Elon Musk reacts to critical tweet with eggplant emoji
Schiff wrote on Twitter: Tesla stock entered a bear market, plunging 20 percent from its all-time high set on January 25th, and 16 percent since disclosing the bitcoin buy.
Two weeks ago, Musk and Schiff had another conversation regarding cryptocurrency
The row over Bitcoin skepticism heats up between Elon Musk and Euro Pacific Capital CEO Peter Schiff as the Tesla boss responds to the latter's long and critical tweet with a single emoji.
Later Schiff again tweeted: "For someone of your intellect I would have expected a more thoughtful reply, not something one would hear at a playground. Does this mean our clubhouse conversation is not happening?"
Two weeks ago the two had another conversation regarding cryptocurrency.
Schiff had said: According to Elon Musk, Bitcoin is almost as BS as fiat money." So Musk regards both #Bitcoin and fiat as BS. I agree, I just think Bitcoin, which is digital fiat, is even more BS than the paper fiat issued by central banks. #Gold is not BS. It's real money and better than both!
As an engineer you should know the distinction between a tangible element and a mathematical string of numbers is huge. Gold doesn’t need miners to power its existence, the laws of physics do that. #Gold provides owners with optionality: use, improve, or hold. #Bitcoin does not.
An email confirming gold ownership, either from a private vault or government is but a secondary layer of trust. You can confirm this truth on your own while #Bitcoin’s ostensible trust layer requires a network of miners spending 5% of its market value a year to do it for you.
Money isn't data. Data can represent money but can't replace it. Money improved barter, gold improved money, and data improved gold. Bitcoin is a return to barter. All sellers will accept money. With Bitcoin you must find a seller who has what you want and wants what you have.
Replying to him then, Musk said: An email saying you have gold is not the same as having gold. You might as well have crypto. Money is just data that allows us to avoid the inconvenience of barter. That data, like all data, is subject to latency & error. The system will evolve to that which minimizes both.
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