On: $365B wiped off cryptocurrency market after Tesla stops accepting Bitcoin

[pedroma]

It's not illegal to sell a security after disclosing that you own that security.

I don't even have to point to any specific laws, just look at all the websites that talk about stocks operating without any SEC intervention.

[admax88q → pedroma]

It is illegal to "pump and dump" a security.

I have a hard time believing the people here defending Musk dont know this, and can't see how his behaviour _migbt_ qualify as a pump and dump.

[pedroma → admax88q]

1. Tell someone you own a security 2. They get excited and buy it 3. You sell it when it goes up

You can't just classify this set of actions as a pump and dump. You have to do something that is considered a scam, such as grossly misrepresenting the security with the intention of making a profit at the cost of uneducated investors. As far as I can tell, Elon never claimed Bitcoin is environmentally friendly, nor did he make other false claims about Bitcoin's functionalities or capabilities.

[tebs1200 → admax88q]

Except Bitcont isn't a security, so there are no laws against "Pump and Dump" in the unregulated market.

Some would argue that Bitcoin is fundamentally a giant "Pump and Dump" anyway, so nothing to see here.

[admax88q → tebs1200]

Sure, but what you're basically saying is "what Musk did isn't illegal because the thing he did it against isn't considered a security"

You may be technically correct, doesn't make it any less sketch or immoral

[jiggunjer → admax88q]

Pump and dump arguably isn't immoral. It's just using herd mentality, if it wasn't illegal people might actually try to think before they buy and sell.