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I've just bought more Etherium
Thodex founder on the run with $2B of stolen money..
All adds to the thrill! 🤣
Of course - no-ones every defrauded large numbers of people and run off with huge sums of 'real' money!
Although easier to recover real money......
Tell that to Bernie Madoff's victims! 🙂
So, you decided to invest in something equally as dodgy as Bernie....
That’s a well thought out move....👍
I'm not investing - I'm playing. I know the risks and only have a few hundred quid in.
The same way people play the lottery, bet on a horse or play bingo.
The rest of my huge wods of cash is safely in the building society and under the mattress.
Tell that to Bernie Madoff’s victims!
They did actually recover some of the money from his assets.
If someone has stolen / lost the key to a wallet, you're not getting anything back, which is a bit of a flaw as you can't police the system (and yes I know its designed to be unpolicable, but that is also a flaw).
I dont think crypto can be compared to what Madoff did, that implies some sort of deliberate fraud and I dont think it's that
I think the dotcom bubble is a better analogy, we are all getting very excited and chucking lots of money into something, hoping to find the facebook or Apple but concerned that we might have just chucked all our cash at friendsreunuted. As discussed on the 'is cash dead' thread crypto may be the answer but who knows which one may become the accepted transaction method?
It could be none of them of course and this is more like a tulip bubble or gold rush where once the excitement does down we are left with a few bulbs or a small patch of desert, but again neither of those were a deliberate fraud
I've just bought £50 of ethereum and £50 of Maker anyway🤣 Its a bit fun, a gamble, not an investment
Question: Is the mining side of things required to keep these things running? At some point, people are going to question the ethics of an industry that produces 130million tonnes of CO2 a year, for no tangible reason.
Or if ethically you can look past it, will it hit a point where it takes the GDP of a small country to process paying for a coffee and cake at a cafe?
Question: Is the mining side of things required to keep these things running?
AIUIt, for Bitcoin and ETH, (and indeed any other Proof of Work coin - ETH Classic, possible LiteCoin?) yes, it's a bit of a ponzi scheme and is reliant on
At some point, people are going to question the ethics of an industry that produces 130million tonnes of CO2 a year, for no tangible reason
People have been questioning it for ages! There's a steady stream of questions. Here's the FT, from yesterday: https://www.ft.com/content/0448b44d-1d78-48f8-8ca8-6edae7976a5f
But as long as it's profitable, people will find ways to justify it. There are Bitcoin mining companies on the US stock exchanges worth billions.
Also, ArgoBlockchain are going green.
Also, ArgoBlockchain are going green.
I always feel slightly that those things are fudging the numbers somewhat. If they weren't using the energy to pointlessly crunch numbers, it'd be powering something useful on the grid.
A bit like when people claim that Ovo/Octopus/EON tariffs etc are "green", they're not, they're buying the same electricity mix as everyone else, they just buy up the renewable certificates which are supposed to encourage green energy production, but are currently barely worth the virtual paper they're written on.
I was thinking more like:
https://www.cnbc.com/2021/03/02/china-bitcoin-mining-hub-to-shut-down-cryptocurrency-projects.html
Particularly in China, not a country you would associate with the ideals and reality of Bitcoin, a decentralized, currency immune from government interference, that's ended up concentrating wealth in the power of a few? It's very un-China.
Also, ArgoBlockchain are going green.
Utter bollocks. Diverting some "green" energy , from where it would otherwise be used, to waste it on crypto is not green.
So, to sort of repeat someone's question above, is there a greener cryptocurrency?
XRP if you believe the sales pitch....
One bitcoin transaction consumes an average 700 KWh of electricity, whereas one XRP Ledger transaction consumes just 0.0079 KWh. This means that for every 1 million transactions, 4.51 billion lightbulb hours are used to mine bitcoin compared to 79,000 lightbulb hours used by the XRP Ledger. In all, this makes the energy consumption of XRP 57,000 times more efficient than bitcoin.
