Bitcoin losing its importance

[oktana]

I complained the same thing sometime ago. It is quite sad to see that part of a decentralized currency can be affected by centralized factors. Sadly, there is nothing that can be done about it. As far as an influencer of a big name (like Elon Musk) is involved, the market can be affected. But I don't think this generally makes Bitcoin lose its importance. People can also affect the price, not the decentralization part of Bitcoin.

[Vaskiy]

I complained the same thing sometime ago. It is quite sad to see that part of a decentralized currency can be affected by centralized factors. Sadly, there is nothing that can be done about it. As far as an influencer of a big name (like Elon Musk) is involved, the market can be affected. But I don't think this generally makes Bitcoin lose its importance. People can also affect the price, not the decentralization part of Bitcoin.

From majority of the posts in response to the thread statement I find the meaning Bitcoin isn't losing its importance by the influencers. These influencers has got the ability to make variations in the market, but the same doesn't cause anything in its importance. The importance of bitcoin is much associated with the usage and the real-time application. These influencers can't make anything on the usage and real-time application of bitcoin, agreed on the fact.

[temple]

Once again the market has been manipulated after the statement of Elon Musk "Tesla will Re-accept Bitcoin" and this way based on the volume of accumulation one day bitcoin network might go completely into the hands of centralized powers.

It needs to be allowed for its real growth. Quite often these guys manipulating the market looks like an asset that doesn't have its own value, but depends on someone's words.

This is a free market and its just normal that people do come out and go.Something manipulative?Yeah its a common one and better get used to it and act accordingly for your advantage.

Those news and sentiments are just common but doesnt mean that it is actually losing its importance. Decentralization is still there,they might able to manipulate on prices but

not on the full  scale considering that the supply isnt really just focused on them but somehow they could really make out some FUD.

I think the Musk effect is mostly gone now anyway. Of course when he first showed up and showed his sympathy with Bitcoin, then also announced the fact that Tesla is going to accept Bitcoin, all that had an impact, but it wouldn't have the same impact now if he repeated that in any way. Amazon rumors do have an impact and I can understand that. If the largest e-commerce platform on planet earth accepts Bitcoin, that's awesome and does have an influence on Bitcoin's viability and hence the price.

[leea-1334]

From majority of the posts in response to the thread statement I find the meaning Bitcoin isn't losing its importance by the influencers. These influencers has got the ability to make variations in the market, but the same doesn't cause anything in its importance. The importance of bitcoin is much associated with the usage and the real-time application. These influencers can't make anything on the usage and real-time application of bitcoin, agreed on the fact.

Influencers have influence and that is all they have. And to be fair,,, they deserve what they have, and the people they influence deserve what they get. But influencers cannot sustain and cannot last, especially if they do things to preserve self gain, eventually their followers get wise and stop getting influenced.

This is what I love about Bitcoin. No influencers. Only temporary fadsters.

[7788bitcoin]

Once again the market has been manipulated after the statement of Elon Musk "Tesla will Re-accept Bitcoin" and this way based on the volume of accumulation one day bitcoin network might go completely into the hands of centralized powers.

It needs to be allowed for its real growth. Quite often these guys manipulating the market looks like an asset that doesn't have its own value, but depends on someone's words.

This is not new, whenever the market is on the verge of rally it reacts to news like this especially when it is looking for a direction and now we hear some positive news and the market started rallying and there will be a time when we hear something negative and the market starts to fall and it is like that from the beginning, earlier it was news updates from China and now it is these major social media influencers.

[Evgenklm]

I think it's all temporary, people are used to listening and buying , at first Elon Musk manipulated bitcoin and other cryptocurrencies well, but time passed and people realized that nothing good came of it and now Elon Musk's dependence on the cryptocurrency market is less and less.

[sunsilk]

Just because Elon has said favorably something about bitcoin again that Tesla might reconsider accepting bitcoin again, bitcoin isn't losing its importance. Actually, it's his right whether he say something positive or bad against bitcoin.

We just don't like him anymore based from what he has said. But I've realized that any company is free to express their acceptance or not towards bitcoin payments.

Expertise users have given clear description on the market scenario. Particularly it is clearly stated about the growth that has begun even before the conversation from Elon Musk. I agree on it, but is there anyone to say the ongoing growth hasn't got a small influence from Elon Musk conversation.

