Elon Musk calls cryptocurrency 'brilliant' while predicting end of paper money..

Malsetid

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Quote from: CoinChili on March 23, 2019, 11:44:33 PM

I really admire Elon Musk for always being positive with bitcoin. He always support cryptocurrency all the way of it's journey. We are starting to adopt the changes from this crypto world and i think time will come that we will further doesn't need any paper money.

There's a lot more to admire about the guy that just since stand on crypto. I don't even think he' given it much thought. He sees it for what it is and that's another way to people to have quicker and efficient transactions in the future. He himself added he hasn't bought any btcs on his own yet.

cunicula

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Elon musk is just another mummy boy who keeps calling out blockchain as a s brilliant as his spacex programmes, the truth is that spacex is just his zeal not a humanitarian effort.

Mpamaegbu

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Mr Musk should readily understand that the rest of the world isn't as small as where he lives. Oeople have different issues plaguing them at different times. It might be a great idea to embrace cryptocurrency just like we are having electric cars now but it shouldn't obliterate fiat like we would still have cars run on petrol, no matter what. Fiat will always exist for the not so internet suavy individuals and nations. This is the simple fact.

CoinChili

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I really admire Elon Musk for always being positive with bitcoin. He always support cryptocurrency all the way of it's journey. We are starting to adopt the changes from this crypto world and i think time will come that we will further doesn't need any paper money.

plvbob0070

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Glad that there are well known people who's futuristic and know that technology will continue to develop in the future. And can see the value of crypto and what it can bring to the people. But as what he can view in the future, it would still take a lot of time before it will happen.

miropp

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It's the truth. Technology is evolving and becoming more and more convenient. With money will also. It is not known how long it will take. But sooner or later we will all move to cashless payments. I believe that.

Zythiphill

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Quote from: Artemis3 on March 23, 2019, 02:32:35 PM

Quote from: teejayrichard2 on March 21, 2019, 03:31:54 PM

Elon Musk has definitely seen the potentials bitcoin has after making his analysis, thus calling cryptocurrency brilliant but predicting the end of paper money is something I don't think will occur. Paper money will not end but will co-exist with cryptocurrency. Well I maybe wrong but that's my opinion.

In the short term, but i think he was meaning in the long term. It won't be overnight, people will slowly use less and less cash, and then the switch to crypto is easier.

I of course believe strongly in cryptocurrency and believe that it can change the world for the better , but what will replace Fiat money I have little faith in it, fiat money is still reliable

alina345

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Cryptocurrency will definitely replace paper money. It is a good time to learn about it before it goes mainstream.

Artemis3

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Quote from: teejayrichard2 on March 21, 2019, 03:31:54 PM

Elon Musk has definitely seen the potentials bitcoin has after making his analysis, thus calling cryptocurrency brilliant but predicting the end of paper money is something I don't think will occur. Paper money will not end but will co-exist with cryptocurrency. Well I maybe wrong but that's my opinion.

In the short term, but i think he was meaning in the long term. It won't be overnight, people will slowly use less and less cash, and then the switch to crypto is easier.

incomefromcoins

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Elon Musk is a visionary entrepreneur he invented the PayPal and now he is seeing cryptocurrency he can analyse the future money and predicted cryptocurrency is future money

xWolfx

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Quote from: libert19 on March 17, 2019, 10:03:59 PM

End of paper money? that's bit over the top. You can't just abolish something that took years to build, BTC is still very new.

I don't think that it is, like, at all. I personally admire his capacity to build and if i can emulate even a bit of the great treats he has i could build cool things too since i have a lot of ideas.

Paper money will become(if it's not already) a burden for some governments and it will certainly be eliminated in the future. It's not really needed as long as a pretty good payment method is around that allow us to pay absolutely everything with virtual currency.

