Bitcoin Forum

Unpopular take but this is inevitable as bitcoin grows. Say the ultimate theory of hyperbitcoinization comes to pass in 20 years or something. Do you think everyone owning bitcoin is anarchist intellectual fighting the good fight? No... Bitcoin is going to be like water to the fish that swim in it, and 99% of the people won't care about it beyond that.

People buying bitcoin due to Elon's tweets will come and go and cause volatility, but it's an inevitable step in the larger journey of this technology. Gatekeeping will only cause your own blood pressure to go up, so I'd just make sure I got my keys in a safe place, buy the dips that result from these sudden adoptions and go with the flow.

Also, every newbie who comes along because of Elon has a chance to evolve into a lifelong holder. In the short term, it can be annoying but in the long term, it'll strengthen bitcoin.

What are your thoughts?

Your investments need to be made from and backed by

Your due diligent research to get the info you need about projects that you are interested in for investments.
Your risk management for your capital. No loan, no borrow, no margin, no leverages.
Your ability to be determinant with your investment choice, to not be affected by tweets, news.
Your ability to control your greediness that you and all of us have. If your are greedy with the crowd, you will most likely end with loses.

Be fearful when the others are greedy. And be greedy when the others are fearful.
It is a classic saying in financial market. The most famous speaker is Warren Buffet.

The Elon thing is bitter-sweet. He's bringing a lot of participants into Bitcoin and cryptocurrencies in general, but it's in exchange for a lot of them going to get burned. Is the temporary spike in publicity worth the bad taste some of them will have? Probably, probably not; but whatever— markets gonna market, dumb people are going to do dumb things, and all this stuff will just be small blips in the long term.

I like that part of your post that I bolded. Every newbie who gets inspired by Musk to purchase his first coins might like his new financial independence and decide to hang on to it and get more involved in crypto. People like Musk are manipulators. As soon as people understand that they are using you as a tool to increase their own wealth, you will understand why my statement is true. They need you and the masses to buy, so that they can sell. When you sell due to short-term losses, they will use the profits from their previous cycles to buy back your coins.

Look at John McAfee for example. People were hailing him as a crypto mastermind whose goal was to help the regular Joe earn a living with ICOs. Turns out, he was paid by those same ICOs he was shilling to bring them closer to the general public. Manipulation of the masses.

You have to be there before the tweet happens though since by the time the tweet was published, I think that it is already too late. Also, it will be difficult but really profitable if you were ever to buy one coin that he was supposedly supported.

Bitcoin price growth is basically guaranteed by its scarcity. There was demand for Bitcoin before Elon's tweets, there was awareness also before Elon's tweets. So what did Elon change? Imho nothing.
Newbies would come in anyway because of the bull run and the idea of easy money is always appealing. Some will understand Bitcoin, some will not. Some will profit, some will lose. And all happens with or without Elon's tweets.

So just try to understand Bitcoin (DYOR) and invest based on your knowledge.
And keep in mind that even though this or that is public figure, his declarations are not made for you to profit, instead it's for them to profit.

I agree with this more of those participants would surely lose some of their money because of their ignorance and greed,
But for those who could understand what they are investing they would surely see it as a blessing because Elon gave them financial freedom and gave them the power to earn freely on their own time.
The price that they would lose could be earned again if they would just stick and understand cryptocurrency so it is all worth it for them and it is better for the market since we would get more people to stay.

I think a lot of people with a lot of money are doing that kind of thing so it isn't an original idea plus they have the tools to access the trades early so they can get maximum profit before the tweet happens. This will be difficult for us simple people since we aren't always active on social media platform checking every minute what coin Musk is planning to pump.

Indeed as I see it could be different every cycle this year it's Elon tweets next time would be something else that will speculate the price. I compare it to Forex market sometimes the news aren't that valuable, but still the price are changing highly to one direction by someone, so here we have the same situation with cryptocurrency that can be manipulated by some individuals, as we can remembmer at 2015 when ICO's where really popular campaigns which had some celebrities on them got some preety nice prices after the ICO and even I joined them, but they all went down in price unfortunatally but really obvious the expect that to happen time and time again media are really impactfull right now

If Bitcoin only becomes popular because some popular personality tweets or endorse it, then Bitcoin is useless. Bitcoin's value should come from its features and possibly adoption. Anyone that is able to manipulate the market like Elon Musk is terrible for the growth of Bitcoin; Bitcoin should not be a speculative asset whose value is dependent on others. Its value should come from its viability of day-to-day transactions and not from the fact that people believe that it is a good investment.