I believe it has got influenced by the statement. The positive impact is really enjoyable, but if he had given a negative thought about bitcoin will we be seeing the market to be bullish at present

It is true everyone got a freedom to express their thoughts, and when someone's thoughts are making wild disturbance it means the particular asset is under his/her control to certain extent. This is the only reason Why I mentioned bitcoin losing its importance. From expertise view it is different and my way of thinking has differed from by them in some way.

It has the influence from these known people but the importance of bitcoin isn't depending on them, their words or any of their curse to the market.

Well, we have different point of view on this matter and the only thing that we can agree upon is that the influence that these people are giving to bitcoin is undeniable. But I hope that someday that it will come and there won't be any of its dependency from their words anymore.

[nomenclatur]

Once again the market has been manipulated after the statement of Elon Musk "Tesla will Re-accept Bitcoin" and this way based on the volume of accumulation one day bitcoin network might go completely into the hands of centralized powers.

It needs to be allowed for its real growth. Quite often these guys manipulating the market looks like an asset that doesn't have its own value, but depends on someone's words.

it is clear that the market has been manipulated it happened several times when Elon musk made positive and negative statements the market suddenly changed this shows someone who has great influence will be able to make the price of bitcoin go down or up anytime he does can make the market deteriorate suddenly and then it can go up again this happens in a short time I think this is a manipulate that is done for quick profits indeed anything can happen but now the market has changed a lot since Elon Musk came.

[kaya11]

in short. elon has not made any impact. so calm down and stop looking at the smallest scale movement and think they are huge because they fill up the whole gape of an hourly market

I almost believed that a single person can move the market, but now my perspective have changed. I thought his words really does have impact but when I see it on a different and much brighter side, it really is just a small wave and nothing much  to worry about.

Bitcoin importance is not lost, in fact it is still gaining popularity OP, the whole crypto market is based mostly on the founder, the source and origin and every time a project is created, there is still a part of Bitcoin that moved or inspired it somehow and it will not be lost until someone uses it's source code.

[breathlessz]

I think it's all temporary, people are used to listening and buying , at first Elon Musk manipulated bitcoin and other cryptocurrencies well, but time passed and people realized that nothing good came of it and now Elon Musk's dependence on the cryptocurrency market is less and less.

although it left a bad experience about Elon, but at least he has exploded bitcoin so that many people learn bitcoin and know cryptocurrency. especially in the mass media a lot of news that makes people know him. but on the bad side, Elon sells his bitcoins when people are partying, until finally his influence is reduced

[maria1110]

As long as crypto market esixts, Bitcoin will never lose its importance.
Forgot about the influence of Elon Musk in bitcoin market, there're always people or institutions getting in the way because they want to take profit from this. But the essence of Bitcoin remain unchanged.

[temple]

in short. elon has not made any impact. so calm down and stop looking at the smallest scale movement and think they are huge because they fill up the whole gape of an hourly market

I almost believed that a single person can move the market, but now my perspective have changed. I thought his words really does have impact but when I see it on a different and much brighter side, it really is just a small wave and nothing much  to worry about.

Bitcoin importance is not lost, in fact it is still gaining popularity OP, the whole crypto market is based mostly on the founder, the source and origin and every time a project is created, there is still a part of Bitcoin that moved or inspired it somehow and it will not be lost until someone uses it's source code.

I think when he first started talking about it, the market really experienced a big move forward as he is someone the world listens to. He is a high tech guy, the richest on our planet when it comes to technology. If someone like him says something positive, it does have an impact, but over time people get used to it. So if he keeps talking about it nonstop or tweeting, and he even opposes his own position he had a week ago, the impact of his words diminishes rapidly. That is what we are seeing now when it comes to Musk.

[taufik123]

Talking about Elon Musk's influence, he is indeed very influential on price increases that are able to reach new ATH. Elon is indeed full of controversy in every tweet he makes. But bitcoin will never lose its importance, it will never lose its main purpose and function. Market manipulation and speculation can happen to any coin not just bitcoin, it is very common. Bitcoin is not centralized and not regulated by anyone, Bitcoin of the community and for the community.

[rosebrand]

Well I really don't agree with you on this one, Elon Musk statement didn't pull out any big move on the market, so I can possibly say it's Elon Musk who has lost his tweets Power, back in the times where prices where booming people did believe in him because once he makes a tweet it kinds of reflect a bit in the market this is because people trusted his words and follows what ever he say but now that doesn't work any longer so you shouldn't panic.

