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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

#561

Post by noja »

mrb wrote: post #489
rzodkiew wrote: post #338

Bitcoin is a mystery to me. Somehow it's hailed as revolutionising the economy, by replacing currency with a worse kind of currency. It feels like this is where all the "how to get rich quick" book writers and other hustle bros went and created one giant financial pyramid, which works in quite simple way: - buy bitcoin - tell everyone around how revolutionary it is, so they buy it and what you holding increases in va…

While away on vacation, I once sent $1000 in cold hard cash, on a Sunday, to an unbanked person in Los Angeles, in less than 1 hour, thanks to bitcoin and the recipient withdrawing it for cash at a Bitcoin ATM. There is not a single alternative service in the world that would have made this possible. If people thought a little beyond their personal use cases, they would understand the utility of Bitcoin/crypto for ma…

> There is not a single alternative service in the world that would have made this possible.

Apart from any "send money to your relatives back home" service, sms banking in entire continents, or Hawala.

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

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

#562

Post by INTPenis »

GreenHeuristics wrote: post #522
INTPenis wrote: post #461

Earlier quoted context omitted.

Let me demystify it for you. It's used for drugs. That's how I view it. A very small minority of die hards are trying to use it for other things, donations of course, but it's mostly used for drugs. There's a "paper" on pnas claiming the opposite but if you actually read it they make massive assumptions in it. I can't believe they were allowed to publish a paper based on assumptions.

The story is literally about Tesla buying 1.5B usd worth of it. Sure Elon has some interests in the direction but I doubt Tesla is going to use the bought Bitcoin for drugs.

Ok, so besides Teslas investment of 1.5B USD, what do you think bitcoin is used for?

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

#563

Post by SV_BubbleTime »

capableweb wrote: post #500
MrMan wrote: post #469

Earlier quoted context omitted.

I don't want to rely on a currency which is managed and beholden to an unelected cartel of corporations. I prefer representative government by elected officials.

> I don't want to rely on a currency which is managed and beholden to an unelected cartel of corporations. Great, don't think we have any currencies that are run by a cartel of corporations (yet), although Facebook's currency was probably gonna end up being that. For cryptocurrencies, they are usually run by "miners" who can be anyone, not just corporations. You can run your own miner, or your own node, hence they ar…

Good points, but he’s still right.

For all the talk of Bitcoin being decentralized there are a dozen people or so that could destroy the whole system if they so chose to. Overtly or covertly.

Despite my feelings about governments specific actions, and the bank system, not even the President or the Fed or Congress could do that as quickly with the dollar.... although sometimes you would think they are trying.

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

#564

Post by loceng »

capableweb wrote: post #531
thehappypm wrote: post #424

I am embarrassed by the industry. How many of our generation's best and brightest minds are doing crypto and day trading? Imagine if these minds were focused on societal problems -- energy, health, food. I know multiple Harvard CS graduates who went right into the crypto space. What a waste.

Says the "Product Manager at a mid size fortune 500 tech company", how much of your day consists on focusing 100% on societal problems really? Besides shitting on other peoples choices, why don't you try to reach out to the graduates and ask them why they work in the cryptocurrency space? Most of the people I know, including myself, have "improving the world" as the reason for working on cryptocurrencies. Even though…

Do you not see the pitfalls of the MLM structure of Bitcoin, along with the "army of HODLers" who are financially incentivized to speak positively and promote Bitcoin?

Consensus through profit, financial incentive, is lazy - and arguably greedy - vs. doing the actual work of building real trust, and aligning people through real trust and relationship, community building; there is an argument that Bitcoin is required as a bridge, an impetus, to force democratically elected governments to do better - however they now have to fight the regulatory capture that Bitcoin will cause for its own benefit to further society-wide, global adoption to help realize the earlier adopters' unnecessary and unreasonable profits.

