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Elon Musk: Most cryptocurrencies are scams
BlockBeats News, April 30th, according to Forbes magazine, Elon Musk’s relationship with Sam Altman and OpenAI has reportedly deteriorated. And in his testimony regarding the lawsuit against this artificial intelligence company, it also shows that his attitude towards cryptocurrency has cooled.
During a court hearing in Oakland on Wednesday, when asked to explain cryptocurrencies, Musk stated: “Some of them are valuable, but most are scams.” This remark was relayed on social media by The New York Times reporter Mike Isaac.
This comment stems from a question about OpenAI’s brief consideration in 2018 of raising funds through an initial coin offering (ICO). At that time, OpenAI was still a non-profit organization. Details of this ICO plan are part of the ongoing legal disputes between Musk and OpenAI over the company’s mission.
Musk is one of the co-founders of OpenAI (involved in its founding in 2015). He accuses the company of violating its original founding agreement after reaching an investment deal with Microsoft and beginning to sell commercial products. In court, Musk claimed that OpenAI “misappropriated a charitable organization.”
OpenAI responded that Musk was always aware that the organization might eventually transition into a for-profit entity. The company stated in a blog post that Musk supported OpenAI’s plan to raise funds through an ICO, which itself involved establishing a for-profit subsidiary.