Topic: Reactions From Musk's Bitcoin criticism (Read 524 times)

That is for sure and I think he did not only own like a few hundred Bitcoins, but rather tens of thousands of Bitcoin. That guy is patient like hell. He might even have been holding hundreds of thousands. That's nothing for him. If he invested like $100 million in 2015 or so, that's a huge load of Bitcoins.

He's probably dealing with a lot of money under our nose. I suspect that he already owned Bitcoin when he publicly announced that he's investing in cryptocurrency, in order to pump prices up for his own profit.

He's been manipulating the market for the past few months, there's a lot going on that isn't actually for the sake of crypto. I wouldn't be surprised if he starts his own coin either.

They would long be worrying already. Think about all the things Musk did on the internet via Twitter or on podcasts. He went crazy a couple of times and his investors didn't care. Remember when he announced a buyback and the SEC fined him? The market didn't really care in the end. It looks like that guy can do whatever he wants and gets away with it.

That is what I said in the post you quoted yes,,, but I think instead of doing it publicly he will probably work with a few anon devs to launch new coins he will invest in to market but not directly say he is a part of.

He wants to protect his Tesla revolution and he may realize soon his crypto involvement is not good for the Tesla business. His investors and shareholders will be especially worrying.

He could make Dogecoin his own coin literally. Why build a new coin from scratch if you can assume a whole ecosystem that already exists around another coin like Doge?

His ultimate aim may be to come up with his own coin, which may be named as MuskCoin or TeslaCoin. I also agree that it is not going to happen very immediately. He may wait for a few months, or even up to a year. During this time he will promote Dogecoin. And when the time comes, he will dump Dogecoin by giving some silly excuse and try to promote his own coin. But if you check the market caps of BTC and Doge, you can see that this plan hasn't worked very well. Doge market cap is still around 7% of that of Bitcoin.

No I do not think it will come soon. Right now he sees all the potential and like he said he will work with the dev to make new improvements,,, but he will use all this experience to launch a new coin or many new coins. All without his involvement public.

Then he will laugh all the way to the bank.

Elon is just acting like a piece of shit these days while the truth is that he is upto something.
A few weeks ago he was the richest man on this planet and someone wouldn't abandon a revolutionary cryptocurrency out of the blue.
He must have surely thought about it well before tweeting his statement. Whatever it is we will find out sooner or later.
For the time being, avoid panic sell and HODL

Uhm I don't really know if this is just a strategy for them to start stacking up more bitcoins or they are being really serious about it, but whatever it is, it is still not going to stop the market from growing in the future. But I still want to know what step Tesla will be taking about the $1.5 billion they have already invested in Bitcoin. I have been seeing a lot of news that they have plans to sell the Bitcoin and some say that they might have already dumped the $1.5 billion worth of assets.

Anyway, if they have really dumped their whole assets, then that's not the end of everything. But what I would like to understand is whether they didn't care to know about Bitcoin to understand it before buying it or what exactly?

Agreeing with most of the people in this thread, I believe this is a tactic Elon did so he can purchase more bitcoins in the future, especially of course after months of shilling and promoting it in his twitter account, and then all of a sudden he just chose to leave bitcoin on the closet because apparently he realized the detriments that bitcoin comes along with, pretty iffy if you ask me.

Elon Musk got a taste for quick profits, with the least amount of effort, by basically just doing one tweet to hype the price of a token, after he bought in early. (DodgeCoin & Shiba coin) .... so he has to find some reason to "extract" his coin, after he hyped it... to stay under the radar for market manipulation.

You will soon see that he will find some technical reason why he no longer supports DogeCoin and Shiba ....to rinse and repeat that strategy. (Possibly hiring his own developers to create MuskCoin that runs on Power Wall or something)  

Fear and greed index show really big fear index. Thats the main reaction to Elon statement, cmon

It is certainly puzzling and hard to tell what really happened in the background, but I agree with you he have known before.

Nice read and exactly what I am thinking! I like the OP post! That one is fun as well. I would be disappointed to ever get to know that Musk takes money for tweeting that. Frankly speaking, why should he? Like, what amount? $50 billion for a tweet?

Chronolgy:

1. Tweet with Tesla screenshot: The tweet said "Tesla & Bitcoin". Not "This is what I think about Bitcoin". This was probably more a PR exercise forced upon by board and keeping Tesla's health and importance in mind. Tesla revenue and Tesla's value is of the utmost importance for funds to keep flowing for his inter-planetary ambitions.

2. Response about what I actually think of PoW: After the pushback from BTC community, he clarifies that he is not against Bitcoin but points out the need for "renewables".

3. Talk about working with DOGE devs: He talked about working with DOGE devs on efficiency. DOGECOIN is merge mined with Litecoin and uses the Scrypt algorithm. Things get a little murky here as what can Elon be working on? This is where the Core Devs should probably be telling him about everything being essentially a fork of Bitcoin and invite him to work on this.

I think all of Elon's actions stem from his focus on the funding for his inter-planetary ambitions. There are multiple reasons he may want to have a huge stake in some future crypto and have some holdings similar to what BTC early whales have. (Maybe even something like Satoshi's stash). This could probably be his way of securing that funding. He did buy Bitcoin for this. HE may have realized the inability of having the same kind of insane returns on BTC. Thus, he probably wants to increase value of that future crypto which he can still continue to have a massive early part in. Bitcoin isn't that crypto, hence all this drama.

Because rich people are sometimes free to do anything, what Elon Musk does has an effect on the crypto market. It must be admitted that a lot of
people are inspired by Elon Musk, so it's no wonder whatever Elon Musk says on twitter, will definitely be followed by many people. Especially his
twitter followers will definitely be affected by the tweets from Elon Musk. But I, who have been in the crypto world for a long time, I'm not affected
by anything Elon Musk does, I still hold my Bitcoin, even though the price of Bitcoin is now down. Because indeed people who are experienced
in the crypto world have their own beliefs about Bitcoin, so it will not be affected by negative news related to Bitcoin.

These men have their own way to see things and people will always follow them since their record shows that they're holding something which the others don't have and that is the current successful life they have right now. that's one of the reasons why so many people will follow whatever they said because most of them wanted to become successful like Elon Musk. we can't do anything about it because he has his own solid proof and that is his riches. But those investors who really know what's going on in the crypto market will not follow whatever this man will say except when they know that the outcome is more gain than losses.

For sure he had think about it before he do make out some decision on getting involved with Bitcoin or rather he wasnt aware about that mining in regards to bitcoin.
Honestly, i dont see any relevance about those energy issues attached with bitcoin mining activity which would really be giving out that big issue about environment.
No doubt that he had been sued out for sure knowing that his company is totally dedicated with green energy but i dont really see any issues at all.
And now Musk had reverted back and im aint surprised with these kind of reactions.

We haven’t seen a recovery yet, I’m really hoping the worst is over & we recover back to over $50,000 soon. The market isn’t looking too healthy right now.

Musk have problems opening a Tesla plant in Germany , because of enviromentalists. Maybe it will help for him to show that he cares.

https://www.dw.com/en/locals-views-on-german-tesla-plant-irreconcilable-as-production-start-faces-delay/a-57405731