Category Archives: Elon Musk

Auto Added by WPeMatico

‘The Ascent of Money’ Author Admits He Got Bitcoin Wrong

'The Ascent of Money' Author Admits He Got Bitcoin Wrong

Harvard professor Niall Ferguson, author of currency history book “The Ascent of Money”, has admitted he was wrong amount Bitcoin and blockchain being a “complete delusion”.

His book The Ascent of Money: A Financial History of the World first published in 2008 was adapted as a television documentary for Channel 4 and PBS, winning an International Emmy Award in 2009.  It examines the long history of money, credit, and banking.

The author now admits he should have listened to his teenage son and bought Bitcoin back in 2004 claiming, with the benefit of hindsight, the decision not to invest in the flagship cryptocurrency was the “worst investment decision of his life”, commenting:

“If I had listened to my son, I would have increased the dollar value of my investment by a factor of 45 — or, if you prefer, I’d have made a return on the investment of 4,436%… The moral of the story is clear: when it comes to technology, pay heed to teenagers.”

Ferguson was speaking at The Australian Financial Review Business Summit earlier this month, now freely admitting that he was “wrong to think there was no… use for a form of currency based on blockchain technology”.

The acclaimed author is the latest to endorse Bitcoin and cryptocurrencies after Twitter’s Jack Dorsey, Tesla’s Elon Musk and Apple co-founder Steve Wozniak all praised the technology recently. Twitter founder Dorsey is so convinced that it is still early days for Bitcoin that he committed to putting by USD 10,000 worth of the cryptocurrency by per week.

Tech entrepreneur Musk ranked 21st on the Forbes list of The World’s Most Powerful People, concurs with Dorsey suggesting, “Paper money is going away. And crypto is a far better way to transfer values than a piece of paper, that’s for sure.”

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: bitcoinnews.com

The post ‘The Ascent of Money’ Author Admits He Got Bitcoin Wrong appeared first on BitcoinNews.com.

What Traditional Investors Think About Bitcoin

What Traditional Investors Think About Bitcoin

Earlier this week, Apple co-founder Steve Wozniak reiterated his bullish sentiments towards the flagship cryptocurrency Bitcoin, touting it to have had “massive value creation” against the odds in the face of the current bear market.

In an interview with Bloomberg, Wozniak explained how he owned some Bitcoins as an experiment to determine its barter value around the world and not as an investor, but had to sell most of his holdings during the all-time high of December 2017, in order to reduce his worries about the market’s volatility. He said:

“I don’t want to be one of those people watching the price of Bitcoin, so I sold out.”

However, he still dabbles in Bitcoin-related devices, probably because of the fact that the coins he sold earlier are now worth more than the value he sold for. His overall take on the market dynamics of crypto as he compared it to the stocks market was that of a psychology factor relative to fear as seen in the fear of missing out (FOMO) when prices go up and that of the fear, uncertainty, and doubts (FUD) which triggers massive selling when prices begin a downtrend.

Recently, billionaire Elon Musk praised Bitcoin as having a brilliant structure, and was completely bullish on the cryptocurrency industry, suggesting that it provides a far better method to transfer value than “pieces of paper”, only that he worried that Bitcoin’s computational requirement was energy intensive.

Billionaire Bill Gates had opined back in 2017 that “Bitcoin is better than [fiat] currency” in that it’s more convenient when it comes to large transactions and considerably cheaper. However, in 2018 he told the media that Bitcoin and other cryptocurrencies are “kind of a pure ‘greater fool theory’ type of investment” and that he would short Bitcoin if he could.

Billionaire and business tycoon Warren Buffett has always had a hostile opinion towards bitcoin and recently called it a delusion even though he thought the blockchain is ingenious. Still, it’s an upgrade from his usual accusations of it being “rat poison”.

Tech mogul John McAfee has always been one with probably the most extreme bullish expectations for the crypto industry and recently took to Twitter, setting a hard date on his USD 1 million per Bitcoin prediction.

People are waking up to the fact that Bitcoin will be $1,000 000. But when? “Someday”. “Maybe 5 years”. “WIthin a decade”. I’m the only one giving you a hard date: Dec 31st, 2020.https://t.co/rst3BcypFz“will-be-1-million-someday-says-jesse-lund-vp-of-blokchain-at-ibm.html

— John McAfee (@officialmcafee) February 22, 2019

Mainstream investors and top of the global rich list have taken sides on the future of the cryptocurrency industry, and perhaps, the rationale behind their stance stems from the level of understanding of what the blockchain, and cryptocurrency are all about.

As the industry continues to mature, one possible outcome may include a partial win-over of some of the nay-sayers as has been the case with CEO of JPMorgan Chase Jamie Dimon, who was also one of those who called Bitcoin a fraud. Not exactly a ‘win-over’, as he seems to still maintain his stance, however, the irony of the recent launch of its JPM Coin, possibly inspired by the technology underlying Bitcoin still is puzzling. If Bitcoin is a fraud, the technology behind it should be considered one too.

 

Follow BitcoinNews.com on Twitter: @BitcoinNewsCom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

 

The post What Traditional Investors Think About Bitcoin appeared first on BitcoinNews.com.

Elon Musk Praises Bitcoin, Says Paper Money Will Fall Apart

Elon Musk Praises Bitcoin, Says Paper Money Will Fall Apart

Elon Musk has maintained that cryptocurrencies provide a far better method to transfer value than “pieces of paper”. He expressed his views in an interview on advisory services firm ARK Invest’s podcast.

When he was asked whether Bitcoin could be regarded as the only native digital asset of the internet, he replied that indeed its structure was brilliant. However, he pointed out its downside, being that computationally it is incrementally energy intensive. He added that there must be some constraints on the creation of digital assets.

