Tesla Inc TSLA CEO Elon Musk weighed in on a Twitter debate between former Twitter Inc TWTR CEO and Bitcoin BTC/USD advocate Jack Dorsey and Ethereum ETH/USD proponents to explain why he favored meme-based cryptocurrency Dogecoin DOGE/USD.
What Happened: In a tweet on Thursday, Musk replied to a discussion around whether Ethereum and Web 3 are really centralized avenues with a single point of failure.
Ethereum proponents singled out Jack Dorsey for his recent comments asserting Web 3 is a centralized entity under the control of Silicon Valley VCs and that Ethereum is not a secure, decentralized network like Bitcoin.
I promise this is a fight against the “rich dudes” taking advantage of people like you who should own it all— jack� (@jack) December 23, 2021
I’m not anti ETH. I’m anti-centralized, VC-owned, single point of failure, and corporate controlled lies. If your goal is anti establishment, I promise you it isn’t ethereum. Don’t believe or trust me! Just look at the fundamentals.— jack� (@jack) December 23, 2021
“I’m not anti ETH. I’m anti-centralized, VC-owned, single point of failure, and corporate controlled lies. If your goal is anti establishment, I promise you it isn’t ethereum. Don’t believe or trust me! Just look at the fundamentals,” reiterated Dorsey.
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Doge co-creator Billy Markus joined the discussion stating that his goal was to “build stuff," make money and have fun.
“I’m used to the corporate establishment and don’t really see any meaningful break away from it ~ bitcoin just gives power to new rich people,” said Markus.
It was at this point that Dogecoin’s most influential supporter, Elon Musk, joined the debate, stating, “That’s why I’m pro Doge.”
Price Action: As of early Wednesday morning, DOGE was trading at $0.1767, gaining 2.1% in the last 24 hours. Bitcoin was trading at $48,200 and Ethereum was trading at $3,900 -- both the leading crypto assets lost 2% of their value in the last day.
Photo: Executium on Unsplash
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