Satoshi Response To Elon Musk's Tweet On Bitcoin Mining

[pooya87]

People still dumped doge even harder than they dumped bitcoin!

This is also pyschological. People tends to buy when someone ask them not too. I admit, I missed this crazy run of doge, but since the dump, I am gonna try if dogecoin or Elon musk have literally power after all the past shits on twitter including him. Ape only few, but we will see what will happen when Elon tweeted and boosting dogecoin once again.

It is not psychological, this is how the market has always worked. Whenever bitcoin price has a big rise or a big fall the altcoins all get dumped. It's just that Elon didn't know it and thought a shitcoin could continue pumping after bitcoin drops and most probably lost a lot of money in that bet too.
I also don't think repetition of the same hype and dump would work again. This type of pump and dump works only once.

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[Rikafip]

It's just that Elon didn't know it and thought a shitcoin could continue pumping after bitcoin drops and most probably lost a lot of money in that bet too.

That I highly doubt, that he didn't know how BTC dump will reflect on shitcoins. My guess is, he just didn't give a fuck about that, as he probably gained more by tweeting that than (at least in the long run) he lost due BTC and shitcoin price going down.

I also don't think repetition of the same hype and dump would work again. This type of pump and dump works only once.

That's true, you can do that for only so many times before market stops reacting to your tweets, but I don't think that we are there just yet. If Elon announced that he changed his mind on Tesla accepting BTC due "newly found info on sources of energy used for BTC mining" or whatever other bullshit he come up with, price would again start pumping. It's juts how it is at the moment, but it will pass eventually.

[o_e_l_e_o]

quite a lot of people are interested in Dogecoin cause they believe as a result of Musk's interest in Dogecoin, it's going to continue to pump and prolly be more useful that Bitcoin in the long period.

Well then they are idiots. It is insecure, the software is outdated and riddled with bugs, and it has an infinite supply. The only thing it is good for is pumping and dumping.

even if all the computers and electricity in the world disappear, the gold will remain. The BTC network exists solely as an analogy to the financial aspect of gold.

And what use will gold have if all the computers and electricity in the world disappear? Or fiat in that case? In such a scenario the things with value will be food, shelter, fuel, medicines, weapons, etc. No one will care about any form of money, gold, or bitcoin.

I also don't think repetition of the same hype and dump would work again. This type of pump and dump works only once.

I think you are grossly overestimating the intelligence of people who spend their money based on the tweets of Elon Musk.

[Stalker22]

I also don't think repetition of the same hype and dump would work again. This type of pump and dump works only once.

That's true, you can do that for only so many times before market stops reacting to your tweets, but I don't think that we are there just yet. If Elon announced that he changed his mind on Tesla accepting BTC due "newly found info on sources of energy used for BTC mining" or whatever other bullshit he come up with, price would again start pumping. It's juts how it is at the moment, but it will pass eventually.

To be honest, in his announcement, he said that Tesla will go back to bitcoin "as soon as mining transitions to more sustainable energy." No idea what that meant.
The next post may be that he had "the talk" with bitcoin developers about how to solve the problem.

By the way, I am not aware of any drastic changes in the energy consumption of bitcoin mining over the past few months...

[o_e_l_e_o]

The next post may be that he had "the talk" with bitcoin developers about how to solve the problem.

Like Elon could contribute anything worthwhile to bitcoin development.

He tweeted that Doge should increase the block size 10X and decrease the block time 10X, and then it would "win, hands down". Here are all the bitcoin developers working for years on scaling solutions, and Elon comes along and says "Just mine blocks faster lol". Oh god, why didn't we think of that, it's so simple! Just change a line or two in the code and all scaling problems are solved!

Hardly. Increasing block size and decreasing block time have huge knock on effects on the security and the decentralization of bitcoin. Take a look at altcoins which have tried this and then been successfully 51% attacked.

Maybe he should just make his SpaceX rockets 10X bigger and 10X faster. It's that simple, right?

[Rikafip]

I think you are grossly overestimating the intelligence of people who spend their money based on the tweets of Elon Musk.

And then there is certain amount of those who know how easily manipulated people are, so are selling too, helping in these pumps$dumps caused by his bs tweets.

To be honest, in his announcement, he said that Tesla will go back to bitcoin "as soon as mining transitions to more sustainable energy." No idea what that meant.

I wish he says  something similar about use of cobalt for his car's batteries that, something like "We won't use any of the cobalt produced in DR Congo until mining companies secure decent working conditions for all those child works there". But somehow he is not so woke and righteous like he is with BTC.

The next post may be that he had "the talk" with bitcoin developers about how to solve the problem.

Yep, we can expect that next.

[The Cryptovator]

I strongly agree with @o_e_l_e_o here. Nothing else happening except drama and market manipulation. Mark my word, once a day he will accept doge as a payment method of Tesla. The reason is pretty simple, he needs to become richer. If he manipulates Bitcoin then it pumps like 10-20%, but he could easily pump doge 1000% within a day. So why will he spend his time somewhere else? Don't think he is a fool, but he is making us fool. He knows everything related to Bitcoin and energy burn. If he does not make drama then how will he take advantage of the market? Simple math.

