Binance CEO, CZ, shades Elon Musk in tweet. – ”When you use electricity to run cars, it’s environmentally friendly. When you use electricity to run the most efficient financial networks in the world, it’s an environmental concern.”

Binance CEO, CZ, shades Elon Musk in tweet. – ”When you use electricity to run cars, it’s environmentally friendly. When you use electricity to run the most efficient financial networks in the world, it’s an environmental concern.”

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  1. I am sure that Elon Musk’s cars are also not made from the most environmentally friendly materials and their factories also have a large amount of waste.

  2. I’m not sure if he’s defending Bitcoin or crypto in general. If he’s defending crypto in general, then he has a point – projects like IOTA or Nano are both very efficient and environmentally friendly (literally many orders of magnitude more efficient than Bitcoin).

    But, if he is defending Bitcoin, then it has to be one of the most delusional things any crypto celebrity has ever said.

    edit: I see that saying a pretty obvious truth gets you downvotes, funny

  3. My thread was deleted for not having 500 comment karma to submit post, so I’ll paste it here as it’s pretty relevant.

    It boggles my mind how a smart person that started from scratch to where he is today could jump into an uncharted territory without doing any study on the subject first. Also the 1.5 billion that Tesla invested into BTC wasn’t just Elon’s doing, it’s Tesla as a company with many many bright minds. Now, how did they not realize from the beginning how power hungry BTC mining is? I’m almost certain this publicity stunt was to show people who are getting into crypto believing in its decentralized nature, that decentralization isn’t really here yet. The point of decentralization is so that no one entity can control and change or manipulate the system, which sounds pretty good and enticing especially when people are seeing centralized currencies becoming more and more bear-ish. So here’s what I think happened; Elon wanted to test the market before going all in down the road, by experimenting on the decentralized nature of the market. Elon knows that the encryption of these blockchains are extremely hard and expensive to crack and exploit, but what’s something that’s easy to exploit and manipulate? People. Even if my interpretation is wrong, I still learned a few valuable lessons from the man.

    1) Decentralization can’t happen if the people can be manipulated en masse by a few tweets.

    2) I think I’m a conspiracy theorist.

  4. I’m convinced the energy consumption FUD will turn out to be the most misunderstood aspect of all of crypto. It’s easy to criticise the energy consumption because it’s so transparent and without understanding what Bitcoin is or how it works and why that makes Bitcoin so decentralised and secure, the energy consumption comes off as unnecessary. Nobody is saying how we can achieve the same attributes without the energy cost. People also don’t bother understanding the difference in energy origin and what the alternate purpose for that energy would be. Final point is the ability to peak into the most likely future. Do we believe the amount of renewable energy will increase? Do we understand that the Bitcoin network hash rate doesn’t need to increase as adoption increases.

    Do your own research but people’s inability to understand Bitcoin or crypto currencies in general is why I’m so excited!

  5. Calling Bitcoin inefficient compared to coin xyz is misunderstanding the problem. Bitcoin mining difficulty is self adjusting. The higher the price, the more profitable it is to mine and the more miners will participate. Any coin at that price level will face a similar problem. Saying just move to PoS is also naive because PoS could not exist without a robust and healthy network to support it first. If in the future PoS is widely accepted the switch will happen. The main problem is that currently coal is cheaper than most renewables in some parts of the world, which leads to centralization bias. Carbon tax and cheaper solar will naturaly both decentralize the network and lower the profitability equilibrium threshold for miners. This is not a Bitcoin problem, it is a crypto problem. Bitcoin’s massive valuation is just allowing it to reach the problem first.

  6. Capitalists finally have something they can blame their problems on that is new, widely misunderstood and is also a threat to the establishments holding them up.

  7. The only way to even remotely change the needle on climate change is a Carbon Tax, this has been proven over and over. The bitcoin isn’t environmentally friendly thing is such a red herring.

  8. This is, perhaps, one of the dumbest things that I have read. And coming from the CEO of Binance, this answers a few lingering questions about why Binance has some of the issues I’ve experienced.

  9. Cryptos may be transactionally inefficient but worse yet they are massively overpriced!

    Why would anyone want to pay hundreds or thousands of times more for this fake money when their founders kept billions for themselves? Cryptos are just an elaborate Ponzi scheme. Cryptos are too inefficient to use for every day transactions. Their value is only based on a greater fool coming along willing to pay more. When we run out of new fools they will collapse just like all of the schemes before.

  10. ok this is what i dont understand. the ethereum network is switching to proof of stake and thats gonna get rid of the energy issue, bitcoin is still proof of work tho and is still is a problem, energy usage wise, why is it gonna go back up?

  11. Odd that this guy isn’t smart enough to come up with an actual accurate analogy. I guess at least he tried? Woulda been better if he didn’t though… lol Now he just looks dumb as fuck.

  12. it is objectively not the most efficient financial network in the world. If by efficient he’s referring to something other than energy consumption the argument is evasive and disingenuous at best.

  13. Don’t forget the slave labor to dig the elements, the catastrophic damage done to the earth, and the horrendous wages paid to the 3rd world workers. Crypto is primarily functioning off of renewable resources. Elon is a genius idiot.

What do you think?

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