Bringing this back to computational costs, running a single XRP Ledger server is comparable to running a small email server and yet still has the means to power global payment transactions.
How does it compare to, say, a share trading exchange?
Utter bollocks
I was being slightly facetious. But then I don't know how much (excess?) energy that Canadian geothermal plant is producing
I had £100 of DOGE for a purely speculative gamble. It went down to about £40 immediately so I just ignored it - checked my wallet randomly the other day and it had balooned to £400 for no concievable reason; decided that return was good enough to cash out.
The energy point made by Richard above is what I think will ultimately kill Bitcoin; so much focus from all investors globally on emissions these days that I just can't see that surviving in the long term (given any coin could easily replace it as it's not generally an accepted medium for transfer).
Well covered in this post but Crypto is a pure gamble, anyone who says otherwise is generally trying to justify their own exposure to themselves IMO. My opinion only, YMMV, many have a different one clearly and they are welcome to it.
I've got a number of equity and ETF investments; you could argue that they are more tangible given potential access to actual cashflows, but it's become quite evident over the past few years that performance and DPS bears almost no relevance to equity valuation. In short, all a gamble, just a broader upside/downside fan which investors should take into account.
In short, all a gamble
Not really. Currencies and commodities are a gamble because you're betting the price for them is going to go up.
Shares of companies, or bonds, actively generate cash and are an investment rather than buying a thing (like Bitcoin, or orange juice futures) and hoping it costs more next week.
Share prices have increased at at overall average of over 10% for over a century.
Can someone recommend a wallet? I am shying away from a HW wallet, for now, as I've only gambled a little bit of money and buying a HW wallet will be a fairly significant cost compared to my initial outlay. Yes, I am a tight git 🙂
Metamask or MEW.
I was being slightly facetious. But then I don’t know how much (excess?) energy that Canadian geothermal plant is producing
I think it was hydro but that's beside the point.
Unless they've reached a point where all the fossil fuel stations are turned down then it's not really excess. You're just nominally allocating some green energy to crypto whilst some coal years someone's house.
Without the crypto mining that house would be using the green energy.
Can someone recommend a wallet? I am shying away from a HW wallet, for now, as I’ve only gambled a little bit of money and buying a HW wallet will be a fairly significant cost compared to my initial outlay. Yes, I am a tight git 🙂
Just leave it on the exchange, if you're using a reputable one (Kraken, Coinbase, Gemini). A softwqre wallet introduces a greater risk of user error, and is therefore unlikely to be more secure IMO.
If you leave it on an exchange maybe have two, halves the losses from any hack, or three, or...
I've finally got round to signing up to Kraken to start investing in cryptocurrency.
I just wanted to check I am doing the correct thing for the first time transfer of funds. When I click on deposit gbp and choose the bacs option, I basically get their bank details along with a reference number for my account,
I guess I just go to my online bank account & set-up a new payee using their details and my reference number so it ends up in the correct account??
This makes sense but just seems a little old school, compared to what I was expecting. I thought it would be a bit slicker.
The first deposit is held for 72hrs; I guess while they do some background checks or whatever...
I think further down the line I can add a bank account to do this a bit slicker...
Not sure about kraken but that's how Coinbase works. Maybe just send a couple of quid over first to make sure you're doing it right before doing anything significant
Cheers! I found a couple of YT videos last night and it does look like that is the correct way. Like you say though, I'll probably send a smaller amount and when it arrives, send the rest!
I guess I just go to my online bank account & set-up a new payee using their details and my reference number so it ends up in the correct account??
Not sure about kraken but that’s how Coinbase works. Maybe just send a couple of quid over first to make sure you’re doing it right before doing anything significant
Agreed
And more importantly IMHO was doing a test withdrawal as well.
I was being slightly facetious. But then I don’t know how much (excess?) energy that Canadian geothermal plant is producing
No such thing as excess green energy, if someone buys it, someone else will generate more leccy from coal to supply the user who would have used the geothermal energy at a lower price. All that happens is the deeper pocketed companies who want to green wash their activities buy all the green energy credits (whilst actually using the same energy mix as everyone else as they're all on the same grid). So Google etc buy all the green credits whilst running their server farms on coal (in the US) and are officially 'carbon neutral'.
