Bitcoin Forum

Musk who has been the driving force and crypto figure for Bitcoin and Dogecoin lately, made a critic statement of bitcoin not being environmental friendly and the market experienced a little crash. This has raised so controversial beliefs in Musk, Cryptos and sole amazing reactions as well. Some of it are;
https://i.imgur.com/C7pugtj.jpg
Source: https://decrypt.co/70878/microstrategy-buys-15-million-bitcoin-rejects-elon-musks-bitcoin-criticism?utm_source=reddit&utm_medium=social&utm_campaign=sm
https://i.imgur.com/FUePfde.jpg
Source: https://twitter.com/trylolli/status/1392607697501974528?s=19

There are lots of responses out there and your free to paste one as a comment or response so that, we can deduce a similarity from the various responses and be able to learn from them. Better still, to fine the opportunity in them and know how to utilise it for your gains. One basic similarity you could find between these two responses is that:

Similarities
1. They both come as a reaction to some critic statement on bitcoin
2. They provide a buying opportunity. As you can notice, they both emphasise on some possible investment at the dip.
3. There is an opportunity in the tace of chaos, you just have to fine
4. It's another way of pumping new money into the market to make some gains.

You can find a lot of ways to benefit from news such as these. A lot of persons have been waiting on the dump and how to determine he possibility of a dump. Well, here they both are and it stands a lesson to all because, it would happen again and perhaps, from a different perspective this time.

The longer i think about it the more convinced I am that it was a paid FUD. Paid by market operators (AKA market manipulators) to whipe out long positions with as little cost as it is possible. I (and not only me) expected a massive dump before another leg up just from technical point of view even without this "news". "news' that everyone knew about. I cant imagine a investor that invested in bitcoin not knowing the fact that it consumes as much energy as whole country. So as I don't believe that Musk nought bitcoin, was shilling bitcoin for months and finally did research yesterday and changed his decision XD. He is not that stupid...

Yesterday we also had fake binance FUD:

"BREAKING: Binance, the world's biggest crypto exchange, is under investigation by the Justice Department and IRS https://trib.al/tXGMWBT"
https://twitter.com/crypto/status/1392888177363406852

While the true is:

"The "news" title is bad. Article itself isn't so bad actually (but who reads). It described how
 collaborated with law enforcement agencies to fight bad players, but somehow made it look like a bad thing... Thinking face Anyways. Back to work."
https://twitter.com/cz_binance

I like to call it "bullish FUD". Moon soon.

Is it far-fetched for Musk to play this out so that he'd be able to purchase BTC after acting like he had no idea how much less BTC really consumes/pollutes compared to all those stories online? It surely does seem like a plan of his to buy more. At this point, the SEC should come out and start striking him for real because this is evident manipulation...

Greed is a permanent category that has always been. Bitcoin is just another example of how a person quickly goes crazy when something in his hands quickly rises in value. It's like a gold rush, as we remember then, most of the money was earned not by those who were looking for gold, but by those who sold them shovels. I think that similar analogies can be made here too. You need to calmly treat any type of earnings, especially if it is an investment.

While I'm sure there's an agenda here, but I doubt it would be that one. If his actions were actually to pump/dump the price so he could buy/sell, then he's going to get screwed over by the SEC. And since I don't think Elon's actually stupid, and since Tesla is a large company, I totally doubt it's the latter.

I agree, but the big question mark remains... What the heck is the agenda then? Because there is no way he hasn't known about any of the issues mentioned in his post. It's like a puzzle, it is just weird. You'd expect him to do almost any weird thing, but that was weird weird.

The only difference between them is that Elon Musk is richer in papers and also more influential to him. But honestly, I find Elon Musk now as someone that has disappointed me. He hurt my heart in a way that he is becoming more and more hypocritical and unreasonable.

He tells that bitcoin costs a lot of energy that ruins nature without realizing that miners are now using renewable resources to save from the mining cost and helps reduce the coils being used to produce.

What about jumping into the topic where Congolese with their young labors mining cobalt for Elon Musk and definitely ruining nature? Can he tweet about it?

It was reported that they've sold and then he has to buy back those sold bitcoins at a lower price then here he goes.

It's a market manipulation and we will get to see more from him and that's always brace yourselves. If you're aiming to accumulate more bitcoin then always be prepared with his scheme.

But if you want to join the ride with his doge, you choose.

