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Author Topic: Elon Musk finally weighs in on Bitcoin in a longer than usual commentary  (Read 176 times)
MajorMiner
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January 25, 2020, 01:06:02 AM
Last edit: January 25, 2020, 01:23:10 AM by MajorMiner
 #1

So Elon Musk finally went a little deeper on Bitcoin and cryptocurrency, sharing his thoughts in a recent interview with the Third Row Tesla Podcast - Elon's Story - Part 1.

I mean in the past he did call Bitcoin "quite brilliant", while criticizing it for being "energy intensive", and even joking about pervasive crypto scams that were originated in his name. So in the course of this interview Elon compared money to an information system for label allocation (1hr:22min into the video) and while at it bagged on the banks as heterogeneous low security high latency databases.
To save you a lot of time, the Bitcoin bit comes at 1hr:33min into the video when one of the interviewers asks "You love code but you dont seem to be bullish about Bitcoin", so the Great One waffle a little first saying he is neither here no there on Bitcoin, calls it "pretty clever" but then takes us down a familiar road with the "there are these transactions that are not within the balance of the law" and reducing Bitcoin to a "legal to illegal" bridge. Gets a little better when he talks about crypto being replacement for cash, but not a primary database...

As a Tesla owner and Tesla/SpaceX/TeslaEnergy fanatic, and a bit of an Elon Musk fanboy, I was a little disappointed...

What do you think about this folks? Great visionary guy missing the point? I mean he is clearly up the speed on finance and tech, having co-founded PayPal etc..

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January 25, 2020, 04:32:51 AM
 #2

I love Elon Musk and his innovative technology and keeps on with his research and development but funny enough, he has the right to express himself on any matter including bitcoin but his opinion does not really define the true state of bitcoin. Bitcoin as a technology is still evolving and will continue to attract criticism and praise.

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January 25, 2020, 04:43:39 AM
 #3

Co-founded paypal so he like centralized financial system that is regulated and manipulated by private entities. He loves when people pays heavy fees on each transaction and people keep billions of dollar in their online payment account without getting any interest on it, those numbers are in billions. Imagine how much it will be in interest from billion dollar even when interest rate is low.

He might not make hate statement against bitcoin but for sure he dont like to support it because he havent thought of getting back to finance space anytime soon.

 
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January 25, 2020, 05:26:55 AM
 #4

I wouldn't classify myself as a Elon Musk fanboy. I personally own a tesla car, and a tesla powerbank (actually pretty useful), but I don't follow Elon Musk and his interviews/videos/articles that often.

I've seen his previous thoughts on Bitcoin, and while we share some of the similar ideas (which is kinda cool), there are some disagreements that I have with him. I don't understand why he believes it's energy-intensive. When comparing the miner electricity fees compared to a lot of other businesses, it's minuscule. Banks spend a lot more electricity maintaining their systems, and bitcoin mining has seen a slow transition to more renewable energy sources.

 
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January 25, 2020, 06:05:59 AM
 #5

So Elon Musk finally went a little deeper on Bitcoin and cryptocurrency, sharing his thoughts in a recent interview with the Third Row Tesla Podcast - Elon's Story - Part 1.

I mean in the past he did call Bitcoin "quite brilliant", while criticizing it for being "energy intensive", and even joking about pervasive crypto scams that were originated in his name. So in the course of this interview Elon compared money to an information system for label allocation (1hr:22min into the video) and while at it bagged on the banks as heterogeneous low security high latency databases.
To save you a lot of time, the Bitcoin bit comes at 1hr:33min into the video when one of the interviewers asks "You love code but you dont seem to be bullish about Bitcoin", so the Great One waffle a little first saying he is neither here no there on Bitcoin, calls it "pretty clever" but then takes us down a familiar road with the "there are these transactions that are not within the balance of the law" and reducing Bitcoin to a "legal to illegal" bridge. Gets a little better when he talks about crypto being replacement for cash, but not a primary database...

As a Tesla owner and Tesla/SpaceX/TeslaEnergy fanatic, and a bit of an Elon Musk fanboy, I was a little disappointed...

What do you think about this folks? Great visionary guy missing the point? I mean he is clearly up the speed on finance and tech, having co-founded PayPal etc..

Elon Musk doesn’t care for bitcoins and he only keeps on making these statements, because he keeps getting free publicity from the crypto community and the media. I personally feel we should stop paying attention to his statements, because he’s not helping in adoption of bitcoins. It’s pertinent to note that if he really wishes to help then he should accept bitcoins for tesla cars as that’ll push people to buy bitcoins.

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January 25, 2020, 07:50:07 AM
 #6

Being one of the best businessman is great, it could possibly induce influence to allot of people and Elon Musk surely does have this influence over a wide of people. And the reason why I think you became disappointed is right in your statement. becoming someone to fund paypal and to basically be incorporated to financial businesses imposes risk when other asset could affect it. In this case, since paypal isn't utilizing bitcoin and cryptocurrency, there are some point that Elon Musk might saw bitcoin as a threat to their asset rather than a technology to be implemented worldwide.

