Connect with us

Cryptocurrency

Anonymous Goes After Elon Musk, Blamed the Billionaire for Bitcoin Woes

Published

on

Elon Musk's SpaceX Raised $850 million at $74 billion valuation

Anonymous has published a message for Elon Musk in a video where they called the Tesla CEO “nothing more than another narcissistic rich dude who is desperate for attention.” They shed light on many things people may not know about Musk, including how he treats his employees, harms the environment, where his fortune came from, how Tesla actually makes money, and his attempt to centralize and control bitcoin mining.

Anonymous, a decentralized international activist and hacktivism movement, posted a video Friday directed at Tesla CEO Elon Musk. It is unknown if the people behind this video are the same Anonymous as the hacktivist group known for cyber attacks against several governments since 2003. The video begins with a message: “Greetings citizens of the world. This is a message from Anonymous for Elon musk.”

Elon Musk Is ‘Nothing More Than Another Narcissistic Rich Dude Desperate for Attention’

The video starts by explaining why Elon Musk became popular. “For the past several years you have enjoyed one of the most favorable reputations of anyone in the billionaire class because you have tapped into the desire that many of us have to live in a world with electric cars and space exploration,” the group described, adding:

But recently your carefully created public image is being exposed, and people are beginning to see you as nothing more than another narcissistic rich dude who is desperate for attention.

“It appears that your quest to save the world is more rooted in a superiority and savior complex than it is an actual concern for humanity,” they declared.

Employees, Young Children, Local Environment Suffer Under Elon Musk

Anonymous then emphasized that Elon Musk’s lack of concern for humanity “has been obvious to [his] employees for a long time who have faced intolerable conditions under [his] command for years.”

The group referenced an article in the Observer titled “Elon Musk, Tesla are pushing factory workers to the brink as profits soar.” The article explains that “Tesla workers and worker advocates say the company is risking the health and safety of its workers in relentless pursuit of these gaudy numbers.”

Anonymous Targets Elon Musk for Destroying Crypto Holders' Lives, Trying to Control Bitcoin

In addition, Anonymous referenced a different article on The Times titled “‘Blood batteries’ fuel the fortune of Elon Musk,” stating:

It is also obvious to the young children working in your overseas lithium mines, which are destroying the local environment as well.

“You have been open about your willingness to stage coups in order to install dictators in places where your toxic products are being mined,” the group also said.

“You have even prematurely crowned yourself ‘Emperor of Mars,’ a place where you will be sending people to die,” the group continued, pointing to an article titled “Elon Musk proclaims himself emperor of Mars.”

Anonymous Targets Elon Musk for Destroying Crypto Holders' Lives, Trying to Control Bitcoin

“Your fanboys overlook these issues because they are focused on the potential good that your projects can bring to the world,” Anonymous suggested.

However, the group added: “you are not the only show in town, and your competition is growing more intense with each passing day. There are plenty of other companies working on space exploration and electric vehicles. You are just the only CEO who has gained a cult following through shitposting and trolling the world on social media.”

Tesla’s Main Income Is From Government Subsidies, Not Cars

Anonymous then talked about how Tesla makes its money. “Many people are now learning that the vast majority of Tesla‘s income doesn’t actually come from selling cars. It comes from government subsidies, selling carbon tax credit for your innovation with clean energy,” the group detailed. However, they pointed out:

This technically isn’t your innovation though because you aren’t actually the founder of Tesla. You simply purchased the company from two people much more intelligent than you are.

The two people Anonymous referred to were Martin Eberhard and Marc Tarpenning. In an interview with CNBC, Tarpenning said Musk was an investor of the company. “He was always supportive from the beginning but he wasn’t the founder. We started it,” he confirmed. Eberhard added: “He actually accomplished some amazing things … I’m not sure why he has to also said that he was the founder when he wasn’t. I don’t understand that.”

Anonymous Targets Elon Musk for Destroying Crypto Holders' Lives, Trying to Control Bitcoin
Tesla’s founders Martin Eberhard and Marc Tarpenning. Source: CNBC

Referencing an article titled “Tesla: Bitcoin sales and environmental credits boost profits,” Anonymous suspected:

Tesla has also made more money holding bitcoin for two months than they did in years of selling cars. It is also more than likely that this bitcoin was purchased with money from these government subsidies.

