, but they will also be surprised and unhappy if they buy bitcoin at a higher price. No one is happy when our investment goes negative, even if it is a seasoned investor or a long-term investor.

If you are sure it will happen. Did you sell your bitcoin for 30k and repurchase it now? If you said this before it happened I would believe you, but it happened and we can say whatever we want.

I was thinking that since the price is not going above $30k range for quite some time the price might dip and that is what happened.
This doesn't mean it will happen for sure. I didn't want to risk my coins just for a possible minor dip.
I am in for the long game because that's where we make large profits. I won't be selling anywhere before $45k.
Even that would be just for minor gains because my next large selling point will be near the next ATH price.

Tony116

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Quote from: pawanjain on August 22, 2023, 09:43:58 AM

I guess newbies in the community are the ones making the noise because the early ones know that this short dump in the market is nothing.
We have seen huge dumps earlier too. So I guess we shouldn't panic over it and allow the price to recover.
I personally think it was bound to happen because the price was flat around $30k and a movement was needed.
Now that the price is down we sill see some movement in the price in coming days.

Hundreds of large dumps have occurred in the market over the years. So, it can be said that bitcoin dumping is a very normal thing for old investors, but they will also be surprised and unhappy if they buy bitcoin at a higher price. No one is happy when our investment goes negative, even if it is a seasoned investor or a long-term investor.

If you are sure it will happen. Did you sell your bitcoin for 30k and repurchase it now? If you said this before it happened I would believe you, but it happened and we can say whatever we want.

retreat

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Quote from: kryptqnick on August 20, 2023, 05:50:43 AM

Yeah, Elon Musk's influence diminished, and I don't think it's significant on the Bitcoin's price nowadays. So the assumption that SpaceX is to blame for the decrease of the price isn't convincing to me either.
10% isn't nothing, but it's not that big of a deal either. An explanation that the drop is due to the market's nature seems reasonable to me, although I wouldn't look for any explanation when a price is down 10% because it's not a huge drop when it comes to Bitcoin.

Anyone who believes that Elon is the cause of the market crash is someone who has been successfully manipulated by the media. I quite agree that this is a normal condition in the Bitcoin market, especially in the current conditions where we trade in a sideways position, anything can happen and that includes a market crash. Rather than looking for reasons for this market crash, it is much better for me to buy back Bitcoin and increase my hold at a lower price.

pawanjain

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Nothing lasts forever

I guess newbies in the community are the ones making the noise because the early ones know that this short dump in the market is nothing.
We have seen huge dumps earlier too. So I guess we shouldn't panic over it and allow the price to recover.
I personally think it was bound to happen because the price was flat around $30k and a movement was needed.
Now that the price is down we sill see some movement in the price in coming days.

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Quote from: Frankolala on August 22, 2023, 04:38:05 AM

Whenever bitcoin dumps or pumps investors and speculators will always find a reason for that. This was why some people came up with Elon selling some portion of his bitcoin investment and Evergrand bankruptcy in order to console themselves or to use it as a reason to sell as the price drop due to panic.

Since the market is short of liquidity this will affect the price to dump,but I see it as an advantage for people to accumulate more bitcoin and wait for the better days that the price will be bullish. I have this strong feelings that the dump in price will create for bitcoin to break the resistance of 30k barrier and pump above 31k when it start moving upward.

Yes, people will immediately go to social media to look for news every time btc fluctuates whether it is positive or negative. It can be said that it is part of the market, although that would not make any sense since it has already happened and cannot be changed.

It is true that the price drop will benefit long-term investors who still have USDT and haven't bought too much btc yet. But for those who don't have the money to buy dip, I think the drop in price is no longer seen as an advantage. There is a lot of mixed emotions going on in the market, not everyone is happy to see bitcoin fall more.

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Quote from: stompix on August 19, 2023, 10:02:33 AM

Before going to what the article says, I must add I'm surprised everytime how people in the crypto world always look for always for the easiest answer, price goes down

I'm not at all surprised anymore that this happens, and personally I'm not surprised that beginners do it, but also members who have been on the forum for years and have some kind of legendary status, so that makes all of this actually tragicomic. Again, not only people are to blame, but also the so-called "crypto media" who place such stories in the public, because they know that most of them are easily caught on clickbait headlines.

In this topic, some reasons are mentioned that led to disruptions in the markets, including the price of BTC, so although some mention that it was Mr. Mars, some brought up an old topic like Evergrande, it seems to me that no one mentioned another Chinese company Country Garden, which is in trouble and as things stand, will go in the same direction as Evergrande.

In addition, it should be added that some economic indicators in China are so bad (record youth unemployment) that the authorities have decided to censor them, and some other sources claim that China has not been in a worse position for decades. It would be good if we could say that we don't care what happens in China, but unfortunately problems in that country mean problems for the whole world.

