What do you think about Elon Musk? Is he harmful or useful for Bitcoin?

[Coin_trader]

Why is nobody commenting on his actual tweet though?

One single energy failure somewhere in China causing a nearby mining company to shut down for days, causing a 35% drop in hashrate does mean Bitcoin is far from decentralized.

A gigantic amount of coins are being mined by that single company. Therefore a big amount of the network hashing power is controlled by a single chinese commercial entity.
Assuming it is not a pool, it is a huge, colossal ASIC farm.

The benefit of decentralization is that the hash rate is controlled by so many entities no single one can execute a successful 50% attack on the network.
How is it decentralized if two huge mining corporations can band together and attack the network if they wanted to?

Agreed. For the sake of discussion, I strongly agree on this statement. Mining company with a huge mining hashrate power dictates the condition of the mempool. This is not the decentralized ecosystem we really want. I really hate how the fee of Bitcoin astronomically grow whenever there are issues on major mining company.

Elon musk is not useful for crypto traders but his words gives a serious message that need to address on future developments of Bitcoin blockchain.

[Lucius]

Absolutely. Remember when Jamie Dimon was tweeting that bitcoin was a scam and he would fire anyone he found who was buying or trading it? And then it came out that JPMorgan were buying bitcoin themselves, assigning parts of various portfolio and vehicles to bitcoin, and offering it to their institutional customers.

JD was at least a lot less evil to me than EM, and I understood his statement as it is coming from a man who didn't understand what Bitcoin was, but he later apologized and admitted he was wrong - which is rare in the world of people like him. Maybe he was just playing his game, and maybe he was just wrong - I don’t think that matters too much now.

As it would be for most "celebs". Musk, Dimon, Buffet, CSW, etc. All these people who publicly denigrate bitcoin aren't doing it because they care about the small people losing money on the bitcoin "scam". They all do it because they have some ulterior motive, because they are greedy, and because they only care about their own profits. People need to stop playing in to their hands.

I think that such people have become part of something that could probably be called "financial religion", and all those who follow them are some kind of "religious fanatics" for me - it's hard for me to explain it in any other way. I can't say if these people enjoy a great reputation only in the USA and where their followers come from - but I bet in some parts of the world people haven't even heard of them.

[electronicash]

so JD somehow is a renewed man and this elon is like the antagonist in the evulotion of money and despite the enlightened mind about BTC he spread false narrative to it.

to be fair to elon, he did make the news about cryptocurrency to the open. some mainstream media reported  BTC and doge which i find it good. this new criticism however didnt bring good but i think this is for him so he could buy cheaper BTC.

[zanezane]

I can say he's 50% useful and 50% dangerous since we cannot really trust him, he only want to manipulate for his own personal gain so we shouldn't trust his calls since we know he can flip up things by using his influence. Maybe its time to not listen to him since if majority will treat him as nonsense or the same with Mcafee for sure we can recover and will not easily wipe out by fuds.

I would put it that way too and I will double down to say that every businessman is the same. I think what we are putting Elon in is pretty stupid since most businessmen all prioritize their interest before anything else.

[o_e_l_e_o]

I don't necessarily disagree with your concerns regarding centralization, but a couple of counter points.

One single energy failure somewhere in China causing a nearby mining company to shut down for days, causing a 35% drop in hashrate does mean Bitcoin is far from decentralized.

Hash rate can only be estimated, not measured directly, but the estimates I have seen suggest the figure was around 20%, not 35%.

A gigantic amount of coins are being mined by that single company.

Correct me if I'm wrong, but I've seen no evidence to suggest this was a single company. Miners owned by many different entities will tend to be geographically close to each other near sources of cheap electricity. The mine in question supplied multiple power plants in the region, so these miners were actually all spread out across the region.

Assuming it is not a pool, it is a huge, colossal ASIC farm.

For the reasons above, I don't think that's accurate. There are a lot of ASICs in that region, sure, but they are not a single farm and are not all mining on the same pool.

[velosepur]

Whatever but he is here, in crypto world. dont lIke this what he is doing but I dont understand why people dont use own head.

[sheenshane]

I didn't look one-sided on this situation about Elon Musk, even though ignoring him (which is well deserved) is also our decision.  There are pros and cons here towards him if you only see the negative effect, you will most likely ignore him if the positive side, appreciating him.  That's because we had a different perspectives view on him.

IMO, his role in the cryptocurrency space and his participation are needed to grow.  We aren’t kids here with ego issues.

Elon Musk only pointed out the loopholes in the cryptocurrency structure and I think if we’re going to consider that as positive or constructive criticism, then we’re halfway to perfection.  Elon Musk’s idea about Bitcoin is valid, I don’t really think of him reacting with it without a proper and solid foundation to back up his opinion.  He has a lot of analysts on his payroll so I don’t think this is the problem.

The only thing to do here is to develop more and let's now go ahead to the future where Bitcoin Miners are using 100% renewable energy soon.

[hannahB4]

I don't mind having people like Elon Musk but who are really interested in Bitcoin to invest but I will say Elon Musk planned all this from the inception of him investing into bitcoin and now mincing words because of this whole Doge coin I just hoped people will not be brain washed with all his tweet and ideas.

[Artemis3]

He is irrelevant. His little Pump & Dump scheme won't harm Bitcoin, first praising it then saying nonsense, as if electric cars didn't need power or power plants could not fail.

He thinks he can threaten the community? Let him sell the coins, others will be more than happy to buy them cheap...

These arrogant rich people made money with fiat and then spout nonsense to what they don't understand, as if they could change things and turn time back.