Bitcoin jumps 8% after Elon Musk says Tesla "likely" to start accepting it again, confirms...

Loli Pop Carbon

Posts: 12   +4
Why is bitcoin so vulnerable that just one word from this man affects the whole bitcoin market? Doesnt make sense and sounds so ridiculous...
 

Austinturner

Posts: 277   +325
Why is bitcoin so vulnerable that just one word from this man affects the whole bitcoin market? Doesnt make sense and sounds so ridiculous...
Unlike for example a national currency the volume is extremely low, there is no central bank conducting operations to maintain stability and a significant volume is being traded for speculation rather than utility to buy things. Unlike a stock it returns no dividends, has no underlying business revenue stream to support its value and it has no regulator to stop price manipulation.

All of that comes together to mean people like Elon can do basically anything they like that isn’t outright fraud and any price movement leads to trading activity that amplifies the impact.
 

captaincranky

Posts: 17,220   +5,974
In the meantime Musk is most likely thinking to himself, "hm, it's Thursday, I think I'll d**k around with the price of bitcoin again"..

Her continues with his self induced reverie, "after all, 'Thursday', is named after the god 'Thor', and I'm at the very least, a demigod".
 

Shadowboxer

Posts: 1,717   +1,322
I mean all he did was announce that the company he is the chief executive for will start accepting the currency. Some people here seem to genuinely think that this utterance is “manipulation” and that he should be locked up. Which is really very amusing, no judge would even hear the case.

I like Musk, he’s clearly very intelligent, very genuine and he doesn’t try to appease his haters. And you never know, he may end up actually getting us to Mars.

Also I don’t really understand the hate for Bitcoin. I’ve never seen an easier way for “the poor” to make cash. There is something wrong with you if you’re tech savvy and not making money on crypto at this point.
 

captaincranky

Posts: 17,220   +5,974
I mean all he did was announce that the company he is the chief executive for will start accepting the currency. Some people here seem to genuinely think that this utterance is “manipulation” and that he should be locked up. Which is really very amusing, no judge would even hear the case.
Well, the only reason that the SEC doesn't get involved with Musk's crypto antics, is because (AFAIK), its not on the stock exchanges He's already been spanked by them, when he manipulated the market by saying, "I think I'll take Tesla private".
(And by all means, feel free to check any of this out).
I like Musk, he’s clearly very intelligent, very genuine and he doesn’t try to appease his haters. And you never know, he may end up actually getting us to Mars.
The most successful sociopaths are all very witty, charming, congenial, persuasive, and are perceived as "sincere". I consider him to be possibly the best con man who ever lived. He's obviously got you roped in on that "sincere" count.
Also I don’t really understand the hate for Bitcoin. I’ve never seen an easier way for “the poor” to make cash. There is something wrong with you if you’re tech savvy and not making money on crypto at this point.
I'm somewhere between Luddite and "tech familiar". But "tech savvy", that's obviously your purview..

Perhaps I'm deficient in abstract thought processes.

You see, as I understand it, bitcoin is basically, a "non fungible token's....token".

Please don't start revving up the whole, "the US dollar is going to fail and all that will remain is bitcoin", shtick . I'd consider it a personal favor.if you'd put that on hold.
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Shadowboxer

Posts: 1,717   +1,322
Well, the only reason that the SEC doesn't get involved with Musk's crypto antics, is because (AFAIK), its not on the stock exchanges He's already been spanked by them, when he manipulated the market by saying, "I think I'll take Tesla private".
(And by all means, feel free to check any of this out).

The most successful sociopaths are all very witty, charming, congenial, persuasive, and are perceived as "sincere". I consider him to be possibly the best con man who ever lived. He's obviously got you roped in on that "sincere" count.

I'm somewhere between Luddite and "tech familiar". But "tech savvy", that's obviously your purview..

Perhaps I'm deficient in abstract thought processes.

You see, as I understand it, bitcoin is basically, a "non fungible token's....token".

Please don't start revving up the whole, "the US dollar is going to fail and all that will remain is bitcoin", shtick . I'd consider it a personal favor.if you'd put that on hold.
.
Your comment had nothing in it but hate for me and my comment. There was no new information divulged. Musk hasn’t been charged with manipulation, I looked it up before I posted my comment. I know that you think he’s manipulating the market by announcing his company will take payments in a certain currency. And that in all likelihood it is having an effect. But I assure you, no lawyer will ever prosecute him on those statements.

it sounds to me like you have been consumed by irrational hatred for this man. Maybe he’s the reason you’re so cranky?

move on pal, the world isn’t fair, Musk is super successful and you aren’t. Get over it.
 

captaincranky

Posts: 17,220   +5,974
Your comment had nothing in it but hate for me and my comment. There was no new information divulged. Musk hasn’t been charged with manipulation, I looked it up before I posted my comment. I know that you think he’s manipulating the market by announcing his company will take payments in a certain currency. And that in all likelihood it is having an effect. But I assure you, no lawyer will ever prosecute him on those statements.
Musk accepts bitcoin, the price goes up. Musk rejects bitcoin, the price goes down. The only reason he can' be prosecuted is the fact he's operating in a gray legal area with inadequate statutory mandate .to move forward.with an action against him.

You're the only one talking smack here: Here is a links to reinforce my statement about Musk's problems with the SEC. Since the link is direct from the SEC I suggest you take your righteous indignation up with them.:


An out of court settlement was reached, the case was never brought to trial.,

The idea that "I hate you" because I don't share your adoration of Elon Musk, is both juvenile and preposterous. I simply don't share your opinion of him. In fact, I think he;'s extremely intelligent, just not in the way you suppose.

So go try and intimidate another member by shouting down their views. BTW, what ever happened to the, "free speech", that so many members here are always harping about? Is it because I don'r agree with you, that mine has been revoked?

My suggestion would be to form a "Musk lovers club", within Techspot? You can communicate by PM, about how he is to be respected, worshiped, and idolized, without infidels and naysayers like myself.interfering. In fact, I even have a name for your group all picked out, "MLM", Musk's Life Matters".

Here's a bit of country wisdom, if you don't want an argument with me, don't start one.

I mean all he did was announce that the company he is the chief executive for will start accepting the currency. Some people here seem to genuinely think that this utterance is “manipulation” and that he should be locked up. Which is really very amusing, no judge would even hear the case.

I like Musk, he’s clearly very intelligent, very genuine and he doesn’t try to appease his haters. And you never know, he may end up actually getting us to Mars.

Also I don’t really understand the hate for Bitcoin. I’ve never seen an easier way for “the poor” to make cash. There is something wrong with you if you’re tech savvy and not making money on crypto at this point.
While this is worded "innocently", (perhaps a better term is "disguised"), it still is, shall we say, "thought provoking", and quite open for discussion and/or dispute.
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wiyosaya

Posts: 6,402   +4,740
@captaincranky Though I am sure you already know this, the "similar threads" link on the bottom of this thread in the forums absolutely confirms that if Musky even farts, the price of bitcoin drastically changes direction. 🤣

I think your idea for the MLM at TS is perfect. Of course, we would both be banned. I know that would not bother me in the least, and I am sure it would have a similar effect on you. ;)
I am surprised, though, that so far, there is no mention of the latest SpaceX/NASA deal. https://phys.org/news/2021-07-nasa-spacex-mission-jupiter-moon.html
It will be interesting to see if Musky, himself, actually has the guts to take his "no return" mission to Mars.