The same thing happened/happens with penny stocks. first take a financial position then spread a story close your postion with big profit let the pennystock crash again go back to start and do it over again That's exactly what Musk does. He did it when Tesla was in trouble by posting "funding secured" He did it again with BTC He did it again with Dogecoin I don't see what the difference is. Insidertrading is manipulation.
Manipulation and insider trading are not the same thing even though it may appear so. What is insider trading? It's when you act based on insider knowledge, it mostly applies to stocks. What sort of inside knowledge can Elon possess about Bitcoin to be able to act on this information? None. He just said Tesla ain't selling their shit for bitcoins. How will he profit from this? Can you put on a large enough short position on bitcoin to satisfy his appetite for profit? The guy is fucking loaded beyond our comprehension. So for him a short isn't anything worthwhile. Perhaps he wants the price to crash so he can load up on more bitcoin? Maybe. But still, this isn't technically insider trading IMO, it's manipulation of prices which is a different thing and I believe isn't dealt by the SEC, but CFTC. It would be cool if Elon had to do some jail time though, badass like Elvis. He would come out more of an icon for millions of nerds around the globe.
Exactly. This guy should be criminally charged and locked behind bars. But he is protected because he was born into a certain ethno-religious group. People at the SEC, CFTC, Fed, and Treasury are either utter morons or all well connected. I very strongly suspect the latter.
Hmm, I am surprised you don't get it. Your first part was right and then you went diwn the entirely wrong street. Insider trading is trading on non public, material information. The material information is NOT knowledge of bitcoin or doge. It is knowledge of the timing and content of tweets and interviews and appearances that have a material impact on the pricing of different assets. I thought this was crystal clear, but I repeat it anyways. Insider trading causes market impact through market manipulation. Those are the causal relationships.
Elon mentions environmental concerns on BTC, like if the lithium he uses on massive scale was completely clean... He might invent a new battery one day, I wouldn't underestimate his potential. No idea if he needs to go the insider way for profit. I would never risk it in his shoes, just not worth it, but he's definitely way smarter than me. I think he might be pushing the agenda for a green evolution of the crypto sphere, as he knows his words have a strong influence on young innovative and investing crowd. Some miners are moving towards renewable. I am long one of them.