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0 pointsactuator5y ago0 comments

There is nothing dumb about what Musk and Tesla did, in fact it was for self gain.

Look at the price when Tesla announced they bought bitcoin worth about a billion dollars. Even after the current fall, the price now is way higher than back then.

Just the way Musk has been able to manipulate the whole market after investing his? and Tesla's money is just extraordinary.

It was a strategic investment which has reaped money like anything in such a short span and they even used part of it to generate a positive component to their balance sheet in last quarter.

0 comments

10 comments · 2 top-level

godelski5y ago· 6 in thread

Honestly, when is the guy going to get charged by the SEC for market manipulation? It is fairly obvious he knows what he is doing with the crypto market and making a good chunk of change on it through his social media influence. But he also does it with Tesla (I know he got charged that one time but he's been a repeat offender).

aeternum5y ago

Bitcoin is not a security nor a protected commodity market, so does the SEC even have jurisdiction?

McAfee was arrested for pumping crypto, but he was lying about his ownership and gave pretty specific forward looking claims. I don't believe he's been convicted yet.

HWR_145y ago

Bitcoin is regulated in the US under both the Commodities Futures Commission and the Securities Exchange Commission. These tend to be fairly narrow rules about contracts for arbitrage, know your customer rules, etc. I have no idea if they have authority over pump-and-dumps

gpm5y ago

It's not illegal to buy a stock and tell people you bought it. There are entire businesses whose model is "make an investment, and then tell other people why you made it hoping they will make the same one". This isn't criminal, it's good business practice.

The thing he got in trouble for with Tesla was for lying about about a takeover offer, which is criminal, basically because it's a type of fraud. This isn't that.

Not a lawyer, not legal advice, etc.

godelski5y ago

It sure is illegal to say "the stock of the company that I'm the CEO of is too high."

1 more reply

freshair5y ago

I fear the US government might allow Elon Musk get away with anything, as long as he keeps launching satellites for the military.

NicoJuicy5y ago

BTC is not under SEC ( or even any) regulation for pump and dump schemes.

lamontcg5y ago· 2 in thread

And now that its down, they're probably buying more.

They can get 5-10B in it, then Elon can pump it up more.

godelski5y ago

A month later I'm sure Elon will be talking about how he sold solar roofs and batteries to miners and is again accepting BTC and Doge.

AustinDev5y ago

Or maybe he just adds ASICS to the gigs factories to get a certain level of control over the mining economy.

j / k navigate · click thread line to collapse

0 comments

10 comments · 2 top-level

godelski5y ago· 6 in thread

aeternum5y ago

Bitcoin is not a security nor a protected commodity market, so does the SEC even have jurisdiction?

McAfee was arrested for pumping crypto, but he was lying about his ownership and gave pretty specific forward looking claims. I don't believe he's been convicted yet.

HWR_145y ago

gpm5y ago

The thing he got in trouble for with Tesla was for lying about about a takeover offer, which is criminal, basically because it's a type of fraud. This isn't that.

Not a lawyer, not legal advice, etc.

godelski5y ago

It sure is illegal to say "the stock of the company that I'm the CEO of is too high."

1 more reply

freshair5y ago

I fear the US government might allow Elon Musk get away with anything, as long as he keeps launching satellites for the military.

NicoJuicy5y ago

BTC is not under SEC ( or even any) regulation for pump and dump schemes.

lamontcg5y ago· 2 in thread

And now that its down, they're probably buying more.

They can get 5-10B in it, then Elon can pump it up more.

godelski5y ago

A month later I'm sure Elon will be talking about how he sold solar roofs and batteries to miners and is again accepting BTC and Doge.

AustinDev5y ago

Or maybe he just adds ASICS to the gigs factories to get a certain level of control over the mining economy.

j / k navigate · click thread line to collapse