Bitcoin Forum

It's been almost twenty-four hours since Tesla CEO Elon Musk took to Twitter. He asked his followers in the poll whether they agreed with Tesla agreeing to use the meme coin as a payment option.
So far, 3901106 votes have been counted. Meanwhile, more than 3 million (78.2%) respondents voted "yes" and 21.8% were against.
Earlier this year, Elon Musk announced in a statement that Tesla had begun accepting the world's leading currency code, Bitcoin (BTC), and that the bitcoin received would not be converted into Fiat currency. Tesla also allocated $ 1.5 billion to buy bitcoins. It was later revealed that the company had liquidated ten percent of its BTC assets.
As you know, after Saturday night's broadcast, the DOGE price fell from $ 0.71 to $ 0.44, but the growth of this currency resumed.

https://i.imgur.com/99N8iSW.jpg


Source: https://u.today/will-tesla-add-doge-now-that-39-million-people-have-voted-in-elon-musks-poll

It is hard to tell what is on his mind but from what I observe, the people now have the power to control everything. The governance shift from the authorities to citizens. And there are more than 3.9 millions people want to share their opinion. The true number maybe even greater.

IMO, Doge is just a memecoin. Its intrinsic value is meaningless. Furthermore, my friend told me that Doge coin is manipulated because there is one wallet holding more than 28% of all doge

source: https://stockhead.com.au/cryptocurrency/big-doge-one-whale-owns-28-of-all-dogecoin-28b-worth/

This is by far, and when I say by far I mean it, the most unbelievable thing I've ever witnessed in my crypto life! I don't know how this is gonna end... many people are gonna get hurt.
This is so altcoin P&Ds

Someone will not buy Dogecoin to buy a Tesla car. If Elon want to buy Dogecoin as a long-term investment he will buy it before the announcement and therefore the price will increase.

It may be acceptable to use Dogecoin to buy Tesla because they provide cheaper charges but I do not think it will happen, you need to insure the network against 51% attacks which most altcoins will fail in this option.

Dogecoin is short-term speculation.

...and is doge even moving from that wallet? Because you can't simply cry manipulation if it's just a dormant amount of money in someone's wallet: e.g. you can't say Bitcoin is manipulated by Satoshi's dormant 5% of bitcoin supply since it's not moving around.

---

Back on topic, I highly doubt that Tesla will start accepting a highly volatile coin as a payment method, especially when the price movement is a direct result of your CEO appearing on TV (https://www.cnbc.com/2021/05/08/dogecoin-price-plummets-as-elon-musk-hosts-saturday-night-live-.html).

Yes, as for the extent of his P&D, we all know that tons are going to be hurt once the price goes down.

I think Elon has far surpasses John McAfee as far as shilling is concern. And you can look at his poll to see how influential he is. But as far as Tesla accepting Doge, if it will continue to bring more hype on it for sure Elon will "accept" it in the future. So for him the result is very beneficial for Elon and his company. But not good for the crypto market.

Elon is trying to keep Dogecoin afloat. 2-3 days back, the prices had crashed by 40% within 24 hours. Then there were a few tweets from Elon and the prices again went back to the previous levels. It is clear that he is manipulating the prices. He is exploiting the influence he has in social media, to create a pump-and-dump cycle with Dogecoin. The SEC can't do anything here, because he doesn't own any Dogecoin. He is doing manipulation on behalf of various Dogecoin whales, who have probably promised a substantial chunk of their profits to him.

Afloat? Take a look at the prices a month or two ago, if he had indeed been buying at the time people assume he did he by now has already made x50 on that investment, doge was well under 1cent before all this madness started. Why would he even try? If he was in just for the money he could have simply ditched this and strated his own coin, you realize what strat that altcoin would have with all the influence he has?
He's no Ver or CSW to resort to desperate moves.
Right now he's doing this for fun, some people buy 200m long yachts, some hunt in Africa, Musk enjoys having a troll day on twitter, probably every time he does even he is suprised by how much influence he has.


Lol, are you seriously thinking this?
The world richest man is doing bounty work ?

Though the result favors DOGE can he keep DOGE pumping?

It was already dumped, and I am not seeing it's growing now as it's been down 2% at the moment. https://coinmarketcap.com/currencies/dogecoin/
DOGE has not come back yet, it might struggle a bit before it will rise or it will go down from here, we don't know.
Elon trying to keep the hype but it will not last forever, or longer, his influence in crypto will be gone soon.

They ain't going to risk it IMO. Elon knows that dogecoin is highly inflated, and that there is a certain risk associated to accepting it as a payment method for the cars that they are selling. Many of the board members would surely say no to this absurd plan even if Elon himself pushes it. It's another hype train for Elon and his followers to push doge to higher highs, but not enough to actually render a response from Tesla shareholders on whether or not they would allow doge payments.

What goes up must come down, and I'm sure doge is no exception to that. Elon can't keep things going by his side all the time.

It still depends I don't think he meant something solid on the survey they did when it comes to accepting DOGE as they still need to consider the volatility factor of DOGE which proves to be more unstable compared to Bitcoin as literally it is just a memecoin that is susceptible to hype. If they'll be accepting it because of this survey I highly doubt that they will be keeping and holding it as it is as chances are they'll be converting it immediately so they'll avoid any kind of losses just by accepting it.

