Bitcoin Forum

Few weeks ago Elon Musk the CEO of Tesla made a bold statement concerning Tesla dropping bitcoin as one of the mode of payment due to the high level of electricity consumption during it mining process, in his statement he regard bitcoin as an environmental waste. According to Elon;

Satoshi reaction to Bitcoin mining as a waste of energy;


https://i.ibb.co/ySgw6Cp/20210522-162029.jpg
The gold mining sector and banking system use more energy compared to bitcoin mining but it's fine because it owned by the government while bitcoin is owned by the people and for the people.

This tweet from elon dropped bitcoin price by 10% few minutes after he tweeted and Bitcoin keep crashing till date, Elon and Teala involvement in Bitcoin is not yielding good results, the market is being manipulated by Elon. His main goal is to get dogecoin into the limelight, Elon is not a huge fan of Bitcoin.


Quote references

Link to Satoshi reply (https://bitcointalk.org/index.php?topic=721.20)
 Link to Elon's Tweet (https://twitter.com/elonmusk/status/1392602041025843203?s=19)

It is frankly quite absurd to be so obsessed with what either of them have said. The statistics are there and there is no reason why people would value either of their opinion over the statistics.

Fact is, the economics of mining at that time isn't like what it is now. I'm fairly sure when it was dominated by CPUs or perhaps GPU, the power consumption was far, far lower from how it is now. Your ASIC chips also contain gold and other metals, do you account for them during your estimation of environmental impact? Satoshi also probably didn't expect specialized chips (ASICs) to be produced for this as well. Frankly, we shouldn't really care about the narrative, the facts are out there. Bitcoin, even at its current capacity does what most banking systems and payment systems cannot, being decentralized and resistant to censorship.

Let's be clear: Elon didn't tweet what he did because he suddenly realized bitcoin uses electricity. He knew fine well how bitcoin works long before Tesla started to accept it. He also knows fine well the data show that bitcoin uses a miniscule fraction of the electricity fiat banking uses. He also knows fine well that the majority of the electricity bitcoin uses is renewable. He tweeted what he did because he knows there are tens of thousands newbies who are only interested in getting rich quick who will buy or sell based on his word.

If he really thinks bitcoin is awful, then why did neither him nor Tesla sell any of their coins? He's doing this for his own benefit, nothing else.

I think exactly the same.
It's important to understand that Musk, like most rich people, does what he knows best; make more money for himself.

Elon does not believe in bitcoin and Yes he is only manipulating the market for his own personal and selfish interest I'm sure Tesla won't hodl those coins for a long time, Elon is working on making Dogecoin the next payment option before getting rid of bitcoin.

Elon simple method;

Tweet bad about a coin it crashes he buys
Tweet good about a coin it goes up he sells

He won't be in the crypto market for a long run.

I have yet to hear about a rich personality who has done something for everyone's sake without attempting to benefit themselves from it as well.  Even charity donations have some sort of plan behind.  When you have a tainted image, you try your best to fix it up.

Musk never said he will make his average follower rich.  He never mentioned he is doing the Cryptocurrency thing for the benefit of everyone else.

You all have to understand it is solely in his own benefit, and not in ours.  He is a billionaire.  He does not want you to be part of the Billionaires Club.  Should you believe otherwise, I have to say you are a little bit naive.

-
Regards,
PrivacyG

The thing is more people are interested in what Elon says, it's more like he has the capacity to make things happen in the crypto network, just like for example, quite a lot of people are interested in Dogecoin cause they believe as a result of Musk's interest in Dogecoin, it's going to continue to pump and prolly be more useful that Bitcoin in the long period.

Having said that, this back and forth tweets from Elon Musk will basically continue, as long as people are still swayed into action by it, it's one thing to think Bitcoin is bad, and another to say it's bad to influence other people's decisions for your own advantage, well that's why crypto enthusiasts are required to do their own extensive research.