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January 25, 2020, 07:53:33 AM
Last edit: January 25, 2020, 08:15:02 AM by acroman08
 #7

So Elon Musk finally went a little deeper on Bitcoin and cryptocurrency, sharing his thoughts in a recent interview with the Third Row Tesla Podcast - Elon's Story - Part 1.

I mean in the past he did call Bitcoin "quite brilliant", while criticizing it for being "energy intensive", and even joking about pervasive crypto scams that were originated in his name. So in the course of this interview Elon compared money to an information system for label allocation (1hr:22min into the video) and while at it bagged on the banks as heterogeneous low security high latency databases.
To save you a lot of time, the Bitcoin bit comes at 1hr:33min into the video when one of the interviewers asks "You love code but you dont seem to be bullish about Bitcoin", so the Great One waffle a little first saying he is neither here no there on Bitcoin, calls it "pretty clever" but then takes us down a familiar road with the "there are these transactions that are not within the balance of the law" and reducing Bitcoin to a "legal to illegal" bridge. Gets a little better when he talks about crypto being replacement for cash, but not a primary database...

As a Tesla owner and Tesla/SpaceX/TeslaEnergy fanatic, and a bit of an Elon Musk fanboy, I was a little disappointed...

What do you think about this folks? Great visionary guy missing the point? I mean he is clearly up the speed on finance and tech, having co-founded PayPal etc..

kindly provide the video for everyone or at least for those who are interested to watch the whole interview.

As a Tesla owner and Tesla/SpaceX/TeslaEnergy fanatic, and a bit of an Elon Musk fanboy, I was a little disappointed...

What do you think about this folks? Great visionary guy missing the point? I mean he is clearly up the speed on finance and tech, having co-founded PayPal etc..
I expected him to have his own views and opinion about bitcoin(some positive and negative) and I never really expect him to perfectly agree or totally on board with bitcoin.

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January 25, 2020, 08:20:26 AM
 #8

A link to the video would be better.

Anyways, he is just saying the facts. Bitcoin is still used to pay illegal transactions that are hard to trace and identify. It does still make its objective, to be an alternative to cash system, but the way it cannot scale that much, and these shady transactions using the Bitcoin as a tool, is true and we cannot do much about it until all exchanges are subject to regulation and KYC. Which is where the dilemma comes in.
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January 25, 2020, 09:09:30 AM
 #9

As a Tesla owner and Tesla/SpaceX/TeslaEnergy fanatic, and a bit of an Elon Musk fanboy, I was a little disappointed...

Why would you? Well he is entitled to his opinion, and as much as we wanted to hear positive things about Elon regarding bitcoin, we should understand where he is coming from.

What do you think about this folks? Great visionary guy missing the point? I mean he is clearly up the speed on finance and tech, having co-founded PayPal etc..

He is still a great visionary, in my opinion. But I wouldn't change my thought about him just because he turns his back against crypto. We don't know, maybe down the line, we his change his perception about this whole thing and be positive.


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January 25, 2020, 09:27:43 AM
 #10

I saw on his twitter account that he mentioned that bitcoin can be a replacement of cash in some circumstances. But it doesn't mean that we should get hyped. The problem is people are becoming hype when a celebrity or influential person talked about bitcoin. It is normal for us to see that they should have a care because awareness is gradually increasing. It is just a opinion of Elon Musk and we should not base our decisions about what he said.

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sunsilk
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January 25, 2020, 09:44:43 AM
 #11

The tweet series that he made about bitcoin. Just like the other known personality easily can tweet things about bitcoin but honestly, we don't know if they do really care or own a single bitcoin. I'm also an Elon Musk fanboy but I respect what he has to say.

Just because he's not bullish to bitcoin or said things that you don't like, this now will matter to you. It shouldn't be like that, just like those bearish people in bitcoin and keeps on telling bad words; they can say what they want to say.

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January 25, 2020, 10:10:14 AM
 #12

Although illicit activity cannot be directly linked to Bitcoin and we can't say the majority of Bitcoin transactions are illegal, he does have a point in his statement.

He's probably talking about Bitcoin as a possible currency. Bitcoin transactions are 100% sincere, but illicit activity such as tax evasion, money laundering, sales of illegal substances etc cannot be blocked.

Therefore, part of the investors are afraid to state a positive opinion on Bitcoin due to the fact that most governments link it in one way or another to these activities. It's amazing, or "brilliant" as Musk says, but well-known personalities probably prefer to stay away from giving it giving it a precise opinion.
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January 25, 2020, 10:19:35 AM
 #13

So Elon Musk finally went a little deeper on Bitcoin and cryptocurrency, sharing his thoughts in a recent interview with the Third Row Tesla Podcast - Elon's Story - Part 1.

