If they have already sold it, well that is the 'dump' + negative coverage / spin on BTC to pressurise the price to fall further. Now the poor HODLers at >$60K will have to wait a while until the next run up to the all time high.
One more thing in this crypto-currency episode, 'What goes up, musk go down.'
Elon's also publicly said, tweeted not too long ago: "Bitcoin is almost as much bs as fiat money" - so just because the markets didn't know or report on that to help provide a balanced, critical breakdown to promote balanced news - that's all Elon's fault? The mob of irrational buyers have no responsibility to know what they're "investing" in or to research and understand statements or behaviours about what they're "investing" in?
He fed the fire because it helped raise his public persona. I think he does have responsibility.
For a centralized power confiscation and devaluation are more difficult to apply in the "crypto" world.
Value stems from opinions, and in the "crypto" world everyone is free to form his own opinion and act accordingly. Doing so is more difficult under some governments/centralized powers.
Many celebrities publish various claims about "cryptos", and even a major disagreement isn't innocuous. Major disagreement between central powers about important matters, for example money, may lead to war.
It does not exclude it either. That is such a vacuous statement and I'm tired of it being used every simgle time someone has a chance to drop the most cliche "smart guy" phrase in modern parlance.
But back to the topic ...
Do you seriously believe that the recent up/downs of BTC have nothing to with Elon and Tesla's actions, i.e. it was just a coincidence?
I believe cars can fly, and bill gates is actually the president
In general, many regulations do not apply. The Bitcoin party line is that they like it that way.
> Let us first cover the elephant in the room: the Elon dump. Firstly, there were 19,259 BTC moved onto exchanges before Elon’s tweet and ensuing price dump. I do not think this is coincidence and was likely someone with insider information.
Regulations may not apply but it would be interesting if Musk told one of his rich friends before posting the tweet. That could look bad for him if something like that was discovered.
Why do you think he's a pillock?
Don't you think he's got some merit considering he's climbed the ladder with successful exit after successful exit and now is #1/#2 richest person on Earth? Do you think his decision making is all fluke?
Indeed. I wrote "nobody really knows what affects the value". You wrote "a single individual can affect (manipulate) the value", and my answer was just a reminder: nobody knows for sure.
> Do you seriously believe that the recent up/downs of BTC have nothing to with Elon and Tesla's actions
I never wrote this. Speaking about vacuous things: I'm tired of the straw man trick
In my opinion Musk Tweets probably had an effect, but I doubt anyone can show to which extent, especially indirectly (people acting upon their thought about the reaction of other people to Musk's Tweets...).
Bitcoin on the other hand, has no profits and only can be successful by having everyone agree it is better to own than gold. So if Musk's opinion is followed by many other people it will bring bitcoin down for a long time.
Funny you bring up Ponzi schemes too, considering that's what Bitcoin is - just global and decentralized - with a few other bells and whistles misattributed to Bitcoin from blockchain; so are all all earlier adopters who then peddle/hype Bitcoin without understanding it also then bad people, or only if they understand it has a MLM-Ponzi structure and they're happy to milk schmucks/layperson that the SEC is meant to protect?
I don’t think he’s the reason. I think the reason is the regulatory pressure on reducing carbon emissions and subventions for anything electric.
The more the traditional manufacturers invest in EV’s, the worse for Tesla and Musk. Look at all the models from Mercedes, they’re all better than Tesla. The new Audi GT? Taycan? Any time over Tesla. Not just the car but the service network, spares, supply chain, build quality. I think Musk is going to play himself with Tesla but time will tell.
And let’s see in 10 years if EV’s are a net benefit to anything. Generally all this electro-crap. Let’s see how the green leaning part of the society reacts to fibreglass windmills landing in the landfill on the 20 year cycle.
If anything, the majority of post-bitcoin blockchains have in one way or another omitted key blockchain properties and therefore defeated the point of a blockchain, usually in the form of federated networks (private gate-kept chains), or, as you say, built with feature sets in order benefit ponzi scheme structures.
Lots of bitcoin hate lately, from environmental concerns (give me a break) now to "ponzi scheme". (Is it because there is a finite supply? Does that make buying gold a ponzi scheme too?)
Oh well, there's always been detractors.
Buying gold is not the same as buying Bitcoin, if you actually different fully.
I couldn't care less if you bought or sold bitcoin.
See? Already very different from a ponzi scheme.