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economics

Manipulation

In case you haven’t realized it: Elon Musk is manipulating the electronic currency markets. All he has to do is make a statement, and the market for electronic currency changes. He is making millions because of the idiots that hang on his every word.

  • 1 Buy electronic currency
  • 2 Tout that currency’s benefits
  • 3 Watch price go up, sell, make millions.

4 replies on “Manipulation”

It’s a basic pump and dump scheme, just elevated because people think he is a hero.

Skeptic: I can’t argue your point because I don’t know (or care) enough to, but Elon is the only one able to get us permanently off the planet, and is using his own assets to do so. Not a hero? That may just be the most ridiculous thing I’ve heard this year. That’s a freaking high bar to pass.

So because of that you will buy tons of digital currency, just because he tells you to?
That is what pump and dump is. He buys a commodity at a low price, tells you how great it is and how you should buy it. You do so, thereby driving the price up. He then sells it and takes the profit.
He is going to space with YOUR money. Or at least promising to.

I accept everything you wrote about the matter as gospel.
So what is the problem? A smart guys uses the tools at his disposal in a legal manner and makes a lot of money off of stupid people who were easy to manipulate. Why should I care? I say good for him. Stupid people deserve to lose their money. Particularly when you can’t exactly say that their motivation was all purity and driven snow either … they were trying to jump on a bandwagon and make a fortune at someone else’s expense too. Just someone a little further down the line. Timing is everything. The first guy in a pyramid scheme is the winner.

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