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Elon Musk Tweets Tesla Has “Diamond Hands” As Cryptos Plunge

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30 comments on Elon Musk Tweets Tesla Has “Diamond Hands” As Cryptos Plunge

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Diamond Hands Meaning

On Reddit, Twitter and Stocktwits, users will sometimes post the diamond emoji and the hands emoji together instead of actually typing out the phrase. When posted together, the diamond emoji and the hands emoji mean “diamond hands”. Essentially, people with diamond hands are risk takers.

Cryptos Taking a Dive Today

Cryptos took a big dive today and it appears Musk is attempting to stabilize the market.

https://twitter.com/GoldTelegraph_/status/1395064834899726356

Musk’s Tweets will work until they don’t.

Crypto Whipsaw

Cryptos took traders on a Wild Ride today, plunging then recovering most of the loss.

Bitcoin took investors on a wild ride Wednesday, plunging as much as 31% before cutting the drop by two-thirds in a bout of volatility that drew attention across Wall Street and social media.

The extreme price swings in an asset known for its turbulence caused outages on major crypto exchanges and at one point brought Bitcoin’s market value down $500 billion from its peak last month. The tumult elicited a tweet from Elon Musk and signaled a “capitulation” on Cathie Wood’s crypto monitors.

At its worst moment Wednesday, Bitcoin plunged to within a whisker of $30,000, leaving it down more than 50% from its April 14 record of almost $65,000.

The coin pared its loss to 10% as of 12:40 p.m. in New York, up $8,000 from its lows. It has erased all the gains it clocked up following Tesla Inc.’s Feb. 8 announcement that it would use corporate cash to buy the asset and accept it as a form of payment for its vehicles. Ether, the second-biggest coin, sank more than 40%, while joke-token Dogecoin lost 45%.

Outages

The crypto panic caused outages on some of the biggest exchanges including Coinbase Global Inc. and Binance. 

Coinbase apologized for the outage that left dip buyers in a tizzy. 

Long-time HODLers have been through this before and are mostly immune to such reactions.

They will remain immune until the bitter end when cryptos go gown and stay down.

