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Elon Musk Tweets — and Provides Difficult to Grow Crypto Markets

Last week, when Elon Musk wrote that he had spoken to a group of Doge manufacturers about how to make the money work better, the results of which were obvious: It sent the price of Dogecoin per month. It was most recent on the claims of Musk who sent viral payments over the past few weeks.

And it surprised the Doge development team by surprise, says Michi Lumin, a Colorado programmer who helps keep cryptocurrency savings. Indeed, Tesla and billionaire Tesla’s billionaire has been “thinking about playing” with the group for some time, says Lumin, as well as how they can make Dogecoin perform better. They accepted what he said. But he says a major overhaul of Musk’s recent Doge-boosting and Bitcoin-bashing networks has been a bit of a nuisance, inviting criticism from critics who see Doge as just a joke and destabilizing the market. Their finances may depend on hype, but they are determined to stay smart.

“We’re not Eloncoin,” he said. Except, apparently, every time Musk decides to make a tweet.

Musk’s powers are not limited to Doge. Last week, Musk also wrote that, due to the weather, Tesla would not accept Bitcoin in exchange for cars, three months later he began to say that it would. Good on Elon. As WIRED has done written for many time, Bitcoin uses enough energy to run a small country, and a large portion (even strongly opposed) comes from oil such as coal. The big secret is why this was not a problem for Musk a few months earlier. Maybe it’s a green move or some kind of regulatory rule. Or it may simply be meaningless, making us all feel the need for materialism.

In any case, Musk is making and destroying a small fortune, 280 characters at a time. “It looks dangerous and irrational,” says Jill Carlson, a fundraiser at Slow Ventures. When Musk first announced that Tesla had taken Bitcoin from the car — and that the company had purchased $ 1.5 billion — he sent the price. Backtracking last week, the story wiped out $ 300 billion in the market within a few minutes. His criticism over the weekend, inclusive Sunday tweet that Tesla may have already eliminated its Bitcoin, sent a still lower price. (He then explained the company had not yet sold.)

Meanwhile, his tweets mentioning Dogecoin, which is often heavier than jokes, send the market cheerfully – though it continued last week Saturday Night Live and he called it a “riot,” so it was interrupted, until he alone raised it with a greenification tweet.

“I do not feel comfortable with just one person or a small company disrupting the market. I think that’s where we are in crypto right now, “says Lumin, a Doge maker.” It’s not good, it’s true. “

Maybe it’s a five-figure chess game, or maybe it’s just a joke. Other than that, Doge is a slightly weird choice to protect as an alternative. It is based on a similar, power-based approach to Bitcoin, and there are a number of cryptocurrency methods that use clearing methods, which should not be mentioned on Musk’s Twitter feed. Over the weekend, he he explained that if his idea of ​​Dogecoin was not possible, he would make cryptocurrency money from then on. “He seems to be particularly motivated by his entertainment on Dogecoin in the future,” says Carlson. “They get involved in these big problems and then set them up to get involved as heroes.”

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