81–90 of 162 posts
Earlier quoted context omitted.
One assumes that air and water purity was fairly better pre-Industrial Revolution.
I'm not so sure. No water systems at all. Lack of covered drains. Firewood for heat in any population center. Tuberculosis and cholera. Unrefrigerated meat.
https://ark-invest.com/analyst-research/bitcoin-myths/ Claim: Bitcoin wastes too much energy. Counter-Claim: Bitcoin’s energy consumption is more efficient than that of gold and traditional banks.
There is no effort to bring these to the same base. The global banking system is massive. The article is factoring retail banking, stock & bonds, finance, derivatives, payment processing and a lot more in to "Global Banking". Even if bitcoin was to replace the dollar and gold all at once, much of that infrastructure would still be needed. Add to this bitcoin does an infinitesimally small number of transactions compar…
Those already exist (Lightning Labs) and there's so much more to do with a secure programmable distributed database.
Here's my wild speculation on why Musk did this (and why it's brilliant) He knows there is a large and growing community of Bitcoin speculators and enthusiasts out there. By "endorsing" Bitcoin in this way, he not only moved the market--further enriching these folks--but also signaled that he is an ally to them, significantly boosting positive sentiment toward him and increasing the likelihood that they will purchase…
I don't think it's just a simple stunt. Apparently, the onboard computer on the latest Teslas is capable of mining BTC profitably at the current prices (allegedly). It would be amusing to have cars mine when idle/plugged in, or better yet have any unsold inventory mining 24/7 (since electricity can be written off as operational expenses). I wouldn't put it past Elon.
Genuine question: what's the end game here for Musk? He's been tweeting about dogecoin, and then Tesla invests a non insignificant amount of money in BTC. I smell something fishy.
I think Tesla want's to start accepting bitcoin as payment. This is my speculation, but this kind of acquisition makes sense if they also want to render payment in bitcoin. Alternatively this is just a value storage. Musk went on record saying he thinks stock is overvalued at the beginning of 2020 and then it went on 700% rampage. This could be just that Tesla has more cash than they need and they wanted to store it…
Here's my wild speculation on why Musk did this (and why it's brilliant) He knows there is a large and growing community of Bitcoin speculators and enthusiasts out there. By "endorsing" Bitcoin in this way, he not only moved the market--further enriching these folks--but also signaled that he is an ally to them, significantly boosting positive sentiment toward him and increasing the likelihood that they will purchase…
What this tells me is that Tesla has too much cash and doesn't think investing that cash in its main business would produce gains comparable to BTC. Tesla believes in the profitability of BTC more than its own profitability or the profitability of one of Musk's other ventures. Sure, maybe they want to diversify but that's a hell of a lot of money to throw at such a volatile commodity.
All large enterprises keep cash reserves. Whether you agree or not, the prevailing thesis behind keeping cash reserves in BTC is not that it will turn a profit, but that it will avoid devaluation like USD.
Energy is the largest cost in bitcoin mining. Mining moves to the cheapest electricity locations. Renewables are already the cheapest energy source globally, and getting better. So in the mid-term bitcoin mining will move to renewable energy sources, problem solved.
Earlier quoted context omitted.
Or PoS Ethereum or other PoS crypto currencies can take the place of exponentially energy-hungry PoW. They explicitly deal with the 50%+ attacks in their governance too.
How so - by central authority changes?
Here's my wild speculation on why Musk did this (and why it's brilliant) He knows there is a large and growing community of Bitcoin speculators and enthusiasts out there. By "endorsing" Bitcoin in this way, he not only moved the market--further enriching these folks--but also signaled that he is an ally to them, significantly boosting positive sentiment toward him and increasing the likelihood that they will purchase…
I don't think it's just a simple stunt. Apparently, the onboard computer on the latest Teslas is capable of mining BTC profitably at the current prices (allegedly). It would be amusing to have cars mine when idle/plugged in, or better yet have any unsold inventory mining 24/7 (since electricity can be written off as operational expenses). I wouldn't put it past Elon.
I would be interested to learn more about that. I thought the bulk of the Autopilot compute power is in dense neural network inference which wouldn't be any good for SHA hashing.