As I think is the general crypto-community consensus, Elon is a conman. You can't make me believe he didn't have his team research Bitcoin in its fullest regards before deciding to invest BILLIONS into it and incorporate it into his Fortune company. To be releasing this information now as a reason to stop/annul the incorporation, is clearly a front.

As for comparing the mining cost of BTC to gold, that's kind of a silly comparison, as gold can be physically used for manufacture, and even if all the computers and electricity in the world disappear, the gold will remain. The BTC network exists solely as an analogy to the financial aspect of gold.

There is nothing more than Elon Musk should not be trusted, he only wanted to manipulate the market, he wanted people to go for doge. He says Tesla will accept coin that make use of less than 1% of electricity bitcoin uses for mining, doge fit into that category, though he may not later use doge for it, but that is the message he was passing to people to make people fomo and buy doge. A week before his speech, we did not know how bitcoin market was manipulated that other coins were increasing in price, even ethereum really increased price but bitcoin was not, this can even be Elon Musk's doing, I do not believe or trust that man at all. Later after Doge climb to be one of the first five coin which massive increase, he might be thinking to manipulate the market so that doge will over take binance coin to be among the first three. But he failed, the market crash, the altcoins even fall more than bitcoin. I am 100% accurate that all what Elon Musk was and is doing is for doge to be the bitcoin of tomorrow, but he will still later realize how bitcoin will remain bitcoin.

Today I watched a documentary called Moneybots (https://www.aljazeera.com/program/featured-documentaries/2021/5/21/money-bots-the-truth-behind-high-frequency-trading) on Al Jazeera and one constant thing is that "The Big boys club" will always come in and manipulate the market at whatever costs so that they get richer. That's the reality and bitter truth.

The less we give them attention, the less power they have in manipulating the cryptomarket and making money for themselves. When Elon tweets about crypto, it should never make you think he wants cryptocurrencies to prosper. He just fucking wants to get some quick bucks. That's all.

Otherwise
1. The very asshole blaming bitcoin mining for having a heavy impact in climate change is the same clown launching and exploding his rockets into the environment and atmosphere through his spacex program. Who's doing more harm?
2. The materials used to make his so-called car batteries are mined from earth, further deteriorating the environment. Again, who's fooling who?

People, you've got to wake up. Elon Musk is one of the devils.

When I see the topic, I thought Satoshi came back to Bitcoin community suddenly after one decade stays in the dark.

The post you quoted is the response of Satoshi or his view about Bitcoin mining and cost of electricty.

Satoshi did not response to Elon Musk's tweet. Did he know Elon Musk when he made that post? Satoshi responsed to gridecon's post (https://bitcointalk.org/index.php?topic=721.msg7889#msg7889) indeed.

o_e_l_e_o's post is perfect. Bitcoin network was smaller in the past and cost of electricty to mine one bitcoin or of the whole network every day was smaller than today.

If mining farms want to invest for more equipments, they can use exhausted heat from mining rigs in 3Rs cycles as Reusing.
Reuse waste heat from refrigeration units (https://www.foodengineeringmag.com/articles/89214-reuse-waste-heat-from-refrigeration-units)

Don't take it directly. He is just referring to Satoshi statement answering a similar topic which Elon musk written as per OP quoted words above. It's a common way to attract readers to his post but his statement stand correct by using Satoshi old post since he is the one made that.

Let Elon say whatever he wants. I think people now do not like Elon again because they lose their money before. Elon only wants to make money without thinking about bitcoin, the technology or even about people who follow his tweet. People need to realize the motive behind Elon's tweet to analyze to find what they need to do and not because of panic of missing the chance to make a profit. But I guess Elon is not wrong because he only tweets something on his tweeter and people follow what he tweet and I think many people follow him without searching for more info.

That's the problem now. Most traders and investors are heavily affected by those tweets and resulting to such dump. It has impact whether we ignore it or not.

