Elon Musk slammed for crypto manipulation

The latest Twitter spat between Tesla CEO Elon Musk and a British vlogger (video blogger) has suddenly brought cryptocurrency into the spotlight once again. Musk was live-tweeting a call on Tuesday between him and the BBC’s Dave Lee, where they discussed topics such as artificial intelligence, Tesla’s Autopilot semi-autonomous driving system, and PayPal’s decision to ban Bitcoin sales. While the two did not discuss cryptocurrency in their call, the conversation ended with Lee asking if Musk would like to “talk about crypto,” and the Tesla chief responded by poking fun at the importance of the technology.

So, what is Musk’s problem with cryptocurrency? We have all seen Musk tweet about it, but just what is the big deal? When it comes to cryptocurrency, there are two types of people: the ones who know what it is, and the ones who don’t. The ones who do understand crypto do not understand why Musk is against it. And even those who do understand crypto despise Musk’s irrational anti-crypto stance.

Musk has long been known as a promoter of blockchain technology, but it’s drawn some criticism after he referred to it as “summoning a demon.” Some crypto enthusiasts have claimed that Musk’s comments had an effect on the price of a certain crypto asset.. Read more about elon musk sec settlement and let us know what you think.word-image-4958 Tesla CEO Elon Musk has been criticized by many for irresponsibly influencing the crypto-currency market. Throughout most of 2021, Musk regularly posted memes and witty comments on Twitter about various cryptocurrencies, including bitcoin (BTC) and DOGE. Musk quickly added another piece to that list – CumRocket (CUMMIES). CumRocket is described as a revolutionary deflationary token designed to be used by members of the adult film industry. On the fourth. In June, Musk posted a cryptic three-word tweet: Canada, United States, Mexico. Observers interpreted this as Musk’s cheeky spelling of the word CUM, and within hours the price of a little-known token called CumRocket had more than doubled. 24 hours passed, and Musk did it again. This time he posted a sequence of emoji that could be interpreted as a CumRocket rocket to the moon. –> – Elon Musk (@elonmusk) June 5, 2021 In just ten minutes, the price of CumRocket went from $0.06 to $0.28, an increase of 366%. Predictably, the wave of speculation did not last long, and by the time of publication, the price of the CUMMIES token had dropped to around $0.07. Nick Spanos, one of the first operators of bitcoin exchanges and co-founder of Zap Protocol, told Cointelegraph that he thinks much of Musk’s activity on the exchange is aimed at acquiring more assets at a lower price than he otherwise would. Mr Musk has hurt countless people less fortunate than himself with his selfish tirades and desire for a cheaper part, Mr Spanos said. Musk’s announcement that Tesla has purchased $1.5 billion worth of bitcoins and that the automaker will accept bitcoins as payment is a good example, if true. Less than a few weeks later, Musk quickly changed his mind about bitcoin, which he derided for its environmental impact, and promptly removed it as a payment method on Tesla’s website. Even if Mr. Musk has simply had enough of bitcoin, his tweets to more than 50 million followers are reckless and a violation of trust, Spanos believes. People believe in bitcoin because it’s the path to monetary independence from central banks, and he undermines their trust with reckless tweets and abuse of influence. Instead of being a model, it has less favorable primary characteristics. Musk has previously said he would welcome an investigation by the Securities and Exchange Commission into the impact of his tweets on the cryptocurrency market. Spanos says Musk’s arrogance and greed will have to pay a price – either to the Securities and Exchange Commission or to anonymous hacker groups like Anonymous. (Anonymous has since denied responsibility for the video directed at Elon Musk). Arrogance and greed cannot save him from the consequences. If the SEC doesn’t punish them for market manipulation, as it has in the past, maybe the activists will, Spanos said. It is not difficult to imagine a scenario where people who entrust their lives to technology are faced with instances where that trust could even end disastrously, he added. The BBC reports that a woman has lost £9,000 ($12,700) in a bitcoin scam that was falsely presented as an official gift from Elon Musk. Fake gifts like this are nothing new in the crypto currency space, but would this gift have happened if Elon Musk hadn’t already put himself at the center of the cryptosphere? Whatever the answer, Spanos believes Musk’s time would be better spent using and implementing blockchain technology and inventing ways for people to achieve his own level of economic freedom. If I were Elon, I would double check my penetration tests and spend more time implementing blockchain-based solutions – and find ways to help people rise to the highest level of freedom, Spanos said.It’s not a huge shock that Twitter and Facebook, two of the biggest tech companies in the world, are going to be heavily involved in cryptocurrency. In fact, Twitter has been exploring a cryptocurrency for some time now, and Facebook has invested in several cryptocurrencies. After all, they’ve already reached a point where over 2 billion people use it daily, so why on earth wouldn’t they want to own a piece of it.. Read more about elon musk bitcoin investment and let us know what you think.

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