06 Jun No, Musk, don’t blame Bitcoin for dirty energy — The problem lies deeper
Tesla CEO Elon Musk is a controversial person. He’s famous for his serious attitude, his ability to land rockets with cars, and his ability to sell a flamethrower. But he also loves to stir up controversy. In an interview this month, he blamed bitcoin and blockchain for the pollution in the world’s energy systems. He believes that bitcoin’s decentralized, blockchain-based system is more efficient than the centralized control systems of traditional energy companies. Musk’s comments sparked a lot of backlash, but his critics are missing the point.
On Friday, Elon Musk, CEO of Tesla and SpaceX, published a tweet that has since caused quite an uproar across the cryptocurrency community. The tweet pointed out that Tesla’s solar projects in the state of South Australia have helped to solve this country’s energy crisis and that Bitcoin could not have done the same. In his tweet, Musk wrote: “Tesla and Elon Musk have solved the South Australian energy crisis. All we need is a little more time.”
Elon Musk, the CEO of Tesla and SpaceX, tweeted over the weekend that he thinks Bitcoin is “a scam,” and that the problem is “solving the problem of currency.” But a deeper look at the way Musk made his case shows that he doesn’t understand Bitcoin or how cryptocurrency really works.. Read more about when did bitcoin come out and let us know what you think.Elon Musk is certainly interested in digital currency, but he doesn’t seem to want to find out about it. At the very least, I fear he doesn’t understand bitcoin (BTC) and decentralized systems in general well enough. A decentralized system must be secure, and proof of work (PoW) is the solution that allows Bitcoin to protect its digital assets. The more successful bitcoin becomes, the more power the PoW needs to protect the network. In other words: The reason bitcoin consumes much more energy than, say, the US dollar. B. Dogecoin (DOGE), is that BTC is much more secure than DOGE. Related: Expert response: How is Elon Musk influencing the crypto-currency space?
The irony of Elon Musk
In terms of energy consumption, BTC consumes more energy when mining bitcoin. That’s because bitcoin leads the way. The irony is that electricity is amorphous – amorphous in the sense that you don’t know where it comes from. If you are only looking at the kilowatt hours of electricity being transmitted to you, you will not know where the electricity is coming from unless someone has told you. You have to keep in mind the source of origin, which is sometimes clean, renewable energy – like solar, wind, hydro or geothermal – but sometimes dirty coal, nuclear and other dirty energy sources. The biggest problem is that the energy itself is neutral. The energy doesn’t know where it comes from. Energy is just energy – electricity. The irony is that the electric cars Elon Musk sells at Tesla are powered by the same energy as the coal-fired BTC mines. Ironically, he blames mountain cars for using a lot of energy, because Tesla’s run on energy that comes from all over the world. If you build and sell 10 million cars, they basically consume a lot of energy.
Who is right, who is wrong?
To really get rid of dirty energy, we need to stop production at the source: the power plant. This is the only way to get rid of unstable energy sources. If bitcoin mining is necessary, you might think that Christmas lights or turning on the air conditioner are fine, whereas Christmas lights – in my opinion – are actually unnecessary. I could also say that air conditioning is also unnecessary. On the other hand, a washer and dryer are necessary, but if you really want to, you can try doing laundry naturally, by hand and in the creek behind your house. These subjective concerns about what is right or wrong, or how to use one’s electricity, come from society. Do we let society and the adults in it choose how to use electricity? Should there be standards, rules or even laws for this? If you can use washing machines or air conditioners, why couldn’t you use bitcoin machines? All of these devices waste energy, but these examples are designed to make our lives easier and better. Whether it’s the Paris Agreement or other important international regulations, the goal should be to eliminate dirty energy at the source, in power plants, as mentioned earlier. To be fair, many other industries use a lot of electricity: Aluminium, steel, gold and silver mines take up a lot of space and consume a lot of energy, both electricity and fossil fuels. Ultimately, it’s a matter of judging which activities are good and which are bad. The answer here would be completely subjective: For some, gold mining or steel processing is a good thing, while bitcoin mining destroys the environment. Conversely, I would say that mining bitcoins is a good thing and processing gold and steel is a waste of money, energy and resources. Ultimately, it’s subjective.
Why did Musk choose Dogecoin?
Elon Musk likes to be famous, and he likes power, as probably many others do. What’s interesting is that in the case of bitcoin, it has no impact because bitcoin is already very popular. In other words, it will not be able to take control of Bitcoin and give it direction, it is already too powerful for that. Take a look at some of the major cryptocurrencies outside of bitcoin: My brother, Charlie Lee, is the public face of Litecoin (LTC). Ether (ETH) has a very public founder, Vitalik Buterin. Jean-Louis Van Der Velde is behind Tether (USDT). Binance Coin (BNB) has Changpeng Zhao, and so on, and they are impossible to catch because there are famous people in the driver’s seat, so to speak. Finally, there is Dogecoin, which was set up as a hobby project, but the founders seem to have disappeared and DOGE is not actively maintained. Here’s an interesting theory: Elon Musk heard about the Dogecoin tragedy and realized it was something he had control over. He could become the new boss of Dogecoin. (Which is why I don’t think he picked other cryptocurrencies because they had their favorite founders and leaders). With such a strong and well-known leader, Dogecoin has grown in value. That’s my theory, but in general I don’t like centralized digital currencies. The fact that you can take Dogecoin and set your own direction is a bad sign for Dogecoin. In my opinion, it’s not very interesting. This article is from an interview Max Jakubowski had with Bobby Lee. It’s been shortened and edited. This article contains no investment advice or recommendations. Any investment or business transaction involves risk, and readers should do their own research before making a decision. The views, thoughts and opinions expressed in this document are those of the authors and do not necessarily reflect the views and opinions of Cointelegraph. Bobby Li is the former CEO of China’s first cryptocurrency exchange, BTCC, which was founded in 2011. Lee earned bachelor’s and master’s degrees in computer science from Stanford University and began his career in the technology industry as a software engineer at Yahoo. His current project is Ballet, a hardware crypto-currency wallet designed to be accessible and accepted by the general public. Mr. Lee is also vice chairman of the Bitcoin Foundation and the brother of Litecoin founder and supporter Charlie Lee.During a recent interview, Tesla’s CEO Elon Musk said he sees the future of energy being a system where a few companies control the flow of electricity. He said that “electricity has gotten too cheap and too abundant to be controlled by just anyone.” This triggered a discussion about the future of energy and how the ownership of such resources will be managed in the future.. Read more about when to buy bitcoin 2021 and let us know what you think.
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