Elon Musk’s fresh burst at Bitcoin: “Non-decentralized, Dogecoin is better”; sends Bitcoin tumbling 16%


Elon Musk continued to speak in favor of Dogecoin while slandering Bitcoin for its environmental impact. (Image: REUTERS)

Tesla chief Elon Musk’s latest Twitter duel revealed more why the world’s second richest person and a Bitcoin believer suddenly turned on him. After stopping Tesla Car’s purchases with Bitcoin last week, citing environmental concerns, Elon Musk spent his weekend responding to people on Twitter who questioned his decision. Besides environmental concerns, Musk has now claimed that Bitcoin is not as decentralized as people believe. On Sunday evening, the Tesla chief also appeared to agree with a tweet suggesting that Tesla would sell its Bitcoin holdings this quarter, but later clarified that he hadn’t already done so.

Bitcoin: Is It Really As Decentralized As You Think? Elon Musk says “ no ”

“Bitcoin is actually highly centralized, with the supermajority controlled by a handful of large mining companies (aka hash),” Musk wrote, responding to a post claiming Dogecoin was highly centralized. “A single coal mine in Xinjiang was flooded, nearly killing miners, and the Bitcoin hash rate fell 35%. Does that sound “decentralized” to you? ” he added.

Why Dogecoin wins over Bitcoin

Last week, while stopping purchases of Tesla cars using Bitcoin, Elon Musk said the company would consider other cryptocurrencies using less than 1% of Bitcoin’s energy per transaction, for purchases. of cars. His Twitter dialogue now suggests Dogecoin could be the frontrunner to replace Bitcoin. “Ideally, Doge speeds up block time 10X, increases block size 10X, and removes fees by 100X. Then he wins hands down, ”he said on Twitter. He added that low fees and high volume are needed to become Earth’s currency, again favoring Dogecoin.

Is Tesla selling its remaining Bitcoin?

However, that wasn’t the end of Elon Musk’s Twitter session for the weekend. Late Sunday night, Chief Tesla started yet another controversy in the cryptocurrency world. Musk seemed to agree with a Twitter post that read, “Bitcoiners are going to slap themselves next quarter when they find out Tesla has thrown away the rest of their Bitcoin holdings. With the amount of hatred Elon Musk elicits, I wouldn’t blame him. To that, Elon Musk replied, “Indeed”. He later clarified that so far Tesla has not sold any of its stakes in Bitcoin. Tesla bought $ 1.5 billion worth of Bitcoin earlier this year, 10% of which was later sold by the electric car maker.

Elon Musk continued to speak in favor of Dogecoin while slandering Bitcoin for its environmental impact. However, the prices of Bitcoin and Dogecoin as well as other cryptocurrencies have fallen over the past few days. The price of Bitcoin has fallen below $ 45,000, almost $ 20,000 less than ever.