One somewhat feasible theory I've heard is that Elon/Tesla is pretty much just virtue signalling to decrease their risks of not getting into some sort of big-deal environmental accreditation or something. I couldn't find the source unfortunately, but it's the most sort of "possible" reason out of all the theories I've read.

Elon Musk is smart guy but I don't quite understand why he had to start that negative fud about Bitcoin that tanked the market this week. I know he's probably aware of the fact that majority of Bitcoin's POW miners use renewable energy sources to mine Bitcoin so the energy consumption isn't as high as Elon Musk said it was. What he did was to make it look like investing or supporting Bitcoinis a bad idea and that's why other prominent Bitcoin investors and Maximalists had to step in to protect their bags. The funny thing about this is that even doge coin that Elon constantly promotes compared to Bitcoin also consumes energy at a very significant rate. Tesla is still hold 90% of the Bitcoins though. That's something to keep in mind.

I believe, Elon is pressured by these environmentalists calling out bitcoin for damaging the environment. And because he wants to portray a good image, he temporarily suspended its acceptance. But it is good that he didn't sell the Tesla's bitcoins and instead just keep it. And now, he is going after for doge. We don't know what they will develop in doge. Are they going to deploy massive renewable source of energy on this project?

I can only think of one agenda: His solar panels which are going to be sold in bundles.

So he attacks bitcoin effect and the electricity it consumes and on the other hand he predicts a success of his next product. It might be weird in the beginning, but we can see the puzzle here. And who knows, maybe later he will chance his stance on this.

So he has solar panel products? No wonder.

This time he is working with Doge developer, it would really be good to see the dev team refuse him but I guess he already bought the team. Saylor is grateful to his fud though, it's a buying opportunity for the institutions but the cryptocommunity hates the lies he spread.

Whenever I read negative stuff about Elon Musk I remember a certain John McAfee (the antivirus dude turned crypto publicist. I believe John is still behind bars). But I know Elon is more clever than John and wouldn't condescend to doing anything that will drag him through the mire and tarnish his name. For crying out loud, Elon is a man of wealth with global influence and this we shouldn't overlook. Certainly, there will be those who would be envious of all that he has achieved and would want to drag him along negative news. Come to think of it, his support for Doge and BTC can't be jettisoned. Those who criticize him must be doing so to score cheap points.

Elon's decision was founded upon a legitimate concern, the environment. He may have been a hypocrite in calling the shot, and I believe he truly is. He may have been misinformed or probably lacked all the statistics and data to support the reason behind his decision. In other words, he may have been wrong all along.

But I guess the best response would have been to inform him, enlighten him, prove him wrong, or perhaps defend Bitcoin's use of a huge amount of energy. However, the most common reactions among the critics are also sorely amiss. One says she/he's cancelling his/her Tesla order. Another says Elon is his/her hero no more. One posted a photo of a burning Tesla. Another says he/she's now going back to using fuel-powered car. Why all the bitter emotional reactions?

I reckon Elon Musk simply has too much on his plate with Tesla, SpaceX, Bitcoin and the media.

He obviously needs to blow off steam, and his joking around with Dogecoin shows that. Even though it's a bit hypocritical as Dogecoin is energy intensive.

He can't go on living at 1000mph for ever, so he will have to slow down and relax and hopefully stop throwing his opinions around for fun.

The response from MicroStrategy is perfect. It at least reminds people that the Bitcoin market can not be manipulate by only Elon Musk. There are many more institutes in the market have bought and will buy Bitcoin.

MicroStrategy is one of them and is the biggest one. You can see how big MicroStrategy investment is by compare it to Tesla investment. BitcoinTreasuries (https://bitcointreasuries.org/)

That's exactly what the other users have been doing against Musk when he suspended the bitcoin option as a payment for a Tesla as if doing that is going to do anything good to them or to the market.

I am not sure what's going on in the crypto market right now but things are not the same as before. It was all about bitcoin in the earlier days and suddenly Elon has turned everything upside down. Loosing 10-25% from the market is not a joke tbh. This mega change is due to the fact that Elon holds most of the power in his hand to change the course of crypto.

SEC can't do anything. Elon have not done anything intentionally or at least this emotion can not be proven. He is a free guy and can decide whether to invest in BTC or DOGE. It's all right if he changed his mindset to shitcoins.

