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Elon Musk, CEO of Tesla, praises Dogecoin, criticizes Bitcoin and suspects the identity of Satoshi Nakamoto – – Crypto News

Elon Musk, CEO of Tesla and Spacex, says Dogecoin is “fundamentally better than anything” he saw while criticizing Bitcoin. He also discussed the identity of Bitcoin’s pseudonymous creator, Satoshi Nakamoto, and the official currency of Mars.

Elon Musk talks about crypto, Dogecoin, Bitcoin, Mars currency and who Satoshi Nakamoto is

Elon Musk shared his thoughts on cryptocurrency, Dogecoin, Bitcoin and the identity of the pseudonymous creator of Bitcoin, Satoshi Nakamoto, all in one interview with Lex Fridman, published Tuesday.

Musk, who has long been a fan of the meme cryptocurrency Dogecoin (DOGE), revealed:

One reason why Dogecoin has some preference in my opinion, even though it was obviously created as a hoax, is that it actually has a much higher transaction volume than Bitcoin.

“The cost of a transaction and the Dogecoin fees are very low,” added the Tesla manager.

In contrast, he said, “If you want to do a Bitcoin transaction right now, the price for that transaction is very high, so you can’t use it effectively for most things, nor can you scale it up to high volume.” After this interview was published, many people used Twitter to remind Musk about 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 found that Bitcoin is better than Store of value while Dogecoin is better suited for payments. He also recently announced that his electric car company, Tesla, will launch accepting DOGS.

The Tesla CEO, sometimes known as the Dogefather in the crypto community, continued:

I’m not saying it’s the ideal system for a currency, but I think it’s just fundamentally better than anything else I happened to see.

Musk was also asked if he was still considering making Dogecoin the official Martian currency. He replied: “I think Mars itself will need a different currency because the speed of light means that you cannot synchronize, or not so easily.”

He explained, “Mars is about four light minutes away on the closest approach, and about 20 light minutes away on the closest approach, maybe a little more. So you can’t really sync something when you have a 20 minute speed of light problem when it has a one minute blockchain. It’s not syncing properly. “The Tesla boss continued:

I don’t know if Mars would have a cryptocurrency as a thing, but likely it seems likely. But it would be kind of a localized thing on Mars.

The Spacex boss was asked if he was Satoshi Nakamoto as some people believe he is. “I’m not,” he replied quickly. “Would you tell us if it were you?” He was asked. “Yes,” he confirmed.

He went on to share his theory about who Satoshi Nakamoto, the pseudonymous creator of Bitcoin, might be.

“You can look at the evolution of ideas before Bitcoin was launched and see who wrote about those ideas,” he began. While he emphasized: “Of course I don’t know who developed Bitcoin for practical purposes,” he stated:

The development of the ideas for this is pretty clear, and it seems like Nick Szabo is probably responsible for developing these ideas more than anyone else.

“He claims he’s not a Nakamoto, but I’m not sure it’s neither here nor there, but he seems to be the one 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 comment section below.

Kevin Helms

Kevin, a student of Austrian economics, found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the interface between economy and cryptography.

Photo credits: Shutterstock, Pixabay, Wiki Commons

Source: Crypto News Austria

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