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Author Topic: Elon Musk finally weighs in on Bitcoin in a longer than usual commentary  (Read 176 times)
SaShiRaJaVu
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January 25, 2020, 04:35:42 PM
 #21

So, when he gives his opinion on Bitcoin, you can take it more seriously than people like Warren Buffett or Mark Cuban.  Roll Eyes  
This makes sense but Elon Musk really does like the innovation but he is not an advocate of bitcoin and we have heard him giving his opinion when he is asked about bitcoin and rather than keeping silent he just responds what he thinks.

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
Two wrongs will not make them right, fiat is controlled by the government and even if that can be used for illegal activities how about a decentralized coin that will help them make things different, we have the answer in bitcoin where every transaction is edged in history in the blockchain unlike fiat. 
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JeffBrad12
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January 25, 2020, 04:59:01 PM
 #22

That's just an opinion of a man although he did achieve some great things but he's also the same person who overly afraid of AI. Whether you will put yourself in the same boat as elon or not that's up to you but no one knows what the future holds. If elon in the past got underestimated by many people regarding spaceX he could be mistakenly underestimating cryptocurrency. Just no need to overthink about his opinion.

inure 
 

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CarnagexD
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January 25, 2020, 05:10:12 PM
 #23

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.
You're right. He is entitled to his own opinion, and at the very least he is making correct statements at the safest approach so as to not unintentionally offend anyone, which I think is great. He sees potential in the technology that is behind bitcoin. But bitcoin, I guess not so much, and I think that is okay, change is inevitable in life, after all.

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January 25, 2020, 05:24:38 PM
 #24

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.
Can you imagine him creating his own coin called the teslacoin so to use on the planet mars when he launches his SpaceX program to send space explorers off world? Cheesy
I think I liked him better as the CEO of Dogecoin instead.

https://bitcointalk.org/index.php?topic=5201880

Did you know he has become the first trillionaire of modern day society?  Shocked
Anyways here is the link to his interview. Grin
https://www.forbes.com/sites/ktorpey/2020/01/23/tesla-ceo-elon-musk-on-the-future-of-bitcoin-and-crypto/#131dadbc7500
https://bitcoinist.com/elon-musk-opens-up-on-bitcoin

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January 26, 2020, 01:23:20 AM
 #25

It's very interesting to notice Elon's behavior as soon as the question of Bitcoin comes up.  First reaction is he crosses his arms, soon after I see him shifting in his seat uncomfortably.  I don't feel he actually said anything at all about Bitcoin and perhaps that was the intention? 
Elon is surrounded by many wealthy and powerful people. Those people will certainly have influence over him and quite possibly want to muzzle any significant conversation regarding BTC among other contentious topics.  If not, I'm sure Elon is aware of his own influence over the public and likely understands the repercussions that could come from commenting on Bitcoin and therefore does a hand-waive dismissal of the topic.
Disappointing surely but I understand how his hands are kinda tied here. 
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January 26, 2020, 12:51:05 PM
 #26

That "legal to illegal" bridge is exactly what's stops Bitcoin.Musk is right about that.
Different countries,with different legislation regarding cryptocurrency,some countries don't even have such legislation.Millions of people worldwide know something about bitcoin,but they are too afraid to buy and use BTC,because it might become illegal.Other than that,I didn't see any valuable information from the interview with Elon Musk.

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January 26, 2020, 12:56:43 PM
 #27

Oh well, I have the feeling that Elon Musk is just riding the popularity of bitcoin so I'm a bit of skeptic when he started to open his mouth about bitcoin or the rest of crypto. We can't never really trust such words from famous personality he has already set his eyes on SpaceX project so I doubt that he will dabble himself on other things, including bitcoin.

I'm not that disappoint at all, you just have to take everything with a grain of salt specially high profile personality such as Elon. I do hope though that scammers would stop using his name for fake giveaways now since he open up his stance on bitcoin.

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