It's going to be fun when someone who owns billions of Dogecoin decides to dump it on Tesla. Dumping it on the market would cause a flash crash. I guess you can't just click "order 1 million cars" and pay online though :P

Musk seems to do anything for attention, which increases his stock value. It's kinda amazing it really doesn't matter what he says.

How do you measure a cryptocurrency's intrinsic value?  If doge's is meaningless, I'd argue that every coin's intrinsic value is just as meaningless. 

I haven't been following this situation all that closely, though I have seen a couple of Youtube videos about it and how doge has exploded in price--and it is truly mind-blowing that 1 doge got to $0.75 or whatever the high was.  That is just mind boggling, and I never would have expected doge to even come close to that valuation in my lifetime. 

And why shouldn't Tesla accept doge?  Honestly, if you're going to buy a car from them and assuming you need a relatively low transaction fee, doge outperforms bitcoin in that aspect (and you'll have a faster confirmation time as well).  I've stated in other threads that doge (as well as most other altcoins) makes for a better currency than does bitcoin.  I'm not saying bitcoin isn't a great investment, just a lousy form of money when you have to spend it.

I'd reckon that they already took Bitcoin, they'd rather not take Doge for now. Well as a payment maybe, but as an asset? Nope. I'm pretty sure Elon himself knows that the reason Doge popped off so high is because of he himself and that it's currently standing at pretty much fame right now, and not in its intrinsic value. Well if he accepts it then, well, I can only assume that the man himself is quite serious in making it go higher than it is right now. He's probably trying to be the value that people see in Dogecoin in the long term as well.

And why would he do that?
Quite funny, if we ask the same question about the Winklevoss brothers and their 100k BTC every bitcoiner would say they will not do something as stupid because it will hurt their own pocket, so why would doge owners who obviously bought those to sell at profit do this?
Besides, what if Musk already has all those billions in coins?  :o


Although I believe Doge is a joke every bitcoin maximalist should understand a thing, it's a free market, the price of the coin is the price people are willing to buy it for, 50 cents for Doge and 60k for BTC the principle is the same, the value of all the coins out there expect of the so-called stable ones is derived b the trust people put it in the coin, no matter what future purpose they have in mind.

But seriously, the Doge's ascension is one epic episode in this saga, I love how a meme coin is trashing other coins with billions in ICO sales or Defi features that were meant to revolutionize the world.

No one can actually tell what Elon Musk will do. One thing you should know is that whatever he decides to do will be done with or without the opinions of his followers. If Musk decides Tesla is going to accept Dogecoin, he could make it happen without consulting his followers.
I think he's just trying to get his followers involved in his thought process. I believe he's just trying to see how much of acceptance dogecoin has gained in the mainstream world. Some would think he's just chasing clout doing this but I believe his every moves are actually strategic.

First of all, I am not a conspiracy theorist. But Elon Musk's recent behavior is very suspicious. Previously I would have considered such tweets as pure trolling. But nowadays, the intention is suspicious. Especially his tweet, which came at a time when Dogecoin price was down by 40%. I have to admit that I don't have any proof for any sort of manipulation being done by Elon. But right now a lot of madness is going on with this shitcoin. Maybe I was not logical or rational. But let's wait for a few more weeks and see what happens to Doge. 

Elon is indeed manipulating the price of Doge, but I think that he is doing that out of boredom and for some shits and giggles, and not because he wants to help some Dogecoin whales.

You have to ask yourself why would richest man on earth help some Dogecoin whales, when he can make some meme shitcoin himself and probably make hundreds of millions that way, if he wants.

He is simply having a field day with Doge and is probably amused how his single tweet can affect price so much.

this is the same old pump and dump scheme that hundreds of pumpers have used on social media, the only difference is that Musk is using it with much more effect.
basically they buy a shitcoin at low prices, then hype the hell out of it to get others to buy that shitcoin too. then as the price keeps going up they unload their bags on the market.

if you thought Elon had a lot of bitcoins just wait until DOGE pump is over and see how much bitcoin he will have made from this pump and dump.

Isn't that..... illegal? It's one thing for anonymous pumpanddumpers to do it, it's a different story if it's a billionaire who was already fined $20 million by the U.S. Securities and Exchange Commision (https://www.cnbc.com/2018/10/29/teslas-elon-musk-says-his-tweet-that-led-to-a-20-million-fine-was-worth-it.html) for misleading investors.

So he made a poll and the results we're obvious where majority is preferring for this meme coin to be added and most likely they would really be accepting this coin in further months ahead or a year.No one knows!

If ever this one would push through then it would be an advantage to those who do held up this coin but i cant blame out to those people whom would think that this might be just an another

show for the price of Doge to rise up again and continue the repeat profit taking process or scheme. What yah think?

I don't know if it will actually be adopted as a mean of payment at Tesla, but I still think that Elon Musk is still having fun with Doge. I don't think this altcoin is suitable for adoption because its price tend to pump and dump. Are there any of you who take that tweet something serious from Elon?

I agree with you, but maybe not for those who think Elon's tweet is worth considering for long term.

Elon would accept doge for the hell out it because it's great for marketing.

