What We Should Learn From Elon Musk Influence

[Imran232]

How to use brain to take profit via my followers. In my opinion elon mask plays a games with us. He knows lots of people, biggest, smallest investors follow him because they know elon mask is a wealthiest man and they are interested to know where elon must put his income to make more profit. Thats why we Follow him if he give a signal to us then we will invest that company so that we can also make profit. I think elon take that chance and after his investment he is playing with his followers by saying about bitcoin and doge . And then we saw the huge price pump difference and then maybe he take his profit then we saw a dump again in doge. Its my opinion.

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[Question123]

Actually I did not listen to him because for me they doing this for his own purposes they tweet a coin that he wanted to increase the price because they have investment on it and they need to rise the value of the coin so he can sell his assets to earn more money and that is the purpose behind his tweet and the people will suffer from in the end because for sure if dumping happen they already sell their assets they have.

[Renampun]

Actually I did not listen to him because for me they doing this for his own purposes they tweet a coin that he wanted to increase the price because they have investment on it and they need to rise the value of the coin so he can sell his assets to earn more money and that is the purpose behind his tweet and the people will suffer from in the end because for sure if dumping happen they already sell their assets they have.

manipulating the market, well that's the real goal...
I follow Elon's Twitter and his tweets have an impact on the market, I don't know if the buyers are newbies or whales who deliberately manipulate Elon's tweets as having a big impact, *Who knows! but I like his tweets 'lol'

[tygeade]

We should learn that we must know where to put ourselves in regarding on tweets of a wealthy man who puts cryptocurrency on trends.

Also what makes it more attention worthy is which crypto he is promoting, if he was promoting BTC, which he does though, I have no problems at all. But, promoting a dead coin like dogecoin is something I never thought he would have done, not entirely sure for what reason he did that.

On the other hand, it's like elon musk promotes or advertises cryptocurrency which is a good thing on crypto but the down part is that it cost pump and dump on a certain altcoin or even bitcoin. That's why we should always consider risk management regarding on trading. The power of influence affects the market just like how a popular celebrity promotes a certain product.

This is where we need to use our intelligence and appreciate what he does right and ignore/oppose what he does wrong or shady. Promoting dogecoin is shady and there is no doubt about it, just ignore buying because he is promoting it. Promoting Bitcoin and announcing Tesla accepting Bitcoin payments was a great and appreciable move and worth buying some because these kind of news certainly help the price and the overall value of Bitcoins.

[charlesmichel1]

It isn't about the wealth. Elon Musk's popularity gave him an ability to manipulate other people's opinions and affect some events. 21 century - the era or influencers.

[wack slacker]

It's best to stay away from such tweets to preserve your assets, especially for those who are trading on margin. Elon Musk has caused many people to lose money and he is his own victim. He's famous and rich but he's also a market riot. His influence is enormous and the way he uses it is something to worry about.

[Trinx01]

Elon Musk as the richest person can really influence a lot of people, even though a simple tweet from him can make the market moves too much, I remembered before when he used the #bitcoin on his bio, and then suddenly the great movement for the price of bitcoin goes up, the same thing as he tweeted about the dodge coin which gives so much value to that altcoin.

[doomloop]

We should learn that we must know where to put ourselves in regarding on tweets of a wealthy man who puts cryptocurrency on trends.

Also what makes it more attention worthy is which crypto he is promoting, if he was promoting BTC, which he does though, I have no problems at all. But, promoting a dead coin like dogecoin is something I never thought he would have done, not entirely sure for what reason he did that.

I totally agree that it should not be something like dogecoin, but dude is not doing it for investment advice, and if anyone listens elon musk for investment advice, isn't that sort of their problem? I mean there is really nothing wrong with anything elon musk does because he is just saying he likes some coins, I say the same thing as well, I say I like this coin or that coin but nobody listens, which means he is doing something we all do but since he is famous that becomes a problem for him.

Instead of him ignoring everything and start not acting like a regular person, we should all treat him like he is a normal person because he is, just because he has money doesn't mean that he would be smart about which coins to pick, people act like he can decide which coin would go up, all because they think he may buy a lot and increase the price as well.

[perfect999]

Elon Musk is simply using his influence to gain more profit in cryptocurrency market, to have much more funds to support his project. We have to understand that his company including SpaceX are spending a lot of money to achieve their goals but at the same time it has the possibility to lost lot of its funds in just one mistake. We all witnessed how his rockets failed, and I'm sure its a million dollar rocket. And what do you think is the easiest way to retrieve what was lost if you have the power to influence people and control the market? Trading, I guess that's it.

Influence is power and he is using most of his. That is his strategy, and now that we know, let us take advantage of it and make profit.  

Sure, but without speculating on how much he has invested in Bitcoin, I doubt that it can cover the vast amounts that get burned through space x. And even his hype will not affect BTC that much because the fluctuations rely on much more than just one factor. It can cause a slight spike, but that is short lasted and really don't think he is counting on that to finance his endevores.

He doesn't technically "burn" money in spacex, he is building a new technology and that costs money, consider it like R&D because when humanity can go to mars and even live there, all of the things he has achieved right now would be a great help, he is making that a closer possibility.

