101–110 of 162 posts
How would a company like Tesla "store" such a large amount of cryptocurrency? Who would hold the private key(s)? Surely not one person, and if not, how would they be distributed in a safe way that both prevented insider theft and provided redundancy to prevent lock out?
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This has been wondered for years, usually by people who don't know the purpose of hashing functions. If nuclear fusion models + protein folding were easily verifiable, then there would be no point in leveraging distributed computing for them - we'd have the same level of understanding for them as we do for contrived hashing functions. If they somehow also ended up with the difficulty directionality intentionally desi…
It's still nice to dream of all this distributed computing activity going towards tangible real world benefits.
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It's still nice to dream of all this distributed computing activity going towards tangible real world benefits.
Like a global realtime financial network that grants participants complete freedom to do as they please with their own money? Yeah.
Point of clarity: Bitcoin transactions take negligible energy to produce and validate. It's block production that's energy-intensive, and it's the same regardless of how big or full blocks are. Like any energy-intensive industry that could operate profitably via fossil fuel consumption, mining should be regulated to only use green energy. No different than power production and consumption today.
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Like a global realtime financial network that grants participants complete freedom to do as they please with their own money? Yeah.
Every single word of that description is intangible.
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Do you really think a startup running on Bitcoin can't be do a better job than the legacy banking system? And by startup I mean a group of people that write software in a competitive environment. Those already exist (Lightning Labs) and there's so much more to do with a secure programmable distributed database.
At retail banking... No I don't think they can more effectively manage my grandmothers retirement account. This requires people, and locations. Software isn't going to solve this problem. The only way I think this will be solved is by becoming very similar to what already exists.
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Every single word of that description is intangible.
So is "free energy" and "cancer cure". Of course Bitcoin's intangibility has tangible benefits this very second, those others do not.
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No; every dollar you give to visa (or whatever payment processor) will eventually go to a human who will use energy, pollute, etc.
That's just as true for bitcoin, and outside what I would consider the actual cost of running the financial system.
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.