Gold is gold, silver is silver and the US dollar has the full backing and credit of the US government ( for whatever that is worth these days) behind it. What is cryptocurrency? It is an electronic conception that sits in an unknown, unregulated server. What is its economic foundation? Any wonder that Musk failed to answer that fundamental question? After all Musk has made a real fortune promoting vehicles that really cannot go all that far and in the final analysis are enviormental catastophres. He has also established a company that makes space rockets and believes it is his destiny to take a one way trip to Mars.Each of these ventures have had some real achievments and have attracted wild enthusiasm and investment from a sector of the population. Why is it then not suprising that he can without a clear , rational explanation enthuse many to invest in a product such as cryptocurrency which they have not a clue of its real economic function or worth. Elon Musk is truly a great man.
On to the car thing....it’s an emotional purchase to ge tone of his vehicles. It’s a “stamp” of virtue to “help” the environment and so empowering while in actually, the product creates more toxic waste and delete irreplaceable natural resources faster than any gas powered vehicle ever could .
I’m not sure what his angle is other than power and wealth.
The fact that he appeared on such a woke “comedy” show while ongoing launches of his satellites are occurring raises more questions than it answers.
No matter who you are, if you’re going to be launching satellites and using earth space, you need lots of higher ups on your side and people in high places assisting your efforts.
Would the Dems love for us to have zero gas vehicles so we can’t travel at will or grow our own food or be accomplished producers? Yes. For all the hype about his vehicles and the projected increase in their production, their failure is in the ease and their ability to be powerful enough to be used in building and agriculture. I see huge problems on the horizon in that area.
The satellites are another matter. Will he have no competition? Or will other countries issue their own low flying satellites traveling over our skies?
There is precedent:
"Not worth a Continental"
During the American Revolution, the Continental Congress issued a form of currency known as the "Continental" that proved worthless due to rapid depreciation.
In other words, Congress printed so many un-backed Continentals that they became worth almost nothing.
Watch for stage two of the tried-and-true Stagflation formula. it will look like this:
The Continental Congress and the state governments tried every coercive means available to prevent the persistent trend of rising prices.
It will be the easiest thing to find on your empty store shelves very soon!
These types of replies are always enjoyable to read because it shows how early investors are to this space. You should ask the department of defense why they are a partner of Constellation, Ticker DAG, a cryptocurrency project that will be providing services for them. They have been working with Constellation for two years. If you don’t understand the value proposition of some cryptocurrencies, it doesn’t prove they lack value. It proves you have a poor understanding of what these actually do. Pro Tip, not all cryptos are a store of value. Search terms you might want to look into. Network effect. Distributed. Encrypted. Decentralized. Immutable.