AIUI most of the bitcoin mining takes place in China running in provinces predominantly using coal to generate electricity.
Well, the money had arrived in my Kraken account! Just need to decide what to buy with it.
I have a good record of buying at a peak, watching the immediate slump wondering what the hell I'm doing & then waiting for ages for things to recover.
This should be interesting! I've done a bit or research, but plenty more required.
Just need to decide what to buy with it
Maybe look at TRX which you can stake and earn extra tokens if you freeze them.
Not trading advice,works for me and earns around 20 free tokens a week.
https://www.ledger.com/staking-tron
beiciwr64
Just need to decide what to buy with it
Maybe look at TRX which you can stake and earn extra tokens if you freeze them.
Cheers. I have looked a bit at staking & am gonna do some more research on that tonight.
I am not intending to be short-term trading, so looking at medium to long-term gains.
Been reading a bit more about crypto lately. Going to bin off my (admittedly small) investments over the next month or so I reckon - in the same way that I don't really want to invest in defence or fossil fuels, I don't really want to be supporting crypto either. And I'm pretty sure there's a sizeable correction in the post.
Stuff like this drives it home just how much of an environmental shitshow it is:
And stuff like this makes me worried that there's a gigantic scam in operation and if it collapses then the whole house of cards will fall down
Is Tether both propping up crypto, and a complete scam
I am not intending to be short-term trading, so looking at medium to long-term gains.
I am by no means an expert, and have only been reading up on this stuff for a couple of months. But I think it would be prudent to tread very carefully and take profits where you can....
I'm taking a mixed view, BTC & ETH I'm just looking at mostly short-term and riding the rollercoaster (gambling), buying and selling to make small bits of profit.
But I also have some money in even more speculative crypto (mostly XRP & IOTA) which I'm planning to leave for a few years until it fails or moons (losing it all completely would sting but wouldn't put me in financial difficulties), taking the short-medium term gains on that just risks looking back in a couple of years thinking if only I'd held onto it all I could have retired... :p
The current Doge price. Has Elon lost control of his vanity experiment? Will he regret it if it comes crashing down? (If it crashes???)
Or will it become the primary currency of Mars?
At some point, people are going to question the ethics of an industry that produces 130million tonnes of CO2 a year, for no tangible reason
And stuff like this makes me worried that there’s a gigantic scam in operation and if it collapses then the whole house of cards will fall down
Calling it an industry is a stretch IMO! Agree with the "no tangible reason" point, I've yet to hear a convincing explanation of the positive contribution crypto makes or could make to the world. Although arguably the same could be said for some of the more convoluted aspects of 'conventional' investing I suppose.
I can't help but feel that both are symptoms of a financial system which is increasingly becoming detached from the intrinsic value associated with producing things that people need or want. I'm not sure if this is a problem, but it has a bit of a "last days of Rome" feel about it to me...
I'm not looking at Doge anymore - I thought my 200% profit a few weeks ago was a result. I'm definitely into Bullseye 'look at what you could've won' territory now! 🙂
ETC has gone berzerk!
Is anyone looking at Filecoin? It sounds like it has the potential to become very useful, given that its currency is based on actual tradeable units (physical secure hard drive storage space distributed across the Internet), but it doesn't seem to be a particularly good thing to invest in unless you're someone who owns a lot of spare storage space, in your server farm or whatever. But then, even that is better than something entirely arbitrary like Bitcoin... I am not an expert, as this post may show.
It's all gone a bit crazy & will teach me for procrastinating.
I said I was going to set-up an account in Feb & if you look into the gains across a lot of the currencies since then, many have doubled.....Etherium has doubled, Dogecoin has gone up by a factor of 10, Litecoin almost doubled.....