I dislike the guy as much as the next one, I think he is the one that signs checks and just allows engineers to do what they want, so he is like a rich kid building a toy for himself while there are real workers behind it, not like he builds anything at all, but the reality is that dude is as good as it gets when it comes to helping humanity get better. So long story short, he could find money some other way, it doesn't have to be space x, in fact his tesla shares are so much that he could sell some of them and help space x be funded 10 more years with his networth, hence I think money is not the reason.

[sapnu]

Yes, it does have an influence on the price.... because people follow the celebrities comments like sheep!

How many people will buy the same clothing, even if it is very over priced.. when they see their favorite celebrity or Sport star wearing that clothing?

The same thing happens when they say something on Social media and the impact depends on how many followers they have. Elon Musk was a pioneer in the "Payment system" scene ..back in the day before PayPal, so he should know what he is talking about. (Anyone else without the previous experience of payment systems, should not have such a big influence... but unfortunately they do)  

Those are one of the problem that we face nowadays, just because some certain huge individual mentions that a coin is a good one, they will follow them right away. That's what happened with Dogecoin wherein as Elon Musk kept on advertising it on twitter, the value of the coin went high and many started expecting that it will reach $5k on the next 5 years. There's nothing wrong with that actually but sometimes we are being blinded or given false hope that often leads us to falling into their traps.

[Lorence.xD]

What I learned from Musk's influence is that whenever someone who has the influence that can move market, I better get in early on that market they are shilling because the market moves base on trends and if they can make it trending, you better be an early adopter because their influences wane and if you are just part of the crowd, it will be too late to make a profit.

[Andrews193]

What I learned from Musk's influence is that whenever someone who has the influence that can move market, I better get in early on that market they are shilling because the market moves base on trends and if they can make it trending, you better be an early adopter because their influences wane and if you are just part of the crowd, it will be too late to make a profit.

Instead of chasing your choice, I choose other quiet parts of the market because for an influencer, they never let us know that we have come sooner or later, we cannot act solely on such a trend, looking at the value of the projects that the market pursues, quite a few investors have lost money to Elon Musk just because of one of his decisions. Today, a sad day for many people when they want to follow the crowd, learning from Elon Musk is learning how to control the game.

[Lorence.xD]

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Instead of chasing your choice, I choose other quiet parts of the market because for an influencer, they never let us know that we have come sooner or later, we cannot act solely on such a trend, looking at the value of the projects that the market pursues, quite a few investors have lost money to Elon Musk just because of one of his decisions. Today, a sad day for many people when they want to follow the crowd, learning from Elon Musk is learning how to control the game.

You aren't sure about the quiet parts of the market though, read the Keynesian beauty contest, it's an experiment that is trying to understand the psychology of the masses and it can be applied with the market.

[iv4n]

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

"Bitcoin plunges to $50,000 after Elon Musk's tweet sent price down 17%" Source: https://www.businesstoday.in/markets/commodities/bitcoin-plunges-to-50000-after-elon-musk-tweet-sent-price-down-17/story/438935.html

After reading this I think of Elon as a hypocrite! And in case I am wrong, he is just another manipulator! Yesterday he earned hundreds of millions from crypto, today he is saying how Bitcoin mining and transactions are creating "the worst emissions of any fuel!" Why he didn't say that before he made a little fortune from this?!

Anyway, just another rich guy that wants to be richer... he is racing with Bezos, and I guess that race is more important than anything else...

So now when the price is down, will he buy this bottom and make even more profit in the future despite his words now?!

[oHnK]

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

"Bitcoin plunges to $50,000 after Elon Musk's tweet sent price down 17%" Source: https://www.businesstoday.in/markets/commodities/bitcoin-plunges-to-50000-after-elon-musk-tweet-sent-price-down-17/story/438935.html

After reading this I think of Elon as a hypocrite!

Maybe the word hypocrisy is a parable from you, I dont see from hypocrisy but this is the true nature characteristic of the whales in investing.  We should have realized from the start, there will be no one who supports it openly without any clear purpose.  Creating issues in a highly volatile investment environment is one of the best weapons for conquering the market.  This is one proof, crypto investors and traders must have a tough soul and high intellectuality in responding to many changes.  The market that has dropped more than 10% because of issues is a clear form of the high volatility that crypto has.  So, don't just believe for beginners that with a capital of 1 $ you can make 10,000 $ in just a few months.  That's the saddest bullshit.

[The Sceptical Chymist]

Since I generally don't watch news or TV, I don't get exposed to statements from the likes of Elon Musk--everything I've heard him say has come from reading threads about him on this forum.  That doesn't mean I don't have an opinion about his influence, however.  Anyone who can cause dogecoin to skyrocket to the moon with some SNL skit/monologue (I'm not quite sure what he did) wields way too much influence over people, and specifically what they do with their money.  I'm sure the announcement that Tesla is accepting doge as payment helped as well, but he's so inextricably linked with Tesla that it's basically his endorsement of doge, not Tesla's as a company.

That doesn't mean I dislike the man--I don't really know that much about him.  Right now it seems like everyone is looking to get rich quick off of one scheme or another, whether it's Gamestop stock, doge, or DeFi.  Maybe in another time his word wouldn't have such an effect, but right now it's clear that a lot of people look up to him and want to emulate his success.

I prefer to lionize Warren Buffett myself, but to each his own, right?