Tesla and Spacex CEO Elon Musk says dogecoin is “fundamentally better than anything else” he has seen while he criticizes bitcoin. He also discussed the identity of Bitcoin’s pseudonymous creator, 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 Bitcoin’s pseudonymous creator, Satoshi Nakamoto, in an interview with Lex Fridman, published Tuesday.
Musk revealed that he is a long-time supporter for the meme cryptocurrency dogecoin, DOGE.
One reason I feel there’s some merit in dogecoin, despite the fact that it is a joke is its ability to handle much more transactions than bitcoin.
“The cost of doing a transaction, the dogecoin fees are very low,” the Tesla executive added.
In contrast, he said: “Right now, if you want to do a Bitcoin transaction, the price of doing that transaction is very high, so you could not use it effectively for most things, and nor could it even scale to a high volume.” Following the publication of this interview, many people took to Twitter to remind Musk of the Lightning network.
Musk has said this before. 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 recently revealed that Tesla will accept DOGE.
Further, the Tesla CEO (sometimes referred to in crypto circles as the Dogefather) also opined.
I’m not saying that it’s the ideal system for a currency but I think it actually is just fundamentally better than anything else I’ve seen, just by accident.
Musk was also asked about his plans to make dogecoin Mars’s official currency. He replied: “I think Mars itself will need to have a different currency because you can’t synchronize due to the speed of light, or not easily.”
He explained: “Mars is, at closest approach, it’s four light minutes away roughly, and then at furthest approach, it’s roughly 20 light-minutes away, maybe a little more. So you can’t really have something synchronizing if you’ve got a 20-minute speed of light issue if it’s got a one-minute blockchain. It’s not going to synchronize properly.” The Tesla boss continued:
I don’t know if Mars would have a cryptocurrency as a thing, but probably, seems likely. However, it could be quite localized on Mars.
Spacex’s boss was asked if Satoshi Nagamoto is his real name. “I’m not,” he quickly replied. “Would you tell us if you were?” he was asked. “Yes,” he affirmed.
He proceeded to share his theory of who Satoshi Nakamoto, Bitcoin’s pseudonymous creator, might be.
“You can look at the evolution of ideas before the launch of Bitcoin and see who wrote about those ideas,” he began. While emphasizing, “Obviously I don’t know who created bitcoin for practical purposes,” he detailed:
This is how ideas develop, and Nick Szabo may be the most responsible.
“He claims not to be Nakamoto but I’m not sure that’s neither here nor there but he seems to be the one more responsible for the ideas behind Bitcoin than anyone else,” Musk concluded.
What do you think about Elon Musk’s comments? Comment below to let us know your thoughts about Elon Musk’s comments.
Credits for the imageShutterstock. Pixabay. Wiki Commons
DisclaimerThis information is provided for educational purposes only. This is not an invitation to purchase or sell directly, nor a suggestion or endorsement of products, services or companies. Bitcoin.com doesn’t offer investment, tax or legal advice. This article does not contain any information, products, or advice that can be used to cause or alleged result in any kind of damage.