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Author Topic: Crypto has become the rich man's playground...  (Read 720 times)
virtualdn (OP)
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May 14, 2021, 09:49:54 AM
 #1

Yes it's happening folks. It's a playground for the riches, for the narcissistic egocentric billionaires who don't give a * if you are getting rich or you're losing all your money.  They do it just because they can, to boost their stupid egos.

"Doge spelled backwards is egod" said Elon Musk once to reveal his god like narc personality. This guy likes being worshipped by the dumb sheep.

However, even if we're having a loss right now, more people are stronger than a few dumb billionaires and I'm sure BTC will come more powerful than before.

The history won't let Mr. Snake Musk escape with zero consequences.

To the Moon!

1 BTC = 1 BTC
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May 14, 2021, 09:56:57 AM
 #2

I wouldn't say "crypto" because not all cryptos are billionaires game and neither they are interested in all cryptos. But this is especially true for Bitcoin definitely. Being a pioneer cryptocurrency, bitcoin has always stayed in the center of attraction. So whenever billionaires or corporates have decided to go ahead with crypto investment, they have only chosen bitcoin, nothing else!

Jemie and Warren has already shown the way and Elon has taken it forward. But I think the crypto market will soon stop responding to these billionaires after learning from expensive mistakes.

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May 14, 2021, 01:30:40 PM
 #3

Isn't it always been like that? We got McAfee, lots of hedge fund playing around on IDO/ICO/whatever they're labelling them with. It's not possible to be free from those big players, retail will always follow them. It won't last very long tho, when the hype dies it will die too. But doesn't mean they won't find a new way to mess the market.

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May 14, 2021, 01:37:40 PM
 #4

When it comes to doge, it's indeed a highly speculative coin which is not so much the playground for the riches, but for one particular rich guy who's obsessed with it. As for his move with Tesla stopping accepting Bitcoin because of environmental concerns, I think it wasn't a fair thing to do. However, Bitcoin lost only 10% of value compared to its price a week ago, so it's not a huge hit, and I'm sure it can bounce back. Crypto prices are volatile, but it doesn't mean that the price is controlled by the riches or that these price changes are all there is to cryptos.

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May 14, 2021, 01:55:23 PM
 #5

I'm not agree. First of all, it's not really wise to say that all crypto for rich now. There is a lot of cheap altcoins. And some examples that's not cheap but has really low fees. And you don't have to buy whole BTC. You can buy fractions of it especially on the dips.
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May 14, 2021, 01:58:55 PM
 #6

Isn't it always been like that? We got McAfee, lots of hedge fund playing around on IDO/ICO/whatever they're labelling them with. It's not possible to be free from those big players, retail will always follow them. It won't last very long tho, when the hype dies it will die too. But doesn't mean they won't find a new way to mess the market.
It seems that OP is more affected on this current situation so he/she is more mad right now. How exactly do they mess the market though? That's the part that I don't quitely understand, is the messing involved manipulation.
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May 14, 2021, 06:04:52 PM
 #7

There's always the new trend in crypto and that's why I like on it. Aside from bitcoin being volatile and its move can be influenced by those biggest names not only in crypto but in world's most known people and personalities.

It's not only crypto that they're playing with or influencing. I think they are everywhere just like in stocks when Bezos divorced, he dumped a huge amount of his stocks.




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May 14, 2021, 06:34:17 PM
 #8

I have to agree with others, most probably you OP is talking about the recent game of Bitcoin and Elon. All crypto isn't for millionaires and all cryptocurrency couldn't make us millionaire as well. But I have to admit a few millionaires playing with a few cryptocurrencies. Especially with Bitcoin, the past few days we have noticed a few dramas. I will consider it as manipulation. Whales or millionaires just trying to control the market and taking advantage. But those we are very small cryptocurrency users just losing. Because we don't know what is going on. Who could realize whales play movements they could take advantage of and profits. But we are helpless here.

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May 14, 2021, 06:59:07 PM
 #9

The latest events really made it look like their playground. Because I think that the main goal was no different than manipulating the market of course. I say this because I find Elon Musk's reasoning for Tesla's action really hilarious.

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May 14, 2021, 07:07:58 PM
 #10

They do it just because they can, to boost their stupid egos.
May be his ego is making him to tweet. But as you mentioned I doubt whether he is bothered if anyone follows him or not.

However, even if we're having a loss right now, more people are stronger than a few dumb billionaires and I'm sure BTC will come more powerful than before.
The market is over $50k and you think that it is not enough. It is good too see corrections once in a while and no one can manipulate the market for a much longer time.

The history won't let Mr. Snake Musk escape with zero consequences.
what do you think will be the consequences, zero as he never leaked any insider information and he was doing these sort of market influencing tweets for the past few years and now he is more tweeting about cryptocurrency market and that is the only difference.

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dothebeats
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May 14, 2021, 07:12:18 PM
 #11

I think it's just befitting since at this point in time, only the rich can afford to go ham on crypto and still remain unscathed if worse comes to worst. They can risk the biggest $ in exchange for lucrative amount of profits without even sweating about it. But once the playground is heavily regulated, look at how these billionaires come pulling out their assets and proceed to put it somewhere else where they can do everything and anything that they wanted to. It is what it is, I guess; they will just get richer and us here at the bottom of the ladder will try to climb it with false hopes of reaching the top someday.

