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Elon Musk Bluntly Told It Like It Is For His Tweets About Cryptocurrencies And The Damage Those Do?

By: Vishal Mathur

Last Updated: June 07, 2021, 07:45 IST

Elon Musk Bluntly Told It Like It Is For His Tweets About Cryptocurrencies And The Damage Those Do?

Elon Musk's tweets about cryptocurrencies including Bitcoin are getting noticed for the negative impact they have on the values, which hurt investors too.

Online activist and hacking group Anonymous have taken note of Elon Musk’s tweets about cryptocurrencies including Bitcoin, over the past few weeks, and they finally have a message for the Tesla CEO. In a video posted on YouTube, Anonymous has minced no words and called Musk a “narcissistic rich dude who is desperate for attention” and told him off what they say are “public temper tantrums” that have seen cryptocurrency values tumble over the past few weeks and have potentially wiped-out investments for a lot of folks, at least for the time being. And while this blunt message has been there for the world to see, there still remains some doubt over whether it is the original Anonymous group who have posted this. Musk, meanwhile, wouldn’t be best pleased to have been reminded about the “intolerable conditions” for Tesla employees and value from government subsidies.

The video addressed to Elon Musk sees someone wearing a Guy Fawkes mask, talking about certain issues about Tesla and Musk’s tweets about cryptocurrencies. “It seems that the games you have played with the crypto markets have destroyed lives,” says the video. He has also been chided for showing a clear disregard for the average working person, who may have seen their investments in crypto coins severely impacted after Musk’s shenanigans on SNL and Twitter have seen crypto valuations see their biggest dip, in a long time. “Millions of retail investors were really counting on their crypto gains to improve their lives,” says Anonymous. A lot of other statements seem to be drawing information from reports over the past few years, there are some notable comments made in the video regarding the working conditions at Tesla’s factories and how a lot of Tesla’s value comes from government subsidies for electric cars rather than actually the Tesla electric vehicles themselves. Anonymous also points out that Tesla holds on to, or at least held on to, large amounts of Bitcoin.

“There are plenty of companies working on space exploration and electric vehicles. You are just the only CEO who has gained a cult following through s**tposting and trolling the world on social media,” no words are minced by Anonymous. The video also talks about Tesla’s sources of income. “In fact, many people are not learning that the vast majority of Tesla’s income doesn’t come from selling cars, it comes from government subsidies – selling carbon tax credits for your innovation with clean energy,” says Anonymous.

Is It The Real Anonymous? Yet, there remains some doubt about whether it is the real Anonymous group which has posted this video. Two Twitter accounts, @YourAnonNews and @BscAnon have denied being behind this video addressed to Elon Musk. But another Twitter handle @YourAnonCentral has tweeted, “#Anonymous message to Elon Musk. Will @elonmusk respond or hide? #bitcoin #dogecoin”. In a separate post, the group says, “From the most influential Anonymous account @YourAnonCentral , the group reached out to the infamous billionaire for comment on the message sent to him by the hacker collective.” They go on to take note of what Musk has tweeted since then which includes cryptic tweeting such as “Don’t kill what you hate, Save what you love” and also changing his profile picture. YourAnonCentral has responded with “Stop hiding and answer #Anonymous.”

Crypto Volatility Hurts Smaller Investors More: “As hardworking people have their dreams liquidated over your public temper tantrums, you continue to mock them with memes from one of your million-dollar mansions,” are perhaps words that anyone who has seen their crypto investments reduced significantly, align themselves with. Elon Musk’s needling of cryptocurrencies started ahead of the Saturday Night Live appearance, where he was expected to drive up the value of a crypto coin called Dogecoin. Yet, that didn’t happen, which has seen the coin’s value hover around just more than half of the peak it achieved ahead of Musk’s SNL appearance. Since then, Musk has tweeted about crypto coins and specifically Bitcoin, which has negatively impacted the overall values consistently over the last few weeks.

Electricity And Statistics: One of the tweets said Tesla would no longer accept Bitcoin as a payment mode for buying their electric cars, because the crypto mining uses a lot of electricity. That has since been countered by financial services and investment management firm Galaxy Digital which released some Bitcoin energy consumption numbers, and these indicate that the traditional banking systems as well as Gold mining consume as much as twice the energy that Bitcoin requires. The numbers by Galaxy Digital peg the annual electricity consumption of the Bitcoin network at 113.89 terawatts per hour per year (TWh/year). In comparison, the banking systems consume 263.72 TWh/yr of power while gold mining consumes around 240.61 TWh/yr. They also point out that of the 26,730.07 TWh/yr electricity that is produced, there are transmission losses as high as 2,205.23 TWh/yr—and that’s according to the data confirmed by International Energy Agency (IEA). This loss is 19.36 times of what Bitcoin’s energy consumption is, over the year.

There’s Already A Coin Borne Out Of The Irritation: This also isn’t the first time Musk’s tweets about crypto coins have elicited a response. In May, we had reported about a new coin has been minted as a result—STOPELON. The intention is to make crypto investors, particularly those who are starting out, aware of the crypto market fluctuations that are caused by Elon Musk’s tweets, which the community calls “irresponsibly manipulating”, ahead of the four-phase $STOPELON launch. “Elon Musk is infamous for irresponsibly manipulating the cryptocurrency market with his Twitter account. Just recently, he did it again, causing a massive crash across all frontiers when he tweeted that Tesla will cease to accept Bitcoin as payment. Anyone with even a shred of critical thinking sees through his lies. He has been trying to pump crypto for ages, tweeting about it to no end, and even going to Saturday Night Live as a final resort to get Dogecoin up! It’s ridiculous!” says the Stop Elon team.

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