I bought £100 of Bitcoin last Fri & £100 of Etherium. Yesterday while looking at the Etherium chart, I thought I saw a good dip in the market to get in & make a short-term gain so bought some more. But, that quickly went awry & rather than particularly losing money it has gone sideways since then.
My strategy is to buy regularly (perhaps £100 a month), try to buy into a few different coins to diversify & continue to research to understand the market more & why things are shifting around, as they are.
But, if it becomes clear that I am clearly not buying at the right time or making bad choices I will not keep throwing money in.
I realise that this is perhaps not going to give me the massive returns that some people have managed to achieve by getting in years ago. I applaud their ability to take on what i would have considered too much of a risk.
But, as mboy has said a few times in this thread - what if it becomes the next big thing? What if in 10 years time, the £1000 I will invest over the next year or so (and more going forwards if things work well) becomes £10,000 or £50,000 or.....?!
If it goes to £0, I'll be a bit miffed but it is a risk I understand, can afford & am willing to take. I'd be more annoyed if I do nothing & then in 10 years look at the prices of cryptocurrency & think 'ah, if only I'd have bought some we could have paid the mortgage off/paid for my daughter's university fees/bought a motorhome......
I was going to invest in filecoin, figured long term it be a sound investment. It was £50 when I looked. Thought I'll put a couple of ton on when I get paid. It was £160 when I got paid!! Too late 😝
@richardkennerley I thought along similar lines... it's currently around £106. :/
If it goes to £0, I’ll be a bit miffed but it is a risk I understand, can afford & am willing to take. I’d be more annoyed if I do nothing & then in 10 years look at the prices of cryptocurrency & think ‘ah, if only I’d have bought some we could have paid the mortgage off/paid for my daughter’s university fees/bought a motorhome……
@stumpy01
Stop losses are your friend. Set stop losses and move them up when prices rise.
ETC has gone berzerk!
I'd just like to correct this: it's way past berserk now. What's going on?!
Another question, assuming current trajectory, stripes or not for a Pista?
I've only just started playing around with small bits of crypto, so know very little.
I’ve yet to hear a convincing explanation of the positive contribution crypto makes or could make to the world.
What do you think to projects like Cardano?
https://www.coindesk.com/from-paper-to-cardano-blockchain-iohk-in-ethiopia
I got a chunk of filecoin in Jan. It went up to about 10x recently, but dropped to about 7x now. One of my better selections. 👍
I think I was lucky as I invested into Ethereum and within a few hours the price had tanked to around half my investment, instead of getting scared I did the opposite and doubled my investment around £100 and it soon paid off.
Now with money spread over 4 different ones inc Doge which is volatile but it’s a quick money earner or can be and when you’re playing with profit it makes it even easier...it does seem so much easier to just watch and invest... I sold profit from one recently for euro’s and then saw that gradually dwindle so ploughed it back into one.
I’d almost rather risk it making a bigger loss then a hefty gain than a gradual decline with it being in euro’s !!
Needless to say from an initial £50 outlay, after a few investments to £400 it’s currently close to £1000 so as I say I think I’m just lucky at the moment!
If you want to make a decent passive income from it, look into defi yield farming. You can get upto 25% APY returns on stable coins that are pegged to the dollar so not much volatility in price. Much better than money being sat in a savings account earning max 3.5%. You can then compound your interest by claiming your interest and re staking. You can currently get 87.5% APR on USDT-BUSD LP Staking on Wault Finance which is on the Binance Smart Chain again claim your rewards and restake to compound your interest.
My strategy is to buy regularly (perhaps £100 a month), try to buy into a few different coins to diversify & continue to research to understand the market more & why things are shifting around, as they are.
The problem is backing the right horse. According to Coinopsy there are over 2,000 Dead Coins which are cryptocurrencies that have either been abandoned or have turned out to be scams.
reading this makes me think of some quote from the 1920's, "when i get stock advice from the shoe-shine boy, I know the market is massively over priced"
Is crypto the next big crash waiting to happen? its a bit of a mad panic!
