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For me that seems as if they came to the (correct) conclusion that BTC is not the future. Justifying that decision with the climate impact feels like a bad excuse.
I see this as market manipulation. Tesla hasn't suddenly become aware of information not available when Tesla initially announced they'd accept bitcoin as payment.
Well, they might saw the backslash in environmentalist community, that used to be their main supporters. That's imo a pretty big sudden information.
Hope we now can start a proof of stake cycle. Peercoin is dead. What other proof of stake viable currency is there? Only when the energy impact of crypto currency is dealt with will i indulge in speculating that it can be a net good for humanicy
Proof of stake is validation-by-the-rich I like https://chia.net , even if hackernews was just panicking about a harddrive shortage (proof of space) I can't accept that playing bingo on terabyte drives will ever be profitable enough to buy a data center for it. Anyway it's the programmability (chialisp) that is really interesting.
If you burn an ssd a week to make a tiny profit, you’ll have people burning racks of them and creating tonnes of eWaste. Look forward to $2k entry level laptops (see gpu prices)
I don't see why people would bet the future on something that is thermodynamically doomed.
According to Satoshi, dependence on thermodynamics is a feature to prevent centralization.
Never underestimate humanity's willingness to destroy itself in the quest for wealth and power.
I see this as market manipulation. Tesla hasn't suddenly become aware of information not available when Tesla initially announced they'd accept bitcoin as payment.
Hope we now can start a proof of stake cycle. Peercoin is dead. What other proof of stake viable currency is there? Only when the energy impact of crypto currency is dealt with will i indulge in speculating that it can be a net good for humanicy
Proof of stake is validation-by-the-rich I like https://chia.net , even if hackernews was just panicking about a harddrive shortage (proof of space) I can't accept that playing bingo on terabyte drives will ever be profitable enough to buy a data center for it. Anyway it's the programmability (chialisp) that is really interesting.
But so is proof-of-work. PoS is weighted by how much wealth you’ve got at risk in the system, PoW by how much you have currently tied up supporting the system’s infrastructure. So, they look at different uses of wealth, but both are looking at wealth.
Proof-of-X is pretty invariably “Wealth, applied to X”, especially if the system ever becomes even loosely recognized as money-like.
The same argument people made against Tesla saying why electric cars weren't really better than combustion engine cars. They said Tesla cars use a lot of energy, much of which comes from coal and other dirty sources. What a joke that Elon is making this argument.
But there is no electric car with < then 0.1% of the energy consumption of a tesla.
So far, Elon/Tesla: 1. Bought a bunch of Bitcoin. 2. Announced they were going to accept Bitcoin, sending the price up. 3. Sold a bunch of Bitcoin to pad out otherwise poor earnings, citing their goal of "testing liquidity of the market." 4. Announced they were going to stop accepting Bitcoin, sending the price plummeting. As though he didn't know the environmental impact a week ago? As though he didn't check for liq…
We don't know the price point of the BTC they bought at the time but it is likely to be somewhere around $30,000 - $40,000 and then they announced it to cause a run up close to $60,000 and then sold some of it for a >$101m profit.
Now they somehow 'stop accepting Bitcoin' causing BTC to go down 12%.
These same institutions are NOT interested in hodling. They are here to make money off of their BTC investment with only risking a small amount and cashing out 10% of it, while the retail investor hodls for their life savings at all time highs again.
So far, Elon/Tesla: 1. Bought a bunch of Bitcoin. 2. Announced they were going to accept Bitcoin, sending the price up. 3. Sold a bunch of Bitcoin to pad out otherwise poor earnings, citing their goal of "testing liquidity of the market." 4. Announced they were going to stop accepting Bitcoin, sending the price plummeting. As though he didn't know the environmental impact a week ago? As though he didn't check for liq…