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Will Elon Musk go down in history as the guy that killed Bitcoin?


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As many of us expected, Elon Musk’s endorsement of btc turned out to be the kiss of death. Now the “leading tech guy” in the world has announced to everyone that Bitcoin is bad for the environment. He is also all over Twitter saying that Bitcoin is centralized, slow, and expensive, and that something better needs to replace it.

I welcome this. I think Bitcoin is an albatross in crypto. Not only that, it is shining a spotlight on the environmental issues in proof of work and is getting people all over the place discussing the relative merits of different projects. It is possible that the word shitcoin, and maybe even alt coin, are gone for good.

On the other hand musk has set the crypto market back 3 years, back to memes and Twitter pumps and empty speculation. For years here we have been hoping for utility to take the wheel, and it still will eventually, but not yet, not while “cool” billionaires are posting crypto dog memes and picking their pet project for the week to hype up.

Some people in XRP are hoping we will get his endorsement. I sure as hell hope not. We don’t need him, we don’t need his pumps and dumps, we don’t need his “wisdom”.

Pray that we don’t catch his eye. In fact, the SEC might be shielding us right now. I feel like we are in upside down world when the SEC is helping Ripple and a billionaires endorsement is hurting btc. But here we are.

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3 minutes ago, xrp_sea said:

There is no way he could kill Bitcoin. This will turn out to be a tiny blip on the radar over the long-run.

You don’t think the dismissal as unusable and environmentally damaging from the guy who runs the most famous “green” company in the world is a bit more than a tiny blip?

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Posted (edited)
10 minutes ago, Seoulite said:

You don’t think the dismissal as unusable and environmentally damaging from the guy who runs the most famous “green” company in the world is a bit more than a tiny blip?

In 2018, one of the word's greatest investors, Warren Buffett, called Bitcoin "rat poison squared." While this caused a major selloff at the time, it had no lasting impact on the price. Most people already know that you can't really buy anything with Bitcoin and it use consumes a lot of energy. So, there is nothing new there. While Elon is a genius, he is very juvenile with his Tweets and general behavior. 

Edited by xrp_sea
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To be honest the btc chart was a bit ugly these last weeks

Look the weekly period, the big jump since february, the RSI was super low.

The last impulse from 43k looked very weak and each legs was weaker than the previous one.

This correction was highly anticipated by several economists... Elon triggered it once for all 

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Posted (edited)
6 minutes ago, xrp_sea said:

Most people already know that you can't really buy anything with Bitcoin and it use consumes a lot of energy

I disagree. I think most people don’t know anything about crypto except what they hear on the news. And right now the news is saying that the most famous tech billionaire is saying Bitcoin is crap tech. 

Edited by Seoulite
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2 minutes ago, Wolfaolyth said:

To be honest the btc chart was a bit ugly these last weeks

Look the weekly period, the big jump since february, the RSI was super low.

The last impulse from 43k looked very weak and each legs was weaker than the previous one.

This correction was highly anticipated by several economists... Elon triggered it once for all 

I think the price is not that relevant here. Price could change 90% in a week. I’m talking about longer term trends and the image of Bitcoin in the mind of the average person and the government.

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2 minutes ago, Seoulite said:

I disagree. I think most people don’t know anything about crypto except what they hear on the news. And right now the news is saying that the most famous tech billionaire is saying Bitcoin is crap tech. 

When I said "most people", that was an exaggeration. I doubt for example my mom knows, but most people that are in this market do know. Trust me, this will pass. In two months, you'll hardly even remember this.

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2 minutes ago, xrp_sea said:

When I said "most people", that was an exaggeration. I doubt for example my mom knows, but most people that are in this market do know. Trust me, this will pass. In two months, you'll hardly even remember this.

I’ll concede that it won’t be news to anyone currently in crypto. But I think it will have an impact on the wider view of crypto.

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Just now, Danny said:

No, he won't. 
xrp.thumb.png.6e6ceedfbf21042d12277c1e4398dce2.png

Yellow line: BTC price
Grey peaks: BTC volume
 

Not sure what the volume chart is proving. That volume is increasing?

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Posted (edited)
16 minutes ago, Seoulite said:

Not sure what the volume chart is proving. That volume is increasing?

It shows that as price went down, increasingly more Bitcoin was being traded which to me indicates some investors (smart money) really, really want to own Bitcoin. 

Edited by Danny
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6 minutes ago, Danny said:

It shows that as price went down, increasingly more Bitcoin was being traded which to me indicates some investors really, really wanted to own Bitcoin. 

But aren’t you assuming that these buys are people who believe it’s going to 300k and will hold for years no matter what? I don’t think that’s obvious from the chart.

A few other things it could be: people buying the liquidated shorts, people short taking profit, people buying expecting a bounce who will sell if it doesn’t happen, big money hedging in order to sell more at a higher price, big money intending to create exactly the sentiment you expressed: that a lot of people are buying and the support is solid, etc

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Posted (edited)
11 hours ago, Seoulite said:

But aren’t you assuming that these buys are people who believe it’s going to 300k and will hold for years no matter what? I don’t think that’s obvious from the chart.

A few other things it could be: people buying the liquidated shorts, people short taking profit, people buying expecting a bounce who will sell if it doesn’t happen, big money hedging in order to sell more at a higher price, big money intending to create exactly the sentiment you expressed: that a lot of people are buying and the support is solid, etc

Those are very fair questions and I can't answer all of them. What happened on May 13th, happened before and it'll happen again. Your questions can only be answered if you look at BTC's historical data and do extensive technical analysis. This market is essentially run by whales, bots and algorithms that generate repeating cycles and waves. Had Elon not tweeted his negative tweet, some other negative thing would have happened. I know this sounds crazy and funny and I never thought I'd say this, but it's the truth.

Edited by Danny
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1 hour ago, Danny said:

Those are very fair questions and I can't answer all of them. What happened on March 13th, happened before and it'll happen again. Your questions can only be answered if you look at BTC's historical data and do extensive technical analysis. This market is essentially run by whales, bots and algorithms that generate repeating cycles and waves. Had Elon not tweeted his negative tweet, some other negative thing would have happened. I know this sounds crazy and funny and I never thought I'd say this, but it's the truth.

I agree with you the market is 100% manipulated, and the tweet was just used as an excuse. But I think there are fundamental effects of his actions too, aside from price action.

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