We can see clearly that a simple fud of Elon has a huge factor on bitcoin price, now China is totally screwing bitcoin as they announced some fuc***** statement regarding bitcoin miners. Anyway, Elon and China are wise guys, they knew how to pull a string to buy back again bitcoin at a cheaper price. Just hoping individual retailers can hold to avoid continous market dump.

Lol, I wondered if satoshi came back from grave to answer Elon but then clicked link and realized.


I mean they still bought BTC, and holding 90% of it.

It undeniably has. However, it seems Elon is not to be totally blamed for it. Elon is having the time of his life on Twitter because millions are crazy enough to take every single one of his tweets seriously. They seem to decide on things based on a mere worthless tweet.

For example, millions would start buying Doge because Elon is making an equivocal or sarcastic tweet mentioning the meme coin. Meanwhile, traders would also quickly create buy orders the moment the tweet is made, expecting that the price would rally because Elon has tens of millions of blind fanatics.

A ripple effect is created out of a single Elon tweet. It's about time people take things more deeply.

That is not exactly what happened though.
Elon definitely hyped up that shitcoin but people didn't buy because of his tweets. It is just that the pumpers are always desperate for any excuse to select a random shitcoin and pump & dump it to make profit and Elon's tweet was that excuse.
Funny enough after he started spreading FUD about bitcoin but continue supporting DOGE people still dumped doge even harder than they dumped bitcoin!

This is also pyschological. People tends to buy when someone ask them not too. I admit, I missed this crazy run of doge, but since the dump, I am gonna try if dogecoin or Elon musk have literally power after all the past shits on twitter including him. Ape only few, but we will see what will happen when Elon tweeted and boosting dogecoin once again.

Elon is so naive and have no idea what damage his space ship has on the environment habitats, No he is so dumb to know that, how could a man with such influential status go live to talk shit without proper research, Bitcoin mining don't even consume 1/4 of what gold mining and banking system uses.

Yeah but they want you to sell your own with their shit posts, fall the market while they accumulate more to themselves. A selfish game.

Can you really believe he said that without any research beforehand? Can you really believe that?
No, I don't think he's dumb. Every action and thought he makes is thoughtfully intended for his benefit. Why do I think so? Because that's the most rational answer.

It is not psychological, this is how the market has always worked. Whenever bitcoin price has a big rise or a big fall the altcoins all get dumped. It's just that Elon didn't know it and thought a shitcoin could continue pumping after bitcoin drops and most probably lost a lot of money in that bet too.
I also don't think repetition of the same hype and dump would work again. This type of pump and dump works only once.

That I highly doubt, that he didn't know how BTC dump will reflect on shitcoins. My guess is, he just didn't give a fuck about that, as he probably gained more by tweeting that than (at least in the long run) he lost due BTC and shitcoin price going down.


That's true, you can do that for only so many times before market stops reacting to your tweets, but I don't think that we are there just yet. If Elon announced that he changed his mind on Tesla accepting BTC due "newly found info on sources of energy used for BTC mining" or whatever other bullshit he come up with, price would again start pumping. It's juts how it is at the moment, but it will pass eventually.

Well then they are idiots. It is insecure, the software is outdated and riddled with bugs, and it has an infinite supply. The only thing it is good for is pumping and dumping.

And what use will gold have if all the computers and electricity in the world disappear? Or fiat in that case? In such a scenario the things with value will be food, shelter, fuel, medicines, weapons, etc. No one will care about any form of money, gold, or bitcoin.

I think you are grossly overestimating the intelligence of people who spend their money based on the tweets of Elon Musk.

To be honest, in his announcement, he said that Tesla will go back to bitcoin "as soon as mining transitions to more sustainable energy." No idea what that meant.
The next post may be that he had "the talk" with bitcoin developers about how to solve the problem.

By the way, I am not aware of any drastic changes in the energy consumption of bitcoin mining over the past few months...

Like Elon could contribute anything worthwhile to bitcoin development.

