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.
Topic: Satoshi Response To Elon Musk's Tweet On Bitcoin Mining - page 3. (Read 580 times)
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.
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.
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;
Satoshi reaction to Bitcoin mining as a waste of energy;
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
Quote
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;
Quote
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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