Stop blaming Elon Musk and his tweets for the Crypto market's performance.
I know this is going to trigger some people and I am getting ready for some angry comments as I type this.
But, first of all I am not writing this to defend Elon Musk.
I do admire the guy, Elon Musk is a successful entrepreneur who made innovations in field of software developments, aerospace and automobiles. He is trying and succeeding in revolutionizing Space travel and Electric car. Also he is involved in tunnel digging and brain to computer interface.
But do you know what is not written in the lines above? Something he hasn't either studied or worked on! Crypto. He is not a Crypto expert nor developer nor is he a blockchain coder.
And he doesn't need to be, seriously the dude has a lot on his plate already.
If he isn't a Crypto guy then why are people going crazy with Dogecoin?
Let's be real here, all these people are only spamming "to the moon" all over the social media in order to get rich quick.
And we all know how get rich quick works, it only works as long as the whales do not dump their load on the masses.
Nobody asks why is the utility or use case of the hype coin or token, just that because Elon Musk has tweeted about it so its going to replaces every other single known currency in the world. Seriously.
Elon is just a guy who likes memes and having online fun, but if he losses a few millions its not going to given dent him
But an average Joe on the other hand could loss his or her retirement and big whales know this they could potentially pump and dump the price as they want.
Stop blaming Elon
because you invested your money based on a random tweet with a picture of a dog on magazine cover by an eccentric billionaires who plays with rockets and electric cars.
Nice article. I agree people should stop to blame him. He is making positive contributions to this world. But on the other hand, it raises the age-old question of should popular people take caution when expressing their opinion knowing it will affect millions? I'm all for people expressing themselves but also I think they should think twice and be reasonable about what they say, which they seldom do.
Musk's tweet when he announced Tesla's change of decision what not just a "funny tweet with a meme". It wasn't about space travel or electric cars. It was about a subject he did not know about (I think he knows quite a lot) as per what you say - yet it did have major impacts on the crypto markets and he knew it. Because of what again? Oh yes... the environment! Why not? Tar sands in Canada - nah. Fracking in the US? nah. Coal is still powering a lot of stuff and we don't stop consuming that stuff. So why start hurting BTC all of a sudden out of everything else? Wars are much worse if you ask me. Depleted uranium shells in Iraq is not good for the planet. Nor was detonating thousands of nukes in the Marshall islands. So Musk, out of concern for the environment could also have stopped a lot more of his businesses to help the planet, if that was really his intent. Increasingly people are realising that this could not have been behind Tesla's decision. They were told to make that move and use that reason as an motif. I was listening to a podcast on Coindesk and they were saying the same. I'll find if you want. But below was my take a few weeks ago.
https://read.cash/@Librarian/knight-to-f4-musk-forks-chinabtc-97f60958