"Eccentric billionaire accepts meme coin", "Buy a Tesla with doge coin meme currency"

This guy loves attention, and Tesla's stock is massively over valued, so the moment he's out of the spotlight, Tesla shares will sink.

It's something that has been on my mind, too. One thought is still bothering me, though.
Why is Bitcoin listed as a financial asset in Tesla Inc. but not Dogecoin? If he truly believes in Dogecoin, why hasn't he backed it up with a few billion $.?

You know what they say: Put your money where your mouth is!

So before when the coins were almost forgotten you could have called it trolling when obviously his tweets were having a far larger in terms of percentage effect on the coin, and now when everyone is talking only about dogecoin, hell all the Reddit ads are only telling me to invest in dogecoin, and he is simply repeating stunt after stunt, why would this now be considered manipulation?
I really think a lot of bitcoiners are biased on this, they cheered when Tesla pumped millions into bitcoins but when Musk does mention dogecoin suddenly it's manipulation, I too would have preferred he would have come out and say that he is only interested in BTC and neither he nor his companies will ever accept any other altcoin, but it's a free world, and you can't jail a man for a poll.


That was a different case altogether, he made a false claim there and he knew that it was clearly a lie plus he was the chairman at the time for the company.
Here, what could be illegal of what he has done? And if that is illegal, then how about what Powell who also runs an exchange said about bitcoin reaching 1 million, isn't that also manipulation?  :D

I am pretty sure he will not accept doge for sure. We are talking about %60 of all doge owned by certain people, very centralized, there are people who can literally buy the whole Tesla with the doge they own if they wanted to with how Doge is priced right now, even if not the whole, they could purchase a huge chunk of it.

That means Tesla can't accept doge on the basis of how centralized the distribution is and that is a big problem. This dude loves to joke around about dogecoin and he can do that all day but he would never have a substantial investment into dogecoin from his company that is just a fact, let alone accepting doge, he can't even have a public purchasing of doge from Tesla itself, he did that for bitcoin but he can't do that for doge. Only reason why he keeps this up is the fact that he was liked for it and he likes to be liked.

Apparently, Elon Musk, within his budget, can afford to write another 7,000 tweets. Considering how fast he is expanding his Twitter audience, I'm pretty sure he doesn't care about penalties, (not to mention the fact that penalties against him are unlikely for political reasons). It is likely that a t'marketing agency is behind Elon's account, whose actions simply save billions of dollars in marketing dollars, (organic reach rules) ... or have you forgotten how Musk sent the car into space?

https://twitter.com/elonmusk/status/1392602041025843203

BILLIONAIRES ARE NOT YOUR FRIENDS. In caps, in case it wasn't obvious to anyone.

Suddenly the walking meme isn't too funny anymore. I'll admit I found his antics amusing, but then he outputs blatant falsehoods about BTC and crypto in general.

The electric bearing of crypto is not anywhere near the resources needed to manage a financial institution. Want to know how much electricity it takes to store physical commodities or currency, secure it, maintain it? Maybe someone should let Elon know.

i also took part in the voting on Elon's tweet and voted "no".  i'm very sure those who voted Yes on pool only contributed to the voting because they thought Elon's tweets were funny.  This is something i don't like a little about Elon, he seems to make the crypto market look like a zoo.  due to the bullish doge, many people get rich suddenly and also suddenly poor....imo is not funny anymore.

I would be interested to hear reasons behind those negative poll votes.

It is possible everyone voting on that end of the spectrum does so through being uninformed. Or misinformed by the media.

Dogecoin hate isn't a common trend anywhere that I know of. I can't ever remember anyone saying something negative about doge.

It is very surprising to see so many negative votes against dogecoin support for tesla. One wonders if the results are accurate.

You really can't expect to vote all in for doge.
Some will oppose for what's to come.
But it doesn't mean they hate doge, maybe, they just don't believe on doge.
But with the positive result or high percentage that want for Tesla to accept doge, I believe Elon will make another tweet on this.
And high likely that they will accept doge in Tesla. Which may be good for all doge holders.
As Elon also tweeted about suspending the acceptance of bitcoin payment, maybe they will seriously look into doge as alternative crypto payment.

IMO Musk is trolling the SEC who sanctioned him for tweeting about TSLA having a buyer lined up at $420/share when this was less than true. Musk is not able to tweet about certain things about his companies without company approval for accuracy. Musk appears to have responded by tweeting about crypto in ways that he knows will influence the price of what he is tweeting about.

Elon Musk said from the start that he would not be surprised if the price of Dogecoin became 1 $ in an implicit indication that he would support it until it rose to  1$. Of course, the results of the vote are known in advance because everyone knows that Elon Musk supports Dogecoin and they know that he is fully convinced of using it as an additional method to buy a Tesla cars, in case Elon Musk makes the move, we will definitely see the Dogecoin price at  1$.

I voted no to this, hoping that I am contributing to No becoming the winner in this poll, which, in turn, would hopefully make people realize that they are actually courting danger by investing in Doge right now. However, it seems the millions of blind followers of Elon are all Doge diehard fans that Yes easily made it as the winner. But I am more than sure that 99% of those who voted yes are simply Doge owners and won't actually buy a Tesla with Doge nor can afford to buy one.

