Elon Musk criticized for manipulating cryptocurrencies

Elon Musk, CEO of Tesla, has been criticized for exerting what is considered an irresponsible influence on the cryptocurrency market.. Musk regularly tweeted memes and opinions on various cryptocurrencies, including Bitcoin (BTC) and Dogecoin (DOGE), for most of 2021.

Musk soon added another currency to this list: CumRocket (CUMMIES). CumRocket is described as a “revolutionary and deflationary mark” intended to be used by individuals in the adult film industry.

On Friday, Musk posted a Tweet cryptic with three words on the list: Canada, United States, and Mexico. Observers interpreted that Musk had boldly spelled the word “CUM” and in a matter of hours more than doubled the price of a little-known token called CumRocket..

Elon Musk criticized for manipulating cryptocurrencies
Elon Musk criticized for manipulating cryptocurrencies

24 hours passed and Musk did the same again. This time Publicity a sequence of emojis that could reasonably be interpreted as “CumRocket to the moon”.

In just 10 minutes, CumRocket’s price jumped from $ 0.06 to $ 0.28, an increase of 366%. As expected, the speculative pumping didn’t last long, and at press time the price of the CUMMIES token had dropped to around $ 0.07.

Nick Spanos, one of the early Bitcoin (BTC) exchange operators and co-founder of the Zap protocol, told Cointelegraph that he believes so Much of Musk’s going-to-market activity is aimed at snapping up more assets at a cheaper price than it would otherwise have done.

Musk has harmed countless people who were less fortunate than him with his “shilling” gadgets and selfish attempts to get cheaper coins.“said Spanos.

The best example of this, if it is true, would be when Musk announced that Tesla had bought $ 1.5 billion worth of Bitcoin and that the auto company would accept BTC as payment.. A few weeks later, Musk quickly turned his mind about Bitcoin, which he criticized for its environmental impact, and quickly withdrew it as a payment option on the Tesla website.

Even if Musk just got bored with Bitcoin, his tweets to more than 50 million followers are inconsiderate and a breach of trustsays Spanos.

“People believe in Bitcoin because it is a path to monetary independence from central banks, and it attacks their trust with reckless tweets and abuse of influence. Instead of being a role model, you reveal less favorable primary traits. “

Musk previously said that he would welcome any investigation by the U.S. Securities and Exchange Commission into the impact of his tweets on the cryptocurrency market. Spanos said that Musk’s arrogance and greed will come at a cost, either to the SEC or to anonymous hacking groups like Anonymous.. (Anonymous has since denied responsibility for the video sent to Elon Musk.)

“Arrogance and greed cannot protect you from the consequences. If the SEC doesn’t punish you for manipulating the markets as it did before, then maybe the activists will.“said Spanos.

It’s not difficult to imagine a scenario where people who trust their lives to their technology can see incidents where that trust ends catastrophically.“he added.

As reported by the BBC, a woman lost £ 9,000 (USD 12,700) in a Bitcoin scam falsely presented as an official gift from Elon Musk.. Such fake gifts are nothing new in the cryptocurrency space, but would this have happened if Musk hadn’t already placed himself at the top of the cryptosphere?

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

If I were Elon I would be reviewing my penetration tests and spending more time implementing blockchain solutions and finding ways to help people achieve their highest levels of freedom.“said Spanos.

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