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BitcoinPanther
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May 14, 2021, 07:47:10 PM
 #12



However, even if we're having a loss right now, more people are stronger than a few dumb billionaires and I'm sure BTC will come more powerful than before.


To the Moon!

People are just riding the trend.  I wouldn't argue that crypto market is dictated by billionaires or whales, but I am sure that those who rides the  altcoin trend now will eventually sell their holdings and go back buying Bitcoin on its dip accumulating more BTC in their stash.
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May 14, 2021, 08:10:41 PM
 #13

I'm more and more inclined to think that Elon just trolls the crypto market and enjoys seeing how the markets react to his tweets. His latest tweets are really irrational, especially coming from a supposed tech genius. Bitcoin energy consumption FUD, then "working on improving Doge's efficiency" - both complete nonsense, yet it caused huge movements on the markets. Eventually everyone will tire of it and stop paying attention, but it could take months before it happens.

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aoluain
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May 14, 2021, 08:13:13 PM
 #14

I wouldn't say "crypto" because not all cryptos are billionaires game and neither they are interested in all cryptos. But this is especially true for Bitcoin definitely. Being a pioneer cryptocurrency, bitcoin has always stayed in the center of attraction. So whenever billionaires or corporates have decided to go ahead with crypto investment, they have only chosen bitcoin, nothing else!

Jemie and Warren has already shown the way and Elon has taken it forward. But I think the crypto market will soon stop responding to these billionaires after learning from expensive mistakes.

Thats it, the smart money is coming into Bitcoin, and staying in Bitcoin.

The weak hands bought Bitcoin on the rise and sell it on the fall.

There are also those who follow EM to the death in the hope that they
can follow his money making expertise...

While we see high wealth companies and individuals buying Millions worth
of Bitcoin, anyone can buy it too with almost any amount of FIAT, so its not
exclusively for wealthy people.

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xiboothrezi
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May 14, 2021, 09:08:40 PM
 #15

I'm more and more inclined to think that Elon just trolls the crypto market and enjoys seeing how the markets react to his tweets. His latest tweets are really irrational, especially coming from a supposed tech genius. Bitcoin energy consumption FUD, then "working on improving Doge's efficiency" - both complete nonsense, yet it caused huge movements on the markets. Eventually everyone will tire of it and stop paying attention, but it could take months before it happens.
maybe EM is bored so he wants to create a small wave. And this actually has quite a significant impact, take a look at Doge.

the longer it looks like it's made up, there is a certain scenario at play. and a sizeable market sentiment is therefore bound to be affected. although there are other things that might have a more significant impact on the price drop, please stop playing around with this.

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TheEconomists
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May 14, 2021, 09:28:02 PM
 #16

Yes it's happening folks. It's a playground for the riches, for the narcissistic egocentric billionaires who don't give a * if you are getting rich or you're losing all your money.  They do it just because they can, to boost their stupid egos.

"Doge spelled backwards is egod" said Elon Musk once to reveal his god like narc personality. This guy likes being worshipped by the dumb sheep.

However, even if we're having a loss right now, more people are stronger than a few dumb billionaires and I'm sure BTC will come more powerful than before.

The history won't let Mr. Snake Musk escape with zero consequences.

To the Moon!

He is only out to make more money from all this consistent tweets, am saying this because he is a business man and his goal is to make profit by trying to manipulate the market in his favour. And if you are in his position you will do just same.
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May 14, 2021, 09:59:56 PM
 #17

Exactly, crypto has now become a place where these billionaires have parked their billions already at very low prices and after adding a lot of liquidity to the markets, they started manipulating the minds of people by saying anything good about crypto so to make the prices boom. Now, when the times will come when these institutions will need their profits to be taken out to repay the investors who invested their money in these institutions, the price will be hit by immediate dumps just as we are seeing nowadays.
Lorence.xD
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May 15, 2021, 05:37:10 AM
 #18

Exactly, crypto has now become a place where these billionaires have parked their billions already at very low prices and after adding a lot of liquidity to the markets, they started manipulating the minds of people by saying anything good about crypto so to make the prices boom. Now, when the times will come when these institutions will need their profits to be taken out to repay the investors who invested their money in these institutions, the price will be hit by immediate dumps just as we are seeing nowadays.
That's what I was scared when the first big institutional investors get in and made purchases in bitcoin they can buy a lot and that means that they can dump the prices but here we are also benefiting from all of this so I wouldn't say that it is really bad per se.
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May 15, 2021, 05:56:31 AM
 #19


Maybe Elon is doing this for the rich men too. That once that can afford every dip.
But those who buy doge don't worship Elon, they just ride the train to make money out of it and they all help pump the market by shilling the coin that the dogefather is shilling. It's all collaborated that even the local news in my country featured Dogecoin. Money attracts everyone. When you hold a thousand of Doge, you will want to shill it for profits and the chain reaction starts. Once he stops supporting Doge, those who bought will also start buying BTC that he just rejected recently.
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May 15, 2021, 06:04:40 AM
 #20

You sound a little bit butthurt. Grin
People like Elon Musk aren't supposed to give a sh*t about the "average Joe". When you are trading financial assets,the profit of one is the loss of another.There's no room for charity and compassion.
Unfortunately you are right about the crypto markets becoming a playground of a few rich people and companies.This is because the crypto markets are still relatively small,so a few crypto whales can still manipulate the prices.I was hoping that this will change,but it doesn't. 





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