It was this consideration that meant that his company, Tesla, would probably not get involved in crypto-related businesses, focusing instead on its main aim to “accelerate the advancement of sustainable energy”.

Musk did reiterate the importance of digital assets by saying that crypto offers a far better method to transfer value than paper currency, believing the future of the latter to be in danger.

Although Musk is a fan of the efficiency of cryptocurrency, he claims to own none of it, save BTC 0.25 he says was given to him by a friend.

Apart from Musk, leading industrialists and entrepreneurs have predicted that Bitcoin will act as a digital gold. Mike Novogratz, founder of crypto merchant bank Galaxy Digital maintained that it is neither US nor Chinese money. it is sovereign money. On the other hand, Twitter co-founder, Jack Dorsey, stated that BTC is the only digital asset which has kept its focus on being a currency.

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: pixabay.com

The post Elon Musk Praises Bitcoin, Says Paper Money Will Fall Apart appeared first on BitcoinNews.com.

Dogecoin Founder Develops Script to Combat ETH Giveaway Scams

Dogecoin founder Jackson Palmer has developed a script which helps combat the ETH giveaway scams plaguing Twitter users. Palmer delivered this script directly to Elon Musk, the founder of SpaceX and Tesla, one of many famous Twitter users been targeted by scammers.

The Twitter Ether giveaway scam is done by creating an account with the same profile picture and name as a Twitter user with a large following. The scammer uses the fake account to reply to tweets of the real Twitter account, with an offer of something like ETH 1-3 for every ETH 0.01 sent to a certain address.

The only difference visible between a scammer’s account and the authentic Twitter account is difference in the actual username. Most users spot this difference and don’t fall for the scam. However, many others do fall for the scam, since they don’t see the difference in the username, mistake it for the actual popular Twitter user. The result has been over ETH 8,000 worth more than USD 4 million scammed from Twitter users as of June 2018, and these numbers have probably grown since then.

This scam damages the reputation of Twitter itself, the celebrities that are being targeted, and financially hurts users that fall for it. The Twitter team itself has done little to stop the Ether giveaway scam, and Elon Musk is one of many who is constantly seeing this scam in replies to his tweets, so he reached out to Palmer to fix the problem.

@ummjackson if you can help get rid of the annoying scam spammers, that would be much appreciated

— Elon Musk (@elonmusk) September 17, 2018

ok, *now* I can finally call it a night. https://t.co/8sTjFCQYk8

— Jackson Palmer (@ummjackson) September 17, 2018

In less than a day, Palmer did what Twitter could not, and developed a real way to combat Twitter giveaway scammers. He created a script that identifies any users replying to a Tweet that have the same profile picture as the Twitter celebrity being targeted, instantly blocking the fake accounts run by scammers.

This should help curtail Twitter crypto giveaway scammers and perhaps lead to new ideas to stop the scammers that are even more effective. Perhaps a Twitter crypto giveaway scammer could slightly alter the profile picture so the script doesn’t detect them but that already makes the scam way harder and less effective, and the algorithm can be improved to detect the typical wording used for Ether giveaway scams to make it bulletproof.

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

The post Dogecoin Founder Develops Script to Combat ETH Giveaway Scams appeared first on BitcoinNews.com.

Elon Musk Among the Latest to Challenge Warren Buffett’s Investment Ideas

Warren Buffett has come under fire from Elon Musk after an exchange that led to Musk appearing to challenge his rival with a light-hearted ICO dubbed Cryptocandy. The two had been trading opinions via public shareholder meetings in the days prior. The reference to cryptocurrencies played on Buffett’s rigid ideas on bitcoin and his investment in See’s Candy.

Elon Musk Tweet

Elon Musk hasn’t taken a strong stance on cryptocurrencies but represents a newer generation of success believing that “what matters is the pace of innovation, that is the fundamental determinant of competitiveness”. Although Musk has had little to say, he did share that he had been gifted 0.25 bitcoin by a friend years ago and has been noted to have a copy of Cryptocurrencies simply explained. His company Tesla also began accepting bitcoin as a payment method for their electric cars back in 2016. The use of cryptocurrencies played on Buffett’s rigid ideas on bitcoin.

Musk is well established in the technology sector and is familiar with online payment systems having co-founded X.com which was acquired by Paypal. After standing as CEO for Paypal he went onto make USD 165 million when the company was bought by eBay. With blockchain expanding into several fields that Musk has invested in alongside his knowledge of payment systems, it would be interesting to hear more of what he has to say.

Elon Musk isn’t the only person to challenge Buffett

Buffett — a fellow multi-billionaire, on the other hand, has profited largely from his  Berkshire’s holdings, which are in food and beverage companies, clothing, materials, insurance, banking, and media. Buffet has continued with his militant stance against cryptocurrencies in particular bitcoin which he recently referred to as “rat poison”.

With his view on technology stocks only having recently changed alongside his inability to keep up with the times as pointed out by his use of a flip-phone, by CNBC. Buffet continues with comments such as cryptocurrencies are headed for a “bad ending.”

Musk’s exchange isn’t the first time Buffet has come under fire, with Binance CEO Zhao Changpeng questioning the grounds of his statements. In an interview in January discussing Binance’s growth and customer demographic Changpeng responded with “Warren Buffett is a guy I truly respect from an investment point of view, but I do not think he understands cryptocurrencies at all,” which is confirmed by Buffett who previously said “Why in the world should I take a long or short position of something I don’t know anything about?”

Follow BitcoinNews.com on Twitter at @BitcoinNewsCom

Telegram Alerts from BitcoinNews.com at https://t.me/bconews

Image source: Flickr ( Steve Jurvetson )

The post Elon Musk Among the Latest to Challenge Warren Buffett’s Investment Ideas appeared first on BitcoinNews.com.