Having people like Elon Musk interfering with Bitcoin's market forces as he wishes is not good for Bitcoin, unless you're investing in Bitcoin specifically to get rich in fiat.

Elon Musk is one of the most successful figures in the Business industry so it is not a surprise that he has a huge influence when it comes to investment.  With just one tweet or hit, people will follow it because people think that it won't go wrong since Elon Musk states it.  Their success in the business institution gives them greater power or greater influence since they had proven that they know the way and had reached the goal.

Back when McAfee was popular due to his challenges that he will eat his...thing, though I know that's just a joke, I never even thought that he was like pushing  or hyping people to invest in Bitcoin. He was just like a troll for me in the internet when he started popping up in the discussion here around the forum.

Some people should consider their decisions in life if they're purely doing their decision based on celebrities or truly from their own.

It's better to change "investments" with "trading" because it's only a hype or FOMO that will only for short time. Of course you will get either profit or loss, depend of the tweets made by him.

To be honest Elon Musk didn't suggest people to buy Bitcoin, Doge or any token he will tweets, he's just trolling and make fun with the market. However, many people are take too seriously about his joke and start rely with his advice especially newbie.

What is happening cut across of spheres f life for someone who decides that his or her life actions will be dictated by another person. You stand for what you believe in irrespective of whatsoever happens. The advice to buy these dips is good for anyone who cares to listen, newbie just needs to be extra cautious this time around.

Exactly.

Elon is the biggest whale of Dogecoin and a whale for sure on Bitcoin as well. If people are gonna get hyped as well just because of his tweets, bless them to make a good decision on when to exit the market of whatever they bought just because of someone's else's decision. I guess many people would be trapped and would get buried on DOGECOIN and SHIBA-INU because it's all just meme coins in my opinion.

Whether Elon musk tweet or not pushing people to buy, I don't see any wrong or ass licking on that if they buy in the dip to wait for another turn of bull. The business sense is more appropriate to buy in the dip and so if that happens because musk tweet is same as same and nothing more to it, just a prompt business decision.

This is very risky strategy, you can get burned because of this, there is a lot of other strategies that can make you money in a long run.

If me, but disclaimer this is only personal opinion. Because we already seen it so many times, about influencer or maybe big people who talk about crypto, it suddenly rising. If me i will take that as advantage maybe buy some with small portion of my capital, and after rising we can sell it. If they turn back and say bad about it, and we already hold good coin like bitcoin, just hold it especially if we're still in position that we can afford to lose.

I mean it works, we can't deny that Elon Musk's tweet has a big effect on the market as we can see Elon Musk can pump and dump bitcoin using his tweets.

It's kinda risky but if you know what you are doing I think you could pretty much go in make a profit and get out in an investment depending on Elon musk tweets, but it wasn't always guaranteed since the market is difficult to predict so you don't know if the market is gonna crash or pump, it might react differently just like what happened to the DOGE coin.

I've read a lot of tweets where they lose everything of their money because they invested it in DOGE coin which is already too risky because it is a meme coin. So I guess you could still follow Elon tweets but don invest YOLO everything.

those who invested in crypto because they saw Elon's tweet = newbie...

With more than 50 million followers on Twitter, I'm sure many are investing in crypto, especially doge because of Elon's tweets. they have absolutely no experience and definitely cut losses when the market is bearish, they are very stupid for investing based on someone's tweets.

One of the most common scenario that happened on where there are noobs who had eventually lost up their investment on this recent crash or price dump in the market.

Out of those number of followers then its impossible not to say that they are all knowledgeable about crypto which means majority of them are newbie and no surprise that they

get wrecked after this dump and for sure it would leave out negative impression once again in crypto as general but hopefully those fellas would able to realize on whats the truth.

Elon Musk has some influence in bitcoin price, but it is limited as we can see. Maybe he thought he could *kill* bitcoin if he wishes and resurrect it later when he wants, but in fact he was just able to drop the market in part with his FUD, which was followed by a deeper correction due to speculators cashing out, following the trend, as it's normal always the price starts falling due to an exceptional event.

