Jupiter has been observed displaying unusual color flashes, with a red hue at the top and blue or green at the bottom, leading to speculation about the cause. The discussion suggests that atmospheric effects, such as refraction and scintillation, could explain the phenomenon, especially when Jupiter is low in the sky. However, some participants argue that the object may not be Jupiter at all, as its position does not align with expected locations for the planet. The possibility of the object being Antares, a star known for similar flashing effects, is also raised. Ultimately, the conversation highlights the complexities of observing celestial objects and the influence of atmospheric conditions on their appearance.