Bitcoin Forum

https://www.livemint.com/companies/news/bitcoin-plunges-17-after-elon-musk-tweet-on-tesla-not-accepting-cryptocurrency-11620873189800.html

"We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel," Musk wrote.

I smell shenanigans.

Honestly this is so rigged, we need an global agency to go and fight against such actions. First Elon Musk buys a lot of Bitcoins when they are cheap, then he goes and promotes them on Twitter to get the price to rise. Once the price rises he is just selling his coins with a nice profit. After that he is just stop promoting BTCs and saying that Tesla won't accept BTC anymore. I wouldn't be surprised if he starts to buy coins again when the price is down to 30,000 or 20,000 USD.

Elon is a manipulator he has done more harm than good to the crypto space with his huge Twitter audience, after manipulating Bitcoin and make huge profit today he does not longer feel comfortable with the high energy consumption in bitcoin mining like wtf? Why ya manulaputing people to sell Btc and invest in dogecoin where you own about 60% of the coin.. Elon has ruined the crypto community.

Elon Musk is kinda like Trump with his twitter feed. Seems slightly unhinged at times. No sense in making comparisons to the electricity used with BTC and the modern banking system. We are suppose to adopt a meme currency or a trash alt coin because there is a less electricity dependency? Ha, Musk worshippers will believe it, I'm sure.

Also Tesla makes rubbish cars.

Enjoy - https://en.wikipedia.org/wiki/List_of_lawsuits_involving_Tesla,_Inc.

Actually it does have some connection.

"Tesla's cars is spurred by modern design, innovative technology, and high performance that makes the cars a "green energy" favorite"
Source (https://www.investopedia.com/articles/personal-finance/032415/why-are-tesla-cars-so-expensive.asp)

So they would really be connecting in terms of environmental but i would say that this is just bullshit connection .

He is a puppet of the elites. And with him they found the perfect clown to destroy crypto.

A businessman is a businessman, he always wanted to get the job done no matter what the process is.  This time Elon possibly wanted to re-enter the Bitcoin Market so he have to do something that will crumble Bitcoin price growth and make it dip for him to buy at a discount.  I wonder what his next move to crash the price of Bitcoin.

Yes business is business but he had dip down $20 Billion poorer.
https://www.forbes.com/sites/sergeiklebnikov/2021/05/13/elon-musk-is-20-billion-poorer-since-hosting-saturday-night-live/

Karma we can say?

Musk, after being a company founder, is first and foremost a market manipulator.

Now we want a agency to defend us, isn't decentralized platform meant that we should be independent and I think that it will defeat the purpose of decentralization since there is an external force that is intervening. If that was to ever happen, you all better have some bitcoin ready because that is a good opportunity to get a really good profit because he will be pumping it real hard.

One word. BULLSHIT.
A market manipulator, the new version of McAfee, an influencer that is hyping DOGE and crypto in general.
After his tweet, it affected him and his business. Tesla Stocks dropped and possible that his revenue for this month might get affected too.

Anyway, if you are in the crypto space for a long time we see this kind of news as opportunities to buy at a lower price. We see bad news as a good news because we can accumulate more coins at a discounted price and I hope that many bought at a lower price like me :).

Now with regards to Musk manipulating the market, this will continue I think since he is a very powerful influencer and has a huge reach and very popular. For sure many people will follow what he will say or will buy the coin that he will tweet.

I am pretty sure he was ordered by his board or by IRS to stop accepting BTC. Its one thing if you accept BTC for something small like $100 but for a $100,000 car its a different story. I think they evaulated how it might lead to money laundering and accounting issues with IRS they decided it would be too much of a headache and decided to not accept it.

Drug dealers could buy tesla's, and then sell those tesla's as a money laundering scheme or something similar. If Tesla sold other items such as cell phone or clothes which were cheaper then maybe they would still be accepted however with how expensive these cars are they probably would run into too many issues.

You gotta admit that it is still interesting to see how the market reacts to obvious manipulation of someone with "influence". The more interesting thing is that you can also compare this reaction with the same reaction that the altcoin market is showing the same person. After all he didn't just manipulate bitcoin, he also did it to Dogecoin. And it is a two stage operation, first hype and pump then FUD and dump.

The situation has been like this so far:
When he was hyping bitcoin, the reaction bitcoin showed was small about 10% rise while the shitcoin got pumped over 1100%.
When he started FUDing bitcoin, the reaction was still small and price dropped only 17%
But unfortunately he hasn't yet started FUDing Doge which I hope he does soon because that would complete the experiment into the cryptocurrency market and its reaction to "influencers".

