@elonmusk "Bitcoin is almost as bs as fiat money"

[Pizzalover420]

https://twitter.com/elonmusk/status/1340588909974200321
He is right.

Bitcoin runs off the fumes of fiat.
It is not distributed fairly.
It is bullshit.

To kids born today bitcoin is a 88% premine. It might as well be ETH.
In 2142 it is 100% premined to future generations. It might as well be fiat.

In the end it will be a central banker with the most bitcoin and bitcoin miners.

You heard it from Elon, Bitcoin is a shitcoin.

Now a coin everyone mints at the same rate, would be legit.

[ranochigo]

Now a coin everyone mints at the same rate, would be legit.

Unlimited supply, inflationary currency. I think I've heard of that before...

You seem to be ignoring the specific problems of fiat that Bitcoin is designed to address but you're attacking the limitations that would be hard/impossible to solve and isn't realistically a problem at all, actually.

Beauty of Bitcoin is that the supply of Bitcoin is fixed and the rate of production decreases over time. I don't see much of a problem of it being a "premine". I would rather the value of Bitcoin not depreciate to near 0 over time as the supply increases constantly, like you know, Zimbabwe.

[Pizzalover420]

Now a coin everyone mints at the same rate, would be legit.

Unlimited supply, inflationary currency. I think I've heard of that before...

It is limited to when you die you stop earning it.

And is a unlimited supply so bad? fiat seems to be doing just fine, literally the measurement of bitcoins worth.

Really it is a limited and unlimited supply, unlimited it can never be mined out so future generations always have some and don`t have to kill each other to obtain it,  and limited that you stop mining it when you pass. A supply we have never tried before.

There is more usd than zimbabwae $`s created, so you are wrong.

[mk4]

It is limited to when you die you stop earning it.

And is a unlimited supply so bad? fiat seems to be doing just fine, literally the measurement of bitcoins worth.

Really it is a limited and unlimited supply, unlimited it can never be mined out so future generations always have some and don`t have to kill each other to obtain it,  and limited that you stop mining it when you pass. A supply we have never tried before.

There is more usd than zimbabwae $`s created, so you are wrong.

1. Literally one of the goals is to have an asset that has characteristics to lessen the likeliness of decreasing in value, hence the limited supply and the halvings every 4 years.

2. Kill each other to obtain it? Dafuq? Or maybe, you know, earning money the usual way by earning it?

3. The point is not which asset has a higher supply, what killed the Zimbabwean Bolivar is actually the huge sudden spike up in inflation.

[Darker45]

Now a coin everyone mints at the same rate, would be legit.

Unlimited supply, inflationary currency. I think I've heard of that before...

It is limited to when you die you stop earning it.

This is the wrong sense of the term unlimited here. When you die, it doesn't mean the injection of new supply also dies. Your death doesn't matter at all.

And is a unlimited supply so bad? fiat seems to be doing just fine, literally the measurement of bitcoins worth.

The fact is that fiat is not unlimited. The creation of new money is based upon a strict set of criteria. It's just that it is being abused. Fiat is extremely susceptible to abuses most especially because it is being under the control of a few very corruptible personalities. The rules are not hard-coded. It can be bent on whichever direction the whims of these people prefer. That's how Bitcoin is born, as a reaction to it. Or, if you prefer, as a solution.

Really it is a limited and unlimited supply, unlimited it can never be mined out so future generations always have some and don`t have to kill each other to obtain it,  and limited that you stop mining it when you pass. A supply we have never tried before.

People always kill each other. That's true even before the first form of money came into being. Away from money, people kill for some corn seeds. So, don't bring it up.

[joniboini]

To kids born today bitcoin is a 88% premine. It might as well be ETH.
In 2142 it is 100% premined to future generations. It might as well be fiat.

I think you abuse the "premine" words too much. What you probably trying to say is that around 88% is already in circulation, which is quite different from ETH and so on.

Either you're confused or you don't really know what premine means. Fiat is not even "mined".

[NelfiNovita]

in my opinion it is quite difficult to make bitcoin as fiat money, but bitcoin can have the same function as fiat money, on the other hand bitcoin still has weaknesses such as a long sending process and bitcoin can only be used for areas that have an internet network, for areas that don't  having an internet network cannot buy and sell bitcoin.

[rollingdice]

It is not distributed fairly.

What? Could you name any asset which is distributed fairly? At least we aren't too late to invest in Bitcoin. And our descendants can inherit it.

[pawanjain]

Now a coin everyone mints at the same rate, would be legit.

If everyone mints the coin at some point won't it be unfair for their future generations since it will be premined for them ?
Nobody can avoid this and it is how it is. Call it unfair or whatever you want but the limited supply of bitcoin is what making it's value increase each year.
As years pass on, bitcoin will become more decentralized and distributed than it is today. Fiat on the other hand will still be centralized with unlimited supply and super inflationary value.
Good luck with that.

[DeathAngel]

Elon likes his TSLA stock to rise, he’s not going to tell everybody bitcoin is amazing & to buy it as it’d get people to buy bitcoin & not TSLA.

Nothing to see here. He’s not the first & won’t be the last public figure to diss bitcoin.