For example, in Venezuela you can only get like less than $1 everyday out from the bank. Yes you can't do practically anything with that. Imagine if instead of printing more and raising the inflation, everybody accepted virtual currency?. There wouldn't be a problem at all.

teejayrichard2

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Elon Musk has definitely seen the potentials bitcoin has after making his analysis, thus calling cryptocurrency brilliant but predicting the end of paper money is something I don't think will occur. Paper money will not end but will co-exist with cryptocurrency. Well I maybe wrong but that's my opinion.

bustedsynx

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Quote from: teejayrichard2 on March 18, 2019, 03:40:06 PM

Elon Musk has taken time to study cryptocurrency using blockchain technology and has seen the great potentials and benefits it offers to the world, that is why he is all out showing his support. Though i am in support of him calling cryptocurrency brilliant, I don't believe paper money will end but it will rather co-exist with cryptocurrency.

Kinda like when I want to hang photos of my family on a wall with picture frames, I bring my phone to Kodak labs for prints. LOL, I remember using those 35mm film rolls and snapping pictures without knowing how it would look like and only after the film is developed and printed, would I know.

teejayrichard2

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Elon Musk has taken time to study cryptocurrency using blockchain technology and has seen the great potentials and benefits it offers to the world, that is why he is all out showing his support. Though i am in support of him calling cryptocurrency brilliant, I don't believe paper money will end but it will rather co-exist with cryptocurrency.

aprilnot

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Quote from: KingScorpio on February 20, 2019, 12:59:22 PM

Quote from: CryptoPressAssociation on February 20, 2019, 07:01:33 AM

Quote

"Paper money is going away and cryptocurrency is a far better way to transfer value than pieces of paper" but as far as his companies getting involved "I don’t think it would be a good use of Tesla’s resources"...

continued @ https://GlobalCryptoPress.com

Pretty exciting, hopefully some good press can help keep this week's run going!

paper money might still survive if the world collapses due to cryptocurrencies.

i also read that article bitcoin cultists tried to put words into elons mouth saying that elon said "bitcoin is the future" so disgusting.

regards

yes you are right, paper money will never disappear. it's hard to make everyone use crypto when the value is unstable. I think Elon knows this. but maybe he just made good crypto images when the market crashed.

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Quote from: Mrsparks on March 18, 2019, 10:39:20 AM

I unarguably support his opinion. Fiat currency is a mess in some underdeveloped nations and the inability of the Government to manage the economy see them printing more and more worthless paper and devalue the economy. Bitcoin and cryptocurrency is the best option..

Just remember one thing and that is that Bitcoin is not immune to these types of actions. We have already seen fractional reserve type practices in some of these dodgy Bitcoin exchanges and this is also a threat to Bitcoin's future. I am normally against any type of over regulation, but we need some oversight from some government to prevent these actions from scrupulous profit hunters on these exchanges.

Bitcoin cannot print "toilet paper" money, but centralized exchanges can cheat the system within their local ledger software. Angry

Mrsparks

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I unarguably support his opinion. Fiat currency is a mess in some underdeveloped nations and the inability of the Government to manage the economy see them printing more and more worthless paper and devalue the economy. Bitcoin and cryptocurrency is the best option..

Thekool1s

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Quote from: Kakmakr on February 21, 2019, 12:58:21 AM

This is a huge compliment, coming from the co-founder of PayPal. Elon Musk is not unfamiliar with alternative payment systems and the Banking industry < he also founded X.com, an online bank >, so his opinion comes with a lot of weight and experience. Wink

Musk has a good eye for emerging technologies and also technologies that might have potential for disruption of traditional systems and technology. Cool

Not only that, He plans to dominate the internet itself. Heard about the Project Starlink? It will be going up in the next 3 years and will provide high-speed internet access to the masses within a decade. Lots of exciting stuff is coming up. Recently Musk got the clearance to launch some 6000 satellites to launch within the period of next 3 years, expect some live streams from SpaceX Cheesy

rnchavez19

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Although there is a continuous trend in cryptocurrency, I'm pretty sure with what he said in the last line that he also meant that paper money... ("hard money") is still more valuable.

dablatair

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Hello,

Another really intersting statement of Elon Musk ! He is very visionnaire and experienced so good point for Crypto expansion in general but it will be really hard to be free of paper money, specially for countries that will not ended so easily. there are many things to improve like transparency and security to go further in that way.

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