What do you think to projects like Cardano?
https://www.coindesk.com/from-paper-to-cardano-blockchain-iohk-in-ethiopia
/blockquote>Looks like an unnecessarily complicated way to not solve a problem, But hey, blockchain, so got to be good obvs.
Is anyone looking at Filecoin?
So as well as graphics card prices going through the roof we're now going to see disc storage prices take off. What's not to like.
Is crypto the next big crash waiting to happen?
Yes and no, it's ripe for a crash (entity with zero intrinsic value worth billions), but it's not big enough to affect the markets in general / crash the economy, the 'man in the street' isn't going to notice if they all vanished tomorrow.
continue to research to understand the market more & why things are shifting around, as they are.
I'm impressed you think you can actually 'research' that, or do you just mean watch a load of Youtube videos promoting various coins, all presented by people who own that coin and directly benefit by encourage as many people as possible to up the price...
footflaps
I’m impressed you think you can actually ‘research’ that, or do you just mean watch a load of Youtube videos promoting various coins, all presented by people who own that coin and directly benefit by encourage as many people as possible to up the price…
Probably a bit of both.
For example, this: https://www.sec.gov/news/press-release/2020-338
put me off putting any money against Ripple until I understand what 'that' all means.
It's early days for me & I really have very little understanding of the market & the offerings as a whole. This is why I want to do more research. Yesterday evening I listened to a very interesting podcast that explained bitcoin, block-chain etc, how it all works & the ideas behind it while taping a wheel ready for sticking a new tubeless tyre on. I'll probably listen to it again in a few days, as I missed certain bits while concentrating on getting the rim taped up smoothly.
I have basically stuck my foot in the door at the moment. If I look into it further & decide it's not for me then I will just get rid of what I have & that will be that. it's no big deal.
99% of the youtube vids are nonsense
one says it's really easy... buy low sell high... yeah well duh!
another is a rabid Trump fan that believes the world is about to end because "the liberals" stole it.
others doing technical analysis on the shape of the curves either don't know what they are talking about or just making it up, or spotting 1 wick on the candle chart as a position of support.
There's only about 1 channel I've found where he actually talks about actual research, about the actual project behind a coin, and the actual conventional business/government uptake or contracts with certain cryptos/blockchains, etc. etc.
Ultimately that's going to end up as BTC, ETH, Cardano/Polkadot/Chainlink etc. and a few lower cap ones. XRP maybe once it's sorted the SEC hoo har.
If Visa International does business deal about processing transactions on Ethereum blockchain, that is a positive signal to me. A few candle wicks going through a 618 fibonacci level does not. Saying that, a friend flogged a load of Doge (bought for naff all) and paid off some loans. And then the price jumped again so still ended up with more paper $ than before selling a wodge.
What I find fascinating is that every time there is an article in the news about a bank / government looking at implementing blockchain in some way, the price of Bitcoin etc go up. When really they should go down as they are talking about implementing their own blockchain implementations which mean it is less and less likely that Bitcoin etc ever end up being used as a currency. I'm pretty sure we'll have a lot of blockchain based currencies in the future, but I'm also pretty sure that not a single one of them will be one you can buy now as all the properties of the current speculative coins today pretty much guarantee they are totally unsuitable for the future. The fundamental property of a currency is stability and they normally devalue slightly over time. Anything which varies wildly in price is totally innapropriate.
It has again but in a different direction....
Anyone sell much ETH at the peak?
I sold some at 3k but only a tiny bit.
Whatch'all doing?
Dumpingvit all or buying in on the slide...
Can't decide..
Keeping in, but not putting any more on the table - I'm at maximum 'happy to lose' amount! (Which is still over 50% up on a month ago, which shows how mad this all is)
Edit: And why am I now a free member?!
Nope - I'm keeping Etherium and just adding to it. That's my 'banker' long term currency.
It needs to drop a bit more before I buy more though.
And I see Mr Musk has killed Bitcoin today! 🙂
He also seems to have killed coinbase...
Anyone else unable to open the app?