[Slow death]

Well I really don't agree with you on this one, Elon Musk statement didn't pull out any big move on the market

unfortunately we have to know how to admit that the guy was responsible for yet another price increase when he spoke at this conference a few days ago, remember that he was responsible for the big price increase and then the big price drop and now he's back to to say that it didn't sell bitcoin and the price went back to above $39,000, elon's declarations brought more security to people

so I can possibly say it's Elon Musk who has lost his tweets Power, back in the times where prices where booming people did believe in him because once he makes a tweet it kinds of reflect a bit in the market this is because people trusted his words and follows what ever he say but now that doesn't work any longer so you shouldn't panic.

this time he didn't twitter, he spoke in the live they did a few days ago

[Bitstar_coin]

It needs to be allowed for its real growth. Quite often these guys manipulating the market looks like an asset that doesn't have its own value, but depends on someone's words.

At first I thought it was some kind of coincidence that whenever Elon Musk say something about bitcoin, the price eventually affected. But once again, why does it keeps on affecting everytime he said or tweet something?  This manipulation is kinda obvious, thus those followers were certainly believe that guy  no matter what he'll said.

For that importance of bitcoin, it wasnt fading or losing. The essense of being a cryptocurrency still use, that digital transactions are of great use especially this pandemic season.

And this type of post just help to confirm that btc is not perfect and can not be perfect as long as such manipulation exist,  a currency should be free of such manipulation and influence, but till now few people have such power to influence the market greatly,  many people still base their decision heavily on this few influential individuals, and this is why it seems btc is losing its importance because of this few individuals who have control over the entire crypto market, if this is a decentralize space then it should not feel like a centralize place where some few individuals are in control of the system.

[BlackHatCoiner]

Once again the market has been manipulated after the statement of Elon Musk "Tesla will Re-accept Bitcoin" and this way based on the volume of accumulation one day bitcoin network might go completely into the hands of centralized powers.

But the volume of accumulation has nothing to do with its decentralization. It feels weird to reply to a 22nd July post, but Elon didn't achieve anything by that tweet; he can surely manipulate the market with his multi-billionaire company, but that has zero effect upon its decentralization.

Generally, Bitcoin is decentralized, not because it has a $740B market cap. It's the hash rate that keeps the validation distributed to each miner. You're almost correct, it's just this last phrase that ruins your text.

It needs to be allowed for its real growth. Quite often these guys manipulating the market looks like an asset that doesn't have its own value, but depends on someone's words.

It is highly fluctuating. Anything more than that characterization is an exaggeration.

[pealr12]

Once again the market has been manipulated after the statement of Elon Musk "Tesla will Re-accept Bitcoin" and this way based on the volume of accumulation one day bitcoin network might go completely into the hands of centralized powers.

It needs to be allowed for its real growth. Quite often these guys manipulating the market looks like an asset that doesn't have its own value, but depends on someone's words.

Indirectly btc is somehow concentrated in the hands of centralized body, most of the big players putting huge funds into it have the power to control, imagine what happened when Elon announced Tesla sold 10% of its btc holding,  imagine again the little scenario with Greyscale, even if their intentions are not for control but since they have huge funds invest and known to the crypto community, any move they make is a threat to the growth of the market, hence, in a way btc is already in the hands of centralized power.

[Dewi Aries]

I think nowadays is not really different with what happened in past when "china accept bitcoin", then price pumped and then "china ban bitcoin, or maybe big countries ban bitcoin" then price will really fast to get dumped. Can't resist market is really affected by something like that like news that come or maybe influencer who talk about it, if me maybe i will just accept that fact, or maybe if i can, i take it as opportunity to made profit.

[indrakusumaindra]

Once again the market has been manipulated after the statement of Elon Musk "Tesla will Re-accept Bitcoin" and this way based on the volume of accumulation one day bitcoin network might go completely into the hands of centralized powers.

It needs to be allowed for its real growth. Quite often these guys manipulating the market looks like an asset that doesn't have its own value, but depends on someone's words.

Thats just how the world of investing works , I think its the strategy that elon use to to manipulate the market cause its definetly easy to manipulate and he just trying to get a good entry for big profit. You can see it oftenly when the market is down, people trying to put gasoline into the fire to make it more down and when it goes up they just trying to make it higher and higher by praising it.