Bitcoin maximalist Samson Mow drew attention to Elon Musk in a recent tweet. He specifically talked about their failure to adopt Bitcoin and integrate decentralized technologies. This in turn sparked a controversy within the crypto community. Here are the details…
Tesla fails in Bitcoin adoption
Mow’s initial discussion was about Tesla’s approach to fully adopting Bitcoin. In 2021, Tesla made headlines announcing its intention to purchase Bitcoin and enable it as a payment method for its electric vehicles. However, the company quickly backed out of this decision, citing concerns about the environmental impact of Bitcoin mining. Elon Musk has pledged to reinstate Bitcoin payments if the majority of Bitcoin mining runs on renewable energy. However, this condition is still not fulfilled.
The lack of integration of Bitcoin into Tesla’s operations is seen by Mow as a missed opportunity for Musk. Bitcoin had the chance to potentially revolutionize Tesla’s business model. It could also increase its appeal to the growing crypto community. Also, Samson Mow criticized Musk’s reluctance to integrate Nostro, a decentralized social networking protocol developed by Twitter founder Jack Dorsey, with the Bitcoin Lightning Network. Lightning Network is a layer 2 solution that increases the speed and reduces the cost of Bitcoin transactions. Mow pointed to the possibility of Musk adopting these decentralized technologies. Thus, he said, he will position Tesla as a pioneer in the industry to rival popular super apps like WeChat.
Mow: “They will remember throughout history”
Mow’s tweet highlighted the potential consequences of Musk’s decisions. Mow cited future historians who analyzed Musk’s career. He predicted that they would see these failures as major blemishes in an otherwise glorious legacy. The apparent lack of initiative in the adoption of decentralized technologies despite widespread recommendations may raise questions about Musk’s judgment and decision-making. Moreover, the BTC maximalist pointed out that Musk promoted Dogecoin, a meme-inspired cryptocurrency that lacks the scalability and technical robustness of Bitcoin.
Mow complains that Musk supports Dogecoin while ignoring decentralized technologies. He viewed this as a misalignment of priorities and a failure to understand the potential of Blockchain. In addition to the critics, Sypedin Amos, author of the critically acclaimed book “Bitcoin Standard”, also made a statement. He claimed that Musk’s bigger failure was his inability to build a profitable business without relying on the state. Amos’s words imply that Musk’s successes are not due solely to his business acumen. Instead, he emphasizes the view that Musk may have received support from outside factors.
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