And I see Mr Musk has killed Bitcoin today! 🙂
Time to get buying then
I've only got a few hundred invested at the moment and don't intend to take anything out for the moment.
I do seem to have a knack of missing potential profits by procrastinating over whether to buy or sell....I was gonna buy a hundred quid of aave the other day but ummmed and aaaahed. My finger was on the buy button, but I decided to leave it until tomorrow.
The next day it went up by 30%...
My whole approach to this has been little and often.
Every time there's a significant dip I'll buy some more, but not spending massive amounts, just looking to keep building it up. I certainly don't imagine getting rich off of it, more of a little pot of money for fun stuff.
Or he's just made it cheaper for himself.
Isnt it time Musk was sanctioned for manipulating the market?
And I see Mr Musk has killed Bitcoin today!
For a supposed genius, he took a long time to realise what everyone else had been saying for years. Still, right result in the end, the faster BC is killed off the better for everyone.
Wish the big dips would wait for payday lol....
(yes I know I shouldn't be investing if I need to wait for payday).
Oh ****ity **** **** ****
I've always had a benign dislike of the Coinbase Pro UI. It really is a piece of shit.
However that benign dislike has now turned into a deep loathing having just bought a [thankfully small] chunk of ETH at a price of £25,000 🥵😝😩😫😈😈😜🌃🤣
I don't actually know exactly how much I spent as the interface is so shit, but someone picked up an absolute bargain.
Was it any of you lot?
I’m out as of today.
Punk tells his millions of fanboys to invest in BTC knowing most in US are following blindly, can’t afford it or are doing so on credit > Then trashes it knowing he has influence to disrupt the market.
1: don’t quite get the difference between him and Jordan B outside of regulation not being up to date. Pump & dump over multiple crypto currencies over the last year. 1st couple of times you can give the guy the benefit of doubt, three times though…
2: If one punks tweet can crash BTC value by years of inflation on fiat in a single day then pfff to any claims of store of value or protection against inflation. What’s going to happen when a viable threat hits it?
Eth gas fees are a joke. Eth market also open to manipulation beyond a reserve currency right now. Compare to faster payments.
Hardly pump and dump when he also states "Tesla, he added, will not be selling any of the Bitcoin it owns, with the fair market value of its holdings as of March 31 was 2.48 billion dollars (£1.76 billion), according to securities filings."
They have publicly announced selling 10% of their holding. No idea what has happened to the rest or how long they have to report trades if they have made / make them. Fair, maybe not straight pump and dump but there is an agenda being played here and what looks to me like a market being manipulated. I am not sophisticated enough to have any idea if I'm on the right side of whatever is going on.
Right now I'd be more upset if STW wasn't here tomorrow than I would BTC.
Have you only just noticed it's volatile? 😂 If I'd 'invested' in it, Elon's funny business would be the least of my concerns. I can't see why everyone's getting annoyed with him. Haven't they made enough free money already?
What is the best tool to buy this through. Been meaning to have a play for a while and now is as good a time as any to play with a bit of spare money?
coinbase is easy and will get you started. buy in the dips and hodl is what I hear never chase the rise and remain vigilant against FOMO. transfer your fortune to a crypto wallet on a non networked locked down computer. write down the seed for it on a fire and water proof medium. discover how much transfer/exchange/gas fees are. install metamask and never use it. then maybe forget about it all for a year and hope you bought the good ones. hth!
I find it crazy that each time Musk has a smoke and decides to tweet, millions either make or lose millions.
The guy is a danger unto the world.
What does he get out of it?
I had around £1k worth of bitcoin back in 2016 or so. Was tight for money, it had gone from around $4000 to $10000 and was coming back down so I thought i'd get out while I was still up, got around £1400 back after all exchanges were done. Vouched I wouldn't touch it again as I didn't understand it and it wasn't really safe to hold back then.
