What started with a post by Elon Musk regarding Tesla's decision to stop accepting payments in Bitcoin for its products has spiralled into a surreal Twitter War, between him, his supporters and Bitcoin Maximalists.
Right now, there are two camps;
- Elon, his followers, anti-maxis, & the Doge-hype crew
- Bitcoin maximalists
Everyone else seems to be on the side-lines waiting to see how this will transpire, but very much affected by the market dip and the rumours of an upcoming bear season.
The original post is this one:
Since, Bitcoin maximalists trumpet that Bitcoin serves as a Store of Value and not for everyday purchases, this should not have been an issue with them.
Nevertheless, it was and everyone from all sides started attacking Elon Musk about it, forgetting that once he embraced Bitcoin, its marketcap increased with $400 billion and its price almost doubled at some point from the price that Tesla has bought its Bitcoins.
It is healthy to discuss issues such as environmental footprint and energy consumption, especially in our sphere. In my view, Tesla's concerns about mining are valid and show support in the development of the crypto-verse.
Definitely Tesla will not be backing-off crypto totally. Instead it will be looking to adopt other cryptocurrencies for its payments. Will it be Cardano, Ethereum, Solara, Doge (?!) or something else remains to be seen.
What concerns me the most is that Bitcoin has been touted as a store of value by its supporters. Well, for something that is a store of value, its dip has been catastrophic just with a couple of tweets falling to $46,294 last Thursday (13/05) at a 28.59% below its ATH of $64,829.
Now, we are on an openly declared Twitter-war. Something Musk is very good at if we judge from his feuds with Jeff Bezos and Mark Zuckerberg.
On Sunday, Musk agreed with a tweeter post calling-out Bitcoin maximalists of their behaviour and that he could possibly sell his Bitcoin holdings. He also started trolling Michael Saylor, by calling him "Saylor Moon" and calling out the Bitcoin maxis who were attacking him in their own posts.
Other profile crypto-supporters like AI scientist and Podcast star Lex Fridman supported Musk by also calling out maximalists for the disservice they are doing to crypto right now.
That resulted in another massive dip for the market and Bitcoin, with everything being in red. Though, with a later this morning Musk clarified that Tesla has not sold any of its remaining Bitcoins in order to stop further speculations.
To me, Bitcoin maximalists have become a problem for the whole crypto-sphere as they will shit, attack, deride everyone and anyone who is mildly critical of Bitcoin showing great arrogance and always implying of them being on a higher ground than everyone-else and that all other crypto is scam.
In order for our sphere to develop and mature, we need as many quality projects and ideas as possible cooperating and complementing one another. This is how we can achieve critical adoption.
PS: I am not putting Musk's doge posts/shilling and support in the equation here as I don't know yet what to make of it. Does he really have a plan about Doge, is he just pumping-&-dumping it, or is he masterfully trolling about Dogecoin remains to be seen.
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