Satoshi Response To Elon Musk's Tweet On Bitcoin Mining

[Igebotz]

Few weeks ago Elon Musk the CEO of Tesla made a bold statement concerning Tesla dropping bitcoin as one of the mode of payment due to the high level of electricity consumption during it mining process, in his statement he regard bitcoin as an environmental waste. According to Elon;

Tesla has suspended vehicle purchases using Bitcoin. We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel. Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at a great cost to the environment. Tesla will not be selling any Bitcoin and we intend to use it for transactions as soon as mining transitions to more sustainable energy. We are also looking at other cryptocurrencies that use <1% of Bitcoin's energy/transaction."

Satoshi reaction to Bitcoin mining as a waste of energy;

It’s the same situation as gold and gold mining. The marginal cost of gold mining tends to stay near the price of gold. Gold mining is a waste, but that waste is far less than the utility of having gold available as a medium of exchange. I think the case will be the same for Bitcoin. The utility of the exchanges made possible by Bitcoin will far exceed the cost of electricity used. Therefore, not having Bitcoin would be a net waste.

The gold mining sector and banking system use more energy compared to bitcoin mining but it's fine because it owned by the government while bitcoin is owned by the people and for the people.

This tweet from elon dropped bitcoin price by 10% few minutes after he tweeted and Bitcoin keep crashing till date, Elon and Teala involvement in Bitcoin is not yielding good results, the market is being manipulated by Elon. His main goal is to get dogecoin into the limelight, Elon is not a huge fan of Bitcoin.


Quote references

Link to Satoshi reply
Link to Elon's Tweet

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[ranochigo]

It is frankly quite absurd to be so obsessed with what either of them have said. The statistics are there and there is no reason why people would value either of their opinion over the statistics.

Fact is, the economics of mining at that time isn't like what it is now. I'm fairly sure when it was dominated by CPUs or perhaps GPU, the power consumption was far, far lower from how it is now. Your ASIC chips also contain gold and other metals, do you account for them during your estimation of environmental impact? Satoshi also probably didn't expect specialized chips (ASICs) to be produced for this as well. Frankly, we shouldn't really care about the narrative, the facts are out there. Bitcoin, even at its current capacity does what most banking systems and payment systems cannot, being decentralized and resistant to censorship.

[o_e_l_e_o]

Let's be clear: Elon didn't tweet what he did because he suddenly realized bitcoin uses electricity. He knew fine well how bitcoin works long before Tesla started to accept it. He also knows fine well the data show that bitcoin uses a miniscule fraction of the electricity fiat banking uses. He also knows fine well that the majority of the electricity bitcoin uses is renewable. He tweeted what he did because he knows there are tens of thousands newbies who are only interested in getting rich quick who will buy or sell based on his word.

If he really thinks bitcoin is awful, then why did neither him nor Tesla sell any of their coins? He's doing this for his own benefit, nothing else.

[decodx]

If he really thinks bitcoin is awful, then why did neither him nor Tesla sell any of their coins? He's doing this for his own benefit, nothing else.

I think exactly the same.
It's important to understand that Musk, like most rich people, does what he knows best; make more money for himself.

[Igebotz]

If he really thinks bitcoin is awful, then why did neither him nor Tesla sell any of their coins? He's doing this for his benefit, nothing else.

Elon does not believe in bitcoin and Yes he is only manipulating the market for his own personal and selfish interest I'm sure Tesla won't hodl those coins for a long time, Elon is working on making Dogecoin the next payment option before getting rid of bitcoin.

Elon simple method;

Tweet bad about a coin it crashes he buys
Tweet good about a coin it goes up he sells

He won't be in the crypto market for a long run.

[PrivacyG]

I have yet to hear about a rich personality who has done something for everyone's sake without attempting to benefit themselves from it as well.  Even charity donations have some sort of plan behind.  When you have a tainted image, you try your best to fix it up.

Musk never said he will make his average follower rich.  He never mentioned he is doing the Cryptocurrency thing for the benefit of everyone else.

You all have to understand it is solely in his own benefit, and not in ours.  He is a billionaire.  He does not want you to be part of the Billionaires Club.  Should you believe otherwise, I have to say you are a little bit naive.

-
Regards,
PrivacyG

[Coyster]

The thing is more people are interested in what Elon says, it's more like he has the capacity to make things happen in the crypto network, just like for example, quite a lot of people are interested in Dogecoin cause they believe as a result of Musk's interest in Dogecoin, it's going to continue to pump and prolly be more useful that Bitcoin in the long period.

