All join Bitcoin Musk! The environmentalist Bitcoin!
$BTCM will do the flippening.
This is the logical outcome of all of Musk's recent tweets. A Bitcoin as Musk wants it, one that will have a PoW mechanism based on renewable energy, and anything else Elon can think of how cryptocurrency should look like.
A "Bitcoin Musk" fork of the BTC blockchain is conceivable. Since Elon Musk claims that he is in talks with BTC miners and tries to coordinate them into adopting green energy mining ways, Musk may be thinking about it.
Musk one time stated, that creating a new cryptocurrency will be difficult.
So, forking from an existing one will be more efficient and easy. Onboarding devs and miners will do the trick. Then it just needs Elon to keep tweeting and it will be done easily.
The perfect digital currency according to Musk:
Contains dogs and memes
Low energy consumption, use of renewable energy sources
No need for decentralization
Inflating total supply
Having the ability to influence decisions. Proposals and consensus are irrelevant, there should be a ruler, a CEO.
Diamond hands and other stupid quotes
Bitcoin Musk will become the new Bitcoin, the one that will send us to Mars! Powered by Dogecoin's influence and Bitcoin Core devs, Bitcoin Musk will fork out of BTC and will become the dominant chain!
Follow us to our interplanetary ride with Bitcoin Musk, a crypto meme for the future, because nothing is really serious.
Time to read some of the finest tweets coming from a person that has been portrayed by the media as having the intelligence of Steven Hawkins.
He spoke with nobody. Even so, a bunch of small and unknown miners will ask miners worldwide to increase their cost of running their operations and potentially go out of business?
Each country has different laws on the environment, and some governments are in such a state where corruption thrives and Carbon Dioxide emissions are not even considered. And this partially because of the actions of corporations like Tesla.
Most of the hash rate is in China, and there are many concerns that the Chinese state will soon crackdown on crypto mining. US BTC mining is accounted for 8% of the total hash rate produced in the Bitcoin-BTC network.
If Musk contacted anyone at all, this is just a very small minority of the miners and they might have something different planned.
As usual, everywhere the name Musk is brought up, somebody will have to point how smart this guy is. Meanwhile, there is very little proof of his intelligence. Maybe with a thousand paid shills propagating this idea, the sheep will be convinced.
There is no network having full decentralization yet. This is a fact everyone involved knows and understands from day one. When speaking of decentralization, we discuss the different levels for each cryptocurrency.
However, Musk somehow keeps promoting Doge, that has less decentralization than most other cryptocurrencies and is just a mere meme.
Most of the computational power of PoW-based systems is currently concentrated in only a few nodes, called mining pools, 1 where individual miners gather together for mining. This causes concern not only about the level of decentralization, but also about the security of systems since the mining-power distribution is a critical aspect to be considered in the security of PoW systems
From: Impossibility of Full Decentralization in Permissionless Blockchains
This is a part that Musk didn't just attack BTC, but every PoW coin, as all work the same way. There are large mining pools where small miners gather to increase profitability. A small miner running a few ASICs individually would be depending on luck to mine a block. With pools mining power is shared towards the common goal and rewards are also shared with participants.
Pools are centralizing BTC, and there could be ways to have those removed since the beginning, however, for the top PoW cryptocurrencies, this was never an issue as an individual pool did not reach a high concentration of hash power to become a cause of concern.
A high concentration of mining is in China because of cheap electricity, mostly coming from hydroelectric dams.
Go Stupid!
Musk seems to love U-turns. He changed his opinion four times over the last week, pump and dumped, dumped and pumped, and probably tries to prove that BTC is just the same scam as Bitconnect.
Bitcoin Core consensus is under the Blockstream umbrella. Miners, devs, exchanges, have very little voice as very few people decide. And their decision is to make only minor upgrades that don't change anything substantial to how BTC is working.
This is how just a couple of people that are currently in charge think. These megalomaniacs think that Bitcoin should not scale to reach adoption as a means of exchange.
BTC today looks more like Windows 98 than a cutting edge technology
Source of Image: Youtube
Of course, all of this post is about events that will probably not going to happen. But, due to the nature of Bitcoin as open-source, developers and miners can coordinate, ask for Musk's help in PR and marketing and submit changes to the code with a contentious fork since there seems to be huge disagreement with the community.
If a fork is set to happen probably it won't become the dominant chain, but Musk has shown that he endorses new ideas and can pump even memes into a 100 billion market cap. A business plan should be getting ready as we speak by meme lover devs.
Musk won't stay out of the crypto field but will try to exploit it as much as possible.
Watching cryptocurrencies reaching tens and hundreds of billions of value just because Musk tweeted, probably makes him thinking about it. He is an attention "seeker" anyway and staying relevant will require him having a say. Like the self-rewarded Dogefather title or everything else, he thinks that he should have power and that networks should follow his wishes.
Currently active on:
Shout out to my top-3 sponsors:
What little Elon wants is FedCoin (Federal Reserve Coin) because they won't have to mine they will just print numbers in your wallet and inflation is a thing of the past because just like dollars today you won't be able to audit FedCoin either and since no miner no environmental problems. And not inflation either because they will double the supply every 24 hours and no one will know because anyone that dares to speak will get his account ban from FedCoin and will starve to death within 30 days or less.