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Elon Musk’s Relation with Cryptocurrencies
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Elon Musk’s Relation with Cryptocurrencies

by John M.March 17, 2018

Elon Musk has been dabbling in all things conceivable. From space exploration to running your house on renewable energy alone, or being transported to any point of the globe in minutes. Mr Musk definitely makes science fiction come alive. Some detractors have been smugly pointing out that all he does is to hire the right people and channel funding their way while his ventures carrying an overwhelming amount of tax. However, for whatever reason, Mr Musk has kept his charisma, acumen and undisputable intelligence to convince people in his ideas – nevermind how zany they may appear to the outer world. Today Mr Musk takes on cryptocurrencies.

In February, Elon Musk decided to make clean breast of how much cryptocurrency he owned. Piffling $2,531 was the amount he announced rather without having to bother too much about it. Yes, Mr Musk has definitely not being dabbling in crypto currencies much, however he did tweet recently that cryptocurrencies are the main asset of value to keep your eyes peeled for, sending ripples across the world of investment.

This is even more interesting with Twitter scammers now targeting everyday fans of Mr Musk and other celebrities out there. In the latest development, scammers have carried out a rather obvious trick. They created fake accounts with designated list of celebrities, asking people to participate in fundraisers and gather enough money to launch a new cryptocurrency, which would offer juicy yields for those who are quick to cough up.

However incredulous this scheme may look, there have been many people who have been quite prepared to part with their riches in order to be the first to rake up the untold riches. What is striking still is the fact that people who follow Mr Musk are rather better educated.

It just goes to show that people put their trust in authorities and reading about the idea on the go may often result into poor decision-making process and over trusting a figure of authority instead. Of course, Mr Musk has no fault in the fact that somebody has successfully tricked people who are inspired by his ideas.

More, he do not even owe an apology about anything, especially his latest endorsement of cryptocurrencies. We believe that Mr Musk’s own belief in the digital money of today has more to do with the fact that he has always been a trailblazer.

Landing his support for crypto money is no coincidence, though. Mr Musk will always seek to endorse anything that promises to improve the life of people. In other words, having the benefit of trading your money and sending them to any one point of the world without having to pay amounts for this being done plays right up Mr Musk’s own understanding of how cryptocurrencies should be treated and what designated goal is.

It is then quite easy to grasp why he has come up with such a decision as to support the cryptocurrencies in general. Of course Mr Musk has not invited anyone to splurge heavily on this segment, at least not the authentic Mr Musk.

The copycats have been quick and perniciously evil to swindle people out of money. This begs an interesting question: Are we really sure that regulation is not needed?

With any other sort of cheap game, you will quickly see that people and regulators will come down hard on the perpetrators. But there is one particular drawback to crypto money – people only see them as a source of wealth, and not money, which is shocking paradoxical. If they are not money – why are we then investing so much in them, and if we cannot use them to buy anything, how do cryptocurrencies make us each.

This mind-boggling conundrum has not ever made us question cryptocurrencies and it is strange. There is more of course. If we were paid in cryptocurrencies for example, we would be much less likely to start and throw down ready crypto money on anything and anyone for that matter.

We should consider cryptocurrencies more pragmatically than just a gateway to richness, which they have proved to be not in most cases. Whatever someone’s personal proclivity for crypto gold can be, individuals should exercise caution, particularly someone well-known airs his view publically.

For all intents and purposes, being on par with the latest developments in the crypto world is important. Not passing up on an opportunity to invest is equally important when you are looking for an edge in a new field. However, all caution should be exercised.

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John M.

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