Elon Musk’s Tic Tac Toe Scam with Dogecoin and Bitcoin
This is a story about Elon Musk, the man who created PayPal, Tesla, and SpaceX. Elon Musk is a fascinating person, and one of the few real innovators in the world. He also has a huge ego, and his company’s stocks are based on his popularity and his talent for making good PR.
I heard a story in the news recently about how Elon Musk is in a dispute with the creators of Dogecoin. The dispute is over the use of the Dogecoin logo in the Tesla branding, and whether the Dogecoin creators have permission to use the logo. The disagreement was over whether the Dogecoin logo could be used by Tesla without the permission of the trademark owners, Tuxedocoin, Inc.
I was going to write about how Dogecoin was the best investment in it’s coin’s history, but I didn’t think this was that kind of blog post. I know the guy who owns dogecoin and could probably get him on the phone, but I’m not sure if he’ll talk to me… So, I’ll write about how Elon Musk loves playing tic tac toe and he’s a millionaire and has a lot of money and lots of power. I’m sure he’s a nice guy and cares about people, but I don’t trust him.. Read more about why dogecoin and let us know what you think.
Elon Musk and Tesla stated today, May 13th, that Bitcoin would no longer be accepted as a form of payment for Tesla goods. This news rocked the whole crypto business, dramatically lowering the price of Bitcoin. Bitcoin dropped 15% from $55,000 to $46,600 after this news. All of this happened in less than three hours. The market as a whole has taken a significant hit. Today, all other Altcoins, as well as those based on Bitcoin, met the same fate as Bitcoin. The cryptocurrency market as a whole has collapsed.
Elon Musk’s and Tesla’s perspectives
Elon Musk and Tesla collaborated on this statement today, which threw the whole crypto sector into disarray, including his own Twitter post.
Elon’s rationale for such a bold move predicts massive quantities of electrical energy being spent on cryptocurrency and Bitcoin mining. Cryptocurrency mining necessitates the significant usage of fossil fuels, which provide power. Special machines that execute different mathematical methods for crypto mining need such huge amounts of energy. He believes that widespread Bitcoin and other cryptocurrency mining has boosted the need of fossil fuels. Tesla, he says, is an ecologically good company that exclusively manufactures electric vehicles, electric storage, solar technology, and other environmentally friendly products. As a green revolutionized company, it will not take any income streams that deplete fossil fuels, whether direct or indirect.
Market Scenario: Aftermath
Once after the announcement, the complete crypto market turned into complete pandemonium, havoc, and chaos. A direct domino effect prevailed. Starting from the pull-down price of Bitcoin from $55,000 to $46,600, witnessing a fall of 15% in just 3 hours of the announcement. Furthermore, all the altcoins based on Bitcoin and other cryptocurrencies faced the same bear dropdown. The whole market flunked out. Bitcoin’s ‘Greed & Fear’ indeed value antagonistically differed from a Greed of 68% yesterday to a Fear of 31% today.
Since the SNL announcement, the number of critics has risen. Following the announcement of the SNL, there was nothing but a full rise in Dogecoin, which reached a high of $0.737. Dogecoin dropped to $0.619 after his tweet, which came only hours before the SNL. This prompted crypto nerds all around the world to speculate on a gloomy perspective on Dogecoin. And, as predicted following the SNL, prices have been steadily declining from a peak point of $0.75 to $0.35 every day till today.
This was also true for Bitcoin. Since Tesla announced that it will accept Bitcoin payments in mid-April, Bitcoin’s price has risen to an all-time high of $65,00. And today’s decision by Tesla to stop accepting Bitcoin as a payment option had the exact opposite effect, dumping and collapsing the whole crypto market.
Elon’s bold actions have enraged critics and traders alike. Dave Portnoy, the founder of Barstool Sports, compared Musk to the Wizard of Oz in the crypto realm. When he pulls a lever, the price of Dogecoin rises while the price of Bitcoin falls. He went on to say that Elon should be responsible when he says anything. This is because it’s like toying with people’s dreams and wealth when he advises to purchase something and then says not to. Many traders have sued Elon Musk, and the US Securities and Exchange Commission (SEC) has been asked to investigate the matter. Skeptics say that it’s all a ruse orchestrated by Elon Musk.
Elon Musk’s actions have also been described as “disappointing” by Adrian Przelozny, CEO of Independent Reserve.
A Trader’s Point of View
Many crypto experts, on the other hand, are now praising this chance to purchase bitcoin at a discount. Traders are ready to purchase cryptos and Bitcoins at their lowest prices.
This is the greatest chance to purchase Bitcoin in its whole existence, according to Bitcoin Magazine writer William Clemente III.
Elon Musk praised British cryptographer, cypherpunk, and CEO of Blockstream Adam Back, as well as Anthony Pomplino, CEO of Morgan Creek Digital, for bringing Bitcoin’s price down. They also said that they, along with Elon Musk, did not sell their Bitcoin holdings.
All of this raises the question of whether Elon Musk’s actions were planned or spontaneous. This enigma could only be solved after extensive research.
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elon musk’s tic tac toe scam with dogecoin and bitcoin price