Tesla and SpaceX founder heats up cryptographic resources after his profile has been forged for months for Ethereum scams.
Billionaire CEO of SpaceX and Tesla, Elon Musk suggested warming up for Ethereum (ETH) in a recent tweet:
The tweet was part of a discussion about the proliferation of false account by Elon Musk . These accounts have spread the Ethereum scam, in which users are promised a huge return, if they send a small amount of ETH to a wallet. The scam hit key accounts in the encrypted space, with the heavy impact of Elon Musk's Twitter. Recently, Twitter began a fight against the scam bots of blocking anyone using the name of Musk .
The tweet does not give details about whether Musk would actually do anything with Ethereum. Some analysts have suggested that Musk could use cryptocurrency to take private Tesla. Or make a first coin offer (ICO) through the Ethereum network to raise funds for the initiative.
While there are niche attempts, how to connect the platform Tesla Ridershare with the EOS network, the electric car the manufacturer has no direct plans on the use of blockchain technology, nor on the Ethereum network.
The tweet comes at a time when the utility of the network Ethereum is again questioned. As the market prices of ETH fell below the $ 300 range, the use of money to finance startups also declined. The other flaw with Ethereum is the fact that the network is still easily overwhelmed by a single app, taking gas and increasing transaction prices across the board.
At the same time, most apps are only used by a handful of people, leading to multi-million dollar valuations for projects that only serve a few dozen users. And while standard transactions typically cost $ 0.013, some apps and smart contracts extract higher commissions, while network congestion increases overall commissions for all users of Ethereum.
ETH currently trades at $ 290, down from $ 320 two weeks ago, and some see the slip as an effect of the ICOs selling their ETH radius for operational purposes. Over the past 30 days, ICOs have converted thousands of ETHs into cash, based on data from App.Santiment.net .
ICO of Ethereum have very different treasures, depending on when they collected their funds. ICOs who worked at the highest ETH prices managed to raise only a handful of ETHs, and saw their amount depreciate by about 60% from the peak, when ETH wiped out the value.
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