I agree with you. Moreover, I think on long run people will get tired of his tweets, jokes and with so many unstable opinions changing every few days he is probably going to lose influence in crypto market. As investors become more mature and experienced they need less influencers' opinions each new day.

If you are talking about making instant profit when Musk tweets about bitcoin, then yeah you can take advantage of it. But its easier said than done. By the time you read the tweet, you will already see the pump happening. You maybe too late. Too risky, but if you can enter early and exit at the proper time, you will like make some good profit.
True. He might create some volatility, but at least more people are entering the market and knowing how crypto currencies work. As more people enter, the stronger the market will be. The more the people learn, the less the market can be manipulated.

I agree that Elon is a great help to the crypto community. Imagine that he brings a large number of people or newcomers to the community, a new ATH of crypto members who are investing in it. The only thing I despise is that the majority of them become an offering for him to make a lot of money during the peak. My friends are among those offering; they became interested after learning that the CEO of Tesla and SpaceX is participating in this year's crypto bull run, but they didn't realize it was all a marketing ploy from the start.

Well, this may have a negative impact as well, as people may leave the community as a result of a significant loss. So if you have friends that want to invest in crypto because of a public figure, it's better to suggest TAYOR (Trade at your own risk) than TBET (Trade because of Elon Tweets).

IDK, the jury is out regarding EM.

Is he good or not so good for the Bitcoin space? short term probably not so good,
too many U turns and contradictions, not knowing exactly what he thinks.

There are definitely people who act on his tweets, I would also like to hope that
1. The majority of people dont get burned and
2. The majority of people are able to look to the future

fish cares in the water because this is where they live but for us humans some of us can care less in Bitcoins because we can still live without it but for most of the bitcoiners ,
 Bitcoin is already their life as it gives them wealth that they never had before  .
Musk is a threat to btc , that's why many bitcoiners are doing an effort to fight and stop musk  .

I feel Bitcoin is very important to my life, because Bitcoin has changed my life for the better. Therefore I am one of the bitcoiners who feel Bitcoin
has become a part of my life, and I am also sure that almost all bitcoiners think so. So ever since Elon Musk started wreaking havoc in the crypto
world by manipulating prices, this has worried bitcoiners. Because Elon Musk has a bad influence on Bitcoin at this time, so a lot of bitcoiners
started appearing to stop Elon Musk. Hopefully Elon Musk can understand with a lot of criticism against him, not to create problems again in
the crypto world. Because for Elon Musk, maybe crypto is just a toy, even though for bitcoiners Bitcoin is very important.

Elen had publicized crypto and I think it had brought a lot of new comers into crypto market. However, people should understand that crypto investment should be based on your own research and not because someone tweets it. Elen had been a market changer due to its tweets this bull market. As we know, the market can still be driven by news, updates and knowing Elon as an influential man he had a huge impact in crgpto as a whole. Keep in mind, your money, your investment.

The big question with elon musk participation in crypto is if the users he's driving to crypto would be here for the long term or if they are just here for the short term gain and insane pumps and nothing more than that? So far, it's looking like the latter. I just told myself that I would do whatever I want to do with my Nitcoin not minding what the opinion of elon musk and others are. even all his efforts on dogecoin parade only has short term effects.

This is probably one of the bad decisions that people are making. Depending on other person your investment is really a bad idea because before you invest you are the one who will be able to find and do your own research in order for you to learn on where you should invest because at the end of the day the person you will trust is always yourself and at the end of the day it is your own money and you must be the one who will decide on where you should invest it.

i thought it would be a bad and incorect decision. indeed we can't stop him from making a tweet at least we are not swayed by what is said, because it will make him addicted and the profits he gets continue to flow

The energy consumption of mining that Musk said is essentially a pretense to induce investors in the currency circle。
To measure the value of digital currency, you must have the following three points
1. Preemptive market consensus, such as Bitcoin, preemptive mental occupation + scarcity (mainly wealth storage, does not have many currency functions)
2. Digital currency endorsed by national credit, authoritative
3. It can bring convenience and practicality to improve the efficiency of human life
Investing based on Musk’s tweets is a joke。
If a currency does not have the scarcity, authority, or practicality based on consensus recognition, then the so-called low energy consumption has no meaning to the value of the currency, and it is more like an air currency attribute. Musk has only one purpose, using something like Dogecoin under the guise of low energy consumption，Give everyone a hope, and then this hope is ruthlessly obliterated。

Think about it: Why did those campaigns hire famous actors, athletes, or musicians to advertise their brands? It's because they are targeting people who follow the likes of Snoop Dogg, Floyd Mayweather, or Steven Seagal to tell them what is good, how to be trendy, and what to do. A powerful coin would focus on the strength of its services and use cases, not on the social media reach of its ambassadors.   