All these tweets of Elon mentioning Doge is definitely being interpreted by millions as a direct promotion of the meme coin. The risk is very high. I'm afraid Doge will fall down to tens of Sats sooner rather than later.

Never thought that it would be that big, better brace yourselves and save some DOGE for yourselves because I can feel that there will be another increase in the prices because if they make this news official, prices are definitely going to pump really high and you might not want to miss it for the profits.

It would be an asshole move if he now does not follow the result of the poll and thereby sends Dogecoin South. It's becoming weirder by the minute how he is using Twitter and crypto.

Probably a good chunk of them could have come from bitcoiners, to be honest probably even I would have voted against that if I would have believed the poll is actually going to mean something and votes would not be just meaningless actions in a publicity stunt. A lot of bitcoin maximalists hate doge as they think it's just a shitcoin and they wouldn't like to see competition especially from that coin, some of the hardcore ones would rather see no coin accepted than both BTC and dogecoin. I'm wondering if doing this poll in the WOT topic wound get even 5% support.

While I don't openly hate it or wish it to die like other shitcoins sometimes the whole madness gets on my nerves and I end to forget that it's also a cryptocurrency, used for the same purpose as BTC and its value is the same, a reflection of the trust people put in it.

^ Probably and I have doubt about that.
People speak for it so I think arguments will soon be gone. It is just stupid that people think Dogecoin is not useful.
But as I always say, formalities and names are something that is not the thing. It’s always the usefulness and the effectiveness people have to see. Tesla's company could have been named different, like something that sounds very cool and professional. But it did work because they produce results and that is the only thing that matters. The principle also applies with Dogecoin, let’s say the coin has been named after a meme but the execution they did is still better than the others. Nevertheless, they survive freaking years and that matters the most.

Elon Musk already showed how quickly he could change decisions and how hard it later impact on the market. What is the point of voting for dogecoin to be accepted as a payment for Tesla, if he could later removed that option with a comment like "Dogecoin is a meme coin, or just a joke. But our cars are not jokes. That is why we are suspending vehicle purchase using dogecoin".

What's your point though? I was talking about the the fact that the poll is going to affect the prices but you are here talking about the origin of the names of the company and stuff which isn't my point in my previous reply also the reason that Tesla was named Tesla is because Elon tries to commemorate Nikola Tesla the forgotten inventor that got most of his patents stolen by Edison.

Looks like even Elon's manipulation couldn't prevent Dogecoin from sinking. it has lost 20% of its value against USD during the last 24 hours. At least a section of the new entrants to cryptocurrency seems to have realized that Dogecoin is an overhyped shitcoin with no real usage. During the past few weeks, Elon has done a great deal of damage to the cryptocurrency sector. Those corporations which were considering accepting BTC may have cancelled their plans as of now.

It was Elon that caused it as well, that is the funny thing. He talked about how his company Tesla, after just few months, will not sell cars for bitcoin because of "environmental fear" and then all the crypto prices crashed. He asked about "should tesla accept doge" a bit before that as well. It is an obvious attempt that he wanted to get doge above bitcoin, even if not above marketcap, it should be above in profitability, the price dropped after his SNL sketch and that is why he wanted to recover it but now with the bitcoin tweet he destroyed all of it.

This is basically the reason why I believe he wanted to do something but failed miserably while doing that, because when bitcoin drops everything else drops with it. In the end we are in a world where crypto is tied together and people like Elon should not have this much power over it at all.

I have been saying this since 2012 (when I made my first post in this forum). Altcoins doesn't have any independent existence. They will survive only of Bitcoin survives. There are technologically advanced altcoins out there such as Cardano, which uses the modern Haskell algorithm. But even these coins follow the same principles followed by Satoshi Nakamoto when he created Bitcoin - such as controlled supply, PoW mining.etc. Elon will soon realize that he can't push any of his shitcoins above Bitcoin.

He really said that the Bitcoin they make from sales won't be converted as fiat, are you really sure that he's going to do that? Maybe they will for some time, but it wouldn't be for long, because they are company and there might come a time that they are going to need the money they have there, unless maybe the price of bitcoin goes really high and they have a lot of money stored there and so they wouldn't need to be selling all their money/coins to sort out some issues. They might not sell all, but they will still be selling some of them at sometime, that's what I think. But it's good that they are accepting cryptocurrency.

As for adding Dogecoin to the list, it's all up to them to decide. This seems to me like the time for Dogecoin, because with everything that has been happening all this while, dogecoin has been gaining some popularity and has been going up the chats, I don't think this is the end.

"Dontbuyatesla" is trending right now on twitter LOL.

Too bad Elon Musk didn't realize no one would listen to his shitty crypto advice now that he spreads misinformation about BTC. The whole "green technology" pitch was BS. He's a billionaire engaging in market manipulation with an unregulated market, and his mindless followers will defend him because he posts memes on Twitter. He reminds me of a slightly more hinged version of Trump.

What is weirder, though, is that a lot of people are obviously taking this weird man's weird tweets as some kind of signal, if not gospel truth.