Alas, came to Jan/Feb this year and I couldn't ignore it anymore. Bought some ETH and BTC, then sold it for a little profit, then bought back some more. I had some money sitting waiting for a new bike that will probably never be in stock so fired some at altcoins/shitcoins and been trying to sell at all time highs and buy back in lower. As of today 3x'ed the account value. Totally aware that it's worth nothing until I cash out though. Every bit as likely to end up back at 0 and life will go on. I think the potential reward was/is worth the risk. Less so now maybe. Prices are flattening off. Considering pulling most of it out, but prob don't have the balls. Advice welcome.
Managed to sell all of my ETH at around £3k after the Twitter consensus making me decide it was time to sell. Got pretty lucky ngl.
Elon's announcement (supposed genius hadn't considered the energy cost as footflaps says.. 🤔 even though he tweeted in agreement that it's promoting green energy creation only a few weeks ago..) hurt bitcoin, but I had Nano rocketed today so I sold all of it at around £11 🙂 Imagine it will come back to £7 or so, and if it doesn't, I had my fun, made some good profit.
Small cap coins I think are (or were...) worth looking at are Nano, Bancor, Graph, Dia, Bitcoin, Ontology, Origin Protocol, Avalanche, Elrond eGold, Cardano. But yes the altcoin graveyard is large, tread with caution.
Twitter people I follow: @the_coinmaster, @100trillionUSD (have we talked about S2FX yet?), @crypto_stevie .Not sure who called the ETH getting out of hand but will have another look. Take everything with many many pinches of salt and use them to inform your own research/opinions rather than blindly following ofc.
Using crypto.com but trying to find something better. The hidden fees are pretty significant.
What does he get out of it?
Aside from rich...? SERIOUSLY ****ing rich!?!?
It's a power thing for him... He knows that his voice is far more important than anyone else's when it comes to cryptocurrency. He's tested that theory a few times now, with increasing strength every time. Elon Musk knows that right now, he is the single most important person in the world, in the technology that is set to take over the world of money as we know it (crypto full stop rather than BTC specifically)... It's all just a game to him, an ego boost. Ironically the money he has made by shilling DOGE, then shorting BTC is almost inconsequential compared to the knowledge that if he farts, 20% of the crypto owning world want to know immediately what he had for breakfast and why!
Thing is, he might live in a world where money is everything, but he'll lose the lot and spend some time inside if he carries on the way he's going, manipulating the market as he is is straight up securities fraud! The market cap of BTC is over $1Trillion now, it's not something that's easy to ignore any more (despite what the Fed and the BoE would like you to believe)...
Besides the fact that the man that has built his entire company on mining of a finite resource that has a HUGE impact on the planet, his hypocrisy really is quite incredible... Nobody seems intereste in pointing out that these BTC mining facilities in China are being built right next to HEP dams on purpose these days, and that they've been phasing out coal for a while now... Lithium mining will always be a filthy process, and the Electric cars he peddles will only ever be as clean as the dirtiest process in the energy production chain!
Should have kept his gob shut before playing big boy games with things he doesn't understand... If he doesn't serve time in a federal prison sooner than later, I will be amazed!
EDIT: FWIW I had £10k invested across a few crypto's, but more than 50% BTC over the last few months... That wasn't all invested as a lump sum, and some had done better than others. But in the end, decided to cash out my initial investment and left the profit in... Sooooooooooo glad I did that a week ago now! Sold BTC @ £42k, ETH @ approx £2700... I had approx £2k "profit" which I'm just going to let ride, but that's gone down almost 15% now which is at least only about £300, but I could be sat here £1800 worse off right now than I was a week ago, which would have been my entire profit wiped out just because of the DOGEfather playing his sillybuggers games with the market that he doesn't understand!
Anyway... The future is still very bright for crypto, but it needs to mature significantly still, but then when it matures, there won't be significant amounts of money to be made from it I guess. Either way, i'll continue to carefully speculate whilst the market is in growth, and be looking to realise any potential profits when the market turns... Something far too many people forget to do!
I agree, being able to tweet one thing and that having a huge effect on the market isn’t far from fraud, especially when he’s heavily invested now in crypto himself...