Standing in line with cryptocurrency, forming a mining committee, after canceling Bitcoin payments, Musk "showed loyalty" to the encryption community?

On May 13th, Tesla and SpaceX CEO Elon Musk tweeted: "Tesla suspends Bitcoin payments due to concerns about Bitcoin's environmental impact. Cryptocurrency is a great idea, We believe it has a bright future, but not at a huge environmental cost. Tesla will not be selling BTC, and once it transitions its mining to sustainable energy, we will continue to use it for transactions and are currently Consider using cryptocurrencies with lower energy consumption (<1% of Bitcoin's energy consumption)."

As a result, Musk's remarks became the "fuse" for the sharp drop in the cryptocurrency market last week. Sensitive Bitcoin responded quickly, and its price also plummeted. According to Coingecko data at the time of writing, the price of BTC has already fallen. It fell to $38,054.11, down as much as 13.0% in a single week.

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If such payments are not returned voluntarily, FTX Debtors intends to file an action in bankruptcy court for the return of such payments with interest accruing from the date of commencement of any action. [2022/12/20 21:55:22]

Perhaps feeling that something was wrong, Elon Musk began to "show loyalty" to the encryption community.

"Crypto vs. Fiat? I'm on the side of crypto!"

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As the richest man in the world, Musk, the entrepreneurial giant, is now the most famous "Internet celebrity" in the cryptocurrency industry. After his previous remarks that Bitcoin was "not environmentally friendly", he reiterated his loyalty to cryptocurrency and his commitment to it. preference for emerging assets.

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On May 22, in a reply to a tweet from a netizen, Musk wrote: "The real battle is actually between fiat currency and cryptocurrency. All in all, I support cryptocurrency."

In fact, Musk has also criticized the centralization of Bitcoin before, and reposted an article on the influence of Bitcoin mining in China. The computing power of Bitcoin's entire network has dropped sharply. In this regard, Musk severely criticized:

Brent crude oil futures stood at $86/barrel for the first time since October 27 last year: Brent crude oil futures stood at $86/barrel for the first time since October 27 last year. [2022/1/15 8:50:18]

"Bitcoin is actually highly centralized, and the vast majority of computing power is controlled by a small number of mining (or computing power) companies."

For environmental protection purposes, Tesla still stopped Bitcoin payment methods in early May, but Musk believes that other cryptocurrencies can solve Bitcoin’s plight, and his solution is-Dogecoin (DOGE), or Said that he wants to make Dogecoin bigger and stronger in the future.

Last week, there was news that it had started negotiations with the Dogecoin protocol developers to increase the throughput of the Dogecoin blockchain and make it more efficient and decentralized than the proof of work (PoW), through optimization improvements Dogecoin, he hopes to achieve his stated goals in the near future, namely:

“Ideally, if the block size is increased by ten times, Dogecoin transaction speed will increase, the transaction fee will drop by 100 times, and then win.”

In this way, Musk seems to be proving once again that he is a big fan of cryptocurrencies - so, yes, Musk is indeed a supporter of cryptocurrencies, but after reading his thought process, you may feel that he is different from other cryptocurrencies. Crypto supporters are not the same.

First of all, Musk is not a "die-hard" cryptocurrency supporter, but he is actively trying to change the way cryptocurrency works to make it cleaner for the environment. Just after Musk proposed a plan to expand Dogecoin tenfold, Ethereum co-founder Vitalik Buterin published a paper on the scalability limitations of the blockchain, pointing the finger at Musk.

Vitalik Buterin believes that the dramatic increase in blockchain scalability and throughput may lead to extreme centralization problems and damage the fundamental properties of blockchain. He emphasized the need for decentralized management, especially the elimination of single points of failure in the network risk, and then enjoy protection from coordinated attacks, without the authority of ordinary users to freely run nodes, it is impossible to achieve decentralization.

Soon, Musk responded to this, but there was only one sentence: "Vitalik Buterin is afraid of Dogecoin."

On May 25, Musk tweeted that he had met with a number of mining companies. These mining companies promised to report their current and planned renewable energy power usage and encouraged miners around the world to follow up.

It is reported that the meeting was chaired by Microstrategy CEO Michael Saylor. Participating companies included Argo Blockchain, Blockchaincap, Core Scientific, Galaxy Digital, Hive Blockchain, Hut 8 Mining, Marathon and Riot Blockchain. Committee" (Bitcoin Mining Council), aims to achieve the following goals:

Increase transparency of energy usage and accelerate global bitcoin mining sustainability initiatives.

Standardize Bitcoin mining energy consumption disclosure.

Founded in the pursuit of broad environmental, social and corporate governance goals related to Bitcoin mining.

Market education on how Bitcoin mining works.

Michael Saylor expressed a very optimistic attitude towards the formation of the "Bitcoin Mining Committee" on Twitter. He said: "I was very happy to hold a meeting with Elon Musk and the leading Bitcoin miners in North America yesterday. Agreed to form a Bitcoin Mining Council to increase transparency of energy use and accelerate sustainable development of Bitcoin mining globally."

What do you think of Musk's series of actions to "show loyalty" to the encryption community after criticizing Bitcoin for being unenvironmentally friendly and withdrawing the Bitcoin payment option, especially persuading Bitcoin miners to form a Bitcoin Mining Committee to promote the use of renewable energy?

Written by: Sergio Goschenko and Kevin Helms Compiled by: Tanker

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