Reactions From Musk's Bitcoin criticism

[target]

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 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

His tweets mean nothing if people don't over value him and his tweets. Why Tesla is important for Bitcoin? There are and will be more institutional investments. The capital investment from Tesla can be done with another or a few other institutes.

Bitcoin adoption won't be changed much by Tesla and people were cheated by Elon and Tesla. Will Elon come back and say after months of research, he sees is the best and Tesla will accept Bitcoin again. It will be funny.

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

[Nightz]

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.

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.

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?

[The Cryptovator]

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.

[DexHaer]

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

[DeathAngel]

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.

[Mahanton]

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.

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.

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?

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.

[yazher]

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.

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.

[Shasha80]

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.

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.

[amishmanish]

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.

[germsite]

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.

Nice read and exactly what I am thinking! 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?

[Nightz]

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.

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.

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?

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.

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

[bits4books]

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

[Kakmakr]

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)  

[Twentyonepaylots]

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.

[TheGreatPython]

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.

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?

[pawanjain]

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

[leea-1334]

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)  

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.

[Vishnu.Reang]

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)  

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.

[germsite]

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)  

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?

[leea-1334]

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.

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.