Bitcoin Forum

Elon Musk is putting the brakes on Bitcoin until the energy issue is sorted out.

He says he is looking at more energy efficient crypto, no doubt "proof of stake" alternatives.

What do you guys think he will go for?

I've got some Cardano and EOS on Coinbase.

He's just talking shit like normal.

My short was placed at 17:00 GMT based on TA, and sold at 48k as expected. The drop was due, he might have made it faster but the drop was due.

Also this is really predatory behaviour "I want to be the only polluter" - he's mining and extracting lithium and sending rockets and satellites to space. Since the only place green energy isn't cheaper than gas and coal is the US (where the government subsidises it)...

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On currencies his cult already worship doge so probably that...

Do you look at alt coins?

I don't even see some of these as competitors to Bitcoin as they are not really currencies, but shares in infrastructure.

I don't think Musk will go at it half heartedly though.

I reckon he'll get into something like Cardano which will provide a bit of "green washing PR".

I didn't sell any Bitcoin BTW as I can't be bothered thinking about capital gains tax, my no-doubt British buddy :)

I was actually thinking eth or decred would be ones to go for for this but especially eth once it gets the upgrade in November.

I haven't looked into cardano much tbh but I remember it's been around for a while so it's possible they'll pick that one.

I thought it was funny Solana replied to his tweet though ;D.

Yep, I doubled down on Ethereum earlier this year as I had a feeling there was going to be a shift in sentiment.

To tell the truth, I'm just a lazy speculator and I just buy 20 quids worths of every new token on Coinbase for luck.

I'm just rifling through them now learning about them and trying to gauge which ones Musk could tout next :)

I think the old adage "buy the rumour and sell the news" works well in these wild west days of crypto.

he was looking for a conservative coin that consumes very small energy. POS is the best choice for him but i thought that it will be chia lol
It's claimed to be green energy that is very conservative compared with bitcoin.

Elon should have thought about this before he was announcing to adopt bitcoin. This guy is playing with crypto.

Yeah I'm not sure coinbase is the fastest to respond though so they might be the news part of the equation... Still the earnings from their tutorial videos should act as a good hedge.

There's probably a few other twitter accounts you could check that people might be following for rumours too (I assume people like cz binance are mentioned in news articles). The news still brings a bit of a peak in price too.

He really contributed to the manipulation in this market with just tweets, day to day you can see how much price change every time shit comes out of his tweets.
But these tweets are just half of the story because the news recently was that mining could be regulated by governments. Behind it all, I think Elon is still full of shit. Doge to the moon!

Nah, just another way for him to shill another crypto, Elon is really doing a good job for his Tesla and Bitcoin, but saying that he is looking for more energy efficient crypto? I highly doubt it. Makes me think that Elon is really self centered guy, and just spewing non sense, worst than John did when he was the influencer of shit ICO's.

So I don't believe every word that's coming from Elon's Musk now, might be better if we keep him away from crypto space, just saying.

Perhaps Elon will support Chia $XCH rather than Proof of Stake cryptocurrencies. I see many PoS coins fall down and down and they can not recover when the market is bullish since 2020.

The wave of PoS coins is in late of 2017 and first half of 2018. I don't think PoS is the solution for the world. If there are good alternatives for PoW coins, I would choose cryptocurrencies with DAG algorithm. The best candidate for DAG coins is Obyte which was rebranded from Gbyte.

Price was divided 3 folds from the last peak and I think you can consider to accumulate it.

https://coinmarketcap.com/currencies/obyte/markets/

I have been a proud Bitcoiner since 2014, and I don't care about this shithead Elon Musk. Musk got interested in Bitcoin very late and perhaps now he has realized that he will make more profits by promoting some coin which he can manipulate. He tried to manipulate Bitcoin, but found that due to its decentralized nature that is not possible. So now he is targeting shitcoins such as Doge. I really don't care about him. He may be able to cause a temporary setback to Bitcoin, but we will recover.

I do think hard drive mining might be his thinking as the foundation (as much as proof of stake would be), and Chia is obviously the well known one at the moment.

It's more likely he will create his own which he might incorporate into his solar and powerwall setups in future as nodes hosted on some storage space powered by these setups as the initial decentral base of this new crupto.

Chia is no doubt intellectual property in some ways so he can't take that as a basis unless he builds from scratch in the image of.

He could try the other form of hard drive mining that gets forgotten and has marketting bad luck (but is otherwise a technically sound hard drive mining crypto) called Burstcoin or also known as just Burst.

That crypto is completely open source and just recently went from only proof of space (or "proof of capacity" as it calls it) to a hybrid of proof of space/proof of stake to remove the last potential exploits of potential future ASIC type devices that could be made with NVME and GPU's to simulate space.

If he does go this route i do think he will still create a list on twitter of other clean crypto's as to help them out and also increase the chance of getting the other Proof of Work crypto's (either partially or fully) to adopt greener alternatives for mining on their chains.

