Cryptocurrency News

Elon Musk slammed for crypto manipulation

Tesla CEO Elon Musk has been criticized for having an irresponsible influence on the cryptocurrency market. Musk regularly posts memes on Twitter and has hot takes on various cryptocurrencies for most of 2021, not least bitcoin (Bitcoin).B T c) and Dogecoin (Doge)

Musk soon added another coin to that list – low rocket (shirt). ComRocket has been described as a “revolutionary deflation token” intended for use in the adult film industry.

Posted by Musk on June 4 a secret tweet With three words listed: Canada, USA, Mexico. Observers interpreted this as Musk writing the word “CUM”, and within a few hours the price of a little-known token called Comrocket more than doubled.

Fast forward 24 hours and Musk was at it again. This time he posted a order sequence of emoji Which can be reasonably described as “Come Rocket to the Moon”.

Within just ten minutes, the price of CumRocket rose from $0.06 to $0.28 – an increase of 366%. Primarily, the speculative pump did not last long, and the CUMMIES token price was down to around $0.07 at the time of publication.

One of the first bitcoin exchange operators, and co-founder of Zap Protocol, Nick Spanos, told Cointelegraph that he believes most of Musk’s market-moving activities will be made suitable for more assets at cheaper prices. designed, otherwise they would not have.

“Musk in his selfish shillings harmed countless people less fortunate than him and proceeded to get the cheaper coin,” Spanos said.

A prime example of this, if true, would probably be Musk’s announcement that Tesla had bought $1.5 billion worth of bitcoin, and that the car company would accept BTC for payment. Less than a few weeks later, Musk swiftly reversed sentiment on bitcoin, which he ridiculed for its environmental impact, and briefly removed it as a payment option on the Tesla website.

Spanos says that even though Musk is bored with bitcoin, his tweets to more than 50 million followers are reckless and an abuse of trust.

“People believe in bitcoin because it is a path to monetary independence from central banks, and he is attacking their trust with reckless tweets and abuse of influence. Instead of being a role model, he reveals less favorable initial characteristics. Has been doing.”

Musk has said before that he would welcome any inquiry In effect of his tweets on the crypto market by the Securities and Exchange Commission. Spanos said Musk’s arrogance and greed will pay off, whether to the SEC, or anonymous hacker groups like Anonymous. (anonymous since denied Video responsibility addressed to Elon Musk).

“Arrogance and greed can’t save him from the consequences. If the SEC isn’t going to sanction him for manipulating the markets as before, perhaps activists will,” Spanos said.

“It’s not hard to imagine a scenario where people who trust their lives with their technology can see incidents where that trust may end up being catastrophic,” he said.

as Reported By the BBC, a woman lost £9,000 ($12,700) in a bitcoin scam that was misrepresented as an official gift by Elon Musk. Such fake gifts are nothing new in the cryptocurrency space, but what if Elon Musk hadn’t already put himself front and center of the cryptosphere?

Whatever the answer, Spanos believes that Musk’s time will be better spent actually using and implementing blockchain technologies, and inventing ways for people to reach their level of economic freedom.

“If I were Elon, I would double-examine my penetration tests, and spend more time implementing blockchain solutions – and finding ways to help people reach their highest levels of freedom,” Spanos said.