Topic: What do you think about Elon Musk? Is he harmful or useful for Bitcoin? (Read 269 times)

He is irrelevant. His little Pump & Dump scheme won't harm Bitcoin, first praising it then saying nonsense, as if electric cars didn't need power or power plants could not fail.

He thinks he can threaten the community? Let him sell the coins, others will be more than happy to buy them cheap...

These arrogant rich people made money with fiat and then spout nonsense to what they don't understand, as if they could change things and turn time back.

I don't mind having people like Elon Musk but who are really interested in Bitcoin to invest but I will say Elon Musk planned all this from the inception of him investing into bitcoin and now mincing words because of this whole Doge coin I just hoped people will not be brain washed with all his tweet and ideas.

I didn't look one-sided on this situation about Elon Musk, even though ignoring him (which is well deserved) is also our decision.  There are pros and cons here towards him if you only see the negative effect, you will most likely ignore him if the positive side, appreciating him.  That's because we had a different perspectives view on him.

IMO, his role in the cryptocurrency space and his participation are needed to grow.  We aren’t kids here with ego issues.

Elon Musk only pointed out the loopholes in the cryptocurrency structure and I think if we’re going to consider that as positive or constructive criticism, then we’re halfway to perfection.  Elon Musk’s idea about Bitcoin is valid, I don’t really think of him reacting with it without a proper and solid foundation to back up his opinion.  He has a lot of analysts on his payroll so I don’t think this is the problem.

The only thing to do here is to develop more and let's now go ahead to the future where Bitcoin Miners are using 100% renewable energy soon.

Whatever but he is here, in crypto world. dont lIke this what he is doing but I dont understand why people dont use own head.

I don't necessarily disagree with your concerns regarding centralization, but a couple of counter points.

Hash rate can only be estimated, not measured directly, but the estimates I have seen suggest the figure was around 20%, not 35%.

Correct me if I'm wrong, but I've seen no evidence to suggest this was a single company. Miners owned by many different entities will tend to be geographically close to each other near sources of cheap electricity. The mine in question supplied multiple power plants in the region, so these miners were actually all spread out across the region.

For the reasons above, I don't think that's accurate. There are a lot of ASICs in that region, sure, but they are not a single farm and are not all mining on the same pool.

I would put it that way too and I will double down to say that every businessman is the same. I think what we are putting Elon in is pretty stupid since most businessmen all prioritize their interest before anything else.

so JD somehow is a renewed man and this elon is like the antagonist in the evulotion of money and despite the enlightened mind about BTC he spread false narrative to it.

to be fair to elon, he did make the news about cryptocurrency to the open. some mainstream media reported  BTC and doge which i find it good. this new criticism however didnt bring good but i think this is for him so he could buy cheaper BTC.

JD was at least a lot less evil to me than EM, and I understood his statement as it is coming from a man who didn't understand what Bitcoin was, but he later apologized and admitted he was wrong - which is rare in the world of people like him. Maybe he was just playing his game, and maybe he was just wrong - I don’t think that matters too much now.


I think that such people have become part of something that could probably be called "financial religion", and all those who follow them are some kind of "religious fanatics" for me - it's hard for me to explain it in any other way. I can't say if these people enjoy a great reputation only in the USA and where their followers come from - but I bet in some parts of the world people haven't even heard of them.

Agreed. For the sake of discussion, I strongly agree on this statement. Mining company with a huge mining hashrate power dictates the condition of the mempool. This is not the decentralized ecosystem we really want. I really hate how the fee of Bitcoin astronomically grow whenever there are issues on major mining company.

Elon musk is not useful for crypto traders but his words gives a serious message that need to address on future developments of Bitcoin blockchain.

Why is nobody commenting on his actual tweet though?

One single energy failure somewhere in China causing a nearby mining company to shut down for days, causing a 35% drop in hashrate does mean Bitcoin is far from decentralized.

A gigantic amount of coins are being mined by that single company. Therefore a big amount of the network hashing power is controlled by a single chinese commercial entity.
Assuming it is not a pool, it is a huge, colossal ASIC farm.

The benefit of decentralization is that the hash rate is controlled by so many entities no single one can execute a successful 50% attack on the network.
How is it decentralized if two huge mining corporations can band together and attack the network if they wanted to?

