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Tesla and Spacex CEO Elon Musk says dogecoin is âfundamentally better than anything elseâ he has seen while he criticizes bitcoin. He also discussed the identity of Bitcoinâs pseudonymous creator, Satoshi Nakamoto, and the official currency of Mars.
Elon Musk Discusses Crypto, Dogecoin, Bitcoin, Marsâ Currency, and Who Satoshi Nakamoto Is
Elon Musk shared his thoughts on cryptocurrency, dogecoin, bitcoin, and the identity of Bitcoinâs pseudonymous creator, Satoshi Nakamoto, in an interview with Lex Fridman, published Tuesday.
Musk, who has long been a supporter of the meme cryptocurrency dogecoin (DOGE), revealed:
Part of the reason why I think there is some merit to dogecoin, even though it was obviously created as a joke, is that it actually does have a much higher transaction volume capability than bitcoin.
âThe cost of doing a transaction, the dogecoin fees are very low,â the Tesla executive added.
In contrast, he said: âRight 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.â Following the publication of this interview, many people took to Twitter to remind Musk of the Lightning network.
This is not the first time Musk said that dogecoin is better than bitcoin for transactions. During his âPerson of the Yearâ 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, will start accepting DOGE.
The Tesla CEO, who is sometimes known in the crypto community as the Dogefather, further opined:
Iâm not saying that itâs the ideal system for a currency but I think it actually is just fundamentally better than anything else Iâve seen, just by accident.
Musk was also asked if he is still considering making dogecoin the official currency of Mars. He replied: âI think Mars itself will need to have a different currency because you canât synchronize due to the speed of light, or not easily.â
He explained: âMars is, at closest approach, itâs four light minutes away roughly, and then at furthest approach, itâs roughly 20 light-minutes away, maybe a little more. So you canât really have something synchronizing if youâve got a 20-minute speed of light issue if itâs got a one-minute blockchain. Itâs not going to synchronize properly.â The Tesla boss continued:
I donât know if Mars would have a cryptocurrency as a thing, but probably, seems likely. But it would be kind of localized thing on Mars.
The Spacex boss was asked whether he is Satoshi Nakamoto as some people believe him to be. âIâm not,â he quickly replied. âWould you tell us if you were?â he was asked. âYes,â he affirmed.
He proceeded to share his theory of who Satoshi Nakamoto, Bitcoinâs pseudonymous creator, might be.
âYou can look at the evolution of ideas before the launch of Bitcoin and see who wrote about those ideas,â he began. While emphasizing, âObviously I donât know who created bitcoin for practical purposes,â he detailed:
The evolution of ideas is pretty clear for that, and it seems as though Nick Szabo is probably more than anyone else responsible for the evolution of those ideas.
âHe claims not to be Nakamoto but Iâm not sure thatâs neither here nor there but he seems to be the one more responsible for the ideas behind Bitcoin than anyone else,â Musk concluded.
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