Tech Mogul Slams Dogecoin as One of Elon Musk's Scams

Tech Mogul Slams Dogecoin as One of Elon Musk's Scams

California tech executive Dan O'Dowd took aim at Dogecoin in a recent tweet, naming it an Elon Musk-promoted "scam" alongside solar roofs, robotaxis, the Cybertruck, the Optimus humanoid robot and other inventions teased by Tesla.

O'Dowd attracted media attention after a Senate campaign that seemingly centered on a single issue: banning Tesla's self-driving vehicles. The Green Hills Software CEO self-funded a series of campaign ads that targeted the largest e-car maker.

O'Dowd expectedly lost his primary to Senator Alex Padilla, winning only 1.1% of the vote. However, his campaign to hold Musk accountable did not stop there. Related Ripple Interested in Buying up Celsius Assets The Dawn Project, the tech mogul's safe-technology advocacy group, recently published a safety test that shows a Tesla car hitting a child-sized mannequin several times. O'Dowd claims that Tesla's technology poses a threat to "all Americans."

Tesla proponents hit back at the recent crash test, claiming that the FSD technology was never engaged during the accident. Musk lambasted the media for reporting on the "scam video." O'Dowd defended the damning test, claiming that the raw video he published clearly shows that the FSD was engaged in multiple tests. In mid-June, Elon Musk was slapped with a $258 billion lawsuit for promoting Dogecoin as an alleged Ponzi scheme. The world's richest person continues to support the meme coin in spite of the price correction.       As reported by U.Today, Dogecoin co-founder Jackson Palmer, who called crypto the "facilitator of scams," does not believe that the meme coin is a fraudulent project per se.

Thu, 08/11/2022 - 08:56
Alex Dovbnya (U.Today)

Why does Elon Musk like Dogecoin?

In an interview with the Full Send Podcast, Musk revealed that he likes Dogecoin because the cryptocurrency does not take itself too seriously. Instead, it has "memes and dogs" and "a sense of humor."

Musk believes that the "memecoin", as it was originally designed to be, has a better "total transactional throughput capacity" when compared to Bitcoin. This is why Musk, who has earlier supported Dogecoin, plans to continue buying the Bitcoin rival in the future as well and will continue to support it publicly.

Musk's companies Tesla and SpaceX continue to accept Dogecoin as a payment option for their merchandise. Despite all of Musk's efforts, Dogecoin continues to languish at around six cents, a far cry from the 70-cent high it saw last year.

Musk's continued vocal support for the cryptocurrency has also found him at the receiving end of a lawsuit that accuses him of racketeering to pump up the price of Dogecoin.

Interestingly, Musk has sparred with one of the creators of Dogecoin and has also called him "a tool", after the latter commented about Musk's coding abilities. The creators have long left the Dogecoin project which continues to evolve, thanks to other developers. In June, an update to the Dogecoin blockchain was expected to improve its security and efficiency, Forbes said in its report.

Ameya Paleja (InterestingEngineering.com)
Created: Aug 11, 202

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