Elon Musk dubs himself ‘The Dogefather’ in SNL promo tweet, prompting real people to invest actual money in joke crypto, how much power do you think these influencers have over the economy?

Collin Plume:

They power retail, they influence the smaller investors but majority of investors are smaller investors so when these majority moves, it influences the market. 

People like Musk are visionaries, call him what you want, but people like him change the world and that’s what crypto is doing. What they say matters, people listen. 

What can the US government do to nurture crypto?

Collin Plume:

  • Fund blockchain development 
  • Accept crypto in government transaction 
  • Policies to protect consumers to inspire better cryptos 

University of Cambridge ranked Bitcoin’s electricity consumption above Argentina (121 TWh), the Netherlands (108.8 TWh) and the United Arab Emirates (113.20 TWh) – and it is gradually creeping up on Norway (122.20 TWh). How much will this affect the rise of Crypto?

Collin Plume:

It won’t because of most of those promoting energy efficiency or eco-friendly processes barely understand how industrialization works. Take recycling for example. Do we really know how much it damages to environment to take recycle garments or papers or plastic? Sure, we are reusing the raw material but what about the energy it entails to take one matter and convert it to another? 

Tesla stands for renewable energy but this year, they reported more earnings from its sale of bitcoins than cars 

What do you think can truly hold back Bitcoin’s growth?

Collin Plume:

  • Privacy
  • Unfortunately, Bitcoin’s deprecation of privacy is also a flaw that it has sought to solve. Some of Bitcoin’s original users mistakenly believed that because wallet addresses were pseudonymous, that using Bitcoin was anonymous. 
  • However, legal action against darknet sites like the Silk Road proved that all it takes is a small amount of information in order to reveal the true identity behind a Bitcoin wallet.
  • Zcash innovated by adopting Bitcoin’s open ledger system and encrypting information about the ledger’s users. 
  • This means that even though all ZCash transactions are recorded on a blockchain, the transactions are encrypted and can only be viewed by users that have been given access to them.
  • ZCash employs a cryptographic tool called zk-SNARKs, which stands for Zero-Knowledge Proofs. This tool allows two users to engage in transactions without either party revealing their payment addresses to each other. 
  • This tool also makes ZCash transactions untraceable on ZCash’s blockchain by obfuscating the payment addresses of both parties and the amount involved in each transaction.