Anyway, it seems Elon is enjoying his time over Twitter and probably with Doge as well. He's probably sticking to this poll's result. We'll see in the coming days. Meanwhile, it seems he's now getting serious with his Doge relationship. This man loves a Doggy.

https://i.imgur.com/Do5ni4F.png
https://twitter.com/elonmusk/status/1392974251011895300

A few weeks ago, there was a thread in the Altcoin Section. It was related to the level of centralization with Dogecoin. According to the OP, more than 68% of the Dogecoin circulating supply is stored in the top-100 wallets. Obviously these whales are the beneficiaries from the recent Dogecoin bull run. The concern regarding electricity consumption was just a silly excuse. Elon's real intention was to replace Bitcoin with Dogecoin. But he is going to fail, just like what happened to others like Mark Zuckerberg.

I think he actually has already made up his mind about accepting Doge because if he didn't, he wouldn't even create the poll ;D plus, he knows majority of Twitter users will surely vote yes as who won't want their Doge portfolio to grow?! But it looks like Elon is trying harder to pump the coin more, now I'm starting to think he's not actually into these rather just trying to make profits even though my heart says otherwise :)

With the resounding result of Yes in the poll, I think that we are going to see that Tesla is going to accept DOGE as a car payment. Better to hodl your DOGE right now because it will probably go up in the future knowing that there is a prominent person pumping it.

Now, if Elon Musk was really clever, he would target most of the dominant coins with this... because there are a lot of early investors in these coins and all of them are potential targets for his cars. He can basically start with Dogecoin and then add a new coin every month, to hook some of the other whales.  ;D

Who would have thought that "Dogecoin" would ever reach celebrity status, I certainly did not... that is why I pissed away my Dogecoin that I bought in the early days.  ::)   (The days when you could only buy BTC / LiteCoin / Dogecoin ....)  ;D ;D ;D

Elon Musk might be back in the next few days with a new tweet about Bitcoin that Bitcoin will again accept payments everywhere. Elon Musk is probably planning to make all the token coins a little bit more profitable, so after investing in this he will publish a comment again which will make the market a little more. Now we have to wait for the next news.

The poll I think was created by elon to determine how many people gonna be bullish when doge get accepted by tesla as payment method, after all asking people out of the blue like that? isn't tesla a company and all the decision is up to the stock holders which means doesn't matter what's the result might be, the final decision definitely not affected by them?
Just imagine if 3 millions said they want doge to get accepted by tesla, that's 3 million of people that gonna follow elon's decision no matter what and a good way to determine elon's chance of hyping up doge and increase his profit. that's just my assumption tho take with a grain of salt.

DOGE is also a cryptocurrency mined with POW so I think it is pointless to cheat Bitcoin to make DOGE the company's payment unit.
DOGE is at risk of a sharp drop in price as only a few wallet addresses hold more than 50% of the total supply of this crypto.
Tesla can accept Bitcoin they can accept DOGE but then they can also get rid of DOGE like they do with Bitcoin. So I don't think you should over-FOMO a coin meme-like DOGE.

Who doesn't love a doggy huh? :P

I wonder why he uses Dogecoin, then again it makes sense. He chose the most stupid currency out there and let's it go to the moon. The Dogecoin fun and trash talk (to da moon) fits his own aspirations. He can also prove that he can not only fire rockets to the moon or build electric companies, but also make a meme coin one of the most valuable currencies in the world. He is a funny dude, what can we say against that? :D

Getting rid of DOGE is going to be much more difficult, I am afraid. Because the liquidity is extremely low and the top-100 wallets contain around 70% of the circulating supply. Dealing with a few million USD worth of DOGE should be OK. But anything more than that, they will face a lot of issues related to liquidity. Serves the loser Elon right. Let him lose a few hundred million with DOGE. Ungrateful b@stard got $1 billion in profit from his Bitcoin investment, and yet he tried to destroy BTC.

Sorry but the liquidity is extremely low? Was that a typo? DOGE has volume of almost $10 billion and decent order books or am I watching different data than you?

Most of the cryptocurrencies do have liquidity issues, and Dogecoin is no different. Don't just go by the daily trade volumes given by various exchanges. They are almost always inflated. In case of DOGE, from what I have seen, only a small part of the coins are "moving" and most of the larger wallets doesn't show any recent transactions. And for DOGE, let's not forget that 70% of the circulating supply is concentrated in the top 100 wallets. Once someone attempts to sell a large stash of DOGE at once, the prices may fall by 50% or more.

The general issue that it is easier to buy than to sell does indeed apply to almost all cryptos that's correct. But in an upswing there usually isn't a liquidity issue while in a downswing it is almost natural that buy orders suddenly disappear as uncertainty increases. That's the problem when you hold for too long waiting for the peak and out of a sudden the buying side of the order book literally vanishes.

Currently, Elon musk is only using his fame on social media to raise and lower the price of Dogecoin, so many investors and traders are stuck with him, we don't know what Elon musk will do next in cryptocurrency because he has a big influence. Currently Dogecoin is very easy to control by Elon Musk, people can fall rich and poor in an instant thanks to social media

it is illegal! Especially he holds massive Doge

All that Musk has done with DOGE is talk about it mention it. He has not endorsed it, helped with it's development, nor invested in it. Musk has a decent following, but merely mentioning it is not going to be enough to get a lot of people to buy it. IMO, we had a lot of people speculating that Musk will either endorse, invest in, or help develop DOGE, in the hopes that doing so would get others to buy. When this did not immediately happen, these speculators eventually sold off their positions.