Elon Musk completely destroyed his own credibility by promoting/manipulating shit coin. Now, He take interest Bitcoin as his new weapon to manipulate but as always Bitcoin will bounce back. Bitconers just bought more at a discount. Maybe his blind followers change their mind but not the pure fellow Bitcoiners. I don't mind what Elon Musk said, I actually trust BTC and will be livelong. He should put attention on building rockets instead cryptocurrencies.

Of course, with the experience you have, all these things have become a spice every time it continues to exist and always make doubts for new players, but obviously not for you and other colleagues who have been poor across crypto.
It looks like what you said about @elonmusk is true with the aim of taking advantage of the opportunities that can be done with what he holds as a large following as well as a leader of a large company.

maybe for him what is being done to do something with the few coins that he says he has bought even though it cannot be proven, what has been done makes those coins a target to buy because what is said has made the coins increase in price, be it Doge or bitcoin.

even though in the end with an incomprehensible purpose to say about bitcoin that he did something out of reality with what happened, so that bitcoin was quite shaken but bitcoin is not a coin that can be made that way because bitcoin has a strong market share and can prove to be able to rise again.

He will not look for something new, he was forbidden to do it.
I think if this is happening now, then we can expect a trend reversal soon. In any case, you should raise your stop orders higher...

So Elon Musk don't know that Bitcoin is using energy before few months when he added into his bio?

He started trolling the cryptocurrency users so don't lose your profits because someone told its not a good asset to hold.

If he really is against that, he should have not let people believe that he is supporting bitcoin, the issue now is that Tesla announced they will not accept bitcoin anymore and this is big dismay of investors. However, on the other hand, it teaches us a lesson not to easily believe in hype but always do our own research. He doesn't love bitcoin but he love DOGE, what kind of logic was that?

I certainly doubt that he cares more about the environment than he does about his bank account. There was also a recent rumor that he lost $ 5 billion on the fall of bitcoin

Or we could simply say he is on target again with a crypto to talk about BS again.  ;D
Ethereum is my guess.
He doesn't go far with the top cryptos out there so that's my only bet.
His aims are really difficult to predict. What could be going on in the mind of Elon Musk? Following him is okay but you don't need to always do what he hypes around. As a small investor, I'd stay with the top ranks but not because he said so.

I have a small confidence that the DOGE token meme will be able to take the place of bitcoin when buying Tesla cars, because this is done for a reason, and Elon Musk probably has a hype plan for this event, and of course he will increase his capital on this.

I definitely think there's other ulterior motive behind that statement, I mean, a man that caliber definitely already know that such statement could get the market down and definitely affect psychology of the holders which always follow his idea, I mean I don't oppose him choosing a greener cryptocurrency but stop accepting bitcoin out of the blue just doesn't sit right with me. Not to mention his company is still polluting too anyway, becoming greener should start from his company and then btc gonna follow that by resolving btc's impending problem of massive energy consumption.

He is not supporting anything. You guys buying green crypto will get musked again because he is playing you how he wants. People are so easy to manipulate incredible how easy! Use your own mind and stay away. He doesn't care about you at all.

These are the list of greener altcoin :
1. Ada cardano
2. Polkadot
3. Xrp
4. Eos
5. Tezos.

And i think the proof of stake coin is more greener then proof of work coin. But the point is " is elon only play us or no ? " why is he still supporting doge coin which also used proof of work and using miner to keep the network.

This man's speech will gonna be the center of the decision of those who want to gamble in the investment in the crypto industry. If someone knows what will be the coin he gonna promote next time, its the best to buy it before he even talks about it to maximize your earning. Even that has become a discussion now because everyone really wanted to go first in terms of their investment but they need to be careful as well since this kind of discussion will be used as an alibi to promote a pump and dump coin. everyone should take heed and make their own personal research regarding this issue.

I was amazed by the influence of Elon Musk on the crypto market, he seemed to control the market conditions with just a bunch of nonsense. Is it possible that the Elon Musk has an effect on the increase or decrease in crypto that has occurred so far?

want to change and give buzz again after being doge and looking for coins that many people don't know about.
very great and of course a lot of capital to buy up all the tokens that haven't changed the increase..

Elon Musk is messing up the crypto space and manipulating the price with style. What does doge have to over that it was pumped almost to $1 from 1 cent this year, this can only happen in the crypto space.

Tesla is all about electric cars and electric revolution is all about saving the environment through decrease of fossil fuel use and efficient use of electricity. Bitcoin is not an efficient use of electricity at least for current times when most of the electricity produced are still through fossil fuel. But the only criticism of Musk is why didn't he realized a one and a half month ago. Why did they come up with a plan to take bitcoin as payment and after 49 days realized it's not green?

If you carefully read the comment on his post, then you would know that everyone is laughing at it. After all, there are studies that this is not so, there are even links to these studies. CZ also joked about him and asked how effective fiat funds were. It's funny, but this is an obvious manipulation, even in the media they talked about it and the next day he repeated it.