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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

#221

Post by ArchD »

exabrial wrote: post #3

Legitimizing Bitcoin more than offsets the environmental benefits of electric vehicles.

Missing the point. Bitcoin is the first cryptocurrency to grab attention and normalize the idea of public permissionless public blockchains in the public's and government's mind. Upon this foundation laid by bitcoin, other coins that use proof-of-stake can gradually take over some or most of its market share.

The alternative to your narrative is that this is promoting permissionless cryptocurrency that is hard for the government to print and manipulate, not necessarily Bitcoin per se.

Additionally, if proof-of-stake coins and DeFi can take over some of the manual paperwork done by banks, it would amount to energy savings.

Right now bitcoin is the leader and everybody knows what it is. Compared to other coins, it has a more mature ecosystem to support the needs of a corporate treasury. Companies choosing bitcoin now doesn't mean a proof-of-stake coin cannot take over the mantle later. You can consider bitcoin to be the first coin that lands on a beachhead in the disruption of traditional finance.

Re: Tesla buys $1.5B in Bitcoin, may accept it as payment in the future

#222

Post by TeMPOraL »

cies wrote: post #81
speedgoose wrote: post #11

That's not good for the environment.

Tesla is not about being good for the env. It's about making money. Same thing with SpaceX not being about going to Mars. It's about making money too! The going to Mars/ good for env stories are to get some public goodwill behind them from a certain crowd.

I have my doubts about Tesla, but overwhelming evidence still points towards SpaceX being true to its word Mars venture.

Re: Tesla buys $1.5B in Bitcoin, may accept it as payment in the future

#223

Post by prepend »

fasteddie31003 wrote: post #122
speedgoose wrote: post #92

Earlier quoted context omitted.

It's more proof of work hate.

Then can Etherium 2.0 get some love?

“Hey there, you love the rich getting richer and a perpetual level of Uber rich controlling the financial system that is unbreakable? Then you’re going to love proof of stake.”

Re: Tesla buys $1.5B in Bitcoin, may accept it as payment in the future

#225

Post by knuthsat »

baxtr wrote: post #204
knuthsat wrote: post #157

Earlier quoted context omitted.

Our biggest environmental footprints as individuals are heating and cooling. Having an electric car is nothing compared to it. Take one intercontinental flight and again, having a fossil fuel car for a year does not exceed the emissions of that flight. http://www.withouthotair.com/ Legitimizing Bitcoin has nothing to do with the environment in the large scale of things. It's like saying that you need to optimize fast…

Are you basically saying that going from fossil to electric vehicles won’t make a big difference?

Absolutely. In the large scale of things optimizing already efficient fossil fuel machines does not bring much savings compared to optimizing heating and cooling and buildings that are using that.

Not to mention the enormous amounts of energy used in manufacturing/heavy industry. China's Top 5 emitting industries have nothing to do with transportation of individuals or farming for food, unlike some parts of the world.

Re: Tesla buys $1.5B in Bitcoin, may accept it as payment in the future

#226

Post by gonzo41 »

person_of_color wrote: post #182
georgeplusplus wrote: post #86

How did we get to this point where the entire global economy has become a speculative carnival rodeo. This clearly can’t end well. Is there any precedence in history how this will turn out?

The Roman Empire

oof!

Re: Tesla buys $1.5B in Bitcoin, may accept it as payment in the future

#227

Post by SpicyLemonZest »

fasteddie31003 wrote: post #141
lm28469 wrote: post #127

Earlier quoted context omitted.

Cryptos are purely a speculation vessel, they don't fix many of the problems they claim to fix and add tons of problems over other currencies I'm fine with cryptos as long as they're not pitched as something they're not

Fiat currency is fundamentally more speculative IMO because the value is more based on government trust that something not man-made.

That's not really what "speculative" means in this context. Fiat currency isn't speculative because companies hold it for the purpose of using it. No matter what dollars are based on, Tesla has to hold some in order to pay the bills. "Speculative" means that Tesla has no current plans to actually use their Bitcoin holdings; the only purpose of buying them was to bet that they'll go up.

Re: Tesla buys $1.5B in Bitcoin, may accept it as payment in the future

#228

Post by xiphias2 »

asenna wrote: post #26

People paying attention to Elon's tweets [1] [2] saw this coming from a mile away. It'll be interesting to see if and when other big companies follow suit. In my opinion it's inevitable companies will start diversifying by a bit of exposure to Bitcoin but let's see how soon that will be. [1] - https://www.reuters.com/article/us-tesla-cryptocurrency/tesl... [2] - https://www.cnbc.com/2021/01/29/bitcoin-spikes-20percen…

Actually in the SEC filing they state that they already changed their financial policy to be able to buy alternative assets. It's interesting that the media didn't pick it up, as MSTR did the same.thing first.

Re: Tesla buys $1.5B in Bitcoin, may accept it as payment in the future

#229

Post by dan1234 »

1helloworld1 wrote: post #165

.

I believe the Lightning Network[0] is designed to alleviate this (at least for small payments).

I'm not sure how much it gets though (but do people even buy/sell BTC for actual products?)

https://en.wikipedia.org/wiki/Lightning_Network

Re: Tesla buys $1.5B in Bitcoin, may accept it as payment in the future

#230

Post by kevinventullo »

kissiel wrote: post #198
knuthsat wrote: post #157

Earlier quoted context omitted.

Our biggest environmental footprints as individuals are heating and cooling. Having an electric car is nothing compared to it. Take one intercontinental flight and again, having a fossil fuel car for a year does not exceed the emissions of that flight. http://www.withouthotair.com/ Legitimizing Bitcoin has nothing to do with the environment in the large scale of things. It's like saying that you need to optimize fast…

> having a fossil fuel car for a year does not exceed the emissions of that flight. That's true (-ish). Here are the numbers: Modern pure-ICE cars don't got below 100g/km of CO2. Round trip NYC-LHR yields 1 ton of CO2. So the above comment is true-ish for cars that do less than 10k km annually.

Is that flight footprint averaged over the number of passengers?
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