Dogecoin Soars After Musk Tweets “Working With Doge Developers To Improve System Efficiency”

Dogecoin Soars After Musk Tweets “Working With Doge Developers To Improve System Efficiency”

Just when you thought things couldn’t get any more surreal after the past 24 hours, moments ago Elon Musk, who last night rejected bitcoin because its mining is “bad for the environment” as it consumes a lot of electricity (just wait until Elon discovers how all those rare earth metals that are in every electric car are mined, or what those electric cars run on), moments ago Musk poked the hornets nest again, and shortly after tweeting that ‘it’s high time there was a carbon tax’…

… because billionaires are so fond of giving advise on how to tax others, and an hour after saying that he “strongly believe in crypto, but it can’t drive a massive increase in fossil fuel use, especially coal”, perhaps unaware that the biggest end-market for his cars also happens to be the world’s biggest polluter…

… Musk decided to go back to the crime scene and sparked a sharp rally in the literal joke of a cryptocurrency, Dogecoin, saying that hs is “working with Doge devs to improve system transaction efficiency. Potentially promising.”

The tweet sent Dogecoin sharply higher as yet another round of hapless Tesla fanatics rushed in, making Musk – whose behavior has gotten dangerously erratic in recent weeks –  instantly richer by a few more billion.

Alas, there was nobody to tell said fanatics that because Dogecoin is by definition- a joke – there are no developers because unlike Ethereum, it is not meant to be a platform. It’s like programming Teslas in Fortran… or better yet, Basic.

Meanwhile, the one crypto that is – ether – tumbled on the news, sliding over $100 in minutes because some were disappointed that Musk did not name Ethereum his preferred token of choice. Here’s why he didn’t – he would have to actually have some idea what he is doing or talking about. And if it took him a $1.5 billion Bitcoin purchase to realize that bitcoin mining uses electricity, for the sake of all those long ETH, be grateful this grotesque cartoon character refuses to touch it.

Tyler Durden
Thu, 05/13/2021 – 19:07

Share this Story
Load More Related Articles
Load More In Finance