The last couple of days the crypto market took a nose dive, especially Bitcoin lost, and it’s all because of that so called business man that goes by the name Elon Musk. Earlier this year he invested a shitload of money in Bitcoin and also announced that his Tesla cars would purchasable using this crypto.
Suddenly this week he announced that this wouldn’t happen and that it would be because of fossil fuels being used for mining and transactions. It’s not like the Bitcoins are dug up from the ground, the mining is digital and is run by electricity. The same electricity people driving his Teslas use to charge the batteries. Will they also begin vetting people buying those cars to make certain the only use “green” electricity? Does he understand that all banking systems are run on the very same electricity?
As a business man Musk should have done his research already before purchasing Bitcoin instead of rushing ahead creating a surge. To be honest I’m convinced he purposely have done this to get a nice little tax write-off without considering all the small investors he’s screwing over when destabilizing the market. It must be nice to have the means to do this, but most us don’t and are losing money because of that crook.
Looking at the very graph Mr Musk himself have published on Twitter you can clearly see that there is a massive rise in power consumption beginning at the same time as he himself bought all those BTC’s creating a buzz luring a lot of people to begin mining and trading. In fact, the root cause for this increase is none other than Mr Musk.
Now he’s pushing Dogecoin instead. Honestly, doesn’t those mining rigs run on the same electricity? Or do they siphon the juice out of thin air? Give it a month or two and he’ll most likely do the same thing all over.
Musk should be concerned over the impact his Spacex operations have on the environment rather than crypto mining. Those rockets sent up surely aren’t giving 100% clean exhaust fumes. Where’s the concern over the impact the mining for metals for his cars has? Or the strip mining for lithium for the batteries? Or the impact the cars batteries will have once they’re unusable in the future?
Elon Musk is a hypocrite.
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Great blog here! great article!