Having said that, this back and forth tweets from Elon Musk will basically continue, as long as people are still swayed into action by it, it's one thing to think Bitcoin is bad, and another to say it's bad to influence other people's decisions for your own advantage, well that's why crypto enthusiasts are required to do their own extensive research.

[LeastComicStanding]

As I think is the general crypto-community consensus, Elon is a conman. You can't make me believe he didn't have his team research Bitcoin in its fullest regards before deciding to invest BILLIONS into it and incorporate it into his Fortune company. To be releasing this information now as a reason to stop/annul the incorporation, is clearly a front.

As for comparing the mining cost of BTC to gold, that's kind of a silly comparison, as gold can be physically used for manufacture, and even if all the computers and electricity in the world disappear, the gold will remain. The BTC network exists solely as an analogy to the financial aspect of gold.

[Oshosondy]

Let's be clear: Elon didn't tweet what he did because he suddenly realized bitcoin uses electricity. He knew fine well how bitcoin works long before Tesla started to accept it. He also knows fine well the data show that bitcoin uses a miniscule fraction of the electricity fiat banking uses. He also knows fine well that the majority of the electricity bitcoin uses is renewable. He tweeted what he did because he knows there are tens of thousands newbies who are only interested in getting rich quick who will buy or sell based on his word.

If he really thinks bitcoin is awful, then why did neither him nor Tesla sell any of their coins? He's doing this for his own benefit, nothing else.

There is nothing more than Elon Musk should not be trusted, he only wanted to manipulate the market, he wanted people to go for doge. He says Tesla will accept coin that make use of less than 1% of electricity bitcoin uses for mining, doge fit into that category, though he may not later use doge for it, but that is the message he was passing to people to make people fomo and buy doge. A week before his speech, we did not know how bitcoin market was manipulated that other coins were increasing in price, even ethereum really increased price but bitcoin was not, this can even be Elon Musk's doing, I do not believe or trust that man at all. Later after Doge climb to be one of the first five coin which massive increase, he might be thinking to manipulate the market so that doge will over take binance coin to be among the first three. But he failed, the market crash, the altcoins even fall more than bitcoin. I am 100% accurate that all what Elon Musk was and is doing is for doge to be the bitcoin of tomorrow, but he will still later realize how bitcoin will remain bitcoin.

[JeromeTash]

Today I watched a documentary called Moneybots on Al Jazeera and one constant thing is that "The Big boys club" will always come in and manipulate the market at whatever costs so that they get richer. That's the reality and bitter truth.

The less we give them attention, the less power they have in manipulating the cryptomarket and making money for themselves. When Elon tweets about crypto, it should never make you think he wants cryptocurrencies to prosper. He just fucking wants to get some quick bucks. That's all.

Otherwise
1. The very asshole blaming bitcoin mining for having a heavy impact in climate change is the same clown launching and exploding his rockets into the environment and atmosphere through his spacex program. Who's doing more harm?
2. The materials used to make his so-called car batteries are mined from earth, further deteriorating the environment. Again, who's fooling who?

People, you've got to wake up. Elon Musk is one of the devils.

[SquirrelJulietGarden]

When I see the topic, I thought Satoshi came back to Bitcoin community suddenly after one decade stays in the dark.

The post you quoted is the response of Satoshi or his view about Bitcoin mining and cost of electricty.

Satoshi did not response to Elon Musk's tweet. Did he know Elon Musk when he made that post? Satoshi responsed to gridecon's post indeed.

o_e_l_e_o's post is perfect. Bitcoin network was smaller in the past and cost of electricty to mine one bitcoin or of the whole network every day was smaller than today.

If mining farms want to invest for more equipments, they can use exhausted heat from mining rigs in 3Rs cycles as Reusing.
Reuse waste heat from refrigeration units

[Beparanf]

When I see the topic, I thought Satoshi came back to Bitcoin community suddenly after one decade stays in the dark.

The post you quoted is the response of Satoshi or his view about Bitcoin mining and cost of electricty.

Satoshi did not response to Elon Musk's tweet. Did he know Elon Musk when he made that post? Satoshi responsed to gridecon's post indeed.

o_e_l_e_o's post is perfect. Bitcoin network was smaller in the past and cost of electricty to mine one bitcoin or of the whole network every day was smaller than today.

