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Comment by rchaud | Hacker News Reader

Musk blaming excessive energy use for withdrawing from BTC sounds like a ruse, considering that he of all people absolutely knew that going in.

I smell Teslacoin in the works. A ostensibly green cryptocurrency, with his face on it.

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I'm more cynical. It looks to me like basic manipulation of the market. Only possible due to 1. A lot of "dumb" money invested in crypto 2. Relatively small market compared to larger forex markets.

Wouldn't surprise me if Musk sold before making the tweet and bought after the drop.

He could have done that by continuing to tweet random meme nonsense and not run afoul of the SEC. Getting Tesla to pile in on BTC makes it a potential regulatory issue.

There's too much money in this for him not to. This is absolutely in his wheelhouse and MO.

Is Tesla into Blockchain already? Because if they are, that would be close to peak hype BS bingo.

Yeah but what does him buying/selling bitcoin have to do with a Tesla coin? He could have announced a new coin without risking alienating bitcoin or $tsla retail investors.

He can tank BTC further by dumping all Tesla holdings and at the same time announce the new much better Teslacoin. Every news outlet will post a front page “BTC crashes, Teslacoin up infinite%”. Then the goal would be to capture the majority of the crypto market. It would be like another “ICO” for Tesla to get a huge shot in the arm

did he know that though? I'm not exactly ready to call Musk a smart person.

He changed his mind because of this: https://arstechnica.com/tech-policy/2021/05/private-equity-f...

I noticed that you keep posting this as the definitive reason as to why they changed their minds. Is this confirmed or just conjecture?

Please stop reposting the same comment and link all over this thread to push your agenda thanks.

You're either clueless, or an astroturf, or a troll.

Please don't break the site guidelines like this, regardless of how wrong someone is or you feel they are. It only makes the community worse.

https://news.ycombinator.com/newsguidelines.html

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