That does not count for SEC enquiry.

Elon Musk loves crypto buy I don't know what got to him he decided to make a stupid tweet that surely created a negative vibes towards the market which made many people got angry especially to investors. This is not the first time he did involved in such controversy that's why it's hard now to trust this guy. With Elon or not surely bitcoin will move forward to continue to rise up in the future.

It's not like Elon didn't know from the beginning the Mining BTC cost electricity and it doesn't count whether it comes from renewable energy or from burning coal.
So why did he say he isn't selling any of his BTC if he really believes it's not the most effective money to be used in the future?


The drama is reaching the media which is still good. Good or bad publicity still is a good exposure to his company and cryptocurrency.

That seems plausible. In fact, that sounds very plausible. If he was in negotiation with a big environmental organization it is possible they forced him to revoke his advocate status for Bitcoin. Then again he should have known better beforehand, shouldn't he?

We all know Elon playing with crypto for a long time. But I haven't expected such as stupid explanation from him about Bitcoin. How long before he announced to accept Bitcoin? Wasn't he aware before about the issue that he discovered now? This is nothing except a drama. He just makes an opportunity to buy Bitcoin for himself and for others as well. And we have already seen the result. Bitcoin start dump and a few companies accumulating more. Do you believe Elon hasn't accumulated during the dump? At least I do not believe. He is just manipulating the markets. Nothing else. It wouldn't affect Bitcoin for a long time, we just encounter a little pullback and hope the price of Bitcoin will be recovered soon.

Musk have problems opening a Tesla plant in Germany , because of enviromentalists. Maybe it will help for him to show that he cares.

https://www.dw.com/en/locals-views-on-german-tesla-plant-irreconcilable-as-production-start-faces-delay/a-57405731

We haven’t seen a recovery yet, I’m really hoping the worst is over & we recover back to over $50,000 soon. The market isn’t looking too healthy right now.

For sure he had think about it before he do make out some decision on getting involved with Bitcoin or rather he wasnt aware about that mining in regards to bitcoin.
Honestly, i dont see any relevance about those energy issues attached with bitcoin mining activity which would really be giving out that big issue about environment.
No doubt that he had been sued out for sure knowing that his company is totally dedicated with green energy but i dont really see any issues at all.
And now Musk had reverted back and im aint surprised with these kind of reactions.

These men have their own way to see things and people will always follow them since their record shows that they're holding something which the others don't have and that is the current successful life they have right now. that's one of the reasons why so many people will follow whatever they said because most of them wanted to become successful like Elon Musk. we can't do anything about it because he has his own solid proof and that is his riches. But those investors who really know what's going on in the crypto market will not follow whatever this man will say except when they know that the outcome is more gain than losses.

Because rich people are sometimes free to do anything, what Elon Musk does has an effect on the crypto market. It must be admitted that a lot of
people are inspired by Elon Musk, so it's no wonder whatever Elon Musk says on twitter, will definitely be followed by many people. Especially his
twitter followers will definitely be affected by the tweets from Elon Musk. But I, who have been in the crypto world for a long time, I'm not affected
by anything Elon Musk does, I still hold my Bitcoin, even though the price of Bitcoin is now down. Because indeed people who are experienced
in the crypto world have their own beliefs about Bitcoin, so it will not be affected by negative news related to Bitcoin.

Chronolgy:

1. Tweet with Tesla screenshot: The tweet said "Tesla & Bitcoin". Not "This is what I think about Bitcoin". This was probably more a PR exercise forced upon by board and keeping Tesla's health and importance in mind. Tesla revenue and Tesla's value is of the utmost importance for funds to keep flowing for his inter-planetary ambitions.

2. Response about what I actually think of PoW: After the pushback from BTC community, he clarifies that he is not against Bitcoin but points out the need for "renewables".

3. Talk about working with DOGE devs: He talked about working with DOGE devs on efficiency. DOGECOIN is merge mined with Litecoin and uses the Scrypt algorithm. Things get a little murky here as what can Elon be working on? This is where the Core Devs should probably be telling him about everything being essentially a fork of Bitcoin and invite him to work on this.

