Hello everyone. This isn’t specifically a bitcoin thread but due to recent events I think it is important that people get an understanding of the real Elon Musk as I have no doubt he will try and reenter the cryptocurrency space again in the future as some kind of figurehead. This is of course despite the fact that he is not a blockchain developer and has made no real contributions to the space but he appears to find the need to attach himself to any kind of new technology and take credit for it. This is a familar pattern, he is neither an expert on artifical intelligence, neuroscience or infectious diseases such as Covid-19 but is able to convince people that his opinion is always worth listening to.
Concerning his recent tweet that has sent bitcoin and the wider cryptocurrency market down I have this to say. This was clearly market manipulation. As some others have pointed out in other threads he and Tesla would have done their research before purchasing $1.5 billion worth of bitcoin. While the fossil fuel use of bitcoin is an issue it is only a reflection of the fact that the world still uses fossil fuels to provide the majority of the energy to meet our civilization’s needs and this will be addressed as we transition to renewables. We waste large amounts of energy each night with poorly designed outdoor lighting, the majority of which simply bleeds out into the night sky and causes light pollution but nobody seriously suggests banning lighting.
What Musk has done is another familar pattern of his. He has been investigated and fined with fraud by the SEC in relation to manipulating his own stock in the past. The SEC does not regulate cryptocurrency so Musk has targeted the space for his grift. What he did was purchase bitcoin, deliberately shill it to his fans and then sell a portion of his holdings for a quick profit. While I don’t have any proof he may have also bought more btc during the price decline or also shorted it. He has done all this while also trying to hijack the space as some kind of public figurehead, again, while not really making any contributions to the blockchain ecosystem. Bitcoin and blockchain technology was doing fine without him and was in no need for this endorsement. His actions have been nothing more than quick profit making at the expense of regular people. Other billionaires don’t do this in such an overt and open way which only goes to show how unstable he is and also because I suspect his businesses are not very liquid and desperately need the money.
I’ve included the links to some videos below which show that he is not the genius people perceive him to be and that his inital success was due to accident and the work of others, not himself. He has a history of failing upwards at the expense of others and has even mislead his own shareholders for his own gain. I very much recommend that you all give the videos a watch.
Debunking Elon Musk Pts 1 & 2:
What Musk Sold Tesla Pts 1 & 2: