Elon Musk in interview: Bitcoin is slow, Dogecoin is better, and launched figure theory behind Satoshi (with video)

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Elon Musk talks about the person behind the ideas that prompted Satoshi Nakamoto, also says that Dogecoin it is fundamentally better than any other cryptocurrency you have ever seen.

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The CEO of Tesla Y SpaceX, Elon Musk, named figure of the year 2021 by the magazine Time, is and has been a defender to die for cryptocurrency meme Dogecoin. Sometimes there are some doubts about his comments, it is not known that he is joking or serious when he affirms the wonders of the crypto of the puppy. But now, in a new interview, he’s said it again: he thinks DOGE is fundamentally better than any other crypto he’s come across.

In a podcast with Russian influencer Lex Fridman, released yesterday, billionaire Elon Musk spoke on many topics: SpaceX, Mars, autopilot of Tesla, autonomous driving, robotics and artificial intelligence, among others. There he also took the opportunity to talk about Dogecoin and said that it is fundamentally better than any other crypto he has seen. In fact, he spoke ill of Bitcoin. And, in addition, Elon Musk took a moment to talk about its creator: Satoshi Nakamoto.

About Dogecoin and Bitcoin

He indicated that despite being a coin born of a joke, Dogecoin has a much higher transaction volume capacity than Bitcoin, also the transaction fee is lower. “The price of a transaction in Bitcoin is very high so it could not be used effectively for most things and it could not even scale to high volume.”

He referred to the transaction speed of Bitcoin What “Comically low” in 2021. However, in 2008, he admitted, when the speed of Internet connections was much more limited than now, the small size of the block of Bitcoin and the long sync time made sense.

“It made sense in 2008, but in 2021 or 10 years it’s comically low.”

He also highlighted that if a community expects a cryptocurrency to increase in value over a certain period of time due to increasing scarcity, they believe there will surely be a reluctance to spend it and people will prefer “hodl”.

However, according to him, if there is any dilution of a crypto that occurs over time, it is very likely that this currency will be used as a regular payment method. There are more incentives for it to be used this way. In this specifically, Musk called Doge “Better than anything else I’ve seen, just by accident.”

Elon Musk y Satoshi

Fridman asked him what has been a social media rumor: If Musk is the figure behind Satoshi Nakamoto, which was amusing. To the CEO of Tesla It seems peculiar to him that there is a human technology, as in the case of Bitcoin, whose creator is anonymous. However he is clear that Bitcoin It was not born out of nowhere, but is heir to a set of ideas, whose main author is Nick Szabo:

“You can see the evolution of ideas before the creation of Bitcoin, I don’t know who wrote Bitcon for practical purposes but the evolution of ideas is quite clear before and it seems that Nick Szabo is more than anyone responsible for those ideas… so says it’s not Nakamoto but he seems to be more responsible for the ideas behind this than anyone ”.

Szabo, as we tell here, is known as the inventor of one of the predecessors of Bitcoin, BitGold, and digital smart contracts, which eventually evolved to become a key part of the blockchain Ethereum. Szabo has previously denied that he is Satoshi Nakamoto.

Musk also told Fridman that he does not understand smart contracts based on Ethereum, self-executing contracts based on Blockchain that are executed when certain preprogrammed conditions are met.

“I never really understood how this whole smart contract thing, you know,” said Musk jokingly, “I’m too dumb to understand smart contracts … “My general approach to any kind of similar deal or whatever has just been done is sure there is clarity of understanding.”

You can see the full interview here:

Sources: Video by Lex Fridman, Utoday, Forbes, Twitter, archive

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Elon Musk in interview: Bitcoin is slow, Dogecoin is better, and launched figure theory behind Satoshi (with video)

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