Crazy huh. The guy might just be the Anti Christ lol.
Nice work on Doge, i have a handful which I’ll dump after I see him tweet a photo of a dog LoL.
Why is ADA rallying and not Doge? Elon doesn’t give a shit about ADA so who decided he was meaning ADA to be the next thing?
I believe ADA is rallying because Elon mentioned in one of his tweets that he is exploring other cryptocurrencies that aren't as devastating to the environment via the use of fossil fuels for mining & transactions. In particular, he said they are looking into other cryptocurrencies that use <1% of Bitcoin's energy per transaction. ADA goes easy on the environment and isn't producing the carbon emissions from mining that BitCoin produces.
One of the statistics I read when comparing ADA to BTC was that ADA's annual energy consumption was equal to 6 GWh (Gigawatt hours), whereas BTC's annual energy consumption was equal to 130 TWh (Terawatt-hour). ADA's energy consumption is 21,000x less than BTC's per year. Whereas BTC's energy consumption is equivalent to 0.6% of global electricity consumption and supposedly on par with the country of Jordan which has over 10 million people. This is why institutional money is flowing into ADA. They see a potential solution or alternate option for Elon's crypto dilemma (finding a crypto that is less harmful on the environment).
I believe this is the same reason why ETH is taking a hit today. Both BTC & ETH have serious mining issues that hurt the environment, ADA and others like DOT are a good solution to that.
This is also where the argument of Proof of work vs Proof of stake comes into play. Bitcoin and Ethereum are both Proof of work, whereas ADA and DOT are proof of stake. Proof of work requires an intense amount of computer power and electricity for miners to verify transactions on a blockchain, whereas Proof of stake removes energy-intensive equation solving by computers, thus it’s much more efficient than proof of work.
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