Key Takeaways
- Musk claims 14 US authorities computer systems can create cash from nothing.
- Jameson Lopp responded by stating, ‘Bitcoin fixes this.’
- Musk says authorities waste stems from incompetence reasonably than fraud.
In a March 17 episode of Verdict with Ted Cruz, Musk said that at the very least 14 authorities computer systems throughout departments like Treasury, Protection, and Well being and Human Providers can create and ship funds with out clear oversight.
Musk stated:
You might suppose that the federal government computer systems all discuss to one another, they’re synchronized, they add up what funds are going the place, and it’s coherent. However they’re in all probability off by 5% or 10% in some instances. So I name it ‘magic cash pc’—any pc that may generate income out of skinny air.
Response from Jameson Lopp
Jameson Lopp, chief safety officer at Bitcoin custody agency Casa, responded to Musk’s declare, saying merely:
Bitcoin fixes this.
Authorities waste & incompetence
Musk additionally revealed that some authorities departments have extra media, software program subscriptions, and bank cards than they do workers—typically double.
He believes 80% of those instances stem from waste and incompetence reasonably than fraud, citing cases the place cash was mistakenly despatched to firms with out the federal government trying to recuperate it.
Musk defined:
We noticed a number of funds going out of Treasury that had no fee code and no rationalization. Some contracts have been speculated to be shut off, however they weren’t, so firms stored getting paid.
Backlash towards Dogecoin Basis
In the meantime, Musk’s cost-cutting efforts at Dogecoin Basis (DOGE) have sparked backlash, with Tesla services reportedly being vandalized as a part of a broader protest towards DOGE-related finances cuts.