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His big plunge into Bitcoin was an obvious move of ignorance given the well known energy cost of Bitcoin mining. There are other better cryptocurrencies for fa
by blunte 5y ago
His big plunge into Bitcoin was an obvious move of ignorance given the well known energy cost of Bitcoin mining.
There are other better cryptocurrencies for facilitating transactions, in terms of speed, fees, energy cost, etc. He should have known some of this before publicly jumping on the Bitcoin wagon.
Then when he did clue in a bit, he made the move to Doge and chirped about how it required less energy than Bitcoin. But it is still much higher consumption and much slower transaction speed compared to something like Stellar.
All this leads me to believe that nobody was educating him, and he wasn’t speeding enough time to come up to speed.
I don’t expect him to be an expert in everything, but he could have at least consulted with some experts.
- Tenoke 5y agoTesla accepted Bitcoin in big part as an investment vehicle/place to park money, and there's few fast, cheap, energy-efficient cryptocurrencies that you can put $1.5B in. Hell, Stellar's market cap was what? $5B total at the time? Musk, separately from Tesla plays with Doge. As far as I know Tesla hasn't accepted or invested in Doge.
- blunte 5y agoSurely he had a say in that decision, assuming that he wasn't behind it himself. So to him and/or his board, it should have been an obvious faux pas; it might as well have been an investment in coal mining stock.