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In the last year, Elon Musk has been literally rioting around cryptocurrencies with his tweets, moving the price significantly, attracting our attention and becoming increasingly controversial. That's why we agreed in the editorial office to write a timeline of the most interesting events around Elon's Twitter and cryptocurrencies, regardless of whether Elon Musk wrote the bitcoin tweet and all the other tweets only for marketing purposes or not. Such an Elon Musk bitcoin tweet special. Unlike the timeline in the previous article, we will now focus mainly on Twitter.
SEC for fun
When Elon Musk tweeted that he wanted to turn Tesla into a private company, he shot the share price up to $ 420 and had to pay a fine of a million to the American infamous SEC regulator. In addition, he had to leave the position of Chairman of the Board.
"I don't respect the SEC,"
he said after payment of the fine.
In an interview with CBS News, he also explained that the only tweets that will be, say, revised will be those that will have a chance to cause the stock to move. But given Elon's influential character, that's almost every tweet he drops. The fact that he didn't take the SEC seriously confirms the cascade of his tweets, which we will analyze today. It is as if he has chosen a new victim instead of Tesla's shares - bitcoin and dogecoin.
What the hell is he talking about?
I bet more than one cryptocurrency speculator has asked this question. In recent months, Elon Musk has steadfastly proved that his Twitter is more unpredictable than the Ice Hockey World Championships in 2021. At the same time, many of us have suffocated that once Elon Musk understands bitcoin, when bitcoin is understood by the craziest businessman of all time, the cryptocommunity gets into veins exactly the dose of attention he needs. But you didn't expect this, did you?
Unfortunately, it seems to hurt the cryptoworld more than it helps. He first says that the crypto is better than pieces of paper, then Tesla adds bitcoin to his company balance sheet, then starts accepting payments in bitcoin for buying cars and suddenly a 360 ° turn. Bitcoin ecology. Something that simply utters will force the maximalist bitcoin to rise and leave the table. He didn't know that previously? But what's worse, the price dip that kicked off the announcement has virtually delayed the long regulatory path to the bitcoin ETF.
Elon Musk Bitcoin may not have written a tweet about the fossil fuels used to extract bitcoin himself, but the wave of his reactions that appeared under the tweet clearly indicated that he did not understand bitcoin himself. However, an even larger set of events reminds us that Musk can change his mind from day to day, by those 360 °. No thing is obviously absolute for him, which is unfortunately characteristic of geniuses of his type…
For the first time about bitcoin
Elon Musk first mentioned bitcoin in an interview with Cathie Wood (CEO of Ark Invest).
"I think the structure of bitcoin is quite brilliant. But I'm not sure if it's good to use Tesla resources to join the crypt. In fact, we are just trying to speed up sustainable energy events. And one of the disadvantages of the crypt is that it is relatively computationally intensive. "
Yeah, already it he knew before. He came up with the dog coin dogecoin at a similar time (2019).
"Paper money is disappearing and cryptocurrencies are a much better way to transfer value than pieces of paper."
Some time later again dogecoin…
Whether Elon Musk loves dogecoin or trolls with him, Sid Siddharth said quite clearly in response to a tweet where Elon Musk explains that dogecoin was invented to ridicule cryptocurrencies and would be an irony of fate, as often happens, if it became a real currency.
But before Christmas, he turned around and started on Twitter for the first time about Bitcoin, to which Michael Saylor famously responded with an offer to help add bitcoin to Tesla's balance sheet.
Musk answered the question of whether such large transactions are possible at all, and that's probably where it started.
A serious thing about flirting
And a month later, something unseen happened - on January 29, 2021, Elon Musk added bitcoin marks to his bio on Twitter.
"Looking back, it was inevitable."
The Bitcoiners cheered. It was a big deal, because Elon Musk had over 50 million followers at the time and Tesla is a company from a well-known index. S&P 500.
Clubhouse
Clubhouse, an application for live interactive podcasts for apple makers and the most downloaded app from the Apple Store at the beginning of the year, say. When Elon Musk began speaking in one of the virtual rooms, the Clubhouse burst at the seams as Muska listened to over 5,000 people. Some users have even started broadcasting to other platforms.
Here, for the first time, he talked more about his meme expressing on Twitter.
"He who controls memes controls the universe."
