Soon, a nation might realistically buy $100 B + of bitcoin and declare it a national currency.
That is, assuming there isn't a nation state keeping one of these whale wallets that never was touched after initial mining.
Tesla buys $1.5B in Bitcoin, may accept it as payment in the future
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Re: Tesla buys $1.5B in Bitcoin, may accept it as payment in the future
#62Something investors need to consider going forward - invest in company X you might be unknowingly gaining exposure to crypto Y
otoh it might be quite attractive way to indirectly invest in bitcoin: profit when it's rising, go all minority shareholder on them when the bubble pops, because nominally the company in question did all its business in an entirely unrelated field.
(I know nothing about minority shareholder stuff and certainly don't expect this calculation to actually work out financially, but on an emotional level, some people will just love being able to point fingers when their bet fails)
Re: Tesla buys $1.5B in Bitcoin, may accept it as payment in the future
#63Soon, a nation might realistically buy $100 B + of bitcoin and declare it a national currency.
There are very few nations that don't have their own currency. That's because part of being a stable government is being able to have monetary control. Without that, it's only a matter of time before some expensive event (pandemic, war, drought, recession), people lose faith in government bonds, the government runs out of money, can't pay its workers, and a civil war ensues.
Sure, some small island nations manage it. But in general, no big country can manage without monetary control.
Re: Tesla buys $1.5B in Bitcoin, may accept it as payment in the future
#64Earlier quoted context omitted.
He should have gone for a proof-of-stake chain instead.
For investments from large institutions and companies, I don't think there's any other option out there with the security and regulatory support similar to Bitcoin and with a fixed total-supply.
Institutions invest in all sorts of things without a fixed total supply. Equities, gold, and national currencies, for example.
Re: Tesla buys $1.5B in Bitcoin, may accept it as payment in the future
#65So this is legal and ok to do: - You buy a lot of bitcoin personally. - Then as a CEO you make your company invest in bitcoin. Make it news. Prices go up. - You've made a lot of money for yourself.
Sounds like business as usual, other than it being bitcoin.
Re: Tesla buys $1.5B in Bitcoin, may accept it as payment in the future
#66What a disappointment. Tesla should have taken GameStop over!
Re: Tesla buys $1.5B in Bitcoin, may accept it as payment in the future
#67Earlier quoted context omitted.
What percent of the electricity used by Bitcoin miners is generated by fossil fuels? My impression is that most miners are located to take advantage of locales with very cheap hydroelectric/geothermal or take advantage of subsidized/overbuilt renewables. But I could be wrong. Any data on this?
Even if that was the case, this excess power would very rarely go to waste. If bitcoin mining farms didn't pop up, then aluminium smelters would appear instead. Aluminium is pretty much electricity in a form that can be put on a truck.
Huh? How do you get the electricity back out of the aluminium?
Oh, OK, I get it.
Region A consumes a lot of electricity smelting aluminium. Region B has cheap electricity so a smelting company moves there and ships the aluminium to region A. Region A now has one smelting company's worth of extra electricity available.
Re: Tesla buys $1.5B in Bitcoin, may accept it as payment in the future
#68Highly irresponsible and foolish move but what else can you expect from him these days.
Re: Tesla buys $1.5B in Bitcoin, may accept it as payment in the future
#69Soon, a nation might realistically buy $100 B + of bitcoin and declare it a national currency.
> a nation might realistically buy $100 B + of bitcoin and declare it a national currency
We have polar opposite impression of what the world "realistically" means here.
Re: Tesla buys $1.5B in Bitcoin, may accept it as payment in the future
#70That's not good for the environment.
Suicide is good for the environment. Money monopolies aren’t good for people.