Monero Community Divided Over $150K Tesla PR Stunt
- A Monero proposal has raised $150,000 to convince Elon Musk to accept XLM as payment for Tesla vehicles.
- Non-profit organizations can participate by tweeting about the initiative in an effort to win a free Tesla.
- The wider Monero community is unhappy with the campaign and lack of transparency surrounding the PR move.
A new Monero proposal has raised $150,000 in hopes of encouraging non-profit groups to tweet their support for Tesla. However, the publicity stunt has created a rift in the community.
$150,000 Raised for Free Teslas
The Monero community raised 890 XMR, worth approximately $150,000, as part of an initiative that will ask Tesla Inc. to accept the cryptocurrency as a method of payment on its website.
The campaign also asked non-profit organizations to make a case on Twitter explaining why they need a Tesla Model 3. The organizers intend to use the funds raised by the Monero community to buy Model 3 Teslas for three of the most deserving applicants.
The offer depends on Elon Musk or Tesla Inc. agreeing to accept Monero as a form of payment. If Musk or Tesla do not agree, the contributors will get a refund on their donation.
PR Stunt Raises Controversy
The proposal has upset many in the Monero community.
One post on Reddit’s /r/Monero subreddit argues that the proposal does not represent the community. The original poster described the proposal as a “cheap and dirty PR stunt,” adding that it paints Monero in a bad light. Those sentiments have received widespread support.
Elsewhere, Monero contributor dEBRUYNE stated that he appreciates the effort to raise awareness for Monero, but noted that the campaign was rushed. He also noted that it is misleading to suggest that the campaign was organized by the Monero community, as it was organized by just 11 people and pre-funded.
One of the campaign’s organizers posted a response to the backlash. He justified the group’s actions by stating that funding was already in place, and added that the campaign was carried out quickly due to the risk of being “frontrun by a centralized coin with a warchest.”
Musk Generates Hype for Crypto
The proposal is a result of the frenzy surrounding Elon Musk and the crypto market, with major price pumps in both Bitcoin (BTC) and Dogecoin (DOGE) correlated to his support for both projects.
However, while Tesla’s $1.5 billion Bitcoin investment likely indicates true support for the project, the cavalier nature of Musk’s Dogecoin tweets has led many to question Musk’s intentions.
As such, Monero may want to distance itself from the hype that has been generated by Musk over the past several days.
Disclosure: The author held Bitcoin at the time of writing
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Source: Read Full Article