Elon Musk would only be good if he is pro bitcoin, but since he already dropping bitcoin then I think he is no good for bitcoin. His time is over, his company does not accept bitcoin now and whatever he will say, it will not be as effective as before because his reputation is already destroyed in crypto.

People just love to ride with the hype, he disappointed them, and now we are witnessing the result.

It's his tweet that made bitcoin pump and a certain altcoin, now with his announcement that does not favor Bitcoin, things move the other way.

I can say he's 50% useful and 50% dangerous since we cannot really trust him, he only want to manipulate for his own personal gain so we shouldn't trust his calls since we know he can flip up things by using his influence. Maybe its time to not listen to him since if majority will treat him as nonsense or the same with Mcafee for sure we can recover and will not easily wipe out by fuds.

Usually what happens next in exposés like this is that the small time analysts or associates who were following orders bear the burnt of being fired but the "brains" behind the operation get to stay.

(Back on topic, I wish he'd shut up and stop messing with the bitcoin price from twitter.)

Elon seems to have done bad things for cryptos over the past week. Actually it is not like that. I think he's going very smart and making moves that will take bitcoin higher.

Reading Elon’s thoughts as he journeys into Bitcoin has been a bit eye opening. He actually claimed he knows more about money than the Bitcoiners harassing him on Twitter because he invested in PayPal. That seems to me like saying you know how to build a car because you bought some horse feed a couple decades ago… I was a huge Elon Musk fan before this, but now I’m starting to understand those that criticize him and call him a grifter.

Absolutely useful.

He brings Bitcoin to the massive social media, not only on Twitter and his followers. People spread out his tweets, crypto websites, forum and traditional media discuss about his tweets. More people know about Bitcoin, it is useful.

I don't naively say all people who heard about Bitcoin will become Bitcoin investors or Bitcoin enthusiasts but some of them will be. Each 4-years bull run, the market has a massive number of new participants. Elon Musk as an influencer is only part of this bull run.

I don't step in shoes of people who feel angry with Elon Musk. Of course, I don't defend that guy, just my thoughts. Have those protesters of Elon Musk used to be a fan of him? Change quickly from fans to protesters because of temporary earnings and loses with his tweets.

Elon Musk is Steve Jobs in large part. Fantastic marketer and businessman. Narcissistic scumbag of a person deep down and not smart enough to create or understand it all on his own . Proof - https://youtu.be/c-FGwDDc-s8 (I’m sick of posting it but people need to learn the truth).

Absolutely. Remember when Jamie Dimon was tweeting that bitcoin was a scam and he would fire anyone he found who was buying or trading it? And then it came out that JPMorgan were buying bitcoin themselves, assigning parts of various portfolio and vehicles to bitcoin, and offering it to their institutional customers. Say one thing publicly while doing another thing privately. Musk isn't the first and certainly won't be the last. While there are newbies with weak hands who can be so easily manipulated, then this kind of behavior will continue.

As it would be for most "celebs". Musk, Dimon, Buffet, CSW, etc. All these people who publicly denigrate bitcoin aren't doing it because they care about the small people losing money on the bitcoin "scam". They all do it because they have some ulterior motive, because they are greedy, and because they only care about their own profits. People need to stop playing in to their hands.

When he bought BTC and made it available as a means of payment to Tesla, then for most people on this forum he was positive - the enthusiasm was great and EM was celebrated as the savior who will make us all rich. But as we can see, it was only short-term - because EM never invested in BTC because of technology (at one time he called BTC the same garbage as fiat), but only for profit.

I've written this before, let no one be surprised if we read in the news that Tesla bought another 40 000 BTC just when the big dump happened - and we should also not forget that someone bought 10 000 BTC on Coinbase at the time EM announced that Tesla no longer accepts Bitcoin. It's all about money and power, and people like him will never have enough of it, even if they live two lives.

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It's not about thousands, but about the tens of millions he has on his Twitter profiles (54+ million), who mostly follow him like sheep. He uses it very skillfully for his own purposes or for the purposes of some others, yet it is a game in which ordinary mortals can only observe from a distance. It would be best to ignore him, but as can be seen even on this forum, people are fascinated by everything that happens around him - to me personally this man has never meant anything more than another spoiled rich man who constantly wants to be the center of attention.

Hello everybody. Elon Musk does neither good nor bad to Bitcoin - this topic is overblown, Elon Musk is a very talented person who has learned very well how to make space rockets, nothing more.