Elon Pretends to Be Clueless About Energy Use When Tesla’s Main Income (Government Money) Is at Stake

On the subject of bitcoin and Tesla’s income from the government, Anonymous said: “It is now widely believed that you have been forced to renounce your company’s involvement with bitcoin in order to keep that green government money flowing into Tesla’s coffers.”

The group noted that “The energy use argument about proof-of-work mining is a very nuanced conversation that requires a fairly complex understanding of how power grids work and how excess energy is wasted by power companies and sought out by crypto miners,” emphasizing:

This is a conversation that you have been having for over a year and were intimately aware of. But as soon as your main source of income was threatened, you pretended to be clueless in an attempt to play both sides of the fence.

Elon’s Attempt to Centralize and Control Bitcoin Mining

The video then talked about Elon Musk’s attempt to centralize and control bitcoin mining. On May 24, the Tesla CEO announced on Twitter that he had met with leading North American bitcoin miners. During the closed-door meeting hosted by Microstrategy CEO Michael Saylor, he said the miners have agreed to form a Bitcoin Mining Council.

However, Anonymous said:

[Elon’s] move to create a Bitcoin Mining Council was rightly seen as an attempt to centralize the industry and take it under your control.

The group then referenced an article on Bitcoin News titled “Crypto proponents become skeptical of closed-door meeting between billionaires and bitcoin miners.”

Anonymous Targets Elon Musk for Destroying Crypto Holders' Lives, Trying to Control Bitcoin

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Continue Reading
Comments

Cryptocurrency

Coinbase Cofounder Issues Serious Crypto Price Warning As Bitcoin ‘Death Cross’ Fear Spreads

Published

on

bitcoin to Nigerian Naira - Investors King

Bitcoin and cryptocurrency prices have struggled last week with the crypto market’s combined value slipping under $1.5 trillion—down from $2.5 trillion in May.

The bitcoin price, after getting an unexpected boost from Tesla billionaire Elon Musk last weekend, has resumed its decline over the last few days, falling back toward $30,000 per bitcoin.

Now, as bitcoin charts show the price 50-day moving average has fallen below the 200-day moving average—a pattern known as the “death cross”—Coinbase cofounder Fred Ehrsam has warned “most” cryptocurrencies and crypto-assets “won’t work” and “90 percent of NFTs” will have “little to no value in three to five years.”

Bitcoin’s “death cross,” despite its ominous name, appears to be a lagging price indicator. The last time the trading pattern occurred in March 2020, it heralded a huge bitcoin bull run that helped even smaller cryptocurrencies surge to all-time highs.

“People are going to try all sorts of things,” Ehrsam, who has gone on to found the blockchain investment firm Paradigm since leaving Coinbase in 2017, told Bloomberg this week, warning many of those smaller cryptocurrencies won’t survive. “There’ll be millions and millions of cryptocurrencies and crypto-assets, just like there were millions and millions of websites. Most of them won’t work.”

Coinbase, the San Francisco-based bitcoin and cryptocurrency exchange, went public this year at a huge $100 billion valuation but has since seen its market cap plummet, falling by a third amid waning interest among retail traders and global regulatory pressure.

Since bitcoin was created in 2009, thousands of cryptocurrencies have been created with crypto data provider CoinMarketCap currently counting just over 10,000 different coins.

Some, such as ethereum, the second-largest cryptocurrency after bitcoin with a market capitalization of $250 billion compared to bitcoin’s $660 billion, have established themselves as cryptocurrency mainstays—while others including EOS and, more recently internet computer, have made splashy debuts only to fade away over time.

Internet computer’s ICP token is down over 90 percent from its all-time high price set shortly after its launch in May, while EOS, which made headlines when it raised $4.1 billion ahead of its launch in 2018, is trading 80 percent lower.

