{"id":16455,"date":"2021-05-17T15:37:48","date_gmt":"2021-05-17T15:37:48","guid":{"rendered":"http:\/\/ci0283545610002568"},"modified":"2021-05-17T15:37:48","modified_gmt":"2021-05-17T15:37:48","slug":"more-bitcoin-for-us-elon-musk","status":"publish","type":"post","link":"https:\/\/bitcoinmagazine.com\/culture\/more-bitcoin-for-us-elon-musk","title":{"rendered":"Elon Musk Gifts Bitcoiners A Stacking Opportunity"},"content":{"rendered":"<div id=\"bsf_rt_marker\"><\/div><p>Yesterday, in a response to a thread from Bitcoin podcaster Peter McCormack on his misinformed shilling of $DOGE in recent weeks, Elon Musk <a href=\"https:\/\/twitter.com\/elonmusk\/status\/1393979913624072194?s=20\" target=\"_blank\" rel=\"noopener\">replied<\/a> \u201cObnoxious threads like this make me want to go all in on Doge,\u201d in what was most likely a troll for the known jokester.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Obnoxious threads like this make me want to go all in on Doge<\/p>\n<p>&mdash; Elon Musk (@elonmusk) <a href=\"https:\/\/twitter.com\/elonmusk\/status\/1393979913624072194?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">May 16, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>&nbsp;Equally funny was Musk\u2019s <a href=\"https:\/\/twitter.com\/elonmusk\/status\/1393993975019749382?s=20\" target=\"_blank\" rel=\"noopener\">misinformed<\/a> <a href=\"https:\/\/twitter.com\/elonmusk\/status\/1393995872413888518?s=20\" target=\"_blank\" rel=\"noopener\">meltdown<\/a> that followed.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Bitcoin is actually highly centralized, with supermajority controlled by handful of big mining (aka hashing) companies. <\/p>\n<p>A single coal mine in Xinjiang flooded, almost killing miners, and Bitcoin hash rate dropped 35%. Sound \u201cdecentralized\u201d to you?<a href=\"https:\/\/t.co\/Oom8yzGRNQ\">https:\/\/t.co\/Oom8yzGRNQ<\/a><\/p>\n<p>&mdash; Elon Musk (@elonmusk) <a href=\"https:\/\/twitter.com\/elonmusk\/status\/1393993975019749382?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">May 16, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Hey cryptocurrency \u201cexperts\u201d, ever heard of PayPal? It\u2019s possible \u2026 maybe \u2026 that I know than you realize about how money works.<\/p>\n<p>&mdash; Elon Musk (@elonmusk) <a href=\"https:\/\/twitter.com\/elonmusk\/status\/1393995872413888518?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">May 16, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>While Musk no doubt is one of the most successful businessmen in the world, let\u2019s not get caught up in credentialism. What is taking place with bitcoin is far bigger than Musk, and it&#8217;s more than probable that his ego is damaged by the fact that he doesnt matter. <\/p>\n<p>\u201cHow can you say that Elon doesn&#8217;t matter when he&#8217;s moving the market with his tweets?\u201d you might ask.<\/p>\n<p>It\u2019s simple: Bitcoin is solving the biggest problem in the world today, providing a sound base layer peg for money to the world. If the market collectively pumps or dumps on the news\/rumor that a Fortune 500 CEO is going to move his company&#8217;s <a href=\"https:\/\/bitcoinmagazine.com\/markets\/its-happening-tesla-buys-1-5-billion-of-bitcoin\">billion-dollar-plus stash of BTC<\/a>, the Bitcoin network does not care. Blocks will continue to be mined, and the Bitcoin network will continue to provide a sound money alternative to the great central bank monetary experiment that is plaguing our world. Musk doesn&#8217;t change this, no one does. That\u2019s the whole point.<\/p>\n<p>But yesterday\u2019s debacle does raise a question: What might be Musk\u2019s ulterior motives? Tesla the company has struggled to become profitable for the existence of the business, and without the tap of government subsidies, it most likely would not exist today. Musk has in large part built his empire because of handouts from the state, and the very existence of a non-sovereign hard money standard put\u2019s Musk\u2019s empire into question. While the pull of bitcoin\u2019s price appreciation is extremely strong, does Musk realize what&#8217;s at stake? It&#8217;s tough to know.