Sunday, January 23, 2022

Tesla CEO Elon Musk Praises Dogecoin, Criticizes Bitcoin, Guesses Identity of Satoshi Nakamoto – Featured Bitcoin News

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Tesla and Spacex CEO Elon Musk says dogecoin is “fundamentally better than anything else” he has seen whereas he criticizes bitcoin. He additionally mentioned the identification of Bitcoin’s pseudonymous creator, Satoshi Nakamoto, and the official foreign money of Mars.

Elon Musk Discusses Crypto, Dogecoin, Bitcoin, Mars’ Currency, and Who Satoshi Nakamoto Is

Elon Musk shared his ideas on cryptocurrency, dogecoin, bitcoin, and the identification of Bitcoin’s pseudonymous creator, Satoshi Nakamoto, in an interview with Lex Fridman, printed Tuesday.

Musk, who has lengthy been a supporter of the meme cryptocurrency dogecoin (DOGE), revealed:

Part of the rationale why I believe there may be some advantage to dogecoin, though it was clearly created as a joke, is that it really does have a a lot larger transaction quantity functionality than bitcoin.

“The cost of doing a transaction, the dogecoin fees are very low,” the Tesla govt added.

In distinction, he mentioned: “Right now, if you want to do a Bitcoin transaction, the price of doing that transaction is very high, so you could not use it effectively for most things, and nor could it even scale to a high volume.” Following the publication of this interview, many individuals took to Twitter to remind Musk of the Lightning community.

This isn’t the primary time Musk mentioned that dogecoin is best than bitcoin for transactions. During his “Person of the Year” interview with Time Magazine, he famous that bitcoin is best as a retailer of worth whereas dogecoin is best suited to funds. He additionally not too long ago introduced that his electrical automotive firm, Tesla, will begin accepting DOGE.

The Tesla CEO, who is usually recognized within the crypto group because the Dogefather, additional opined:

I’m not saying that it’s the best system for a foreign money however I believe it really is simply essentially higher than the rest I’ve seen, simply accidentally.

Musk was additionally requested if he’s nonetheless contemplating making dogecoin the official foreign money of Mars. He replied: “I think Mars itself will need to have a different currency because you can’t synchronize due to the speed of light, or not easily.”

He defined: “Mars is, at closest approach, it’s four light minutes away roughly, and then at furthest approach, it’s roughly 20 light-minutes away, maybe a little more. So you can’t really have something synchronizing if you’ve got a 20-minute speed of light issue if it’s got a one-minute blockchain. It’s not going to synchronize properly.” The Tesla boss continued:

I don’t know if Mars would have a cryptocurrency as a factor, however in all probability, appears possible. But it will be variety of localized factor on Mars.

The Spacex boss was requested whether or not he’s Satoshi Nakamoto as some individuals imagine him to be. “I’m not,” he rapidly replied. “Would you tell us if you were?” he was requested. “Yes,” he affirmed.

He proceeded to share his concept of who Satoshi Nakamoto, Bitcoin’s pseudonymous creator, may be.

“You can look at the evolution of ideas before the launch of Bitcoin and see who wrote about those ideas,” he started. While emphasizing, “Obviously I don’t know who created bitcoin for practical purposes,” he detailed:

The evolution of concepts is fairly clear for that, and it appears as if Nick Szabo might be greater than anybody else chargeable for the evolution of these concepts.

“He claims not to be Nakamoto but I’m not sure that’s neither here nor there but he seems to be the one more responsible for the ideas behind Bitcoin than anyone else,” Musk concluded.

What do you concentrate on Elon Musk’s feedback? Let us know within the feedback part beneath.

Kevin Helms

A pupil of Austrian Economics, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His pursuits lie in Bitcoin safety, open-source techniques, community results and the intersection between economics and cryptography.




Image Credits: Shutterstock, Pixabay, Wiki Commons

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