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Quote from: davis196 on August 21, 2023, 12:31:27 AM

Quote

- IT'S FUD! FUD!! FUD is to blame! of course, with 90% not even knowing what the acronym stands for.
- Then it's a single culprit, obviously, someone who criticizes Bitcoin, a simple handy scapegoat is needed! Musk! Buffett!
- the last stage obviously's the evil gubbermint! Forgetting that for months before every single one of them was laughing at how the evil governments are not able to hurt Bitcoin, now when they see only red candles it's the same impotent government that is somehow not that impotent anymore!

I wonder why would a space company like SpaceX own Bitcoins. What's the point? Space companies are supposed to build rockets, not trade on the cryptocurrency markets. Grin

Anyway, the trading volumes on the crypto markets were decreasing, there was little to no demand for BTC and many traders decided to sell. When there's big supply and low demand, the price does down. I also assume that the price drop triggered some stop loss orders, which sold more BTC automatically, which caused the price to go down even further. It's not like we've never seen this happening before in the Bitcoin market. The bad news coming the Chinese economy and the Blackrock Bitcoin ETF decision getting postponed also have a small impact over the BTC price. There's no reason for drama here.

They should more likely be holding doge coin since the whole community for this altcoin are always mentioning 'To the moon!' if you ever go to their reddit or twitter channel or feeds.
Sending any sort of amount on a hardware wallet along on one of their rocketships would be more or less be pointless. It will be as a publicity stunt. Nothing more.

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Whenever bitcoin dumps or pumps investors and speculators will always find a reason for that. This was why some people came up with Elon selling some portion of his bitcoin investment and Evergrand bankruptcy in order to console themselves or to use it as a reason to sell as the price drop due to panic.

Since the market is short of liquidity this will affect the price to dump,but I see it as an advantage for people to accumulate more bitcoin and wait for the better days that the price will be bullish. I have this strong feelings that the dump in price will create for bitcoin to break the resistance of 30k barrier and pump above 31k when it start moving upward.

Outhue

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You can say whatever you want, the question that I still can't get over is why now? Bitcoin was at the critical levels and losing that level will make Bitcoin go down to 17k, how is this not a manipulation? Losing that critical level of support will create panic and fear, they know this that's why they did it.

Whatever this cause might be, I believe it's planned out, Elon was part of it and so the China news, but anyway I still believe that the bull market is already happening, we are still on track and the worst that could possibly happen is seeing 17k again.

NotATether

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Surprise, I didn't even notice that the market went down. Roll Eyes

Prices still look more or less the same to me.

It's like every time the price goes up or down by a few thousand dollars, our first instinct is to point to either a) Elon Musk and any of his tech companies or b) whichever corp is selling their bitcoin at the time.

BTW, do you guys think that PayPal are dumping their crypto profits on the market in exchange for cash? (/s)

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Quote from: yhiaali3 on August 21, 2023, 12:37:24 PM

Quote from: Minor Miner on August 21, 2023, 08:59:01 AM

Everything has two sides, mate. High volatility not only hinders global adoption but is also part of the reason bitcoin cannot become a currency. But that's good for investors like us, the more volatility, the higher the chance of making a profit. We can't be greedy and want high volatility and wide acceptance of bitcoin or become a currency. We need to make a choice, and I would choose volatility because self-interest still needs to come first. Though you would say I'm selfish.

I wouldn't say you are selfish, everyone has a personal point of view and I respect all points of view.

I'm not going to say that I don't want to profit from the volatility of Bitcoin but if you ask me my opinion I would say that I prefer global adoption over the temporary profit of investing in volatility.

Yes, we are all looking for money and profit, especially with the continued inflation and high prices, things have become much more difficult, but we must look beyond that and hope for a better future for Bitcoin, because violent fluctuations not only prevent adoption, but give governments the opportunity to constantly attack Bitcoin and say that it is a highly volatile and unreliable asset.

Everyone wants bitcoin to become globally popular because then it will trigger a crazy bull run when demand outstrips supply. But with such high volatility, does it really stand a chance of being adopted globally? That's what I mean, if bitcoin becomes globally popular but loses volatility then I prefer the opposite idea.

I think the government attack on bitcoin is not due to volatility but rather the decentralized nature of bitcoin. They don't like things they can't control.

Quote from: lionheart78 on August 21, 2023, 03:57:39 PM

Isn't Bitcoin a currency even with its high volatility? And the adoption had been happening regardless of its high volatility. These three things, high volatility, wide acceptance of Bitcoin and cryptocurrency is happening with Bitcoin. I do not know the reason why you still think Bitcoin is not currency when it is created to function as such.

Satoshi created bitcoin to be a peer-to-peer currency, not an asset for speculation, but what are we turning it into? And what is more realistic is that I want to ask you, are you investing in bitcoin or are you using bitcoin as currency? Are you willing to spend it on everyday expenses or do you just accumulate it as much as possible?