I wasn't talking about his statements on bitcoin. McAfee had something like the coin of the day where he tweeted about ICOs he thought (or promised) would change the world ::).   

I think that as the market grows and more people use Bitcoin, it will eventually become less  volatile. Elon Musk's opinion is important to some people, but if there were significantly more users, there would be a  lower chance of his audience making a big impact because the community would be more diverse and people would admire different celebrities. So when one such guy says something bad about Bitcoin, his admirers will still sell their coins, but it will be insignificant for the market overall.
On a side note, buying and selling based solely on his tweets is a bad idea even nowadays when he has some power because many other factors contribute to price changes.

If you bought bitcoin due to Elon's tweets, you could lose your money, but as long as you can minimize the risk, maybe you can make a profit.
It is better to buy bitcoin because of your analysis and not because of other people because they can only suggest you without telling the truth.
But that can happen to new people who lack information about bitcoin and only follow without researching bitcoin.
That can be dangerous for them as they do not know much about bitcoin and can lose money.
I hope people can learn more about analysis to not depend on other people's suggestions.

If you invest in something just because you are influenced by a rich and famous person then that is just basically gambling. Bitcoin is very volatile, if someone invest their millions to it without knowing anything about it then he could instantly lose a lot of money. We all know that market will always recover when bear season happens and holding bitcoin for the long term is definitely a good investment but what if some people thought that it is a quick-rich scheme because of the increase this year that they invest most of their money to it then suddenly bear season happens and they need money for emergency, these people will be forced to sell their bitcoin at loss. The equivalent value to fiat they will get will only be half or even less than what they invested.

If you know how the market will move base on his Tweets then you will probably make a good prediction of what's going to happen after. Remember that the market moves where there is demand and Elon's tweet can make those demands, so it isn't that bad of a decision.

I don't understand what exactly are you trying to say here.
People buying/selling Bitcoins based on Elon Musk's tweets have NOTHING TO DO WITH THE TECHNOLOGY BEHIND BITCOIN.Buying and selling BTC doesn't change the Bitcoin blockchain,it can only increase the number of transactions and increase the transaction fees and confirmation time.This doesn't change anything about how the BTC blockchain works.
Nobody is "gatekeeping" Bitcoin.Everyone is free to buy as mush BTC as he/she wants.
Newcomers are welcome to the crypto community.I don't see any gatekeepers around.

Anything without using your DYOR but relying only on beautifully embroidered pictures will become a double-edged sword.  What Doge has been through, even it is the focus against itself.  Elon is clearly a charismatic person in the community, and he is also just an influential person in this space, including the stock market before that.  But believe in yourself!

Well, the OP just said that this newbie investors might turn into or evolve into a long term holder. Of course almost everyone who jumped into the Elon Musk hype are looking to a short term gain at first, but as time passes by they'll eventually learn.
Especially now that Elon was showing inconsistency with his statements about Bitcoin. A wise investor will always catch up what Elon was trying to do with cryptocurrency market, and lastly a wise investor knows when to sell and hold, and it's safe to say that there are always wise investors in a group of new comers.

That's right because anytime he could reverse what he said and those who invested late most likely suffer if they are not fast enough to sold their coins whenever he take back his positive statement again. A risky thing to do but those are the things you need to consider if you ever want to invest base on that man's tweet.

Yup, you’re right. A good investor will always try to get on anything and turn it to his own favor. There really is no need to be complaining about the market, because complaining from morning to night is not going to bring any solutions at all, rather you’re just going to be there and complaining until you’re tired and have achieved nothing.

Instead of complaining you can just start looking for opportunities that you’re going to use to turn everything to be better for you. The problem with a lot of investors here that I have noticed is that they act like the price can never go down. They are forgetting that in investments, there’s always a risk, the profit doesn’t come all the time.

