Did Elon Musk just Exploit the Bitcoin Fraud: Dogecoin soars 20% after Elon Musk Tweets “Bitcoin is almost as bs as fiat money” – December 21, 2020,
Many have argued the IQ’s of humans are going down, well one thing is for sure Elon Musk doesn’t have a low IQ and he appears to be making fun of Bitcoiners. Being tht Elon uses technology to make things, you can imagine what he thinks of the crypto market which is basically fiat money without guns and a central bank.
Humanity abandoned the Gold Standard because of the exact same reasons Bitcoin exists. Gold has other uses as does blockchain but unlike Gold blockchain has room for improvement, technology is all about innovation, something that Elon understands, in fact, it wouldn’t surprise me if Elon is able to look beyond Blockchain, because I’m certain he’s been pitched all sorts of new technological ideas.
Currently, on Elon Musks Twitter page it states ‘Former CEO of Dogecoin’. If you’re unaware DogeCoin was introduced as a “joke currency” on 6 December 2013, it sort of evolved into its own online community and reached a capitalization of US$60 million in January 2014.
Well, it soared 20% after Elon Musk tweeted about it and I think the joke Elon was trying to make is that if you’re going to have all of these ‘experts’ propping up Bitcoin on CNBC and others why shouldn’t Elon get in on a little of the action. After all, Elon has over 40 million Twitter followers.
Bitcoin is almost as bs as fiat money
— Elon Musk (@elonmusk) December 20, 2020
But on the other hand, suppose Elon is validating the power and influence of Bitcoin? Give Bitcoin it’s due, it started from nothing now 1 bitcoin is $20,000+, that’s amazing, it’s historic and it started with an idea. My personal feelings are that Bitcoin is making life more interesting, it gives everyone something to talk about, it’s fun it’s potentially the future, everyone investing for the future is talking about it and it currently has value.
I educated myself on Bitcoin and my ideology as it relates to bitcoin remains the same, I don’t like the bitcoin wallet in any of its forms. I admittedly don’t use cash that often, most of my transactions are done digitally, but I’m a huge investor of INSURANCE related products.
Humans like insurance and bitcoin as a fixed digital asset has none, outside of the blockchain. You lose your bitcoin it’s gone, just like if you lose your gold it’s gone. In order for someone to correct this problem is to exploit a flaw in the blockchain and to not address this problem is to leave bitcoins on the fringes, mining digital currencies are also very dirty, I don’t think Bitcoin wants to deal with the same problems that helped fuel demand for Tesla Motors, which are the environmentalists.
To the delight of Bitcoiners, the environmentalists don’t know much about digital currencies yet, bitcoin isn’t large enough to be an environmental problem. But when I look into the future that’s just a few of the problems I see with Bitcoin.
It’s not to say this is even a problem, it’s just that this is what I see, and being that Elon Musk probably has the smartest people pitching him technological ideas every single day, I can only imagine what his true thoughts on Bitcoin and blockchain are.
People should always remember that money is nothing more than a convenient form of barter and the only reason humans use fiat government dollars is that we’re forced to use legal tender. If legal tender was outlawed, it’s unlikely that bitcoin would reign supreme, what would most likely happen is every dominant industry would have its own form of money and those currencies would trade against each other and the Gold Standard would most likely come back because Gold is a common source of money but it should never be confused with the only source of money.
Because if let’s say there was specific digital or physical money used just to buy food, that currency would probably be more widely used than Gold! What Gold would be against the food dollar is a way to value the food currency. With a gold standard, the problem is the government and their silly regulations mean nothing, money speculators can make a mockery of governments anytime they pass laws.
Once the minimum wage law was passed, the United States a few decades later had to abandon the Gold Standard, why because the Gold Standard is controlled by the markets, not by the government. This insurance provided by the Government for people who are anti-capitalists is the only reason why Bicon exists, otherwise, digital dollars would be backed by Gold or something else. a Blockchain monetary system can be backed by Gold, the only reason nobody wants to do it is because of Government regulations.
So when you comprehend that the success of Bitcoin is the result of government regulations, you can sit back and enjoy it for what it is. I’m not going to say it won’t be the future, it might be, but in the end, I think it’s fun, something to sit back and observe.
Interesting ties ahead!