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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

#721

Post by charcircuit »

lm28469 wrote: post #372
RhodoGSA wrote: post #320

Earlier quoted context omitted.

Look at polkadot. You can exchange any arbitrary data across parachains. How is that not the internet but better?

> Polkadot is a heterogeneous multi-chain interchange and translation architecture which enables customised side-chains to connect with public blockchains. > Polkadot provides unprecedented economic scalability by enabling a common set of validators to secure multiple blockchains. keyword bingo ! What problems does it solve ? Who's problems does it solve ?

It is solving the problem of scalability. For reference bitcoin can only handle like 5 transactions per second and ethereum like 20 transactions per second. In order to get global adoption of cryptocurrency we are going to need to scale to handle more transactions.

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

#722

Post by loceng »

thehappypm wrote: post #648
capableweb wrote: post #531

Earlier quoted context omitted.

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…

> be quiet No

There seems to be so little critical thinking in the "army of HODLers" - and they often don't argue in good faith, simply telling you to shut up as one example. Most won't even acknowledge they're biased due to being financially incentivized, whereas those who speak up against the unavoidable pitfalls of Bitcoin arent' financially incentivized to spend time, effort, to respond critically - to speak up - and up against the growing "army of HODLers."

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

#723

Post by kleer001 »

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…

> Bitcoin is a mystery to me.

Aka "I don't know what I'm talking about."

Time to do some research.

Here's the white paper: (pick your prefered language)

https://bitcoin.org/en/bitcoin-paper

Read it over and over again. Then read and understand some commentary on Bitcoin:

https://nakamotoinstitute.org/crash-course/

Then get back to us.

> Getting rid of currency altogether.

Let's get rid of water while we're at it too.

Please, next time learn something before spouting off your ignorance, that's just plain tr0lling... Unless you ask direct questions!

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

#724

Post by GizmoSwan »

qqii wrote: post #694
kwanbix wrote: post #569

Earlier quoted context omitted.

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.

> unbanked Imagine the same situation but the other person doesn't have a bank account.

How are they cashing bit coin to eat?

The conversion has occur somewhere or they whole world has to accept bit coin and participate in tax evasion schemes by being so called unbanked.

There is limit to bit coin usage and alike and they will eventually hit the limitation and regulation.

The unbanked people are not buying Tesla. They will pay the tax.

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

#725

Post by billylindeman »

afavour wrote: post #413
JohnJamesRambo wrote: post #371

Earlier quoted context omitted.

“The root problem with conventional currency is all the trust that's required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust.” -Satoshi Nakamoto Feb. 2009 If this isn’t resonating with you after the past year, I don’t know. I was forced to watch my government bungle a pandemic in the worst possible way and then asked t…

> I was forced to watch my government bungle a pandemic in the worst possible way and then asked to pay for it for decades. No I don’t think I will. That has very little to do with currency and everything to do with you not wanting to pay taxes. You may think that COVID response has been a catastrophic waste of money but if you'd lost your job would you have claimed the increased unemployment benefits? I suspect the…

It absolutely IS about currency. They're printing money to pay for shit they can't afford. That is in ADDITION to the taxes that will be levied.

Big government spending is absolutely a waste of economic resources, and will make the situation worse. The REAL problem is that most americans don't have enough money saved to take care of themselves during hard times. Why might that be?

The FED's influence has resulted in our entire economic structure discouraging saving. This is specifically a problem bitcoin tries to solve (by having a specific and tapering inflation curve that results in deflationary pressures).

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

#726

Post by qqii »

MrMan wrote: post #652
xerxespoy wrote: post #497

Earlier quoted context omitted.

Bitcoin != Cryptocurrencies It's like using the term "COBOL" when you mean "programming languages", and then criticising COBOL's modern utility in that context. The parent comment was about crypto (short for "cryptocurrencies") in general, not Bitcoin, which is 12-year old technology, and broadly not fairly comparable to current cryptocurrencies or their applications. You are as correct that you can't do much with a…

Can I get paid in dollars for spare storage?

Yes, there are various cryptocurrencies that target this area, two examples are filecoin and sai.

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

#727

Post by xerxespoy »

MrMan wrote: post #652
xerxespoy wrote: post #497

Earlier quoted context omitted.

Bitcoin != Cryptocurrencies It's like using the term "COBOL" when you mean "programming languages", and then criticising COBOL's modern utility in that context. The parent comment was about crypto (short for "cryptocurrencies") in general, not Bitcoin, which is 12-year old technology, and broadly not fairly comparable to current cryptocurrencies or their applications. You are as correct that you can't do much with a…

Can I get paid in dollars for spare storage?

I'm not that familiar with SC but assuming there isn't a native way, you could sign up with an exchange that has SC (the major ones like Binance, Kraken & Bittrex do). Then convert it to fiat there and withdraw. Most exchanges have API's so this could be automated.

There are also various decentralised exchanges that handle pegged-fiat crypto currencies for price-exposure.

But after a while you may regret doing that, as much of this tech is in very early stages, and as such the value of the coins are low versus their longterm potential. If you believed in Sia/SC longterm, it might be better to hold the SC and convert to dollars later.

For an example of why this may be the case, look up bitcoin pizza guy.

(And obviously none of this is intended as investment advice, always do your own research, etc.)

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

#728

Post by tiborsaas »

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.

I work at TransferWise so I know that 34% of our transactions are now instant (less than 20 sec).

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

#729

Post by phreeza »

patricius wrote: post #416
phreeza wrote: post #351

Earlier quoted context omitted.

Doesn't the fact that bitcoin hasn't taken off yet kind of validate the reservations that HN has? If Dropbox was still at 100 active users 10 years later, would someone be complaining about the dismissive comments HN had at the launch announcement?

What should happen for you to say that Bitcoin has taken off?

I guess I should clarify that I mean scepticism relative to what early proponents of bitcoin were suggesting would happen. So by taken off I mean things like replacing fiat currency in everyday use for a large number of people.

Edit: Compare to that what Dropbox may have suggested at their launch, something like "we will replace USB thumb drives", which would have sounded very ambitious at the time but was in fact pretty much true, for a large number of people.

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

#730

Post by totalZero »

Tenoke wrote: post #565
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.

Why is (1) true?
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