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Last week, when Elon Musk tweeted that Doge had spoken to a team of developers to find out how to make the coin effective, the impact was predictable: he sent the price Dogecoin to the moon. It has been the latest in a series of Musk statements that the virus has sent to a roller coaster in recent weeks.
And yet, he accidentally caught Doge’s core team, says Michi Lumin, a Colorado developer who helps keep the cryptocurrency going. Yes, Tesla and the space billionaire “throwing ideas” with the team for a long time, Lumin says, also about how to make Dogecoin more efficient. They gladly accepted his contribution. But Musk says the extensive view of the latest strings of Doge-strengthening and Bitcoin-bashing tweets has been a bit stressful, inviting doge to contempt for critics who send the market into convulsions. They may have relied heavily on their coin, but they intended to remain cautious.
“We’re not Eloncoin,” he says. It seems, except, every time Musk decides to tweet.
Musk’s influence is not limited to Doge. Last week, Musk also wrote a tweet that, due to climate concerns, Tesla would not accept Bitcoin in exchange for cars for three months. he said first that would be. Good Elon. As WIRED has done written about plenty timesBitcoin uses enough energy to feed a medium-sized country and much of it (though hotly debated) comes from fossil fuels like coal. It’s a big mystery why it wasn’t Musk’s problem a few months earlier. Maybe it’s green marketing or some kind of regulatory impediment. Or maybe it’s just a troll designed to encourage us all to see the value of things for the sake of tautology.
For whatever reason, Musk has created and destroyed 280 characters at once in small fortunes. “It sounds very scary and very irrational,” says Jill Carlson, a blockchain-focused investor at Slow Ventures. When Musk announced that Tesla would take Bitcoin for cars — and the company bought $ 1.5 billion — it sent up the value. When it went back last week, the news wiped out $ 300 billion within minutes of the market. Subsequent allegations over the weekend, among others Sunday’s tweet This suggested that Tesla had unloaded shares in Bitcoin, sending the price even lower. (He clarify later the company did not sell.)
Meanwhile, periodic tweets referring to Dogecoin, which are usually heavier than jokes, send this market into exuberance crises, even though it continued last week. Saturday Night Live and called it a “bustle,” so it was saved until he re-soloed it again with a green tweet.
“I am not happy that a small person or entity is able to manipulate the market. I guess we’re right there in the crypt right now, ”says developer Lumin Doge.“ It’s not great, for sure. ”
Maybe it’s five-dimensional chess, or maybe it’s a whim. After all, the chance to become a Doge champion is a bit odd as an ecological alternative. It uses an energy-intensive system similar to Bitcoin and there are plenty of cryptocurrency alternatives that use cleaner methods, none of which are worth mentioning in Musk’s Twitter feed. On the weekend, himself he suggested that if his Dogecoin plans didn’t work well, he would create a cryptocurrency from scratch. “He seems to be mostly motivated by the entertainment that Dogecoin does at the front,” Carlson says. “He gets into those big problems and then sets up to get into it as a hero.”
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