Golden Observation丨Why did Elon Musk suddenly show favor to the encryption community?

Golden Finance Blockchain, May 25 News Today, Tesla and SpaceX CEO Elon Musk (Elon Musk) said on Twitter that he had met with mining companies, and mining companies promised to report current and planned transactions. The usage of renewable electricity in China, and encourage the whole industry to follow up and implement. MicroStrategy CEO Michael Saylor retweeted the tweet and said that through him, Elon Musk met with a group of mining companies in North America, and the mining companies agreed to establish a Bitcoin Mining Council (Bitcoin Mining Council) to improve Transparency in energy use to accelerate global sustainability initiatives.

People suddenly feel strange, because just some time ago, Elon Musk just criticized Bitcoin as not environmentally friendly, so is he doing this now to show favor to the encryption community?

Jinse Finance contract market report丨 BCH and BSV will be halved soon, and the market will remain active: According to the Huobi BTC perpetual contract market, as of 18:00 (GMT+8), the BTC price was temporarily reported at $7309 (-0.90%), 24 The hourly perpetual contract volume was US$120 million (-4.40%), and the quarterly contract volume was US$2.024 billion (-5.25%).

Yesterday, after BTC tested the pressure level of $7,450 upwards, it made a correction of $400, and today it rushed to test the $7,450 area again. The overall trading volume of BTC today decreased slightly compared to yesterday. According to the Huobi delivery contract data, the total BTC 24-hour open interest has increased slightly, and the quarterly contract positive premium continues to increase. In the mainstream currency market, BCH and BSV have the highest gains, and the two currencies will be halved soon, driving the market to remain active.

The price of USDT on Huobi Global OTC is $7.17, with a premium rate of 1.49%. Premium rates are stable. [2020/4/8]

Representatives from Argo Blockchain, Blockcap, Core Scientific, Galaxy Digital, Hive Blockchain, Hut 8 Mining, Marathon Digital Holdings and Riot Blockchain participated in the meeting. Enterprises agreed to establish an organization to promote the standardization of electricity reporting, pursue corporate environmental, social and governance performance, and jointly cultivate and promote market growth. Peter Wall, CEO of Argo Blockchain, a listed Bitcoin mining company, said that the "Bitcoin Mining Committee" led by Elon Musk and MicroStrategy CEO Michael Saylor will not change the code or homogeneity of Bitcoin, and will not distinguish Clean and unclean bitcoins. He said:

Jinse Finance Quotes Report | BTC rebounded slightly after falling The decline of mainstream currencies narrowed: According to the Huobi market, as of 10:00 in the morning, BTC rebounded slightly after falling below 6000 USDT, and is currently fluctuating and adjusting around 6000 USDT, trying to break free from the integer mark block. The market as a whole followed BTC and rebounded slightly after the fall, and the decline of mainstream currencies narrowed. [2020/3/30]

“We’re not going to talk about Bitcoin’s code or block size, and we’re not going to do anything that changes the nature of Bitcoin. We all love Bitcoin as it is, this decentralized, permissionless system.”

In response to questions about secret room negotiations, Peter Wall also joked:

"This is not a new OPEC. This organization is just helping everyone join hands and negotiate together. We are all independent, decentralized miners, and forming such a voluntary organization is just to influence each other and promote the development of the industry."

Many people find it strange, because just two weeks ago, on May 13, Elon Musk tweeted a message criticizing Bitcoin. He said at the time that Tesla suspended Bitcoin due to concerns about its impact on the environment. currency payment. Cryptocurrency is a great idea, and we believe it has a bright future, but not at a huge environmental cost. Tesla will not be selling BTC, we will continue to use it for transactions once its mining transitions to sustainable energy, and are currently considering cryptocurrencies with lower energy consumption (<1% of Bitcoin’s energy consumption ).

Analysis | Golden disk: ETH new low: Golden disk analysts said: ETH-USDT fell below the trend line, hit a new low, trading volume shrank, and sentiment was sluggish. [2018/8/3]

Since the cryptocurrency market is very sensitive, when Elon Musk made these remarks, the cryptocurrency market, dominated by Bitcoin, plummeted, and the total market value of cryptocurrencies has evaporated by $1 trillion in the past two weeks.

