Connect with us


Elon Musk, other bitcoin top gun trade insult over Tesla’s decision



Elon Musk’s Tesla stocks overtake Facebook, now worth $834 billion

Four days after Elon Musk announced that Tesla will no more accept bitcoin as payment option, other investors are still furious with the billionaire, and a confrontation played out on Sunday.

The faceoff was triggered by podcast host and founder of WhatBitcoinDid, Peter McCormack, in a statement on Twitter. He said Musk’s decision caused damage to Tesla because he held a lot of influence with his over 35 million followers on Twitter. Since Musk’s Tesla dumped Bitcoin, the crypto has remained down above 7 percent.

Tesla had cited the high consumption of energy by bitcoin as reasons for dumping it, but McCormack labelled it false statement which caused 30 percent decline in people’s investment and capital available for everyday necessities.

He said the damage was temporal, but Musk is increasing the work load of many bitcoiners, adding that, “It might be all fun and games for you (Musk) but the impact on others is real. Basically, you are being a bit of a dick mate.

“With great power comes great responsibility, yadda yadda. There are many smart people in #Bitcoin who have spent years trying to solve very hard problems. They don’t need to be wasting time countering the crap you are disseminating.

“This is time that can be spent building and educating. And we have a lot of work to do. Governments continue to print money and ever-increasing rates (remember why you bought bitcoin?)

“You probably won’t see this but if you do, perhaps we can connect you with some of the very smart people in #bitcoin to help improve your knowledge in the obvious gaps which exist.” The bitcoin investor said.

Responding to McCormack, the founder of the aerospace company described the Podcaster’s statement as obnoxious, and such utterances might force him to fully support Dogecoin.

Read also: Old tweet returns to hunt Elon Musk, after decision to drop Bitcoin as payment option for Tesla cars

“Obnoxious threads like this make me want to go all in on Doge” Musk Tweeted.

Ripples Nigeria had reported that Tesla said it is considering other crypto to replace bitcoin, and Dogecoin has been tipped as an option due to Musk’s backing of the Doge.

The second richest man added that bitcoin is centralised, thereby rubbishing the decentralise claim pushed by bitcoin investors and miners, “Bitcoin is actually highly centralized, with supermajority controlled by handful of big mining (aka hashing) companies. A single coal mine in Xinjiang flooded, almost killing miners, and Bitcoin hash rate dropped 35%. Sound “decentralized” to you?”

Musk said he knows how money works better than cryptocurrency experts think, “Hey cryptocurrency “experts”, ever heard of PayPal? It’s possible … maybe … that I know than you realize about how money works.”

In his response to Musk’s Pay Pal tweet, McCormack said, “PayPal, LMAO. You mean the company which froze Wikileaks account? The company which routinely censors payments?”

The founder of AllianceBlock, Amber Ghaddar, responded by describing Musk as being more volatile than bitcoin, “Mr Musk, with due respect for the CEO of a Fortune 500 company you seem to lac due diligence process… & you are definitely more volatile than $BTC… quite an explosive combination if I may say.”

By Fakoyejo Ayodeji…

Join the conversation


Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now