This is unlike bitcoin in which Musk has (via Tesla), invested in.

Musk is not telling anyone to buy DOGE. He is merely mentioning it.

Merely mentioning the name "Bitcoin Savings & Trust" is not the same as telling anyone to invest in that poinzi.

It's illegal in the stock market, in the cryptocurrency world, where everything is practically decentralized, Elon Musk and whoever has power to influence people, is free to do whatever he pleases. I find it rather annoying, he has been manipulating the market the past few months, posting trolling Tweets, making decisions known to cause an outrage and now this.

I find it outrageous, it's going out of control. He does as he pleases, if he was doing that with the stock market, he would be behind bars now.

That was the case two weeks ago, but now the situation has changed. If you were following the tweets form Elon, you should know. He has openly endorsed Dogecoin after badmouthing Bitcoin. And on top of that, he has stated that he will be working with the Dogecoin developers to make the coin more efficient. Don't you think that Elon is endorsing Dogecoin here? Fortunately for the last 2 days this lunatic seems to have kept his mouth shut. And that helped a lot, and now the exchange rates are stable.

Social media  is the best place for Musk to control over this coin, whatever he did followers are just around the corners waiting for their next move after anything that Musk will say.

It's very  tough to play with this project, knowing that manipulation can be done as easy as how Musk is doing it right now, for sure there are many investors and traders who got trapped with this current market movements.

Everything are red and not just Bitcoin and Doge, the influencer really created market shake and people lose their money in a short period of time.

Unfortunately the rates are not stable at all, right now there is the biggest drop in crypto for the past year. We are seeing a HUGE 50% drop in bitcoin and many others are doing about the same as well, they are all doing awful. Obviously we are still at 39k+ for bitcoin, 2.7k+ for eth, and 390+ for bnb which are all great compared to just few months ago, those are still very valid, if in 2020 you told me in a year the prices will be this much I would have told you that it is too much and here we are half of the price at the place where I would imagine a lot.

However no matter how "high" it is compared to past, it is still 50% in a week, we were at 64k just recently and we are at 39k or so in bitcoin that is really not something I could have seen. I do not blame Elon for this, as long as people do not sell the price doesn't fall, Elon didn't sell tens of billions today, it was the people who did that.

@OP, I think this was the plan all along, to make bitcoin look bad in a bid to promote Tesla. It ain't about the vote to me, its about the coin in question which is Bitcoin and Dogecoin and putting either it should be accepted or not makes no difference as Bitcoin has already been painted black. All this is just because of the Bitcoin's progress and in time, Dogecoin would get there too and in a way, Elon Musk intends to stay top as the world's richest man through Dogecoin. This he intends to attain by pumping Dogecoin and putting it to a vote could be seen as a deliberate attempt to stir the system just as he did bitcoin in anticipation for a response.

He's a smart guy that wants to make big money, who can blame him? I think people that fall for that are to blame. I mean, look at us here, so many people on this forum realize what's going on and criticize Elon, but what about the rest? Those 4 million that participated in the vote? Haven't they got the brains too? Elon wouldn't have succeeded if there wasn't a sheep flock helping him with that.

I think Ellon is very clever, it's like that I think, it's all part of a clever strategy. What do we blame Ellon for? he can read the odds, he has the ability, and I think he takes advantage of it and ultimately makes a profit. we'll wait what he does after this, after resigning from bitcoin

The problem with manipulation is that one type of manipulation can be done only once. Now everyone is aware of the intentions from Elon Musk, and he won't be able to do the same time of manipulation again. And his disruptive tactics only had a limited impact, as the prices quickly recovered from $31,000 to $41,000 in just 24-hours. And in all probability, the exchange rates will be back to the previous levels in a couple of weeks. This correction phase provided the whales an opportunity to accumulate coins at low levels.

elon musk has now really succeeded in manipulating the crypto market, with just a few tweets elon musk was able to lift and drop the price of crypto in the market, as happened recently elon musk said if bitcoin destroys the environment in its mining, does elon musk not know how it works bitcoin mining before? Of course, as a CEO, Elon Musk is a smart person and of course he knows how bitcoin has been performing so far, so I think this is more of a deliberate market manipulation by Elon Musk for his personal gain.

I would say he was more of a catalyst to a market movement that felt to be inbound anyway. He does have some impact but it' not like he is to blame for a trillion dollars market decline. It was the perfect set up for a crash and may have been even planned.

Nothing will happen. Tesla wont make dogecoin as a payment. It was just a fun tweet by Musk. First - such decisions of payment options are not taken based on a twitter poll. Because it is not really objectively; people will say yes to everything Musk says. Second - we all know now how Musk likes dogecoin, it was just another mention of a dogecoin by him.

And the way some people just follow every crap tweet from him is unbelievable, now people are making a vote for dogecoin to be made as payment option for Tesla, crypto is really full of surprises, what's the point of conducting a poll when he can do and tweet whatever he likes anyways! Elon is for Dogecoin and Dogecoin is for Elon.

