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Tesla CEO Elon Musk Explains Why ‘Bitcoin Is Actually Highly Centralized’

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Tesla CEO Elon Musk Explains Why ‘Bitcoin Is Actually Highly Centralized’

On Sunday (May 16), Tesla and Space X CEO Elon Musk attacked Bitcoin (BTC) for being highly centralized after podcaster Peter McCormack criticized Musk for supporting Dogecoin (DOGE) and for spreading misinformation about Bitcoin.

As you probably already know, on May 12, Tesla and SpaceX CEO Elon Musk shocked the world by complaining about Bitcoin mining’s high usage of fossil fuels and saying that for this reason Tesla would not be accepting Bitcoin as a form of payment until “mining transitions to more sustainable energy.”

The next day, Musk revealed that has been working with Dogecoin developers to reduce the power consumption of mining of the meme-based cryptocurrency.

In fact, as Decrypt reported on May 14, according to Ross Nicoll, one of the part-time Dogecoin developers Decrypt talked to, Musk “started talking to the developers in 2019, he has ‘encouraged them to improve the higher transaction throughput,’ provided ‘lots of advice and input,’ and shared his vast Rolodex of contacts.”

Nicoll also said (1) that the dev team he is part of is hoping to reuce Dogecoin’s power consumption; (2) Musk has been with Dogecoin’s dev team since April 2019 (when he said that Dogecoinmight be his favortie cryptocurrency); and (3) that Musk had offered to fund the team, but his offer of financial support had been rejected (just as with offers they had received from other wealthy potential backers).

Yesterday, Dogecoin supporter “@itsALLrisky” said on Twitter explained why he thinks that Dogecoin, which Musk has referred to as “people’s crypto”, is better than Bitcoin. Musk said Dogecoin would beat Bitcoin “hands down” if its developers made three improvements: 10X faster block production time, 10X larger block size, and 100X lower transaction fees.

Well, today, McCormack criticized Musk for supporting meme-based Dogecoin, which he thinks could potentially result in ill-informed investors in $DOGE suffering big losses, as well as causing harm to Bitcoin’s reputation and its ecosystem.

McCormack’s accusations angered Musk, who seemingly warned that he might just “go all in on Doge.”

Musk then went on to explain why he believes that Bitcoin is highly centralized.

DISCLAIMER

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

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Source: https://www.cryptoglobe.com/latest/2021/05/tesla-ceo-elon-musk-explains-why-bitcoin-is-actually-highly-centralized/

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