Elon has too much influence in the crypto market

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12 Comments

Elon Musk has made me a fortune, and made me lose a fortune. It seems like the crypto market rides on his every tweet. He can manipulate the market. That never concerned me before until he just tweeted "Tesla will no longer accept BTC for cars because of environmental concerns" and cryptocurrency prices fell off a cliff. He is not a good ambassador for crypto he is playing with peoples money at this point.

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Based on 5 votes (4 yes)
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Comments ( 12 )
  • Grunewald
    2 years ago

    Then invest in something else. Smh.

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    • Tommythecaty
      2 years ago

      They’ve got a plan to fuck all the crypto worth up by taxing the ever loving shit out of it.

      Shhhhh keep it under your hat.

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      • radar
        2 years ago

        Where, the US? From what I can tell it's going to be subject to normal income taxes, here anyway.. which I do think not everyone doing this is realizing.

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        • Tommythecaty
          2 years ago

          🤫

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  • Boojum
    2 years ago

    I think Elon Musk is a dickhead whose only real abilities are bullshitting and self-promotion. He's bullshitted people with stacks of money to spare and got them to give him enormous amounts of it. Then he's bullshitted the public into believing that he's a fucking genius while the truth is that everything his firms have achieved is down to the talent and hard work of loads of engineers, technicians, managers and workers whom we never hear about.

    But such is life. The way our society works is that narcissistic psychopaths and those on the borderline of that clinical diagnosis who are filled with self-belief and have a talent for manipulating people will always rise to the top of the heap - at least for a while.

    However, the only way Elon Musk could make you lose a fortune is by forcing you at gun-point to burn a pile of your cash. Everyone with any sense knows that cryptocurrencies are pure speculation. If someone decides to put all their assets into crypto and the selling price of that currency then tumbles, it's entirely their own fault if they end up living in their car.

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    • Tommythecaty
      2 years ago

      “I think Elon Musk is a dickhead whose only real abilities are bullshitting and self-promotion.”

      Fuck, finally someone notices this as being all he really does.

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    • 1WeirdGuy
      2 years ago

      I'm starting to believe he is intentionally using his influence to pump and dump. I guarantee you before he made this announcement he pulled out a lot of bitcoin then bought it at a lower price when he announced it. Many whales sold billions he was probably one of them.

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      • Boojum
        2 years ago

        It would make sense for him to do that.

        And I assume that since the value of bitcoin is not under Musk's direct control, that was perfectly legal.

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  • [Old Memory]
    2 years ago

    I wonder if he says shit to get the prices low, spends like a billion on crypto, then says something to make the prices soar and then sells

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    • 1WeirdGuy
      2 years ago

      Im almost convinced hes doing this at this point. He impliwd a day prior he will accept dogecoin as payment for tesla. Then the very next day said he wont accept bitcoin because mining it is bad for the environment... but dogecoin is mined in the same exact way. Not only that he sells electric cars that use the exact same fossil fuels as mining crypto. He also shoots rockets in the air that pollutes massively.

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      • Boojum
        2 years ago

        Yeah, his stated justification for the move is just more Musk BS and primarily a way for him to get his name in the media again.

        I hope I'm around to see truly practical electric cars with a range equivalent to what fossil-fueled cars can do now and recharge times the same as filling up a tank. Tesla cars just ain't that, and there are huge questions over the true, long-term environmental costs of lithium battery powered cars, not to mention the impact of mining and extracting all the exotic rare-earth metals used in the vehicles.

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  • litelander8
    2 years ago

    Sounds like the same as stocks.

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