[Darker45]

For example, millions would start buying Doge because Elon is making an equivocal or sarcastic tweet mentioning the meme coin. Meanwhile, traders would also quickly create buy orders the moment the tweet is made, expecting that the price would rally because Elon has tens of millions of blind fanatics.

That is not exactly what happened though.
Elon definitely hyped up that shitcoin but people didn't buy because of his tweets. It is just that the pumpers are always desperate for any excuse to select a random shitcoin and pump & dump it to make profit and Elon's tweet was that excuse.
Funny enough after he started spreading FUD about bitcoin but continue supporting DOGE people still dumped doge even harder than they dumped bitcoin!

Although it indeed started with Reddit's SatoshiStreetBets trying to recreate in cryptocurrency what WallStreetBets did with GameStop in the stock market, the moment Elon started to tweet showing some Dogecoin hints, the goal started to bear fruit. SatoshiStreetBets alone could or couldn't have succeeded with their plan, but what was obvious is that Elon's tweet was so influential. It appeared that SatoshiStreetBets had a very strong supporter in Elon. Elon's series of tweets served as a catalyst.

The fact that a lot of individual users over Twitter blame Elon for them getting rekt, losing their savings, and so on means that their decision to invest was merely based on Elon's tweets.

[cryptoaddictchie]

I also don't think repetition of the same hype and dump would work again. This type of pump and dump works only once.

Not so sure about that. You'll never know if the same memecoin season will dominate the market again or not. Yes it seems impossible, but who would thought that memecoin like shiba inu would be listed on top tier exchanges and have a nice run. Elon musk is known to everyone, I hate his shilling tweets but let's admit it, some are hook and get hype when the market start running off because of him. I guess no one wants to be left behind scenario isn't it?

[pooya87]

I think you are grossly overestimating the intelligence of people who spend their money based on the tweets of Elon Musk.

Of course I can't speak for everyone since there are always idiots around but it will have diminishing effects nonetheless. Even the most brainless monkey out there can see right through the scam. Besides the hype and panic that were created by Elon Musk was not just because of his tweets but because of how the media reacted to those tweets. For example I saw his tweets everywhere even though I don't even have a twitter account, simply because this forum, reddit and all news sites were filled with his nonsense. If he repeats the same thing, the reaction won't be nearly the same. There won't be 10 topics a day talking about him, the news sites may write some article about a forgotten relic and so on. Hence far less people would even hear about his nonsense and consequently a lot less people react.

Besides we already have some examples, the biggest I think is John McAfee and his scams during 2017 and 2018. As we now know he too had diminishing effects. He outright called bitcoin a "shitcoin" at some point! There were even some drama with his #dickeating and then him being charged with fraud over shitcoin pump and dumping. None of which had any effects on the market.
If he came back today and started praising bitcoin, nobody would give a rat's ass. Elon is the same.

[Rikafip]

Besides we already have some examples, the biggest I think is John McAfee and his scams during 2017 and 2018. As we now know he too had diminishing effects. He outright called bitcoin a "shitcoin" at some point! There were even some drama with his #dickeating and then him being charged with fraud over shitcoin pump and dumping. None of which had any effects on the market.

I do agree that Elon Musk influence on crypto market will end up the same way it happened with John McAfee, but it will take longer time, simply because Elon Musk is more influental than McAffe ever was, which is not a surprise as he is one of the richest man in the world (at least according to Forbes) and way more interesting to mainstream media due all other businesses connected to him. You said it yourself, you don't even have to have Twitter to learn what Elon said, you simply can't miss it unless you are avoiding all news portals, even mainstream ones.

Just the other day my father called me, and while casually chatting he asked me did Elon Musk and his announcement that Tesla doesn't accept BTC anymore caused this BTC dump. We are talking about a person who doesn't know almost anything about crypto other than I am into it, doesn't follow any crypto news/portals, and doesn't speak English at all. But it was shared in Croatian mainstream media and managed to reach even him.

So yeah, it will take some time before all this calms over and until enough newbies get rekt so they stop following their guru Elon.

[yazher]

I strongly agree with @o_e_l_e_o here. Nothing else happening except drama and market manipulation. Mark my word, once a day he will accept doge as a payment method of Tesla. The reason is pretty simple, he needs to become richer. If he manipulates Bitcoin then it pumps like 10-20%, but he could easily pump doge 1000% within a day. So why will he spend his time somewhere else? Don't think he is a fool, but he is making us fool. He knows everything related to Bitcoin and energy burn. If he does not make drama then how will he take advantage of the market? Simple math.

With every situation in the market whether it's good or bad, these kinds of people who have their own theories and speculations always pops-up to force the other to believe their own ideas. If they won't ponder upon what those big-time men are actually doing, they will be fooled throughout their lives. just believing what are those people are saying is completely insane. one should know how to find the real answer on their own before he makes things worse when he followed these manipulators who know how to play this game of investments from the start.