Even if the bitcoin price plunges to the lower price, it will back increase again.
Elon just makes a noise in the crypto market and sooner or later, people will realize that Elon is just want to make more money from crypto.
We do not know if he manipulates the price or not, but that will only be temporary because people will see the truth later.
But we realize that people like Elon can manipulate the crypto market, and we should be ready for that and do not get into his trap.

Well, people panicked and thought that the tweet is going to be the anti-bitcoin equation that they were ever waiting for so they can finally sell their bitcoins but it turns out that they made it look bad more than it really is and here we are. I don't mind the dips since 12% isn't a lot if you look at it in the grand scale of things.

People got afraid since many thought that tesla will dump their bitcoin and we see the effect on it the price drop after their announcement but gladly it recovers back when many whales support the rise of it again.

But unfortunately right now bitcoin is dumping badly and I wonder why and how far the dip we can see today hopefully this is not the start of bear market season.

Launching a Tesla car into space must be very fossil fuel friendly too...

People like Elon are fighting for the most valued company in the world. They don't give a shit about anything...

Exactly, and they are mad about it as if Elon failed their expectations and as if Elon knows they exist. The dip isn't a bad thing, I feel bad that I don't have any money right now because I really want to buy some bitcoin for long-term hodling.

I'm not gonna be surprised If Elon will go back hyping another shitcoin, because he cannot manipulate Bitcoin like he did with Dogecoin.
This man is nothing but a troll who wants to manipulate everything using his influence.
It's so clear that he wants to drag Bitcoin's price down purposely. But everyone who are old enough in crypto space knows that he can't easily control the market sentiments by spreading false sh*t about Bitcoin's existence.

I suspect that too, the 17% drop in bitcoin is very unfortunate due to the issue made by Elon Musk. actually it is a business strategy that is deliberately designed by influential people in the cryptocurrency world so that the price of bitcoin can be controlled by them.

I still do not get why that drop happened. I mean the only "bad" thing that has recently happened is the fact that Tesla doesn't accept bitcoin, that is not too bad is it? I mean how many people did actually went with that? Surely some did but I doubt it was a huge number, and they even said that they are still supporting crypto, they are just not accepting bitcoin which is another way of saying "we can't legally keep accepting bitcoin" and nothing more, if they didn't like bitcoin they would have sold their purchased ones as well.

Long story short this dropped never made sense, but I am quite happy about it, this allows us the long term holders to keep buying more and then we can sell when our portfolio reaches a level where we feel like we do not need any more money, that is a quite good investment situation to be in, buy low and sell high.

That's the obvious pitch of course. Green car company, surely Elon is ditching Bitcoin because he cares so much for the environment? He worked for the US government under the Trump admin. as an advisor, and then left when the US did not join the Paris Climate Accord -- It's all about the environment for Elon except when it comes to modern financial institutions which cause havoc on the environment.

I want to know who is dumb enough to buy into this argument. As if he didn't know the energy demand of Bitcoin prior to him doing a pump and dump?

Elon Musk isn't the only reason for this dip, Bitcoin was acting weak ever since it fell from the ATH and experienced a lot of resistance at $59,000. It would have likely crashed without Tesla's decision, maybe not so dramatically, but still.

This bull run is already not like the last one, the price has been stuck in this $50,000 range for 3 months now, while in 2017 the price was doubling every few months.

some people panic even with this simple tweet. most of them are newbies that bought bitcoin at a high price. but for those who are here long enough to see the market movement, this will be a good opportunity to buy more and be ready for the next price rally.
but this level - $48 to 50k is still very good price for btc. if you look back, we never had this price in previous years, only this year. so we can't say that we are already in bear season if we compare the market today from previous years. the support above 40k is still strong. Elon will not destroy the btc market with those tweets. anyway, they are still keeping btc, it is not that they are selling their btc stash.

Not only you who do believe but majority of people here on the community does really believe into its potential.It might correct its price due to some factors but it would eventually
recover later on.

I do also have the thoughts that these kind of fundamentals are just happening just to try to suppress the price down for those big players do able to enter on cheaper price.

Its true that it would be much better if people arent really that mindful or been thinking too much nor getting affecting theirselves when it comes to tweets and other sentiments.

This guy is literally toying with markets right now.

I wonder when this whole show will die down and the SEC gets on his back, because this is smelling more and more like blatant market manipulation by the day. It's funny how they want to prosecute redditors for the Gamestop saga but haven't yet said anything about Musk.

