We haven't seen coordinated FUD this strong for quite some time. Yesterday Vitalik dumped and bunch of the airdrops he was gifted from the Dogecoin clones. They were using him as a prop to market their asset, and they got what they deserved. Then Elon Musk sent out a Tweet explaining why Tesla will no longer be accepting Bitcoin directly for Tesla: Bitcoin wastes energy.
This was a great ploy, and it accomplishes victories on multiple battlefronts. First of all, Musk doesn't give two shits about Bitcoin's carbon footprint. He's leaning into the propaganda being spoon-fed to the left-wing. Not only does he get the benefit of pandering to half of the population with his virtue signaling, he also temporarily dipped the market.
The timing of all this is nothing but impeccable.
We are less than 7 weeks out from a massive rally, and all these paper hands are running scared like the sky is falling. Today it was announced that the US government is running a probe into Binance to find out who's been using a VPN to evade taxes. Again, the timing is nothing but impeccable as the market gets kicked while it's down, right before a huge run up.
Bloomberg and Reuters eh?
They aren't fucking around, but when you actually read these posts they are just a huge nothing-burger.
As part of the inquiry, the officials who probe money laundering and tax offenses have sought information from individuals with insight into Binance's business, the report said.
Translation:
CZ is running circles around these morons and will not comply with violating customer privacy. On top of that, the only KYC Binance even has on file are email addresses, which obviously isn't KYC at all.
"We have worked hard to build a robust compliance program that incorporates anti-money laundering principles and tools used by financial institutions to detect and address suspicious activity," the spokesperson added.
Translation:
We haven't broken any laws in the Cayman Islands were Binance is incorporated. We have no headquarters and operate out of a dozen different countries: go fuck yourselves.
As part of the inquiry, officials who probe money laundering and tax offenses have sought information from individuals with insight into Binance’s business, according to people with knowledge of the matter who asked not to be named because the probe is confidential.
Translation:
We don't have the power to force Binance to comply with our requests, so we are going underground to acquire what little information we can in this process.
The U.S. Commodity Futures Trading Commission has also been investigating Binance over whether it permitted Americans to make illegal trades, Bloomberg reported in March. In that case, authorities have been examining whether Binance let investors buy derivatives that are linked to digital tokens. U.S. residents are barred from purchasing such products unless the firms offering them are registered with the CFTC.
Just look at the language being used here. It couldn't be more skewed towards fear and attempting to control the population using nothing but phantoms. Privacy is not illegal, but you'd have no idea that was the case reading this paragraph.
Again, when it says that, "U.S. residents are barred from purchasing..." You'd think that means it's illegal for US residents to boot up a VPN and use Binance's services. It's not! It's ILLEGAL FOR BINANCE to provide you with service, not the other way around. Regulation comes from the top-down 95% of the time, and this is no exception. It's not the people that get regulated: it's the banks. Binance is not playing by their rules and they are pissed, and there's not a god damn thing they can do about it.
Seriously though
Again, the timing of all this FUD is placed perfectly right at the base of a Goliath run. Volume on Coinbase Pro is off the charts at 50k BTC per day. The sharks smell blood and they are buying it all.
Do you think Elon Musk gives a shit that he just tanked the market? He should right? He just lost like $200M on a Tweet.
HE'S BUYING MORE. THEY ARE ALL BUYING MORE AND TRYING TO GET YOU PAPER-HANDED CRY BABIES TO SELL INTO THEIR GREEDY LITTLE GOBLIN HANDS. It couldn't be more obvious. This is blatant manipulation of the market during the best possible time to manipulate the market. No one will get in trouble because it's all 100% unregulated. No one said decentralization would be pretty. No regulations means no regulations: you can't throw the baby out with the bathwater. Same statement applies to privacy itself.
Elon Musk now realizes how fucking easy it is to get inside people's heads and manipulate this market. You think he's gonna stop? This kid is just getting started, and he's in the middle of a candy store. On a certain level it's comical how blind everyone is to what's going on here.
