COBOL, mainframes and government overbreadth: Elon Musk painted a grim picture of ‘normal money’
CEO of Tesla Elon musk again criticized government-issued fiat currencies in response to a tweet posted by Dogecoin co-founder Billy Markus.
The billionaire pointed out how little ordinary people know about “normal” money, pointing out how obsolete and malleable it is.
Normal money is actually a bunch of old mainframes running cobol in batch mode, where the government can change the currency database whenever they want.
– Elon Musk (@elonmusk) November 15, 2021
COBOL, an aging programming language developed in the 1950s, is responsible for approximately 95% of ATM scans in the USA
The vast majority of banks continue to rely on “old” mainframes despite the proliferation of cloud computing. IBM mainframes remain in high demand.
This isn’t the first time Musk has aimed at fiat money. As reported by U.Today, the eccentric entrepreneur recently felt that crypto has value because of its immutability (as opposed to government-controlled currencies):
You know, when governments can’t keep their hand out of the cookie jar and change the monetary database, there’s probably some value in that.
Musk’s most recent anti-fiat commentary was seen as an advertisement for cryptocurrencies.
MicroStrategy CEO Michel saylor stated that it was necessary to have an immutable ledger with a fixed supply, pointing to Bitcoin.
If we want to fix the money, we have to agree on a single immutable ledger with a fixed monetary supply forever.
– Michael Saylor⚡️ (@saylor) November 15, 2021