I think all of Elon's actions stem from his focus on the funding for his inter-planetary ambitions. There are multiple reasons he may want to have a huge stake in some future crypto and have some holdings similar to what BTC early whales have. (Maybe even something like Satoshi's stash). This could probably be his way of securing that funding. He did buy Bitcoin for this. HE may have realized the inability of having the same kind of insane returns on BTC. Thus, he probably wants to increase value of that future crypto which he can still continue to have a massive early part in. Bitcoin isn't that crypto, hence all this drama.

Nice read and exactly what I am thinking! :D I like the OP post! That one is fun as well. I would be disappointed to ever get to know that Musk takes money for tweeting that. Frankly speaking, why should he? Like, what amount? $50 billion for a tweet?

It is certainly puzzling and hard to tell what really happened in the background, but I agree with you he have known before.

Fear and greed index show really big fear index. Thats the main reaction to Elon statement, cmon

Elon Musk got a taste for quick profits, with the least amount of effort, by basically just doing one tweet to hype the price of a token, after he bought in early. (DodgeCoin & Shiba coin) .... so he has to find some reason to "extract" his coin, after he hyped it... to stay under the radar for market manipulation.

You will soon see that he will find some technical reason why he no longer supports DogeCoin and Shiba ....to rinse and repeat that strategy. (Possibly hiring his own developers to create MuskCoin that runs on Power Wall or something)  ::)

Agreeing with most of the people in this thread, I believe this is a tactic Elon did so he can purchase more bitcoins in the future, especially of course after months of shilling and promoting it in his twitter account, and then all of a sudden he just chose to leave bitcoin on the closet because apparently he realized the detriments that bitcoin comes along with, pretty iffy if you ask me.

Uhm I don't really know if this is just a strategy for them to start stacking up more bitcoins or they are being really serious about it, but whatever it is, it is still not going to stop the market from growing in the future. But I still want to know what step Tesla will be taking about the $1.5 billion they have already invested in Bitcoin. I have been seeing a lot of news that they have plans to sell the Bitcoin and some say that they might have already dumped the $1.5 billion worth of assets.

Anyway, if they have really dumped their whole assets, then that's not the end of everything. But what I would like to understand is whether they didn't care to know about Bitcoin to understand it before buying it or what exactly?

Elon is just acting like a piece of shit these days while the truth is that he is upto something.
A few weeks ago he was the richest man on this planet and someone wouldn't abandon a revolutionary cryptocurrency out of the blue.
He must have surely thought about it well before tweeting his statement. Whatever it is we will find out sooner or later.
For the time being, avoid panic sell and HODL

No I do not think it will come soon. Right now he sees all the potential and like he said he will work with the dev to make new improvements,,, but he will use all this experience to launch a new coin or many new coins. All without his involvement public.

Then he will laugh all the way to the bank.

His ultimate aim may be to come up with his own coin, which may be named as MuskCoin or TeslaCoin. I also agree that it is not going to happen very immediately. He may wait for a few months, or even up to a year. During this time he will promote Dogecoin. And when the time comes, he will dump Dogecoin by giving some silly excuse and try to promote his own coin. But if you check the market caps of BTC and Doge, you can see that this plan hasn't worked very well. Doge market cap is still around 7% of that of Bitcoin.

He could make Dogecoin his own coin literally. Why build a new coin from scratch if you can assume a whole ecosystem that already exists around another coin like Doge?

That is what I said in the post you quoted yes,,, but I think instead of doing it publicly he will probably work with a few anon devs to launch new coins he will invest in to market but not directly say he is a part of.

He wants to protect his Tesla revolution and he may realize soon his crypto involvement is not good for the Tesla business. His investors and shareholders will be especially worrying.

They would long be worrying already. Think about all the things Musk did on the internet via Twitter or on podcasts. He went crazy a couple of times and his investors didn't care. Remember when he announced a buyback and the SEC fined him? The market didn't really care in the end. It looks like that guy can do whatever he wants and gets away with it.

He's probably dealing with a lot of money under our nose. I suspect that he already owned Bitcoin when he publicly announced that he's investing in cryptocurrency, in order to pump prices up for his own profit.

He's been manipulating the market for the past few months, there's a lot going on that isn't actually for the sake of crypto. I wouldn't be surprised if he starts his own coin either.

That is for sure and I think he did not only own like a few hundred Bitcoins, but rather tens of thousands of Bitcoin. That guy is patient like hell. He might even have been holding hundreds of thousands. That's nothing for him. If he invested like $100 million in 2015 or so, that's a huge load of Bitcoins.