Dogecoin Creator Calls Elon Musk A ‘Self-Absorbed Grifter’ as Tesla CEO finds DOGE ‘Promising’
Musk has announced that he is “working with Doge devs to improve system transaction efficiency,” while for years, there has been barely any activity on its PoW blockchain. Even Doge co-founder “didn’t consider anything” in the 2 hours it took him to make Doge.
After sending the Bitcoin and cryptocurrency market crashing, Tesla CEO Elon Musk is now making further moves to advance Dogecoin.
This week, he first announced that Tesla wouldn’t accept Bitcoin as payment for its car purchases due to concerns about the “rapidly increasing use of fossil fuels for Bitcoin mining and transactions.”
He clarified that Tesla won’t be selling any BTC and that they intend to use it for transactions but only when “mining transitions to more sustainable energy.”
While sharing the “insane” energy usage trend by Bitcoin over the past few months, Musk said he continues to believe in cryptocurrency, which is a “good idea” and has a “promising future,” just that it can’t come at a great cost to the environment, he added. David Grider, Digital Asset Strategist at Fundstrat said,
“There’s no way someone who can send rockets into space and engineer greener battery technology didn’t understand how Bitcoin mining works.”
This latest shift in Musk’s views about Bitcoin has been attributed to Tesla’s involvement in renewable energy credit (REC), and this is where it makes most of its money.
In the meantime, Tesla is looking at other cryptocurrencies “that use <1% of Bitcoin's energy/transaction.” And he has found this alternative in his beloved Dogecoin.
Interestingly, DOGE is also a proof-of-work (PoW) coin based on the same consensus mechanism as Bitcoin. Ari Paul, founder of BlockTower said,
“Electricity isn’t used for transaction processing. It’s used to secure the network. Doge is PoW, meaning it faces the same basic dynamics as Bitcoin. It uses less electricity now because it’s less secure.”
But Musk seems committed to DOGE, at least for now.
“Working with Doge devs to improve system transaction efficiency. Potentially promising,” tweeted Musk, which sent DOGE prices to $0.570. Currently, trading above $0.53, DOGE is down 27% from its ATH six days ago at $0.7315.
Not being absurdly long DOGE here is criminal.
– future Coinbase listing will drive it for weeks
– Elon moving from tweets about DOGE to real backing
– chart is a technical trader's dream setup
-retail is chomping at the bit for coins like this pic.twitter.com/rEsWff5yb1
— light (@lightcrypto) May 14, 2021
And for obvious reasons, this has taken the crypto industry by storm.
Even another Dogecoin co-founder Jackson Palmer, who quit the cryptocurrency a few years back saying that it is ridiculous that such a joke of a cryptocurrency could have value, fired at Musk, calling him a “self-absorbed grifter” in a now-deleted tweet.
While some are not fine with what is going on with Musk choosing a meme coin, others are excited to be onboard.
in light of recent events, it seems like i was on to something
if doge switched to an enviro conscious consensus mechanism, it will win continue gaining memetic ground in the mind of the zoomers https://t.co/CmPQGscaPn
— 🌚 Mewny Lau 🌝 (@mewn21) May 13, 2021
“Dogecoin infuriates both the traditional financial mandarins and the crypto cowboys. It is magic internet money with no pretence about its lack of technological innovation. It’s a cute dog displayed on a computer screen,” said Arthur Hayes, former CEO of BitMEX. He added,
“It is only fitting that one of humanity’s best salesmen of all time, Elon Musk, used the Dogecoin foil to elucidate the absurdity of our current monetary regime.”
Everyone is trading magic internet money, and “crypto has nothing to fear from Doge,” said Hayes. “Dogecoin is a blessing. Long live cute dog money!”