You can't seen the forest from the trees.
Seems like 90% of everyone in crypto right now is riding the rollercoaster of day to day gains and losses. Massive dopamine hits as the price goes up. Epic rage-blackouts as the market tanks.
No one is taking responsibility. Everyone is looking to blame others for their "problems". It's pathetic really. Light your money on fire and walk away. This is the mindset needed to actually make money. Elon did it. He lit $200M on fire right in front of you and laughed. Elon wins, you lose.
Conclusion
All these paper losses are extremely short term as we ramp up into the June rally. Silence the noise of these peasants and stay the course. This is one of the easiest times ever for me to hold and stay calm. I've never seen the market so bullish in the medium-term (prediction: BNB x4 in 7 weeks) and so embarrassingly bearish in the short-term. In a week everyone will have forgotten any of this had ever happened. Attention spans have been reduced to zero.
Be a diamond.
Your hands will thank you.
UPDATE
The manipulation is real!
On top of this Coinbase just announced it would list DOGE.
Epic.
Agree 100%
Definitely a misdirection play, and definitely a part of the Wild Wild West of Crypto.
Elon has been in trouble with SEC so much I think he realizes this is an unregulated = No SEC spankings and he vents in crypto...
This for many newbies is going to be Intro to crypto 101, at the university of hard knocks
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It is truly amazing that Elon Musk is leading retail investors into Doge coin , and leading them away from Bitcoin. This is some type of sophisticated ploy to get Retail investors to buy up plentiful coal, while he buys up the undervalued diamonds.
While I honestly believe some investors are making money off Doge, I also believe many of these Doge investors will end up as Doge Bag holders who lose money. Then they will wish they bought Bitcoin.
Sad, truly sad.
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%100 Agree
Crypto Pump and Dump 101
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It's all manipulation but step back and look at who controls the puppet elon mush...
Market manipulation.
When Elon writes a tweet the fans come out to buy and now to sell, I don't think it's possible for someone to base their investments on what one person says and not on a study of the project.
I've noticed that Musk has been "playing" with the crypto market since he mentioned Dogecoin many moons ago.
I think he's calculating how much he can make things bounce with a Tweet.
One thing's for sure, though, I think that ECO-friendly coins will do good in the future.
Whether or not eco-coins make a REAL difference to our planet's ecosystem, perception is key.
(I also agree that it's weird how Elon says he IS NOT SELLING BITCOIN, after his bombshell announcement lastnight, lol. If he's so against Bitcoin - why not sell them? He's playing some type of angle. But, I'm not smart enough to figure out which one.)
Elon Musk has friends in high places.
He bought Bitcoin low, and he's already up a ton of money.
One possible scenario.
Even more likely is that Elon has loaded up fat and Doge and realizes he can manipulate that even better than BTC. He distances himself from Bitcoin saying Tesla will no longer accept it, now he can transition to Doge and spike the price to the moon once again. Don't be surprised if Telsa starts accepting Doge even though it's also proof-of-work.
Didn't DOGE developers drop the project long time ago?
Does it matter?
Didn't Satoshi Nakamoto stop developing Bitcoin?
I mean how can they potentially cooperate with Elon then? XD Apparently, it does not matter.
Fuck it's amazing how elon musk one tweet can control the market price. This is amazing. should set up a bot which monitor elon tweet lol. People are really easily driven with stupidity.
much more about fear and control than stupidity but, close enough.
I really don't get why everyone is so mad at Vitalik for what he did. That one I have zero arguments against. The stuff Elon is doing is totally on point with what you are saying here. He cares zero about the environment. I mean he owns a rocket company! :)
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Agree
His whole deal is the earth is F—-ked, we need to leave...
That should tell you what he thinks about the planets viability
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Yeah, I guess so!
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Cleaned my comment up a bit. My apologies..