Don't take it directly. He is just referring to Satoshi statement answering a similar topic which Elon musk written as per OP quoted words above. It's a common way to attract readers to his post but his statement stand correct by using Satoshi old post since he is the one made that.

[michellee]

Let Elon say whatever he wants. I think people now do not like Elon again because they lose their money before. Elon only wants to make money without thinking about bitcoin, the technology or even about people who follow his tweet. People need to realize the motive behind Elon's tweet to analyze to find what they need to do and not because of panic of missing the chance to make a profit. But I guess Elon is not wrong because he only tweets something on his tweeter and people follow what he tweet and I think many people follow him without searching for more info.

[cryptoaddictchie]

That's the problem now. Most traders and investors are heavily affected by those tweets and resulting to such dump. It has impact whether we ignore it or not.

We can see clearly that a simple fud of Elon has a huge factor on bitcoin price, now China is totally screwing bitcoin as they announced some fuc***** statement regarding bitcoin miners. Anyway, Elon and China are wise guys, they knew how to pull a string to buy back again bitcoin at a cheaper price. Just hoping individual retailers can hold to avoid continous market dump.

[libert19]

Lol, I wondered if satoshi came back from grave to answer Elon but then clicked link and realized.

This tweet from elon dropped bitcoin price by 10% few minutes after he tweeted and Bitcoin keep crashing till date, Elon and Teala involvement in Bitcoin is not yielding good results, the market is being manipulated by Elon. His main goal is to get dogecoin into the limelight, Elon is not a huge fan of Bitcoin.

I mean they still bought BTC, and holding 90% of it.

[Darker45]

That's the problem now. Most traders and investors are heavily affected by those tweets and resulting to such dump. It has impact whether we ignore it or not.

It undeniably has. However, it seems Elon is not to be totally blamed for it. Elon is having the time of his life on Twitter because millions are crazy enough to take every single one of his tweets seriously. They seem to decide on things based on a mere worthless tweet.

For example, millions would start buying Doge because Elon is making an equivocal or sarcastic tweet mentioning the meme coin. Meanwhile, traders would also quickly create buy orders the moment the tweet is made, expecting that the price would rally because Elon has tens of millions of blind fanatics.

A ripple effect is created out of a single Elon tweet. It's about time people take things more deeply.

[pooya87]

For example, millions would start buying Doge because Elon is making an equivocal or sarcastic tweet mentioning the meme coin. Meanwhile, traders would also quickly create buy orders the moment the tweet is made, expecting that the price would rally because Elon has tens of millions of blind fanatics.

That is not exactly what happened though.
Elon definitely hyped up that shitcoin but people didn't buy because of his tweets. It is just that the pumpers are always desperate for any excuse to select a random shitcoin and pump & dump it to make profit and Elon's tweet was that excuse.
Funny enough after he started spreading FUD about bitcoin but continue supporting DOGE people still dumped doge even harder than they dumped bitcoin!

[cryptoaddictchie]

People still dumped doge even harder than they dumped bitcoin!

This is also pyschological. People tends to buy when someone ask them not too. I admit, I missed this crazy run of doge, but since the dump, I am gonna try if dogecoin or Elon musk have literally power after all the past shits on twitter including him. Ape only few, but we will see what will happen when Elon tweeted and boosting dogecoin once again.

[Mistafreeze]

Elon is so naive and have no idea what damage his space ship has on the environment habitats, No he is so dumb to know that, how could a man with such influential status go live to talk shit without proper research, Bitcoin mining don't even consume 1/4 of what gold mining and banking system uses.

I mean they still bought BTC, and holding 90% of it.

Yeah but they want you to sell your own with their shit posts, fall the market while they accumulate more to themselves. A selfish game.

[decodx]

Elon is so naive and have no idea what damage his space ship has on the environment habitats, No he is so dumb to know that, how could a man with such influential status go live to talk shit without proper research, Bitcoin mining don't even consume 1/4 of what gold mining and banking system uses.

I mean they still bought BTC, and holding 90% of it.

Yeah but they want you to sell your own with their shit posts, fall the market while they accumulate more to themselves. A selfish game.

Can you really believe he said that without any research beforehand? Can you really believe that?
No, I don't think he's dumb. Every action and thought he makes is thoughtfully intended for his benefit. Why do I think so? Because that's the most rational answer.