Elon saying that they are not going to be converting every Bitcoin they receive to fiat is what I never believed. Companies that are receiving bitcoin as payment are always converting it to fiat instantly they receive, so I thought to myself that they are never going to do that, unless maybe he said it because that the price of Bitcoin will keep going up and they are going to continue holding it to make more profit at the moment.

Anyways, at the end we have seen how it ended with their acceptance of Bitcoin, maybe they didn’t really do a pretty good research on it and that’s why the sudden change. Let’s see how they go with Dogecoin, a lot of people have believed that he (Elon Musk) is going to be manipulating the price of dogecoin. Let’s see what happens to dogecoin when the market starts going down.

some consider it a nonsense even a joke and some take it seriously, influencers like him are indeed effective in making an impact even though I see that many sides are disadvantaged

You'd have to prove that Elon is intentionally trying to manipulate the price for his own benefit or for the benefit of those who are close to him. It's an almost impossible standard, and one you wouldn't be able to prove circumstantially. You'd need a smoking gun.

Even the second part of your post is not straight forward. In case it has been proven that someone who is close to Elon has benefitted from the recent bull run by Dogecoin (I am talking about friends, and not any blood-relatives), you need to further prove that this person has initiated the investment after receiving inputs or funds from Elon. These sort of arguments are not enough if a legal fight ensures in the court. You need solid evidence, such as an email from Elon which asks his friends to invest in Dogecoin, or bank transfer from Elon to his friend in question (or vice versa).

He already took the decision and wanted to convince the people he did that because people wanted it too, Anyone with smart mind will ask such questions in a social media where most of the people don't have any knowledge about what he is asking and its no wonder that many Yes because they don't know what is Doge, they simply voted yes for Elon Musk.

Agree on the first part but strongly disagree on the latter part since its people, People without interest on it is not mandatory need to answer the people just like what you are imposing. Probably most the user voted yes was Doge holders and users considering how big the Dogecoin is. I'm not a fan of Elon nor Dogecoin but I know that there community was strong to win that poll though. In fact there will be no repercussions to users if ever they will list that meme coin.

1. A businessman selling candies tells you that candy wrappers are valuable.

2. He buys up all the candy paper from the market and tells you to buy it too.

3. Candy paper goes up in value but keeps fluctuating when businessman talks.

4. He says now you can buy his candies in exchange of candy wrapper.

5. Candy wrapper pumps. His bags gain value as he has all the candy wrappers he wanted.

How isn't this openly manipulation?

He shilled an asset and then asking his followers if he should accept it for payments. Isn't this monopolistic or something?

Doesn't matter though. DOGE is a PoW currency. If Musk decides to let people buy Tesla cars with it, maybe a few bag holders will be happy spending it. Its a cryptocurrency. If he chooses DOGE, its his wish. Doesn't mean that DOGE will suddenly become better than Bitcoin.

He's openly trolling the whole cryptocurrency world. Firstly, by implying that BTC has the same issues and is as BS as fiat money and then proceeding to claim that Dogecoin has potential, if someone was to alter a few of its characteristics. On top of that, he created a poll on whether to accept Dogecoin for Tesla purchases.

I think that the Elon Musk incident showed us how insecure the market is, in terms of volatility and manipulation, which is due to the nature of crypto.

Elon twitter is just dogecoin marketing compaign

I gotta say we need a break from these topics now guys. It's all Elon everywhere and his tweets. I know this is hot and unique stuff that has ever happened in the crypto space but I think we are stretching it too much now.

I know most of us lost money due to his acts and the crypto is seeing the worst blood bath ever.

BUT, this is not really associated with the Elon alone. I mean checkout the historical data and you will see every year in the middle the crypto tends to dump itself heavily so that it could be moved on to the next ATH point by the year end or around Christmas.

I think it's nothing new here, lets just stop the Elon stuff.

So this is the real reason why Tesla suddenly take Bitcoin away from their support? because of Dogecoin pushing?

Not i must admit that Elon Musk is the stupidest person alive.

No.

The real reason was that Elon realized that Bitcoin won't dance to his whims and fancies. He didn't had any issue with Bitcoin for the first 4 months. And then he suddenly came up with the excuse that Bitcoin energy use is too high. And if that was the case, then he could have promoted some of the other "real" cryptocurrencies. But no. He instead chose a meme coin, which was created to mock the entire idea of cryptocurrency. The sole reason was that he realized Dogecoin can be manipulated easily, unlike the other coins.

Dogecoin exists here for a very long and one of the oldest altcoins as well but why these community suddenly had a strong belief on this meme coin?

Just because of the Elon Musk hype in my point of view!

First of all, Dogecoin is not an altcoin. Rather, it is a shitocoin. When Jackson Palmer and Billy Markus created this shitcoin in 2013-14, their idea was to mock the entire concept of cryptocurrency and not to create an alternative  crypto. And it is factually incorrect to label Doge as "one of the oldest". Because Doge first came in to existence in December 2013. The first altcoins were created in 2011. Hundreds, if not thousands of altcoins came in to existence before the first Dogecoin came in to circulation.