He tweeted that Doge should increase the block size 10X and decrease the block time 10X, and then it would "win, hands down". Here are all the bitcoin developers working for years on scaling solutions, and Elon comes along and says "Just mine blocks faster lol". Oh god, why didn't we think of that, it's so simple! Just change a line or two in the code and all scaling problems are solved!

Hardly. Increasing block size and decreasing block time have huge knock on effects on the security and the decentralization of bitcoin. Take a look at altcoins which have tried this and then been successfully 51% attacked.

Maybe he should just make his SpaceX rockets 10X bigger and 10X faster. It's that simple, right?

And then there is certain amount of those who know how easily manipulated people are, so are selling too, helping in these pumps$dumps caused by his bs tweets.


I wish he says  something similar about use of cobalt for his car's batteries that, something like "We won't use any of the cobalt produced in DR Congo until mining companies secure decent working conditions for all those child works there". But somehow he is not so woke and righteous like he is with BTC.


Yep, we can expect that next.

I strongly agree with @o_e_l_e_o here. Nothing else happening except drama and market manipulation. Mark my word, once a day he will accept doge as a payment method of Tesla. The reason is pretty simple, he needs to become richer. If he manipulates Bitcoin then it pumps like 10-20%, but he could easily pump doge 1000% within a day. So why will he spend his time somewhere else? Don't think he is a fool, but he is making us fool. He knows everything related to Bitcoin and energy burn. If he does not make drama then how will he take advantage of the market? Simple math.

Although it indeed started with Reddit's SatoshiStreetBets trying to recreate in cryptocurrency what WallStreetBets did with GameStop in the stock market, the moment Elon started to tweet showing some Dogecoin hints, the goal started to bear fruit. SatoshiStreetBets alone could or couldn't have succeeded with their plan, but what was obvious is that Elon's tweet was so influential. It appeared that SatoshiStreetBets had a very strong supporter in Elon. Elon's series of tweets served as a catalyst.

The fact that a lot of individual users over Twitter blame Elon for them getting rekt, losing their savings, and so on means that their decision to invest was merely based on Elon's tweets.

Not so sure about that. You'll never know if the same memecoin season will dominate the market again or not. Yes it seems impossible, but who would thought that memecoin like shiba inu would be listed on top tier exchanges and have a nice run. Elon musk is known to everyone, I hate his shilling tweets but let's admit it, some are hook and get hype when the market start running off because of him. I guess no one wants to be left behind scenario isn't it?

Of course I can't speak for everyone since there are always idiots around but it will have diminishing effects nonetheless. Even the most brainless monkey out there can see right through the scam. Besides the hype and panic that were created by Elon Musk was not just because of his tweets but because of how the media reacted to those tweets. For example I saw his tweets everywhere even though I don't even have a twitter account, simply because this forum, reddit and all news sites were filled with his nonsense. If he repeats the same thing, the reaction won't be nearly the same. There won't be 10 topics a day talking about him, the news sites may write some article about a forgotten relic and so on. Hence far less people would even hear about his nonsense and consequently a lot less people react.

Besides we already have some examples, the biggest I think is John McAfee and his scams during 2017 and 2018. As we now know he too had diminishing effects. He outright called bitcoin a "shitcoin" at some point! There were even some drama with his #dickeating (http://dickening.com/) and then him being charged with fraud over shitcoin pump and dumping. None of which had any effects on the market.
If he came back today and started praising bitcoin, nobody would give a rat's ass. Elon is the same.

I do agree that Elon Musk influence on crypto market will end up the same way it happened with John McAfee, but it will take longer time, simply because Elon Musk is more influental than McAffe ever was, which is not a surprise as he is one of the richest man in the world (at least according to Forbes) and way more interesting to mainstream media due all other businesses connected to him. You said it yourself, you don't even have to have Twitter to learn what Elon said, you simply can't miss it unless you are avoiding all news portals, even mainstream ones.