[o_e_l_e_o]

Of course I can't speak for everyone since there are always idiots around but it will have diminishing effects nonetheless.

Diminishing returns, sure, but I definitely don't think such a pump and dump only works once as you suggested in your first post. It's undeniable that if Musk tweeted today "I've looked in to *insert random shitcoin* and it is faster/cheaper/greener/sexier/has a better name than bitcoin. I think it is the future." then that shitcoin would pump, and it would pump hard. Hell, during the time McAfee was doing his "Coin of the Day" scam, people had bots set up to immediately buy any coin he mentioned on his twitter so they could dump it an hour or two later for a profit. Yes, the returns diminished over time, but Elon could probably still pump three of four total shitcoins before people start stop listening to him.

Still, although Elon is a scammer and anyone who listens to him is a moron, I'm never upset about a chance to buy some heavily discounted bitcoin.

[examplens]

I strongly agree with @o_e_l_e_o here. Nothing else happening except drama and market manipulation. Mark my word, once a day he will accept doge as a payment method of Tesla. The reason is pretty simple, he needs to become richer. If he manipulates Bitcoin then it pumps like 10-20%, but he could easily pump doge 1000% within a day. So why will he spend his time somewhere else? Don't think he is a fool, but he is making us fool. He knows everything related to Bitcoin and energy burn. If he does not make drama then how will he take advantage of the market? Simple math.

Exactly. Everything he does, he does it primarily for the sake of making his own profit. unfortunately, it currently has too much of an impact on some values^DOGE.
in the end, any discussion like this helps him in manipulating of market. I guess if they will be ignored, and he himself would turn to something else.
Any tweet, discussion whether it relates positively or negatively to Elon, strengthens his position.
So we should need to stop talking about them and ignore his party.

[Mistafreeze]

Still, although Elon is a scammer and anyone who listens to him is a moron.

He has huge followers on Twitter who all believe he is making a better plannet for them where they would go with their shitcoin ^Dogecoin forgetting the fact that the emission from his space rockets has caused more damage to the world than bitcoin mining.

The future of crypto in one man's tweet is more dangerous for the future of Bitcoin and other shitcoins, anytime I go through the comments under his tweets I feel sick and die inside from a high level of ignorance. Elon will continue to scam them to accumulate his wealth

[Stalker22]

And, here it is. Exactly as predicted, Elon Musk will save the world from the evil Bitcoin miners.


https://twitter.com/elonmusk/status/1396914548167233537

[o_e_l_e_o]

And, here it is. Exactly as predicted, Elon Musk will save the world from the evil Bitcoin miners.

Unbelievable. He just dropped an email to northamericanminers@aol.com? Well, glad that an issue so massive and critical that it forced Tesla to stop accepting bitcoin was finally sorted in what, 3 days?

And the price jumps up $2k after this tweet. Well, combine that with the news that this dip has seen record amounts of buying volume on institutional exchanges, then this whole manipulation seems to have worked exactly as planned. I hope all the weak hands enjoyed selling your coins to Musk and his friends for a huge discount.

I feel we will see more of these orchestrated attacks at bitcoin grows. Famous people who want in will leverage their social media influence to dump the price so they can buy at a discount. Stop selling them your coins.

[LeastComicStanding]

And what use will gold have if all the computers and electricity in the world disappear? Or fiat in that case? In such a scenario the things with value will be food, shelter, fuel, medicines, weapons, etc. No one will care about any form of money, gold, or bitcoin.

Just the same as it was before computers - gold held value because it has a limited supply and it has valuable physical properties.

[Rikafip]

And, here it is. Exactly as predicted, Elon Musk will save the world from the evil Bitcoin miners.

Haha, that lasted long, what a clown. Buy yeah, everything is developing as we expected it will, so surprises there. Noobs sold crypto and now they are buying back, suing famous "sell low, buy high" tactic.

And the price jumps up $2k after this tweet. Well, combine that with the news that this dip has seen record amounts of buying volume on institutional exchanges, then this whole manipulation seems to have worked exactly as planned. I hope all the weak hands enjoyed selling your coins to Musk and his friends for a huge discount.

Worst of all, I know people that are into crypto for years now, and they started believing his FUD and sold the crypto in fear, expecting full blow bear market. This is how I imagine Elon Musk these days

[Mistafreeze]

 the price jumps up $2k after this tweet. Well, combine that with the news that this dip has seen record amounts of buying volume on institutional exchanges, then this whole manipulation seems to have worked exactly as planned. I hope all the weak hands enjoyed selling your coins to Musk and his friends for a huge discount.

Just as expected, the market manipulation is so easy nowadays as majority of the crypto newbies see tweets from Elon as the tweet from heaven " oh yeah he is here to save humanities "  I never expected this days to come where one individual would be manipulating the price of bitcoin just the way he want it. How do we educate people to stay away from Elon Twitter page.