Thread by @lex_node

the reason why Elon crashed Bitcoin is the same reason why he's been sued for breach of fiduciary duties, securities fraud, etc.-he thinks his "mission" (sometimes cloaking his mere whims & lulz) preempts every other concern, & his fawning simps agree

for example, this enabled him to bail out his own failing company (Solarcity) at the expense of Tesla stockholders because it's 'solar power' & therefore green & progressive / important--he is set to stand trial for breach of fiduciary duty over this

abcnews.go.com/Technology/wir…

this enabled him to tweet '$420 funding secured' when Tesla was in crisis, get a stock pump that may have saved the company, and get away with a slap on the wrist from the SEC

this enabled him to tweet that his own company's stock is overvalued, an obvious breach of fiduciary duty to his stockholders washingtonpost.com/technology/202…

this is also what's enabling him to try to tank the value of BTC after heavily promoting it

Tesla holds BTC, so this also adversely affects Tesla stockholders (now indirect BTC holders)

there is no excuse--BTC has not changed since he promoted it & PoW was not a hidden feature

for all we know, Elon took out a huge short position in Bitcoin right before his tweet and rationalizes the resulting self-enrichment with "I'll invest in Martian tech"-he probably thinks it's better he have your money because you're too stupid to know what's good for you

yesterday Vitalik singlehandedly tanked SHIBE

okay, it's not as bad as Elon's move b/c Vitalik never supported SHIBE & it might be a scam, but even if SHIBE is a scam, he accelerated the harm to the scam's victims

decrypt.co/70672/dogecoin…

there was seemingly no thought given to non-ultra-rich people who might have bought SHIBE & how they might be affected by this huge donation

Vitalik could have worked with the donees in advance to try to craft a message about how the donation would be used (e.g., not immediately liquidated) that would make the donation itself less likely to crash these tokens and cause investor harm, but didn't

sure, the tokens might ultimately be doomed to harm a lot of investors anyway, but we don't know that for sure, and that does not excuse the accelerationist idea of dumping it all as fast as possible to benefit 'good causes'

the culture of fanbois immediately fawning over Vitalik dumping his SHIBE is the same as the culture of fanbois immediately stanning whatever Musk does--it's thoughtless hero worship, plain and simple

sure, I get that maybe he wanted to teach the founders a lesson and deter others using his name & driving up gas costs for a dumb token, but he didn't need to do it that way

Elon and Vitalik are cool & deserve admiration because they are innovative visionaries for the greater good, but they are also very rich & human

when they engage in impulsive, market-moving activities without making the slightest effort to mitigate harm to vulnerable investors, it's *not* cool or visionary--it's a totally out of touch 'let them eat cake' moment where powerful rich guys pick winners and losers

crypto is about free markets, but free markets only remain free if there is some compassion, empathy & self-restraint on the part of whales & leaders to keep building positive sum effects--otherwise this will just be another game rigged to always have the same winners and losers