Elon Musk slams cryptocurrency manipulation

Tesla CEO Elon Musk has been criticized for exerting an influence on the cryptocurrency market that many people consider irresponsible. For most of 2021, Musk often posted on Twitter memes and hot topics about various cryptocurrencies, especially Bitcoin (Bitcoin) And Dogecoin (dog).

Musk quickly added another coin to the list- Ejaculation (Camis). CumRocket is described as a “revolutionary deflationary token” designed to be used by people in the adult film industry.

On June 4th, Musk posted a Mysterious tweet List three words: Canada, United States, Mexico. Observers interpreted this as Musk’s cheeky writing of the word “CUM”. Within a few hours, the price of a little-known token called CumRocket more than doubled.

Fast forward 24 hours and Musk is here again.This time he sent one Emoji sequence This can be reasonably interpreted as “CumRocket to the moon”.

In just ten minutes, the price of CumRocket jumped from $0.06 to $0.28-an increase of 366%. It is foreseeable that the speculative rise did not last for a long time. By the time of release, the price of CUMMIES tokens had fallen back to around $0.07.

Nick Spanos, one of the earliest Bitcoin exchange operators and the co-founder of Zap Protocol, told Cointelegraph that he believes that most of Musk’s market volatility is aimed at occupying more assets at cheaper prices than other means.

Spanos said: “Musk hurt countless people who are not as lucky as him with his selfish shilling and his actions to obtain cheaper coins.”

If true, the best example might be Musk’s announcement that Tesla has purchased $1.5 billion worth of Bitcoin and that the car company will accept BTC payments. Less than a few weeks later, Musk quickly reversed people’s views on Bitcoin. He mocked Bitcoin’s environmental impact and immediately deleted it as a payment option on the Tesla website.

Spanos said that even if Musk was just bored with Bitcoin, his tweets to more than 50 million followers constituted recklessness and abuse of trust.

“People believe in Bitcoin because it is a path from the central bank to monetary independence, and he is attacking their trust with reckless tweets and abuse of influence. He did not become a role model, but revealed the less favorable Original feature.”

Musk has previously stated that he will Any investigations are welcome The US Securities and Exchange Commission investigated the impact of his tweets on the cryptocurrency market. Spanos said that whether it is to the SEC or anonymous hacker groups (such as Anonymous), Musk’s arrogance and greed must be paid. (Anonymous since then Refuse Responsible for the video to Elon Musk).

“Arrogance and greed cannot protect him from consequences. If the US Securities and Exchange Commission does not sanction him for market manipulation as before, then activists may do so,” Spanos said.

He added: “It is not difficult to imagine a scenario where those who believe in his technology will see an event where this trust may even end catastrophically.”

As Report According to the BBC, a woman lost 9,000 pounds ($12,700) in a Bitcoin scam, which was mistaken for an official gift by Elon Musk. This kind of fake giveaway is nothing new in the cryptocurrency field, but if Elon Musk has not put himself at the fore and center of the crypto field, will this happen?

Regardless of the answer, Spanos believes that Musk’s time is best spent on the actual use and implementation of blockchain technology and inventing methods for people to achieve his own level of economic freedom.

“If I were Elon, I would double-check my penetration tests and spend more time implementing blockchain solutions-and find ways to help people reach the highest level of freedom,” Spanos said.