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SEC wouldn't allow this with the stock market, how is this any different? His actions were intentional by the way it is obvious he is manipulating the market in
by encryptluks2 6y ago
SEC wouldn't allow this with the stock market, how is this any different? His actions were intentional by the way it is obvious he is manipulating the market intentionally.
- bob33212 6y agoElon has become so big that anything he does manipulates the market.
- advantager 6y agoI'm a big fan of Matt Levine's "Money Stuff" column on Bloomberg - he always has amusing and insightful commentary particularly on Elon - > My Bloomberg Opinion colleague Liam Denning points out that “Musk’s move may also indicate that Teslas weren’t flying off the shelves as a result of accepting Bitcoin payment,” and in fact it’s not entirely clear whether Tesla has sold any cars for Bitcoins.[2] I hope it hasn’t. I hope Musk can make the price of Bitcoin go up or down by 10% by announcing that Tesla will or will not accept Bitcoins for cars, without ever actually accepting any Bitcoins for any cars either way. There’s something pure about that: The price of Bitcoin depends on Elon Musk’s attitude toward it, not on the existence of any grubby commercial transactions in which Bitcoins are exchanged for cars.[3] The source of value for Bitcoin is not its use as a currency or economic importance; the source of value for Bitcoin — for everything — is simple proximity to Elon Musk.
- sp332 6y agoSomeone finally securitized the reality distortion field.
- murgindrag 6y agoHey, I accept pieces of paper (and now bits in a computer) for my valuable work, and bought a valuable home, car, and computer with those papers and bits. Money works purely on belief. If we all suddenly disbelieved in the dollar, the value would be zero. Curiously, most cycles of hyperinflation come more from loss of faith than from money printing. When people lose faith in a currency, they sell it off as a value store. Elon Musk's net worth is $28B. His faith in a crypocurrency as a value store counts for a lot.
- pinkybanana 6y ago> Elon Musk's net worth is $28B. His faith in a crypocurrency as a value store counts for a lot. Not only that, but he has pretty dominating role in various companies whose market caps are in hundreds of billions at least.
- 35fbe7d3d5b9 6y ago> Money works purely on belief. If we all suddenly disbelieved in the dollar, the value would be zero. Is this true? Yes. Are you wildly underselling what "disbelieving in the dollar" means in practice? Also yes. I believe in the dollar because the United States has the worlds largest nuclear arsenal, spends nearly a trillion dollars on its military every year – and that's only what it puts on the books – and has been proven to have an itchy fucking trigger finger. That trust isn't going anywhere without massive global conflict.
- deckard1 6y ago> suddenly disbelieved in the dollar you can disbelieve in the dollar. But you can't disbelieve in the Secret Service/US military showing up and kicking your ass
- bob33212 6y agoAlso democracy. What if Bitcoin went up to $100M/coin? What is the likelihood that both Trump and Biden are going to be like "Well the BTC people were right and now they can buy all the companies and real estate. The rest of you americans will have to just have fun being poor, there is no way we will tax BTC wealth"
- freeopinion 6y agoFor narrow definitions of "market". Has Elon ever caused any movement in the U.S. Dollar?
- BitwiseFool 6y agoI don't want the SEC involved in crypto, at all.
- hannasanarion 6y agoWhy, are hoping to be able to pump and dump like old musky someday?
- BitwiseFool 6y agoWherever the Federal Government goes seeking to protect citizens a litany of intrusive, bloated, and invasive regulations follow.
- totalZero 6y agoThis reads like something you'd overhear at a Sackler family cookout. Surely you can recognize the benefits of government regulations in lopsided markets where small participants lack either the power or the information needed to keep large participants honest.
- sp332 6y agoLaws still apply to individual people even if those people denominate their illegal actions in BTC instead of USD. They're not going after exchanges or miners here.
- exporectomy 6y agoMarket manipulation isn't illegal because it hurts investors, it's illegal because it hurts the market which is important for the economy. The crypto market isn't, so it doesn't need that kind of legal protection.
- totalZero 6y agoBoth points you make are questionable. Hurting the market is no different from hurting investors because bad practices that hurt one investor have a chilling effect on other investors' activity. Moreover, regulators don't have to clear a "does this hurt the whole market" test before taking action. For example, I know a guy who was running a business at an investment bank and got in trouble with FINRA for trading through NBBO on a very small order (retail sized). The crypto market has grown to a size and role that affects the greater economy. We see that in so many ways, not only due to the holdings but also because different economic participants are catering to miners and setting up payment options for holders of crypto. It's no longer a cute side project.
- PeterStuer 6y agoSEC sees crypto as a market dominated by the Chinese. They want to dominate it themselves.