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Elon is a very eccentric character anyway, even by his own admission, so to base one’s investment strategy on his twitter ramblings is probably not a good idea...lol.
I've held crypto for a while, and a lot of people have said a lot of stupid shit about crypto in that time, and 0% of it has ever negatively impacted the industry long-term, and I expect it to continue to be so.
And like you said, these people are only trying to shake the crypto out from the weak hands...it's shameful, but an age-old reality.
I especially liked your comment about “virtue signaling.” There is a lot of that BS going around lately, and I feel sorry for the poor dumb bastards that believe in it.
I always enjoy your posts @edicted.
Has there ever not been market manipulation? The amazing part about Elon is he is doing it much more open than we have even seen. I wonder if he's going to eventually make the wrong person angry and get in serious trouble. But until that point, he sure is pushing things more and more. I'm just buying and holding, same as ever. And I have my popcorn, watching this little comedy with interest.
Interesting take on the relative virtue of Elon’s actions. POV is how we learn, and I am learning...
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With little understand I was only reading the updates and watching my few coins in the dip but this will all pass as i took the courage to join this long term process, and would have still join to stake more coins in this dip as well an amateur learning in a decentralized economy how a single tweet can affect the market.
I've been saying for weeks now that Bitcoin can't run until the banks scare the long-leverage plays away. In my opinion, they've already been manipulating it with "paper" bitcoin the same way they've been manipulating gold for years. There IS NO SUPPLY!!! But, if you have ridiculously deep pockets, you can just sell bitcoin into all this buying and "flatten the curve". (Sound familiar?) Traders then take over and knock the price down allowing the "paper" players to recoup some of their paper. BUT, their real goal is to take out all the leverage. This last drop liquidated $1.2 BILLION of long-leveraged bitcoin. That's how much was out there!!! People are so blinded by the fact that bitcoin is going into the hundreds of thousands in this bull run that they keep creating huge leverage positions and the banks keep sweeping them with dips.
They've now decided to make a focused, concerted effort to scare people out of their bitcoin and keep them from making leveraged plays. Ideally, they'll actually turn the ratio negative where the short-leverage is larger than the long leverage. (Don't think they'll get there but they're trying) Once the number gets to something they can deal with, they'll start covering some of what they're short and this thing is going to rocket (and I mean rocket) to six figures. I expect the next bitcoin rally to happen extremely fast. Like $10,000 a day for a week, fast. They do NOT want to give the long-leveraged players any money so it will run and then every time greed enters, they'll hammer it down and liquidate. Rinse and repeat.
People have to remember, the exchanges and banks are the "house" at the casino. They make sure the odds are always in their favor. This is why they're having problems with bitcoin. The HODLER's are fucking up their business model.
Expect more and more FUD until they get the right ratios and then, hang on for the ride. It will be spectacular.
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Very plausible scenario
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Keep stacking those sats....
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Elon sells btc - tweets - market dips - he buys more - rinse and repeat. He's not stupid, and it's insane the amount of people that makes buy and sell decisions based on tweets. Oh well... taking advantage of the sales!
Interesting and profitable venture Elon Signals
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Ahahaah you might be onto something there! ;)
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Thanks 😊
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Fear and Greed drive the crypto market. For that matter any other market in the world. That's what's going on right now.
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Yep, two of the strongest forces in the world
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I said it once, I'll say it again - Elon is now on the dark side. :D
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Let the Darth Elon Memes begin
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i am stupid in crypto tech, isn't doge fork of btc? so if doge goes to X (big number) more people will try to mine, more people will develop crazy energy hungry miners, elon will abandon doge because someone opened a coal mine and build a power plant next to it so he could mine doge...
and will LTC go to the moon now as the miners can mine doge and ltc together or something.
Nothing makes sense anymore but it seems to that Elon has showed part of his true nature. I just don't see any reason to manipulate the prices unless he wants to make a quick buck off people. I don't think I want to deal with any meme token because Vitalik dropped all his dog tokens yesterday.
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