I mean in the past he did call Bitcoin "quite brilliant", while criticizing it for being "energy intensive", and even joking about pervasive crypto scams that were originated in his name. So in the course of this interview Elon compared money to an information system for label allocation (1hr:22min into the video) and while at it bagged on the banks as heterogeneous low security high latency databases.
To save you a lot of time, the Bitcoin bit comes at 1hr:33min into the video when one of the interviewers asks "You love code but you dont seem to be bullish about Bitcoin", so the Great One waffle a little first saying he is neither here no there on Bitcoin, calls it "pretty clever" but then takes us down a familiar road with the "there are these transactions that are not within the balance of the law" and reducing Bitcoin to a "legal to illegal" bridge. Gets a little better when he talks about crypto being replacement for cash, but not a primary database...

As a Tesla owner and Tesla/SpaceX/TeslaEnergy fanatic, and a bit of an Elon Musk fanboy, I was a little disappointed...

What do you think about this folks? Great visionary guy missing the point? I mean he is clearly up the speed on finance and tech, having co-founded PayPal etc..

Elon Musk doesn’t care for bitcoins and he only keeps on making these statements, because he keeps getting free publicity from the crypto community and the media. I personally feel we should stop paying attention to his statements, because he’s not helping in adoption of bitcoins. It’s pertinent to note that if he really wishes to help then he should accept bitcoins for tesla cars as that’ll push people to buy bitcoins.
But for a celebrity like him, everything from him can greatly influence this market. I still remember in 2019 he tweeted something related to ETH, and immediately the price went up a lot. If he continues to care about the market in the future, it will help the market go up easier and become more popular.

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Darker45
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January 25, 2020, 10:54:41 AM
 #14

I haven't watched the video yet. Was not interested with the interview at first. But since I have encountered several controversial tweets and topics such as this one, I might as well take a little time watching it, probably skipping to the portion where he expressed his mind on Bitcoin.

But considering only what is written in the OP, I guess Elon's idea of Bitcoin is so obsolete. There is truth in it but that was the Bitcoin as being portrayed during the time of Silk Road. Bitcoin indeed used to be more of a bridge from legal to illegal. Bitcoin used to have that impression; a currency in the deep web, a currency for people involved in illegal transactions, a currency for drug dealers, assassins, launderers, hackers, gamblers, pedophiles, and other despised mortals.

But that was long ago. He should have kept himself abreast of the latest developments with Bitcoin. Bitcoin is now a currency of the unbanked, of people who yearn for financial freedom, of people whose fiat currency is on the brink of collapse or has collapsed already, of people who has grown tired of being financially manipulated, and so on.

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January 25, 2020, 10:57:23 AM
 #15

Why do people keep looking for validation from all these business celebrities - Musk, Gates, Wozniak, Buffet and lately Schiff? Do people only use stuff because its endorsed by famous and successful people, or do they actually do their own research do determine it themselves? I'll tell you a secret - all these famous guys didn't look deep at Bitcoin, they've just read some articles that had the usual narratives like "brilliant new technology but with high energy cost and criminals use it", and they just parrot it just like shitposters on this forum parrot what they read from news articles.

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January 25, 2020, 12:01:44 PM
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 #16

The "legal to illegal bridge" remark bugs me. He has a point, but he's basically implying that we should be enslaved to fiat, for all its flaws, effectively.

Eventually fiat will be used to determine who can buy or sell, with social credit system integration, a la the "beast system". Decentralized crypto offers an alternative to that kind of hell.
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January 25, 2020, 12:51:09 PM
 #17

I think he is just cautious. He is funding projects that might compete with those of the government but don't cross them out and do make sure everything is legal. I would say he is neutral about Bitcoin, because he is not sure where it would go, and doesn't want to look like McAfee who made a ridiculous prediction and was probably (still in the future) seriously wrong. Elon is a smart guy, he keeps it cool and doesn't make statements that could be used against him in the future.

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January 25, 2020, 12:52:10 PM
 #18

Sounds like good reason for pump
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January 25, 2020, 12:54:14 PM
 #19

When you listen to these influencers and celebrities you can quickly spot who actually knows something about Crypto currencies and who

simply follow what is said in the mainstream media. Elon Musk is one of those people who actually know what he is talking about, because

he has his roots in the payment system development scene. So, when he gives his opinion on Bitcoin, you can take it more seriously than

people like Warren Buffett or Mark Cuban.  Roll Eyes  Some of what he says makes sense, but the legal/illegal angle is just flawed. (Fiat is still

used the most for illegal activities.)  Wink

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January 25, 2020, 01:58:58 PM
 #20

I wouldn't classify myself as a Elon Musk fanboy. I personally own a tesla car, and a tesla powerbank (actually pretty useful), but I don't follow Elon Musk and his interviews/videos/articles that often.
That is cool and which Tesla car you own, i would like to own one but not financially that sound to purchase one.

Banks spend a lot more electricity maintaining their systems, and bitcoin mining has seen a slow transition to more renewable energy sources.
The comparison is not that great as everyone wants to trash on the amount of electricity used to mine bitcoin and the wastage it creates, it is a competitive revenue structure and you cannot complain when the network will help the entire market.

Elon has his opinion on how he views things, even i have my opinion thinking about his crazy SpaceX where they are planning to take tourist to outer space which is really crazy and not productive.
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