Cryptocurrencies

Elon Musk and Tesla learn about how Bitcoin (BTC) works

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Shortly after word spread of a $ 1 billion donation from Vitalik Buterin to a fund against Covid-19 in India, Elon sought the spotlight.


When Elon Musk no longer even hides from manipulating the market

Time of the crime: 00:06 Paris time. Reason? Market manipulation or ignorance of Bitcoin will say the most naive. The exhibit? Here is a simple tweet:


For people allergic to English:

“Tesla has suspended Bitcoin from payment methods to pay for its cars. We are concerned about the increasing use of carbon-rich fuels to mine Bitcoin, especially coal, which has the worst emissions of all fuels. Tesla will not sell its Bitcoin and will use it for transactions as soon as mining becomes greener. We are currently looking for other cryptocurrencies that consume less energy than Bitcoin. “

Elon musk

In this tweet we therefore learn that You’re here and Elon musk having learned how the Proof Of Work works O HOW MUCH polluting Bitcoin, cannot accept this means of payment for green and ecofriendly cars that are the You’re here.

But may the most worried be reassured, Elon musk Assures us, Tesla will not sell its Bitcoin! Phew! These will be used as soon as the mining is no longer polluting. In the meantime, the company will turn to less polluting cryptocurrencies. Perhaps the ridiculous Dogecoin will be the lucky one, the previous tweet ofElon asking if the company should accept the Doge as a form of payment.

But what is the SEC doing?

Having shared documents in the past demonstrating the low ecological impact of Bitcoin, it is inconceivable to think thatElon musk and You’re here do not know the impact and principle of mining. Nonetheless, Elon seems to have had an epiphany at a pivotal point in the week. Between congestion of several blockchains (BSC, Fantom, Ethereum …) for several days, the pressure of regulation and the donation of Vitalik, it only took a simple tweet to ignite the powder.

In the space of 10 minutes Bitcoin has lost more than 6%, going from almost $ 55,000 to $ 51,630 on the Binance exchange.

Between tweets appreciating and depreciating an asset according to the positions taken by Elon musk, putting forward a project based on absolutely nothing, one question remains: is the SEC on leave? Or as since the dawn of time, “no one can be above the law” except the most fortunate…

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President and Co-Founder of MinedHack and fervent defender of Blockchain since 2017, I am aware that without an explanation and vision of the industry its adoption will never take place. I hope as a Reporter and Editor of CoinTribune to help with this mission.

DISCLAIM

The comments and opinions expressed in this article are those of the author alone, and should not be considered as investment advice. Do your own research before making any investment decisions.

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