Either way, Musk is a replaceable figure in the cryptospace. He's not the ring leader as people claim - bitcoin is decentralised for a reason and no single person's opinion should be able to change the market substantially enough to make a difference.

With or without Elon Musk, Bitcoin and Cryptocurrency will still be ok, there's a disruption of the market because of Musk's shilling of Doge, now he is creating FUDS,  because of this it creates a dip on the price of Bitcoin because of unbelievers who is easily manipulated by people like Musk 

that's true even the time they're not existing bitcoin can succeed so this is just a tv commercial situation. Lol .. And i know this just another ways of elon's musk to manipulate bitcoin wherein making some issues around the internet but for sure after all of this we will see a big improvement in bitcoin again because of them also. A brilliant strategy from elon musk.  ;D

I don't think that it is just because of it,
I think there is more than the news that makes Bitcoin drop down.
For me it is normal for the price to drop down and it might just be coincident that they announce it or it might be the trigger for some investor to sell their crypto.
And it isn't just the Bitcoin that drop down there are also some crypto that experience the same thing.

It might also be good to speculate on which cryptocoin Elon might start promoting soon. Is Elon Musk a friend of Bittorrent creator Bram Cohen? Bram Cohen created what is called the green bitcoin in China.



Chia is an attempt to improve on Proof of Work-based blockchains with a new consensus algorithm we call Proof of Space and Time. Instead of consuming massive amounts of electricity and wasteful single-purpose ASIC hardware to validate transactions, Proof of Space leverages the over-provisioned exabytes of disk space that already exist in the world today.

https://www.chia.net/assets/Chia-Business-Whitepaper-2021-02-09-v1.0.pdf

Yeah, in the past we have seen many other business also had stopped accepting bitcoins (one of them was Microsoft) still bitcoin managed to test $64k; similarly this Tesla and Elon stunts will get fade away in matter of one or two weeks time. We are going to breach $100k levels at any time soon hence buying at current levels must be a another great opportunity, thanks to Tesla&co.

Had seen many other algorithms as well which were termed efficient in terms of energy consuming or using renewable resources still not seeing any of them grew and coming up to compete against bitcoins.

And the damage of that announcement continues.

Bitcoin now is trading at $44k and it could go down, this betrayal of Elon will lead to bitcoin's bear market, I don't know if we can still survive this but I have a feeling that the bull run will be over soon. We can see the effect of bitcoin's fall to the market, every coin now are in red (https://coinmarketcap.com/).

Some have double-digit decline and it's a pain in the eyes.

It looks like "yes but actually... (https://www.cnbc.com/2021/05/16/elon-musk-suggests-tesla-is-dumping-bitcoin.html)".

So, blatant manipulation it is then.

Interestingly I think that this is just a fake, I believe he didn't sell any and I believe he is not going to sell any neither. https://twitter.com/elonmusk/status/1392602041025843203 . Look at this tweet and read the bottom paragraph, he says that "tesla will not be selling any bitcoins..." and says other stuff afterwards but that is the important part, he says that tesla is not selling any bitcoins and that is the important sentence we should care about. Sure he wrote "indeed" under a tweet that says tesla did sell, but that could be just trolling, I believe they did not sell at all. Which would change so much, when the quarterly report comes out there is a chance that they may keep all their coins and that could increase the price a ton.

I am hoping that's true, after all he is the one that tweeted tesla will not be selling any coins and that would be great if he keeps his word.

Nah, you would really be seeing these kind of changes or situations since we cant really hold off into those people whom do really tend to make out engagement with this market
and when known or popular people do try to make out some scene then it cant be avoided that everything that it would do will really make out some relevance
and this is where the community been relying already towards price actions basing off with those fundamentals.We do love to correlate things from time to time
even though it isnt already that something relevant to do so.

a strange statement indeed. because when compared to the system from banks and gold,
of course Bitcoin is the cheapest and most efficient, this is a fact and cannot be denied, for whatever reason Elon made FUD like this and dumped prices,
then made a statement about Tesla not selling Bitcoin? haha very funny game he does

These are just scenarios that Elon Musk created in order to manipulate the Bitcoin market, I hope the crypto community will soon be aware of
the game Elon Musk is doing to get personal benefits. Therefore we should immediately move on from Elon Musk, because don't let us become
weak hand who are affected by what Elon Musk said. It is very visible from all the statements made by Elon Musk on twitter to make the price of
Bitcoin fall. In the end, it will also reveal that all this Elon Musk is doing is just for his own benefit.