Tesla and Spacex CEO Elon Musk said dogecoin was “fundamentally better than everything else” he had seen as he criticized bitcoin. He also discussed the identity of the pseudonymous creator of Bitcoin, Satoshi Nakamoto, and the official currency of Mars.
Elon Musk discusses Crypto, Dogecoin, Bitcoin, Mars currency and who Satoshi Nakamoto is
Elon Musk shared his thoughts on cryptocurrency, dogecoin, bitcoin and the identity of pseudonymous Bitcoin creator Satoshi Nakamoto in an interview with Lex Fridman, published Tuesday.
Musk, who has long backed the same dogecoin cryptocurrency (DOGE), revealed:
Part of the reason I think there is some merit in dogecoin, even though it was obviously created as a joke, is that it actually has a much higher transaction volume capacity than the bitcoin.
“The cost of a transaction, dogecoin fees are very low,” added the chief executive of Tesla.
In contrast, he said, “At the moment, if you want to make a Bitcoin transaction, the price of that transaction is very high, so you can’t use it effectively for most things, and it couldn’t even be. reach a high volume. . After this interview was published, many people took to Twitter to remind Musk of the Lightning Network.
This isn’t the first time Musk has said dogecoin is better than bitcoin for transactions. During his Person of the Year interview with Time Magazine, he noted that bitcoin is better as a store of value while dogecoin is better suited for payments. He also recently announced that his electric car company, Tesla, would start accepting DOGE.
The CEO of Tesla, who is sometimes known in the crypto community as the Dogefather, added:
I’m not saying it’s the perfect system for a currency, but I think it’s actually fundamentally better than anything I’ve seen, just by accident.
Musk was also asked if he still plans to make dogecoin the official currency for Mars. He replied, “I think Mars itself will have to have a different currency because you can’t sync due to the speed of light, or not easily. “
He explained, “Mars is, on the closest approach, about four light minutes, and then on the furthest approach, it’s about 20 light minutes, maybe a little more. So you can’t really sync something if you have a 20 minute light speed issue if it has a 1 minute blockchain. It will not sync properly. The Tesla boss continued:
I don’t know if Mars would have a cryptocurrency, but it probably seems likely. But it would be some sort of localized thing on Mars.
The boss of Spacex was asked if he was Satoshi Nakamoto as some people believe. “I’m not,” he replied quickly. “Would you tell us if you were?” He was asked. “Yes,” he said.
He then shared his theory on who could be Satoshi Nakamoto, the pseudonymous creator of Bitcoin.
“You can watch the development of ideas before Bitcoin’s launch and see who wrote about those ideas,” he began. While emphasizing, “obviously, I don’t know who created bitcoin for practical purposes,” he detailed:
The evolution of ideas is pretty clear for that, and it looks like Nick Szabo is probably more responsible for the evolution of these ideas than anyone else.
“He claims to not be Nakamoto but I’m not sure it’s neither here nor there, but he seems to be more responsible for the ideas behind Bitcoin than anyone,” Musk concluded.
What do you think of Elon Musk’s comments? Let us know in the comments section below.
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