<\/p>\n<p>What is known is that the individuals around the world that actually understand bitcoin are unbothered and unfazed, and continue to accumulate at a feverish pace. <\/p>\n<p>\u201c<a href=\"https:\/\/twitter.com\/elonmusk\/status\/1393993975019749382?s=20\" target=\"_blank\" rel=\"noopener\">Bitcoin is centralized because a large proportion of hash rate resides in China<\/a>.\u201d What is this, 2017? <\/p>\n<p>It would seem plausible that the CEO of a company that bought $1.5 billion of the asset would do some proper due diligence. Well, apparently not. Nodes control the network, and there are 10,000 public nodes running around the world, with tens of thousands more running privately routing over the Tor network. Not your node, not your rules, and node runners control the network\u2019s consensus rules, as was shown during the<a href=\"https:\/\/bitcoinmagazine.com\/culture\/bitcoin-independence-day-how-this-watershed-day-defines-community-consensus\"> 2017 user-activated soft fork. <\/a><\/p>\n<p>If Musk wants to buy dogecoin, encourage it. Let Musk be taught a lesson in monetary economics in real time. If Musk wants to buy a proof-of-work cryptocurrency with inferior development, global liquidity and security compared to bitcoin, all the power to him. That is simply a gift to all bitcoin accumulators, who will happily continue to hoard the hardest monetary asset known to man at the expense of an ill-informed jokester with an ego problem.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">watching the world&#39;s biggest ego get absolutely crushed by bitcoin is not even closed to being priced in<\/p>\n<p>&mdash; Dylan LeClair \ud83d\udfe0 (@DylanLeClair_) <a href=\"https:\/\/twitter.com\/DylanLeClair_\/status\/1394004449048338436?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">May 16, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Just remember Musk:<\/p>\n<aside>\n<p>\u201cHistory shows it is not possible to insulate yourself from the consequences of others holding money that is harder than yours\u201d &#8211;<a href=\"https:\/\/www.goodreads.com\/author\/quotes\/17253334.Saifedean_Ammous#:~:text=History%20shows%20it%20is%20not,that%20is%20harder%20than%20yours.%E2%80%9D&amp;text=%E2%80%9CFor%20as%20long%20as%20the,could%20keep%20financing%20the%20war.%E2%80%9D\" target=\"_blank\" rel=\"noopener\">Saifedean Ammous<\/a><\/p>\n<\/aside>\n<p>Thanks for the stacking opportunity, truly,<\/p>\n<p>Bitcoiners everywhere.&nbsp;<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Those without conviction should part with their <a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">$BTC<\/a>.<\/p>\n<p>&mdash; Dylan LeClair \ud83d\udfe0 (@DylanLeClair_) <a href=\"https:\/\/twitter.com\/DylanLeClair_\/status\/1393991140311982086?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">May 16, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tesla CEO Elon Musk continues to spread misinformation about Bitcoin, demonstrating that he doesn\u2019t understand it and isn\u2019t ready to HODL.<\/p>\n","protected":false},"author":2539,"featured_media":7151,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[33],"tags":[85,603,2118],"class_list":{"0":"post-16455","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-culture","8":"tag-bitcoin-magazine-pro","9":"tag-elon-musk","10":"tag-tesla"},"author_data":{"id":2539,"name":"Dylan Leclair","nicename":"dylan-leclair","avatar_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2025\/01\/dylanheadshot-edited-96x96.png"},"featured_image_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2024\/11\/bitcoin-hyperbitcoin-1.jpg","_links":{"self":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/16455","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/users\/2539"}],"replies":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/comments?post=16455"}],"version-history":[{"count":0,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/16455\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media\/7151"}],"wp:attachment":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media?parent=16455"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/categories?post=16455"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/tags?post=16455"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}