Thread by @PeterMcCormack

1/ Dear @elonmusk. The perfect troll is one where people don't know whether it is a troll or not. Your recent poorly informed criticism of #bicoin + support for Doge may be the perfect troll...or you might actually believe this (God I hope not).

2/ Whether you believe it or not is irrelevant right now, the implications are in play, and there are two specific ones I want to discuss:
a) Doge investors will get rekt
b) You are increasing the workload of Bitcoiners

I am not the smartest bitcoiner but I will do my best.

3/ Doge is a meme, a joke, it has no real developers and long-term serves little purpose beyond coin-flipping.

The blocksize debate is over. Bitcoin is the only meaningfully decentralised cryptocurrency serving to solve problems caused by central banking.

4/ Decentralisation is key, it is being meaningfully decentralised which ensures that #bitcoin is robust, hard to change and away from government control. It is this which gives us censorship/seizure resistant money which can't be inflated.

5/ Bitcoiners work hard to keep as much of the ecosystem as decentralised as possible. It is why they have fought civil wars and maintained a set of very hard principles. It is this that protects the $billions you hold in #bitcoin.

6/ I have been fortunate to talk to all of the smartest people in this industry. In 2017 #bitcoin went through a civil war over these specific issues and #bitcoin won. The market spoke and every fork has failed and failed miserably.

7/ I am receiving texts and DMs from friends and randoms asking should they invest in Doge and I am having to take the time to explain to them why this is a risky investment and why #bitcoin is more important. I suspect I am not alone wasting time on this.

8/ This is why it might be the perfect troll because some of us are questioning why someone so smart and successful can believe this...while others are furiously buying Dogecoin.

9/ When the rug pulls, and it will pull, Doge bag holders will be holding nothing but a bag of dog shit. They will lose money and many will have invested because they have not had the time to do the hard work and they will believe you.

10/ But the bigger issue for me is with regards to the damage you are causing to the #bitcoin ecosystem. While this damage is temporary (many before you have disseminated similar bollocks, I included), you are increasing the workload of bitcoiners.

11/ Your personal goals appear to be focused on projects for humanity - clean energy supplies, reducing carbon emissions and a second home on Mars (in case we fuck this planet up).

#Bitcoin is also a project for humanity, to free people from the implications of central banking.

12/ I am in El Salvador right now reporting on a #bitcoin project which has given hope to many people. While the US government debases the dollar, there are no stimulus cheques reaching here.

El Salvador is dollarised and many have turned to #bitcoin to protect their income.

13/ Additionally, a large % of the El Salvador GDP is via friends and family sending money back from the US. Often these people pay high fees using remittance services, reducing the money the locals receive.

14/ There are #bitcoin companies building solutions to allow for instant and near-free remittance, ensuring the people here receive more money. This is important as El Salvador is not a wealthy country.

15/ I assume you have heard of the Lightning Network? The entire ecosystem in El Salvador uses it here, offering instant and virtually free final settlement. It is a far superior technology to any other "faster" cryptocurrency.

https://twitter.com/PeterMcCormack/status/1393234868021055491

16/ These problems are not isolated to El Salvador, these problems are global. If you speak to people in countries with a history of high inflation - Argentina, Venezuela, Lebanon etc... the locals understand #bitcoin.

17/ When you Tweet false information regarding energy use and promote shitcoins the market reacts and a 30% drop in the price can lead to a 30% drop in how much money people have for everyday necessities.

18/ Now I understand markets are free and the local educators teach people here about understanding and managing volatility. Still, as you are very aware, when you Tweet to +50m people, your Tweets have an impact.

19/ It might be all fun and games for you but the impact on others is real.

Basically, you are being a bit of a dick mate.

20/ With great power comes great responsibility, yadda yadda. There are many smart people in #Bitcoin who have spent years trying to solve very hard problems. They don't need to be wasting time countering the crap you are disseminating.

21/ This is time that can be spent building and educating. And we have a lot of work to do. Governments continue to print money and ever-increasing rates (remember why you bought #bitcoin?)

22/ You probably won't see this but if you do, perhaps we can connect you with some of the very smart people in #bitcoin to help improve your knowledge in the obvious gaps which exist.

23/ From one dick to another, I hope you stop being a dick.

24/ Note: any shitcoiners who come up in my DMs or replies telling me that #bitcoin is boomer tech and/or slow and why Doge is better don't bother. I don't care if you trade Doge but please do the work.

The state of my DMs