Ehrsam also warned against investors betting on NFTs (non-fungible tokens). The popularity of NFTs, that use cryptocurrency technology to allow all manner of digital real estate from artwork to tweets, memes and YouTube videos, to be tokenized and sold via a blockchain, has exploded over the last few months—though data suggests the market is already significantly down on its early-May peak.

Continue Reading

Bitcoin

Banking Giant BBVA Opens Bitcoin Trading and Custody Service in Switzerland

Published

on

Bitcoin-Investors King

Spanish banking giant BBVA’s swiss entity, BBVA Switzerland, has started offering bitcoin trading and custody services.

Announcing the news on Friday, BBVA Switzerland said the services will be available to all of its private banking clients from Monday, June 21. The launch comes six months after the bank began trialing the services in Switzerland.

“This gradual roll-out has allowed BBVA Switzerland to test the service’s operations, strengthen security and, above all, detect that there is a significant desire among investors for crypto-assets or digital assets as a way of diversifying their portfolios, despite their volatility and high risk,” said Alfonso Gomez, CEO of BBVA Switzerland.

While the bank currently only supports bitcoin, it said the aim is to also offer other cryptocurrencies in the future. As for the launch of the services in other countries, BBVA Switzerland said that would depend on maturity, demand, and regulation in those markets.

BBVA said its bitcoin services are novel as clients can manage their investments alongside traditional assets in the same portfolio. Customers willing to convert their bitcoin into fiat and vice versa can do so “without delays and without the illiquidity that affects other digital wallets or independent brokers,” said BBVA. That’s because the bank operates with several sources for converting cryptocurrencies, it said, without disclosing those sources.

BBVA’s services come as more mega-banks open up to the crypto space. In recent weeks, Goldman Sachs, Morgan Stanley, Bank of New York Mellon, and other financial institutions have moved to provide crypto services to their clients.

Continue Reading

Bitcoin

Goldman Sachs Partners Crypto Management Firm Galaxy Digital, Offers Bitcoin Futures

Published

on

Goldman Sachs- Investors King

Galaxy Digital’s co-president Damien Vanderwilt announced today that his firm has partnered with Goldman Sachs to help provide bitcoin futures products. The partnership marks one of the first occasions where an American multinational investment bank has partnered with a crypto asset service provider.

Galaxy Digital is a financial services and investment management innovator founded by the company’s CEO Mike Novogratz. Vanderwilt explains that Goldman Sachs, the bank with $2.1 trillion assets under management (AUM), may entice other financial incumbents to follow its lead.

“There’s a whole dynamic with the major banks that I’ve seen time and time again: safety in numbers,” Vanderwilt explained during his discussion about the subject. “Once one bank is out there doing this, the other banks will have [fear of missing out] and they’ll get on-boarded because their clients have been asking for it.”

According to Vanderwilt, Goldman depends on Galaxy because regulatory policy stops the multinational investment bank from handling the leading crypto asset directly. Max Minton, head of digital assets for Goldman’s Asia-Pacific region said during the announcement that the bank procures clientele with the assets they demand.

“Our goal is to equip our clients with best-execution pricing and secure access to the assets they want to trade,” Minton remarked. “In 2021, this now includes crypto, and we are pleased to have found a partner with a broad range of liquidity venues and differentiated derivatives capabilities spanning the cryptocurrency ecosystem.”

The statements from Minton and Vanderwilt follow the report that said Goldman was prepping to offer ether futures and options swaps. At the time, Goldman said “institutional adoption will continue” in the crypto space.

In mid-April Galaxy Digital revealed it had entered the bitcoin exchange-traded fund (ETF) fray when it submitted its Form S-1 registration with the U.S. Securities Exchange Commission (SEC).

Vanderwilt also said that when more institutional players join the crypto ecosystem volatility will grow less and less.

“You’re moving the market participants from being north of 90% retail, a huge chunk of which have access to ridiculous amounts of leverage, into an institutional community, who have proper, tried-and-tested rules and regulations about leverage, asset-liability mismatch, and risk,” Vanderwilt concluded.

“The more activity that moves into the institutional community, the less volatility there will be.

Continue Reading




Advertisement
Advertisement
Advertisement

Trending