Tesla and Spacex CEO Elon Musk has explained why he’s pro dogecoin as the debate over web3, Ethereum, and decentralization intensifies. In the same conversation, former Twitter CEO Jack Dorsey insisted that he is not anti-ETH. “I’m anti-centralized, VC-owned, single point of failure, and corporate-controlled lies,” he stressed.
Elon Musk Shares Why He’s Pro Doge
Elon Musk’s Doge explanation came as he and dogecoin co-creator Billy Markus joined a Twitter thread about web3 and Ehtereum involving Jack Dorsey. The former Twitter CEO raised concerns this week about web3 being owned by venture capitalists (VCs).
Markus wrote: “My goal is to build stuff and make money and have fun. I’m used to the corporate establishment and don’t really see any meaningful break away from it ~ bitcoin just gives power to new rich people.” Musk replied, “That’s why I’m pro Doge.
In the same thread, Dorsey clarified: “I’m not anti-ETH. I’m anti-centralized, VC-owned, single point of failure, and corporate-controlled lies. If your goal is anti-establishment, I promise you it isn’t Ethereum. Don’t believe or trust me! Just look at the fundamentals
Several people on social media found the move by the German government interesting. For example, podcaster Joe Weisenthal tweeted:
It’s interesting that governments are in the service of, essentially, reverse laundering crypto. They take tainted crypto (that was seized in criminal cases, and as such isn’t traded on exchanges) and then wash it so that it can trade freely again on the market
Noting that seized crypto will return to regular circulation after cleaning, the bank explained:
As the cryptocurrencies are related to crime, they are considered ‘contaminated coins’ and cannot be traded on mainstream exchanges.
The cleaning process established by Bankhaus Scheich “ensures that trading partners are informed that the currencies are back in legal possession and have been declared ‘clean,’ allowing them to be sold,” the publication conveyed. However, the Frankfurt-based bank did not provide further details of the process.
Bankhaus Scheich noted that the seized cryptocurrency was sold in one week earlier this month. The proceeds will now be transferred to the state government budget.
The prosecutors and the bank said they will cooperate in future criminal cases to put confiscated cryptocurrencies back into the markets.