Mish

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FromBrussels
FromBrussels
2 years ago
You cant imagine how fed up I am with this paragon of a hypocritical boy scout and the stupid fcks out there hanging to his lips like brainless gangbangers….  
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frozeninthenorth
frozeninthenorth
2 years ago
First, how can a Musk tweet change the landscape for Crypto.  Really, if the crypto market is so weak that a single guy’s tweet will change the investment landscape then crypto are in serious trouble this is simply ridiculous.  On the Colonial pipeline thing, the most amazing thing is that the reason they shut down the pipeline is that it was their billing system that was attacked, and not their distribution system.  That’s not nothing. Third of course Bitcoins were going to b used to pay the ransom, but paying ransom existed long before crypto made their way in the world.  So don’t worry about it, that’s not the reason government want to kill crypto, they want to kill crypto because its a competitor.  
The China comment probably had more to do with the fall of crypto because its been a way for Chinese investors to get money out of China.
The Chinese government want to control it all…
Best
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FromBrussels
FromBrussels
2 years ago
Reply to  frozeninthenorth
….if  ‘Crypto’, or simply ‘NOTHING’  in other words, is to become the symbol of ‘freedom’ then we definitely are screwed, aren’ t we ? 
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Call_Me
Call_Me
2 years ago
Diamond hands?  That tweet sure isn’t carbon-neutral.
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Sunriver
Sunriver
2 years ago
Now that the public knows the Colonial pipeline security breach was resolved by paying terrorist with Crypto, the Gig is Up for Crypto. Crypto revealed what it truly was created for; autonomous financial transactions And as a vehicle for crooks to disrupt our daily lives. Make no mistake, when you play with the Big Boys, Oil Companies, and Crypto is the address of your ransom, your address, Bitcoin, will be no more. 
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Scooot
Scooot
2 years ago
After the Colonial Pipeline affair I think the authorities will want to destroy Crypto. Without a means of payment for the hack, they’d be less incentive to research how to do it. Currently, an enemy agent could even get paid for attacking you! 
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surrealist
surrealist
2 years ago
Mish back to gloat because of bitcoin price action while still not below the price when he wrote his last humble pie post link to mishtalk.com. You should write a follow up “Never a better time to gloat and ridicule friends” about those who didn’t hold any bitcoin. I guess it only works one way. As long as the government can’t censor bitcoin markets online there is going to be a market for sound digital money (and they can’t because of ToR and cryptography). If long-time HODLers are immune until the bitter end how do you expect cryptos to “go gown and stay down”?
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TexasTim65
TexasTim65
2 years ago
Reply to  surrealist
You realize governments don’t care if you are using ToR and cryptography. That’s not where they will get you.
At some point to spend your bitcoins you have to convert them into dollars (or whatever the local currency is). If bitcoin is outlawed then coinbase won’t be able to exchange your bitcoins for dollars. Nor will any other place be able to legally do so (ie you won’t be able to buy a car from Tesla using bitcoin). Yes, you can illegally exchange them on the ToR forever but if you can’t turn them into anything in the real world then they essentially have no real value.
This is essentially what happened when FDR outlawed gold in the 30s. You could illegally hold gold but could not exchange it for anything in the US. It took decades before it was legal to do so again and until that time it was essentially worthless in terms of buying anything.
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surrealist
surrealist
2 years ago
Reply to  TexasTim65
What is stopping me from spending my bitcoin on a new camera in a TOR based exchange? What is stopping me from selling something on such an exchange for bitcoin? I can buy gift cards to walmart or amazon and sell them for bitcoin easily. All the principle bitcoin markets were illegal markets.
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CristiC
CristiC
2 years ago
Reply to  surrealist
A small purchase can be made with cash and with any other asset. Nothing is illegal here. The vendor of said camera though, you can be sure it is not a legitimate producer as it would need to be compliant with various regulations against money laundering. So, by restricting the supply of goods available to be bought using cryptos, the regulators will be able to push crypto-owners back into other assets and fiat.
As for the hypothetical business of buying stuff for a fiat price and selling them in crypto, you will be scrutinized for money laundering based on the value you choose for that crypto. You are describing classical money laundering schemes.
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surrealist
surrealist
2 years ago
Reply to  CristiC
Who cares about legality when bitcoin is illegal. Is the federal government going to make sure that every asset can’t be traded anonymously?  There is no way they could do anything of the sort. 
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TexasTim65
TexasTim65
2 years ago
Reply to  surrealist
You can buy/sell now on ToR markets because Bitcoin is not illegal. So why would it be any problem to do so?
If it becomes illegal things will change in a hurry because legitimate businesses will not deal with illegal forms of payment. How many places can you exchange an 8 ball of cocaine for Walmart gift cards?
Also once illegal, you’ll no longer find the daily price in US dollars in newspapers or Yahoo finance etc any more than you can find the price of an 8 ball of cocaine. That will make it hard to know the exact value of bitcoins at any given moment. Once out of the public eye for a time it will become forgotten by the masses quite quickly as they move on to the next shiny thing.
Also you’ll no longer have any legal protection. Exchanges and merchants can freely shaft you (ie take your payment and not send the goods) because who will you complain to as the legal system will do nothing.
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CristiC
CristiC
2 years ago
Reply to  TexasTim65
Comparison to laws/regulations in the 30s really, really makes no sense. Did you know that during that time, there were Supreme Court decisions arguing pro-eugenics (Buck v. Bell, 1927)?