Just the other day my father called me, and while casually chatting he asked me did Elon Musk and his announcement that Tesla doesn't accept BTC anymore caused this BTC dump. We are talking about a person who doesn't know almost anything about crypto other than I am into it, doesn't follow any crypto news/portals, and doesn't speak English at all. But it was shared in Croatian mainstream media and managed to reach even him.

So yeah, it will take some time before all this calms over and until enough newbies get rekt so they stop following their guru Elon.

With every situation in the market whether it's good or bad, these kinds of people who have their own theories and speculations always pops-up to force the other to believe their own ideas. If they won't ponder upon what those big-time men are actually doing, they will be fooled throughout their lives. just believing what are those people are saying is completely insane. one should know how to find the real answer on their own before he makes things worse when he followed these manipulators who know how to play this game of investments from the start.

Diminishing returns, sure, but I definitely don't think such a pump and dump only works once as you suggested in your first post. It's undeniable that if Musk tweeted today "I've looked in to *insert random shitcoin* and it is faster/cheaper/greener/sexier/has a better name than bitcoin. I think it is the future." then that shitcoin would pump, and it would pump hard. Hell, during the time McAfee was doing his "Coin of the Day" scam, people had bots set up to immediately buy any coin he mentioned on his twitter so they could dump it an hour or two later for a profit. Yes, the returns diminished over time, but Elon could probably still pump three of four total shitcoins before people start stop listening to him.

Still, although Elon is a scammer and anyone who listens to him is a moron, I'm never upset about a chance to buy some heavily discounted bitcoin.

Exactly. Everything he does, he does it primarily for the sake of making his own profit. unfortunately, it currently has too much of an impact on some values^DOGE.
in the end, any discussion like this helps him in manipulating of market. I guess if they will be ignored, and he himself would turn to something else.
Any tweet, discussion whether it relates positively or negatively to Elon, strengthens his position.
So we should need to stop talking about them and ignore his party.

He has huge followers on Twitter who all believe he is making a better plannet for them where they would go with their shitcoin ^Dogecoin forgetting the fact that the emission from his space rockets has caused more damage to the world than bitcoin mining.

The future of crypto in one man's tweet is more dangerous for the future of Bitcoin and other shitcoins, anytime I go through the comments under his tweets I feel sick and die inside from a high level of ignorance. Elon will continue to scam them to accumulate his wealth

And, here it is. Exactly as predicted, Elon Musk will save the world from the evil Bitcoin miners.

https://i.imgur.com/O7Uij2c.png
https://twitter.com/elonmusk/status/1396914548167233537

Unbelievable. He just dropped an email to northamericanminers@aol.com? Well, glad that an issue so massive and critical that it forced Tesla to stop accepting bitcoin was finally sorted in what, 3 days? ::)

And the price jumps up $2k after this tweet. Well, combine that with the news that this dip has seen record amounts of buying volume on institutional exchanges, then this whole manipulation seems to have worked exactly as planned. I hope all the weak hands enjoyed selling your coins to Musk and his friends for a huge discount.

I feel we will see more of these orchestrated attacks at bitcoin grows. Famous people who want in will leverage their social media influence to dump the price so they can buy at a discount. Stop selling them your coins.

Just the same as it was before computers - gold held value because it has a limited supply and it has valuable physical properties.

Haha, that lasted long, what a clown. Buy yeah, everything is developing as we expected it will, so surprises there. Noobs sold crypto and now they are buying back, suing famous "sell low, buy high" tactic.



Worst of all, I know people that are into crypto for years now, and they started believing his FUD and sold the crypto in fear, expecting full blow bear market. This is how I imagine Elon Musk these days :D

https://media.giphy.com/media/B6Jr28VwfxUFa/giphy.gif

Just as expected, the market manipulation is so easy nowadays as majority of the crypto newbies see tweets from Elon as the tweet from heaven " oh yeah he is here to save humanities "  I never expected this days to come where one individual would be manipulating the price of bitcoin just the way he want it. How do we educate people to stay away from Elon Twitter page.

Never trust a man who uses a giant dildo as his profile picture on social media!  ;)