That is a true fact, actually the creators even said so themselves that is the biggest proof. I mean if it was just something that we said then someone else can argue that we are wrong and can create a counter-argument for it but when the person who created the coin we are talking about saying that it was suppose to be a joke and a meme and nothing more than you are really not giving yourself that much room to work with and it is definitely a shitcoin without a doubt. That is why I think there is really no chance that people could take this seriously. All the people in the world are either saying it is a shitcoin and ignore it or they just want to make a quick buck and nothing more than that.

Historically a section of the celebrities have promoted Dogecoin through social media. And this trend started much before Elon Musk made his first tweet on Dogecoin. Snoop Dogg, Jake Paul and Mia Khalifa are some of the celebrities who have urged their followers to purchase Dogecoin. And Angela White claims that she is holding Dogecoin since 2014 (although no evidence has been provided for the same). One thing is sure. These people have realized that Dogecoin can be easily manipulated for their own benefit.

Dogecoin has gained trust from the investors way back. As the creator once said that this coin was created as a joke, but it gained positive feedbacks. So, they have pursued Doge.
It's not just because of Elon Musk alone that Dogecoin gained it's value despite of being a "joke" coin.
Dogecoin was also use to tip social media content creators. There's no wonder why Dogecoin was being promoted in social media even before Elon tweets about Dogecoin.

This community didn't have absolute belief on Dogecoin, but we're just riding the hype, like everyone doesnt want to miss the train.

Elon should attend to his own business instead of trying to become a figure on the crypto scene. It is of little help for us to have a guy like him launching uneducated opinions in a desperate try to mean something on the crypto sphere, which he failed miserably to recognise in due time and now is trying to manipulate for his own purposes. The only treatment he deserves is being ignored, and not only in crypto but also in general. This guy must be on something heavy to do this.

Before I though his pressence is good to crypto's adoption but unfortunately his been exposed since his main intention why he join here is for his own gain, we already see how bad he is for spreading fuds on medias so its really best for crypto people to forget him so that he cannot create any further damage to the market.

He's exposures also creates awareness to the government, not sure it's good or bad but for sure there's

always something that manifested after his existence to this market.

Now that there are many bad publicity and fuds are continue to spread out, he's words is being use to
move the market if you don't want to have a problem better to work according to how you interpret the market
and not because of whatever those known personalities statements.

Musk/Tesla is probably the reason why bitcoin went from the mid 20k's to 50k+. Tesla was buying $1.5 billion worth of bitcoin while bitcoin was at the mid $20k, and the price was pushed up to above $40k. Once Tesla announced their holdings, the price went up, and when they announced plans to accept bitcoin as a payment method, it went up even more.

Musk likes to say some pretty off-the-wall things about basically everything, including crypto, however tweeting about crypto will get people interested in crypto, and will get them to learn about it.

And despite of this the price of dogecoin is still falling, I do not like that people are losing money by following Elon Musk and his nonsense but at least he is learning that all of that influence he thought he had is not there anymore, obviously those invested in dogecoin want this to continue so the price can resume its upward trajectory and they can recover at least some of the money they lost.

But some investors are realizing the game Elon Musk is playing and they are not willing to let themselves be manipulated by a billionaire that is only looking for his own selfish interests.

You're overestimating Musk.


If you look at the charts, you'll see that move on 9th February. This was the Tesla announcement. It took us from 39000 to 46000.
At mid 20 thousand there was no announcement and no Tesla buying Bitcoin ;)


Also, first time we went to 41000 we suffered a huge dump that many people thought to be the end of that bull run. Makes me wonder why there's so much paniuc today that we are at those levels again.
We could easily go down 12 thousand dollars in a week back in January and people were bullish.

Right, many have started to disbelieve Ellon's statement, where he is good at taking advantage of opportunities to achieve personal gain, as if he doesn't care about the development of a project. therefore we must be careful to invest in certain coins

The damage is already done and the exchange rates are down by 50%. Now what difference is it going to make, if the people doesn't believe in his tweets. As a lot of posters have already claimed, his real intention may be to come up with his own coin. It is something that Mark Zuckerberg tried, and failed to implement. Now Elon has come up with an idea similar to the Libracoin, with careful planning and deception. Now let's see how he will proceed with his plans and how much success will be there.

The best thing is that if you go with the flow and just be on the right side of swing then you make lot of money in the doge coin, as just in case if they announce to accept the doge coin for Testa, we know how quickly again the doge coin will start to rise back and you can easily double the profits in a short time and can exit if do not think has a good future.

This metaphor is convoluted and unnecessary. It's not manipulation because the definition of manipulation requires action to benefit yourself or someone else.  If you're just making statements to move markets to troll people, that's not manipulation.  There's no evidence Musk is trying to profit, all signs point to him just being an attention whore, so anybody following his "advice" should be on notice that he's flakey.

One thing is clear now. Elon destroyed his own reputation in the cryptocurrency market. This was seen from his last few tweets on BTC and DOGE, which failed to make any impact on the market. And it needs to be seen if Dogecoin can be able to survive, without constant pumping from Elon. The basics are extremely weak, unlike the other cryptocurrencies, because even now the number of stores that accept DOGE remains very low when compared to coins such as Ethereum Classic and Stellar Lumens.

The Tweets are irrelevant at this point because they just wanted to make sure that the public will have the assurance that they will support the decision. I think that the moment that Elon talked about working with the Doge developers, the decision was already on it's way to being finalized.