So why is Elon Musk courting the cryptocurrency community?

In fact, as the richest man in the world, Elon Musk is already the most famous opinion leader in the cryptocurrency industry. Although he previously made remarks that Bitcoin was "not environmentally friendly", he quickly reiterated his loyalty and commitment to cryptocurrency. Preference for such emerging assets. On May 22, in a reply to a tweet from a netizen, Elon Musk said:

"The real battle is really between fiat currencies and cryptocurrencies, and all in all, I support the latter."

Golden Exclusive | CertiK Co-Founder: Exploding Vulnerabilities is Not the Core Value of a Security Company Both Profit and Social Responsibility: Golden Finance live report, at the Blockchain Connect conference held at the San Jose Convention Center on June 27, CertiK co-founder In an exclusive interview with Jinse Finance, Gu Ronghui talked about blockchain security issues. He said: Security companies should consider maintaining profitability while fulfilling social responsibilities. The current blockchain security issues not only come from the contract layer, but also commonly exist in public chains and exchanges. Merely exposing vulnerabilities cannot really solve the status quo of insecurity, but more to bring fame to security companies. Security companies should help public chains, exchanges, and smart contract layers to eliminate bugs, and use technical verification to prove that the code is truly in a safe state, thereby increasing the value of blockchain projects and fulfilling the social responsibilities of security companies. Gu Ronghui further explained the "formal verification" technology developed by CertiK: instead of traditional testing and code auditing methods, mathematical methods are used to prove that the code model matches the design model, thereby ensuring the security of the blockchain. [2018/6/28]

On the other hand, Elon Musk's previous view that Bitcoin uses a lot of energy to achieve decentralization actually makes sense. He has also criticized the centralization of Bitcoin before, and pointed out that Bitcoin is actually highly centralized. Yes, the vast majority of computing power is controlled by a small number of mining (or computing power) companies.

Tesla still stopped bitcoin payments in early May. The essence is still for environmental protection purposes, but Elon Musk believes that other cryptocurrencies can solve Bitcoin's woes, such as Dogecoin, which he believes ideally. , if the block size is increased by ten times, the speed of Dogecoin transactions will be improved, and the transaction fee will be reduced by 100 times. It is reported that Elon Musk has begun negotiations with Dogecoin protocol developers to increase the throughput of the Dogecoin blockchain and make it more efficient and decentralized than Proof of Work (PoW). Improving Dogecoin, he hopes to achieve his stated goal in the near future.

Frankly speaking, compared to Vitalik Buterin, a practitioner who has worked in the cryptocurrency industry for many years, Elon Musk is not "stubborn". He is just actively trying to change the way cryptocurrencies work.

For example, in order to express his dissatisfaction with Elon Musk, Vitalik Buterin published a paper on blockchain scalability limitations, pointing out that the dramatic increase in blockchain scalability and throughput may lead to extreme centralization problem and damage the fundamental properties of the blockchain, he emphasized the need for decentralized management, especially to eliminate the risk of a single point of failure in the network, and then enjoy protection from coordinated attacks, without the authority of ordinary users to freely run nodes , it is impossible to achieve decentralization. Vitalik Buterin hopes to make it a common activity for ordinary users to run nodes. He asserts that sharding can promote the scalability of many centralized blockchains. According to the current state of the Ethereum network, Vitalik Buterin predicts that sharding will Ethereum can process one million transactions per second and ensures complete security of the blockchain.

But Elon Musk's response was very "interesting", with only one simple sentence:

"Vitalik Buterin is scared of Dogecoin."

It cannot be denied that Elon Musk was arguably the first person in the world to truly push cryptocurrencies into the mainstream after Tesla announced its $1.5 billion purchase of Bitcoin earlier this year.

By vigorously promoting the development of Dogecoin and forming a Bitcoin mining committee, Elon Musk seems to have once again proved himself to be a loyal supporter of cryptocurrencies. So, yes, Elon Musk is indeed a cryptocurrency supporter, but knowing his thought process, you may feel that he is not the same as other cryptocurrency supporters.

Part of this article comes from Yahoo Finance

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