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Quote from: yhiaali3 on August 21, 2023, 12:37:24 PM

Quote from: Minor Miner on August 21, 2023, 08:59:01 AM

Everything has two sides, mate. High volatility not only hinders global adoption but is also part of the reason bitcoin cannot become a currency. But that's good for investors like us, the more volatility, the higher the chance of making a profit. We can't be greedy and want high volatility and wide acceptance of bitcoin or become a currency. We need to make a choice, and I would choose volatility because self-interest still needs to come first. Though you would say I'm selfish.

I wouldn't say you are selfish, everyone has a personal point of view and I respect all points of view.

I'm not going to say that I don't want to profit from the volatility of Bitcoin but if you ask me my opinion I would say that I prefer global adoption over the temporary profit of investing in volatility.

Yes, we are all looking for money and profit, especially with the continued inflation and high prices, things have become much more difficult, but we must look beyond that and hope for a better future for Bitcoin, because violent fluctuations not only prevent adoption, but give governments the opportunity to constantly attack Bitcoin and say that it is a highly volatile and unreliable asset.

We might be sharing up with the same insights and impressions but there would really be those people who would really be thinking up different which it isnt really that something wrong though when it comes comes to those points on which it is really that still valid specially on making profits on volatility but if you are really that optimistic in regards to Bitcoins potential and overall usage and relevance then these kind of
things like having those FUDs and really those shit claims and naming about or against Bitcoin would really be pissing you off since we know that it isnt really that true.

Well, each person or investor does have its own approach about these movements but honestly im not really that shock anymore if there would really be some sudden news that would pop out and
turns out that these news could neither make out some huge impact on the price or not and its really hard to determine whether this is a legit or real news or simple those false things just to make FUD.
It do really sucks if you do fall out with that kind of news and you have made out some movement or altering out your decisions just because of that.

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Quote from: Minor Miner on August 21, 2023, 08:59:01 AM

Quote from: yhiaali3 on August 21, 2023, 04:33:05 AM

In any case, what I care about is not the decline because it is a good opportunity to buy more, but what worries me is the high volatility that hinders global adoption because volatility prevents large institutions or even the government from adopting Bitcoin. As for the price drop, it is temporary.

Everything has two sides, mate. High volatility not only hinders global adoption but is also part of the reason bitcoin cannot become a currency.

High volatility serves as the fuel in the early years of Bitcoin to get the interest of traders and investors. It is also one of the initial factor of adoption, luring traders to the Bitcoin market for the possible profit from high volatility of Bitcoin. Aside from that, Bitcoin although high volatile, it has a good liquidity that anyone can sell their BTC anytime without changing much of value except if the seller is purposely pulling the price of BTC down.

Quote from: Minor Miner on August 21, 2023, 08:59:01 AM

But that's good for investors like us, the more volatility, the higher the chance of making a profit. We can't be greedy and want high volatility and wide acceptance of bitcoin or become a currency. We need to make a choice, and I would choose volatility because self-interest still needs to come first. Though you would say I'm selfish.

Isn't Bitcoin a currency even with its high volatility? And the adoption had been happening regardless of its high volatility. These three things, high volatility, wide acceptance of Bitcoin and cryptocurrency is happening with Bitcoin. I do not know the reason why you still think Bitcoin is not currency when it is created to function as such.

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Quote from: serjent05 on August 20, 2023, 06:36:37 PM

Quote from: boyptc on August 20, 2023, 05:42:59 PM

I think that I am one of those that have believed that it's SpaceX's fault that did start it and then everyone starts panicking and selling on their own. Usually, that's how it goes when there's a big news that comes out all of a sudden.

It creates the fear especially to the small ones and several factors added on it. At least for me, that's what I think the major factor for the dump because of the buzz it made.

And whoever made this or probably paid for this did again a successful thing for giving exposure to SpaceX and mostly for Elon Musk once again. So it's like whatever the crowd is shouting, we'll also shout for it.

Whoever staged this current incident is clever to shake weak hands into selling their BTC and create a temporary domino effect.

And we're going to see it anytime soon just like this recently and also in the past, I've seen this strategy before.

Quote from: yhiaali3 on August 21, 2023, 04:33:05 AM

In any major drop in Bitcoin, everyone will blame Elum Musk, which is normal, given his bad history of constantly manipulating Bitcoin in his favor.

As long as he's making himself relevant to the market, he'll keep saying and doing things that are connected to the market just as what the Space X did.

It will not be surprising if the time comes again that he's get to talk a lot about Dogecoin or any crypto that he thinks he needs to boost or discount just as what always happens for Bitcoin.

That's like there's always a big factor why the market pumps and dumps other than the demand that it gets.

Topic: No, Elon Musk's SpaceX Isn't the Cause of This Multi-Billion-Dollar Bloodbath (Read 480 times)