Well i happen to side with Elon Musk on this. After his tweet he did present evidence and data the next day. Statistics that supported a tremendous amount of energy expenditure and rise in bitcoin energy levels. i think around 40-50% increases but dont quote me.
Whether that's correct or not still doesn't really matter because bitcoin at the end of the day is still unnecessary waste. There are many competing algorithims that we can use. There are many proposed solutions to combat that problem outside proof of work.
So that's first off. Second off Elon Musk has done more for the world than many of these mouthpieces around here who could care less about the advancement of humanity. All they are really is greedy people who wanna get rich they don't care much how. Criminally or otherwise that's what i've take from this space.
That's why our history is plagued by scam after scam that people fall for. Pyramid scheme after ponzi scheme and what is it we do? We double down on it. We go find the next one on the table.
So Elon Musk i don't care if people feel like he's not actually invented anything. He's still one hell of a project manager. I've watched dev teams and people around crypto get nowhere for years because devs don't know what to build when to build it. It's about solving issues we need solved. Humanity needs solved. Not building crap you wanna build.
So yes i'm glad Elon stood up and went you know what? There is something more important than money. Elon could have just as easily took his $1.5 billion and did like the rest of you all do.. or Michael Saylor and kept spinning the narrative how great bitcoin was to keep making profits.
So i'm very proud of Elon he shows me unlike many of you all. That if it comes down to money and profits over doing what's right. He's going to do what's right or atleast what he thinks is right over money and profits. I respect that over a bunch of gamblers at best and bad ones at that.
So i side with Elon. Do i think all this doge coin business is dumb? Yes i do. However, atleast doge coin knows its a dumb coin and the people buying it know they dumb. Which is better than thinking you smart and participating in these endless ponzi scheme and defi and nft gimmicks. Which is just the next level of the latest crap. We get a new flashy thing to focus on every year.
My question is what happen to the last several gimmicks. The ico's, the security tokens.. then the bitcoin lightning network.. followed by the stable coin fiasco.. crypto kiddies.. then we get regurgitiated defi which we already and logan paul selling air literally selling air in a bottle and collecting over $3 million in a nft. So why on earth would i take people who do that over a if he's not that smart. .he's the right person in the right place at the right time sorta guy.
Why would i take this community opinion over his? No i dont think its an accident Elon Musk is in his position. I also hope please guys this is the last time you all say Elon Musk doesn't understand the crypto space. Please guys do not be morons. Do you really believe Elon Musk would have taken $1.5 billion dollars of shareholder money. To invest in something he doesn't understand and he's a tech guy? if you really believe that .. then i think you may be a bit ridiculous because i've heard Elon Musk explain very complex stuff and i think he's alot smarter than some of you.
Sorry for my rant but i felt it needed to be said.
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Yep I am also on the bitcoin is an antiquated algorithm view. There are so many better solutions out there. I have spent my career doing engineering (in parallel to photography) and I don't understand the bitcoin maxis view that first is best. Rarely is the fist into a space the best. That's a bit like saying the Model T Ford will never be surpassed and anything else is FUD, or Edison's first light bulb is the only one ever relevant. They treat Satoshi as some sort of Einstein to never be surpassed. The reality is that as brilliant as it is Bitcoin is just the first experiment in a breakthrough new space. There have been a lot of other decentralized trustless consensus algorithms developed since, and there will be many many more in the future (I say algorithms rather than blockchains as some like hashgraph are not really blockchains at all) . There won't be one winner any more than there will be one master race ruling the world. The future will be a decentralized mix of trustless consensus algorithms with all sorts of distributed ledgers. Bitcoin has first mover advantage and the known brand; an an inefficient consensus algorithm which seems incapable of supporting change. This will be its Achilles. It is actually the one reason I like DPOS despite its imperfections. The ability to react to stimulus and change development direction with DPOS is 2nd to none. All long lasting systems (natural or artificial) have to be capable of evolving to deal with new stimuli or they die out. If Hive for example had an energy problem (or any other problem) they would simply propose a new HF that dealt with it (lets call it HF26) and then discuss it and vote on if to accept it. People who equate the inefficiency with extra levels of security fail to understand game theory and what happens when fees overtake block rewards as the dominant form of rewards in any deflationary POW coin. It's a bit like moving rocks to cover your font door every time you leave the house and then when told that it is inefficient by people using other more efficient types of locks, yelling at them that work is equivalent to security and that they have no idea what they are talking about.