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What if Elon Musk is just making “noob” crypto mistakes?


Is Elon Musk playing 4D chess or is he just making cheating mistakes? Unfortunate and wrong message is easy to judge Those The tweets are rooted in, but, what if Elon just doesn’t know better? What if the billionaire does not have a master plan and instead he is learning right in front of our eyes? This is definitely a possibility. At least this is what the TV personality and bitcoin lawyer Max Keizer thinks:

Even though Mr. Musk has been around cryptocurrency for a long time, he only the inspection Cryptocurrency for a few months. Luckily for us, bitcoinist has been the case from the beginning. Let’s examine Elon’s history with blockchain-technology related projects and try to find out its master plan or lack thereof. This is the least we can do.

Can Elon Musk be made? Satoshi Nakamoto?

three years ago, Billionaire had to answer for the world:

“Not true. A friend sent me part of the BTC for a few years (sic), but I don’t know where it is,” he wrote in response to a recent blog post The author of which Sahil Gupta said that Musk was “probably” Nakamoto.
Satoshi Musk, Nick Szabo and Hal Finney may collaborate. But it seems Elon read her research papers, drew inspiration from her and created the product alone, ”Gupta thought.

Even though Musk had nothing to do with cryptocurrency at the time, he was in the same class. And the crypto community tried to pull it off using various tips.

DOGE price chart on Bitfinex | Source: DOGE/USD on TradingView.com

CEO of Dogcoin

Two years ago, the dogcoin community Crowned him CEO. As you can imagine, The coin Registered its first elon-pump:

The impact on Dogcoin was immediate and decisive: as of press time, altcoin Made a daily profit against the US dollar of about 35 percent.

DOGE / USD is currently trading at around $ 0.0033, the highest since the beginning of November.

Elon Musk quickly attracted the attention of the cryptocurrency community on Twitter, with traders extrapolating the potential support for the wider industry beyond DOGE.

And even though Musk immediately resigned from the Doge CEO position, the relationship between billionaire and joke-cryptocurrency would prove stronger than anyone thought.

Related reading | Goldman Sachs Exec says there is not much for the firm after earning millions on Dogecoin

Elon Musk’s Initial Thoughts on Crypto

A year ago, the billionaire finally Publicly talked about cryptocurrency In his own “Third Row Tesla Podcast”. Bitcoinist explained:

He likes the concept and thinks it is ‘clever’. However, he is also concerned about his role in making illegal transactions. He said,

There are transactions that are not within the balance of the law. And, of course, different countries have many laws. And, generally, cash is used for these transactions. But, for illegal transactions to occur, cash must also be used for legal transactions. You need an illegal-to-legal bridge. This is where crypto comes from.

Oh, the “criminals use bitcoin” argument. The first question is faced by every noob. We hope that Elon has already discovered that every transaction made is engraved in the blockchain forever. And this fact is not ideal for criminals because Darkside saga Proves it.

Tesla added bitcoin to its balance sheet

Just four months ago, bitcoin got allon-pumped. His company was in the process Receiving btc And:

Elon Musk undoubtedly played a big role in this rally by incorporating “#Bitcoins” into his Twitter bio and potential shopping activities.

The coin Went from $ 32K to $ 38K, and then it was only for a short time. A few months later, Elon gave a. Answered “true” Tweet about bitcoin and renewable energy. Bitcoinist explained:

An April tweet that proves Elon was thinking about the subject. Not only that, he agreed with Jack Dorsey when he made this statement: “Bitcoin encourages renewable energy.” Talk about smoking guns.

A few weeks later, Elon announced in an infamous tweet that Tesla was not accepting more bitcoin payments for environmental concerns. And all hell broke loose.

BTC Price Chart for 05/27/2021 - TradingView

BTC price chart on Gemini | Source: BTC/USD on TradingView.com

Maybe Elon Musk hasn’t done his homework?

It is hard to believe that Tesla invested over a billion dollars in bitcoin without researching it environment Part of the equation. But then, defending his position, Elon clarified that he does not know the difference between nodes and miners:

Whereas the fact that most miners Were Not ideal in China, nodes control the bitcoin network. And they are spread all over the world. And anyone can start operating one, even you, by following a few easy steps.

And then, just three weeks ago, The sweetest thing he said about Dogecoin. Bitcoinist explained:

With his distinctive sense of humor, Musk finds it ironic that this nascent class, with its ability to be the world’s reserve currency, lead a project that began as a joke. Musk said:

Which one is it going to be? Perhaps it will be many, it should be considered speculation at this point. The point is that Dogcoin was invented as a joke, essentially to make fun of cryptocurrency. Destiny likes irony, what would be its most ironic result? That the currency that was invented as a joke actually becomes the real currency. More of the moon!

She is cute! Nevertheless, the fundamental features of Doge make it an impossible outcome. The supply is unlimited and the system mines an incoherent amount of new coins every day. If the world wants a permanent-printing machine that devalues ​​the holder’s coins by the minute, it already has a Fiat system. And, you remember, perpetual printing was the main part of the joke. It seems that the punchline flew over Elon’s head.

Related reading | Binance burns a record $ 600 million BNB in ​​its 15th quarter

So, can Elon just make noob mistakes?

When a big ego with a great mind encounters bitcoin, it immediately leads to an attempt to fix it. Elon is not the first and will not be the last. Every great bitcoin thinker had one Altcoin face. They all thought that perhaps a new idea has come up which has made bitcoin obsolete.

Eventually, they all feel that bitcoin is more of a miracle than a technology. That economic incentives are where they are, and that this is a machine that has the potential to make the world better for all.

Maybe Max Keizer is right and Musk is not there yet.

If this is happening, then we can probably count on his talent to explore all of this.

Let’s hope he does it as soon as possible.

Featured Image by Vitolda Klein on Unsplash - Charts by TradingView





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Avinash is a blogger, Enterprenuer, marketer and author. He is very good affiliate marketer and Product Reviewer.
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