We're not actually trying to support Elon Musk instead we are trying to outsmart him in the game he is playing. If we would just keep on complaining and hating him, it would eventually fire back to us as we do not commit anything that can make our investments better. Everyone should learn how to defeat an enemy through his own weapons. Find a hole in every situation or find a pot of gold in every end of a rainbow because no matter how bad the market appears today, there is more to it that will surely benefit us all if we will be strategic and faithful with our investments.

Actually most of the investors and traders following some idols but sometimes idols make some valueless activities. A few days ago elon musk declared , his car tesla company suspended bitcoin but before tweeted this he again declared, his all assets should be invested in Bitcoin. What's a wonderful uneven tweet about cryptocurrencies!!!

Pity to them because they don't know how bitcoin will work and how will work your investment in bitcoin. If they will rely upon Elon Musk's tweet, they are the most foolish thing on earth, the whole thing they know about bitcoin investment was a short period of making a profit.

It should be a long-term purpose of investment, if you are always looking at the market price every minute, that is just wasting your time.

Elon Musk here are most people ignored, because of the fact that he was manipulating the market and gain his own interest just because of his power.

Investing on the basis of someone's statements is not a very good thing. More precisely, rather stupid in my humble opinion. Especially when it comes to such a cunning as Elon Musk, then the case is not good at all! In two months this guy changed his "opinion" by 180 degrees, so this is a completely fickle unit and there is no trust in him after that.

No need to make an investment in crypto-based on Elon Musk's tweets. Only newcomers who do that and invest based on hype and FOMO.
Once you get the price drops, you will blame yourself, you will blame Elon, and you will blame the crypto world because losing money so much easier. Additionally, those who only follow what Elon tweets will only think and care about the profits. they will not think about being ready for the risks. This is irony because today, many people are also doing like this.

Very bad decision if someone has to relay on his tweets. Sadly, I've seen people who are saying that they've bought because of Elon's tweet.

And he's likely to keep on changing his words from time to time until he has made a lot of money and tweets that he just took advantage of everyone. If he do that, it's really disheartening for those people who believed him.

The best thing we can do is to adapt to Bitcoin's volatility and manipulable structure. Maybe we definitely don't like Elon Musk's manipulations. But we also know that we have nothing to do to be able to prevent it for good. So, if we learn to benefit from it as good as possible, it will be much better for us.

We can't do nothing about Elon Musk as we can't stop the dump and pump market of this crypto world. So there's no choice but we should learn to live all of these. The high volatility of crypto will always stay so we should always be ready on how to react into market's condition positively.

And if by chance newbies will only depend their  investment based on Elon's tweets, it will definitely make their investments hype but remember things like this are just temporary. It's like Mc Afee who's presence is no longer in demand right now and might be forgotten as well. So invest based on the good fundamentals of the coins and your own good analysis and not just the hypes made by selfish celebrities.

It probably for the newbies to get a slip to it as they usually following big names, and Elon Musk is one of those. These newcomers had no-how in the market happenings and it was easy for them to just rely on someone who has been crypto market already. While seeing known personalities tweeting, do social media promotion is got their intention and most likely, it will take injected into their mind.
And these market manipulators taking the advantage of it while these innocent and fresh minds just learning.

I am not someone who is good enough in selecting coins or tokens or even analyzing the graphic for trading. but, I am really not interested in what Elon musk tweets. I know that many people are influence by his tweets and the market is also influenced because of what news that he spreads. And I really hate this.
Unfortunately, many public figures and also newcomers are also following him, and this makes the crypto market runs much more volatile.

Those who just make investments through Elon Musk tweets has no knowledge about bitcoin and has no strong foundation that's why when the market suddenly dropped they are the one who panic selling and back out in bitcoin. Elon Musk is a great influencer but much better if that time that you are influenced by him , you also start searching and learning about bitcoin or cryptocurrency to gain more knowledge and not just rely on Elon Musk word. Bad news and good news are both have a huge effect in crypto market and the ups and down on the value of coins are normal and it was what trader wants in order to earn huge profit, but for the holders, you still need patience until market recover again.

Theres a lot of my friends who buying bitcoin and doge because of elon musk, when elon tweet something about crypto they straight go into the market and buy that coin (doge). But right now the tweet from elon musk isn't affected the market like previously, i think most people already realize elon just trolling us.