Cryptocurrency

Elon Musk

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 <p class="paragraph">Elon Musk was a guest in Cathie Wood’s X Spaces on December 21 to “discuss the future.” Musk owns X (formerly Twitter), while Wood is the CEO and CIO of Ark Invest, an investment management firm interested in crypto.</p>
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 <p class="paragraph">Notably, the well-known multi-billionaire and CEO of Tesla Inc (NASDAQ: TSLA) showed a lack of interest in <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> when asked about Bitcoin (BTC), its potential impacts on the financial and monetary system, and Tesla’s holdings.</p>
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  <p class="paragraph">“Honestly, I have to say I don’t spend a lot of time thinking about <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currencies. Hardly any at all.”</p> <cite>— Elon Musk (01:15:32)</cite>
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    <p lang="zxx" dir="ltr">https://t.co/LAdIzl7QAa</p>— Cathie Wood (@CathieDWood) December 21, 2023
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 <h2 class="wp-block-heading" id="h-elon-musk-on-the-nature-of-money-information-moving-on-a-network">Elon Musk on the nature of money: ‘Information moving on a network’</h2>
 <p class="paragraph">Nevertheless, Elon Musk continued by saying he has been thinking for a long time about the nature of money.</p>
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  <p class="paragraph">“What is <a rel="noopener noreferrer nofollow" title="money" href="https://thebittimes.com/tag/money.html">money</a>? It is really a database for resource allocation. (…) Fiat currencies are actually fine as a database for resource allocation if you have a predictable <a rel="noopener noreferrer nofollow" title="money" href="https://thebittimes.com/tag/money.html">money</a> supply and it doesn’t get inflated or deflated too much.”</p> <cite>— Elon Musk (01:15:46)</cite>
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 <p class="paragraph">Interestingly, he then proceeds to describe an ideal form of money to “solve the money problem.” On that, Musk applies the logic of “information moving on a network,” in his words.</p>
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  <p class="paragraph">“So when you think of any given <a rel="noopener noreferrer nofollow" title="money" href="https://thebittimes.com/tag/money.html">money</a> system, I sort of apply information theory to a <a rel="noopener noreferrer nofollow" title="money" href="https://thebittimes.com/tag/money.html">money</a> <a rel="noopener noreferrer nofollow" title="problem" href="https://thebittimes.com/tag/problem.html">problem</a>. So think of it like it’s an information system, and you want to minimize noise, minimize latency, minimize packet loss. And so any inflation would be adding noise to the system. If what it takes to conclude a transaction is a long time, that adds latency to the system. Fraud is kind of like packet loss. So I guess I kind of think of <a rel="noopener noreferrer nofollow" title="money" href="https://thebittimes.com/tag/money.html">money</a> like I think of information moving on a network. Bandwidth, latency, jitter, which is the variance in latency, packet loss. Those fundamental elements.”</p> <cite>— Elon Musk (01:16:57)</cite>
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 <p class="paragraph">In summary, an ideal monetary system would conclude a transaction faster, with the lowest loss of resources possible. Also, ideally, with no inflation, as it would “add noise to the system.”&nbsp;</p>
 <p class="paragraph">Curiously, Elon Musk had previously talked about the need for a “low-latency” monetary system: “Whichever has [the] least error &amp; latency will win.”</p>
 <p class="paragraph">In particular, Grok previously suggested the cryptocurrency Nano (XNO) as “a strong contender” to address these points — as reported by Finbold on December 9. It is important to note that other users might have different results from the same prompt.</p>
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   Grok’s output. Source: <em>@atxmj</em>
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 <p class="paragraph">However, Musk avoided discussing cryptocurrencies in the show and has not recommended any specific project. It is well-known that the multi-billionaire is a Dogecoin (DOGE) fan, whose support could have triggered past Dogecoin’s pumps.</p>
 <p class="paragraph"><strong><em>Disclaimer: </em></strong><em>The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/elon-musk-describes-how-to-solve-the-money-problem-is-it-crypto-tbt74529.html">https://thebittimes.com/elon-musk-describes-how-to-solve-the-money-problem-is-it-crypto-tbt74529.html</a></p>

Elon Musk describes how to solve the money problem; Is it crypto?

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