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

#565

Post by Tenoke »

nly wrote: post #328

Dec 2020 - Raises $5bn from investors Jan 2021 - Spends 30% of raised money to buy Bitcoin What value are Tesla adding here? Those investors could have just put 70% in to Tesla and 30% in to Bitcoin directly. Arguably, the only positive here (for BTC and TSLA holders) is short term, and it's that Tesla are associating their brand with Bitcoin to whip up froth.

1. It helps to have significant holdings if you plan to use the currency. 2. Tesla buying btc might conceivably move the price more and result in higher overall profits than the investors holding it directly. 3. A lot of companies make investments that in theory the shareholders could've done on their own.

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

#566

Post by chill1 »

NiceWayToDoIT wrote: post #543

The other day I was thinking about Tesla employing guy from the Wall street and now all it looks as they capitalizing on Elon fame, people gullibility and and inflating economic balloon by mimes. Basically idea is simple if you have a billion to spare, you buy something very cheap, then you say that that will be most important thing in the world. Many people buy it, and then you sell your share. Don't get me wrong I…

I think you fundamentally misunderstand why a business might buy an asset like Bitcoin. It's certainly not to participate in a pump and dump scheme - as you seem to be alluding. It takes time for a corporation to build up a position in something like Bitcoin. And it will take time to unwind that position. This is clearly a long-term hedge.

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

#567

Post by panarky »

rzodkiew wrote: post #338

Bitcoin is a mystery to me. Somehow it's hailed as revolutionising the economy, by replacing currency with a worse kind of currency. It feels like this is where all the "how to get rich quick" book writers and other hustle bros went and created one giant financial pyramid, which works in quite simple way: - buy bitcoin - tell everyone around how revolutionary it is, so they buy it and what you holding increases in va…

> this whole crypto-crap infested the idea space of decentralisation

Then we learned that there are enough bad actors to ruin most decentralized applications before they get big enough to make a difference.

Unless the incentives are strong enough.

Tokenomics has proven to be a pretty effective way to do that.

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

#568

Post by johndevor »

zupreme wrote: post #556

This comment is unlikely to win me many friends here, but it is worth considering that while Bitcoin is, nominally at least, decentralized and free from government control, internet access is not. A simple glance at the trend of governments to partially or to fully shut down internet services to certain areas in times of unrest or mass protest means, in the case of Bitcoin and other cryptocurrencies requiring collect…

https://www.starlink.com/

https://www.cnet.com/news/best-vpn/

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

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

#569

Post by kwanbix »

mrb wrote: post #489
rzodkiew wrote: post #338

Bitcoin is a mystery to me. Somehow it's hailed as revolutionising the economy, by replacing currency with a worse kind of currency. It feels like this is where all the "how to get rich quick" book writers and other hustle bros went and created one giant financial pyramid, which works in quite simple way: - buy bitcoin - tell everyone around how revolutionary it is, so they buy it and what you holding increases in va…

While away on vacation, I once sent $1000 in cold hard cash, on a Sunday, to an unbanked person in Los Angeles, in less than 1 hour, thanks to bitcoin and the recipient withdrawing it for cash at a Bitcoin ATM. There is not a single alternative service in the world that would have made this possible. If people thought a little beyond their personal use cases, they would understand the utility of Bitcoin/crypto for ma…

I send 1000 euros per month to another person on a monthly basis using an app called Remitly. It charges me a fixed fee of 3.99 IIRC. It arrives within the hour to her bank account. 24 hours at most. There are many others like it, Azimo, and even WU has an app. I don't see what is so special about what you say or I am missing something.

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

#570

Post by cloudhead »

rzodkiew wrote: post #338

Bitcoin is a mystery to me. Somehow it's hailed as revolutionising the economy, by replacing currency with a worse kind of currency. It feels like this is where all the "how to get rich quick" book writers and other hustle bros went and created one giant financial pyramid, which works in quite simple way: - buy bitcoin - tell everyone around how revolutionary it is, so they buy it and what you holding increases in va…

Curious to know what would invalidate your current belief? It seems like half a trillion dollars in economic value is not convincing enough. So what is?
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