Elon Musk, the Tesla billionaire, has had a very large impact on the cryptocurrency market. One day he tweets an endorsement for bitcoin and crashes their price, another day he says it’s all a fraud. But one thing is clear- his voice carries significant weight in this fledgling sector.
During the week, the bitcoin price has fallen by a significant amount and caused a major slump across the cryptocurrency market. Ethereum’s price has also been on a rapid decline, plummeting even further than other major coins from its sector. However, some coins have not been affected too much by the tumultuous trading of recent months and have even managed to grow in value significantly.
It doesn’t really matter who created Bitcoin. It’s the progression of the idea that matters, according to Elon Musk. Musk argued that Nick Szabo expands on these ideas, which makes him Satoshi Nakamoto in spirit.
“Obviously I don’t know who created bitcoin … it seems as though Nick Szabo is probably more than anyone else responsible for the evolution of those ideas,” said Musk
Szabo is mostly known as the creator of Bit Gold, a predecessor to Bitcoin. His work on smart contracts led to them being a component of Ethereum.
Szabo has previously denied that he is Satoshi Nakamoto to Dominic Frisby in 2014, telling him “You got it wrong doxing me as the bitcoin creator, but I’m used to it.”
“Figures themselves may not be as important as the figures who were involved in the evolution of ideas that led to things,” Musk told , asking: “It’s devastating to think that most names will be forgotten after time, but it’s important to remember the important lessons through history. A name is just a name- attached to an idea or event. No single name has any meaning on its own.?”
Satoshi Nakamoto – the creator of Bitcoin – disappeared shortly after its launch, sparking speculation about who could be responsible for its creation. It led to a number of theories about who could have been behind this, which has led to the birth of thousands of digital currencies.
Bitcoin became popular as a form of currency not just because it’s cost-effective but also because its creator has been shrouded in mystery. Vitalik Buterin, one of the creators behind rival cryptocurrencies like Ethereum, has so far struggled to escape his “outsized influence” over projects. A large amount of control this person has over these projects is even more questionable now that he said he supports centralized cryptocurrencies.
Musk also said that he doesn’t understand Ethereum smart contracts— blockchain-based, self-executing contracts that run when certain conditions are met.
“I’m still not quite sure what this smart contract thing is supposed to be, you know?,” said Musk, joking, “I’m not smart enough to explore and use the features of smart contracts. My approach to any kind of potential deal or what-have-you is to always ensure there’s clarity of understanding.”