It is about what "affects the spirit of the times." According to him, memes are a complex form of communication. Unlike pictures, memes are for "10,000 words, not 1,000 words." They are ambitious and fun. "I like memes, they can be very penetrating."
Tesla bought bitcoin
In December 2020 Tesla announced purchase of $ 1.5 billion worth of bitcoin. Now Elon Musk's bitcoin tweet had gained a lot of seriousness, and all his flirting with bitcoin seemed to be at its peak.
However, in February 2020, Elon distanced himself from bitcoin and published perhaps the funniest meme with the cryptocurrency DOGE.
Buy Tesla Bitcoin?
But in May 2021, she made it possible for Tesel to buy Bitcoin. We all thought it couldn't be better.
Elon Musk dogecoin pump
In April 2021, Jack Dorsey tweeted a report to his company Square about the energy performance of bitcoin. And Elon Musk wrote "True." A month later, however, our cryptoworld collapsed quite a bit… And Jack Dorsey might be a little consistent in his views, by the way…
Before that, however,… Elon Musk pumped the dogecoin again. Just like almost every time his followers troll with him. This time, however, just two days before the disaster.
Tesla stopped accepting bitcoins
On May 12, 2021, disaster struck. Tesla stopped selling cars for bitcoins, but worse, she commented on the energy intensity of bitcoins. Elon Musk bitcoin apparently did not write a tweet about ecology, but he took part in the discussion below the paper and proved that he does not understand the ecological issue and only uses data, not the essence of the problem. Not only that, he also argued about the centralization of bitcoin and trolled people with dogecoin again. Then he mentioned centralized PayPal and some have already given up.
The price of BTC collapsed from 58k to 42k USD.
But the post said that Tesla would keep the bitcoins, which is hypocritical, because HODL itself also supports the ugly and dirty bitcoin.
The unecology of bitcoin is one of the worst and most widespread myths ever, all the more so when it comes out of the influential Musk's Twitter and Tesla, which aims to create green cars. In a nutshell, why is bitcoin eco-ok?
I will not focus on data, but on logic. Proof of work is more of an elementary defense against spam than a money network tool, because you can't limit spam other than linking blockchain activity to something that can't be copied as a thousand promotional emails. This limitation in the context of a virtual environment is provided only by breaking mathematical puzzles that employ real-world resources. This must be so, because anything else can be replicated without restriction as said email. But not computational work.
In addition, only PoW has the advantage that, as the only method on earth, it connects the virtual and real worlds in a trustless way, thus solving the oracle problem.
Mysterious REC
REC, or Rewenable Energy Credit, is a key item in Tesla's turnover. Simply put Tesla sells emission allowances manufacturers of non-electric cars. Even though it is a relatively small amount, it should be borne in mind that these Tesla allowances cost absolutely nothing (unlike car turnover). If Tesla did not have REC, the last 6 quarters would not have been profitable.
Tesla is working with the EPA (Environmental Protection Agency) under the Biden administration for even more credit, so it seems to have cut off bitcoin intake just to maintain profitability. Isn't that thought of before? Apparently it occurred, but you know Muska - he changes his mind from day to day.
Indeed
Muske's response to speculation that Tesla would dump the rest of the bitcoins she sold in the first quarter of 2021 (10 %) provoked the strongest reaction to the minimum number of words. It seemed to really do, and bitcoin fell by almost 9 % in 24 hours (of course, tweet was not the main cause, but rather the detonator).
Anonymous comes on the scene
On June 5, 2021, a video was published on Youtube reporting to the hacker group Anonymous, which criticized Musk's indifference to the loss of those who suffered from cryptocurrency fluctuations as a result of his tweets, Tesla's unecology and the cult of memes he built around him.
You may be interested: Elon Musk has revealed when Tesla will re-enable Bitcoin payments
Elon didn't have to wait long and wrote when Tesla would allow the payments again.
The solution depends on the community, not Elon
Elon Musk does not do bitcoin well, but unfortunately it is only his freedom and our will that moves the price of bitcoin. We have to grow up and not react to it.
Conclusion
Anyway, I think Elon Musk is laughing softly somewhere now because he has completely different intentions. Let's just hope that it will be better than the "cover-up maneuver" of the former Minister of Health around the Vrbětice case. But one thing is certain - Elon Musk did not leave Dogecoin and is still a troll with him.
By the way, how many bitcoin maximals are needed to screw in a light bulb?
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