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Bitcoin jumps after Musk says Tesla could use it again

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When there's confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions

Musk controls the newly formed "Bitcoin Mining Council" which promotes green energy use among miners.

If (~50%) of miners join his "Council", Musk will have effective control of the network and will be able to block and manipulate transactions at will.

This guy is a genius, the Dogefather has a strategy to take over Bitcoin.

-1 ( +5 / -6 )

Bitcoin rallied more than 9% after that message, breaking above its 20-day moving average, and it climbed a tiny bit further in Asia to hit $39,838.92.

Pretty impressive on a one day chart, but not so interesting on a one month or one year chart.

https://www.coindesk.com/price/bitcoin

0 ( +3 / -3 )

If (~50%) of miners join his "Council", Musk will have effective control of the network and will be able to block and manipulate transactions at will.

Completely and utterly false.

0 ( +4 / -4 )

Completely and utterly false.

The way so-called POW functions is that a transaction gets approved if there's consensus among the decentralized providers of hash (the miners) around the world that the transaction is legitimate.

However, if a single entity has control over 51% of the hash rate, they can effectively create consensus by themselves.

If the BMC (Musk's Bitcoin Mining Council) reaches 51% of the hash rate, they will have effective control of the network, as they alone can create "consensus"

The Dogefather is taking over.

-2 ( +2 / -4 )

if a single entity has control over 51% of the hash rate, they can effectively create consensus by themselves.

If this ever happened Bitcoin would immediately be rendered worthless. There is no economic incentive to do so. In theory a malicious state actor wanting to take down bitcoin and not caring about the financial cost to do so could try. But why would this council, or Musk, or anyone else with a vested interest willingly destroy it? They wouldn't.

-3 ( +0 / -3 )

Bitcoin is too unstable to use and consumes more power than many countries.

3 ( +7 / -4 )

If this ever happened Bitcoin would immediately be rendered worthless. There is no economic incentive to do so

Musk is the Dogefather, not the Bitfather.

Perhaps he'd be more than happy to see the network collapse, if he reaches 50% hash with his council, he can do it.

-2 ( +1 / -3 )

How the US financial regulators aren’t all,over this is a mystery.

0 ( +2 / -2 )

Why didn’t I buy it on my friends advice at $200?

1 ( +2 / -1 )

Like the penny stock scam of pump and dump.

1 ( +4 / -3 )

I'm surprised that in Japan there was no news of El Salvador granting "legal tender" status to Bitcoin whereas a tweet from Elon Musk is given so much importance. Seems like the news media want to keep people ignorant about bitcoin.

-3 ( +0 / -3 )

Because El Salvador is about as important worldwide as my delicious Bramley apple pies.

1 ( +2 / -1 )

So Musk flaps his gums, and bit coin either goes up or down. Rather not care for an "asset" that reacts so simple that way.

1 ( +2 / -1 )

How the US financial regulators aren’t all,over this is a mystery.

The SEC are too busy harassing Ripple and dragging out their "investigation" of them to bother with Musk.

0 ( +1 / -1 )

So Musk can engineer a 9% profit, on the spot, with a tweet.

That's quicker and easier than printing his own banknotes in his basement.

Clean energy to mint crypto? His next two purchases may be several/all Chinese solar panel firms and a chunk of the Sahara Desert.

-1 ( +0 / -1 )

Game of Elon says continues

-1 ( +0 / -1 )

Inflating again the silly bubble for silly wanabe rich teenagers..

1 ( +1 / -0 )

Why didn’t I buy it on my friends advice at $200?

How much did your friends make?

1 ( +1 / -0 )

This guy ... Sell your BTC and leave us alone instead of pump and dumping every week !

1 ( +1 / -0 )

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