There will not be any future regulation that will ban holding an asset unless that asset is a danger to the society.
The legal path forward will be to make the bureaucratic process of holding said assets into a such a pain that would discourage most investors.
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Scooot
Scooot
2 years ago
Reply to  CristiC
Yes I agree, and as you say money laundering laws are prohibitive. My daughter’s house sale fell through because the buyers couldn’t prove where the money had come from. I’d think this would be a big problem for crypto, not having a verifiable audit trail of the source of funds.
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surrealist
surrealist
2 years ago
Reply to  Scooot
I bought a house with $150k from the USDA in cash little over a year ago. They didn’t even care where those funds came from. All they cared was that I could produce a cashier’s check.
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Scooot
Scooot
2 years ago
Reply to  surrealist
I’m in the UK. I’m sure they’ll tighten the checks in the US as time goes on.
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TexasTim65
TexasTim65
2 years ago
Reply to  surrealist
That’s because you didn’t buy it with cash (a suitcase full of cash). You bought it with money in a US bank. That bank has already verified where the money came from so the USDA doesn’t have to.
Banks have VERY tight regulations on where money comes from for money laundering reasons. If they even remotely suspect something they are authorized to seize your cash and you have to prove where you got it. This happened recently in Swiss and Costa Rica where lots of US citizens had stored money and it got seized after the US put pressure on those countries. Do not underestimate the governments willingness to root out illegal money. It happens a lot to regular people just carrying cash around when the police randomly stop them and seize it and you have to prove where you legitimate got it from.
Making bitcoin illegal gives them every right to seize any money they think came from any exchange in any country (so even foreign transfers will be closely watched). It could even be years later when they notice and finally take your house or car and good luck fighting it in court.
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surrealist
surrealist
2 years ago
Reply to  CristiC
“danger to the society” being defined as anything that challenges their ability to rob from the populous. Their interests are not the same as societies. The government cannot force the market to obey their beurecratic processes.
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CristiC
CristiC
2 years ago
Reply to  surrealist
No. Here are some example. Holding cyanide (buying and holding quantities of this asset), uranium, components used to make biological weapons, etc, etc, etc. These are all assets, you can invest in uranium commodity on the market, but as a person, you are banned from holding them physically. Cryptos are not such dangerous assets to hold that is why banning holding them explicitly will never happen. What is more likely is that using the cryptos for transfers and transactions could become such a bureaucratic process that most investors will abandon it.
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Bam_Man
Bam_Man
2 years ago
This will not end well.
At all.
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thimk
thimk
2 years ago
lets’s see what happens to “crypto’s” when the “stimmies” end .
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Too much BS
Too much BS
2 years ago
Musk is the new Tweeter since Trump has been cut off. 
Maybe Elon should be cut off.
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njbr
njbr
2 years ago
“Diamond hands” refer to an extreme “buy and hold” mentality, where there is a profound belief that the investment will turn out great regardless of the wild ride the investment may be on.  The hand is as solid as a rock–diamond.    As opposed to a “paper hand” that wavers with every tremor in the market.
Solid strategy?
Or a way to buffalo the remainder to stay in the game and not rush the door.  (Until Musk strolls out….)
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Eddie_T
Eddie_T
2 years ago
First bubble to pop?
That’s what one of my other mentors thinks, or at least he suggested it. The chart looks ugly. I hate bitcoin, because I view it as an actual impediment to other more deserving cryptos.  (Hint: Not Dogecoin). But I have no exposure and I’m not planning to go there. Not because I hate crypto, but because the market is so heavily manipulated it makes gold and silver look like a fair game in comparison.
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Eddie_T
Eddie_T
2 years ago
Reply to  Eddie_T
Elon Musk continues to worry me with his disregard for the rules, and his willingness take that kind of chance.
So far the Tesla short is looking pretty good this time. If the equity bubble pops it will be the poster child for shorts to pile on. I wish for Tesla the company to succeed, but I don’t think Musk is doing Tesla any favors with his attempts to front run the crypto market. I don’t look for that to end well.
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Eddie_T
Eddie_T
2 years ago
Reply to  Eddie_T
If Jerome Powell starts tweeting that the Fed has diamond hands, that’s it…I’m moving to Canada.    🙂
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TexasTim65
TexasTim65
2 years ago
Reply to  Eddie_T
If the SEC had properly come down hard on Musk a couple of years ago for his ‘funding secured’ comment then he would have stopped tweeting nonsense like this years ago. They didn’t and so he’s seen no reason to stop.
The fact Musks tweets move the crypto market so much tells you all you need to know about it. It’s wildly speculative and meant for those who love that kind of roller coaster ride.
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Zardoz
Zardoz
2 years ago
Reply to  Eddie_T
Crypto seems like a pretty desperate play for Tesla.  Maybe they have bigger problems than we know about.
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randocalrissian
randocalrissian
2 years ago
Reply to  Zardoz
Musk got off the hook for his role in the crash of production vehicle #1, which was Martin Eberhard’s. If he can escape that, he’s good here.
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randocalrissian
randocalrissian
2 years ago
Reply to  Eddie_T
Shaln’t be long now before someone who is smarter and techier than me posts a chart overlaying the prior ~$20K high spike and subsequent crash over a chart leading up to today’s action. It could be instructional, but mostly will just be a good way to release some endorphins.
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