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Tesla no longer accepts Bitcoin due to climate impact

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Re: Tesla no longer accepts Bitcoin due to climate impact

#51

Post by PurpleFoxy »

jazzyjackson wrote: post #23
ptsneves wrote: post #3

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.

Chia is another proof of waste coin. Not what we need at all.

Re: Tesla no longer accepts Bitcoin due to climate impact

#53

Post by headmelted »

input_sh wrote: post #12
lwhi wrote: post #2

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.

> I see this as market manipulation. Absolutely. Any mention of cryptocurrency by Musk or his companies instantly reflects on the price and there's no way in hell Musk doesn't know that. Happened with Dogecoin like a week ago (after his SNL appearance), happening again.

I'm not suggesting anything here, but it doesn't seem outrageous to think that after the SNL appearance and all the dogecoin references that Tesla/Musk may have bought substantial amounts prior to that before the obvious shilling on live television.

If that's the case, he would not have expected it to crash.

i.e. This may be desperation to fix the quarterly results after the plan backfired.

Re: Tesla no longer accepts Bitcoin due to climate impact

#54

Post by alvis »

Negitivefrags wrote: post #46
arcticbull wrote: post #10

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…

When Tesla announced the initial move they received a huge amount of push back for the environmental concerns. And it didn’t look good for an EV company of all things. There is a trend I’ve seen of a company making a decison, everyone hating on them for it, then they reverse the decision, and they are still criticised. If a company turns around and reverses a decision citing the very reasons they were criticised for…

& I'd be surprised to know that Musk didn't know the environmental impact of bitcoin before he pushed bitcoin to the sky?

Re: Tesla no longer accepts Bitcoin due to climate impact

#56

Post by viraptor »

adh636 wrote: post #25

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.

There's a big difference. Even if people using EVs now effectively burn coal to do it, they replaced an ICE and can migrate to greener sources over time. On the other hand, crypto mining exists purely on top of existing energy usage. These are not really comparable situations.

Re: Tesla no longer accepts Bitcoin due to climate impact

#58

Post by morelisp »

spottybanana wrote: post #41
arcticbull wrote: post #10

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…

Meanwhile they started accepting Dogecoin at SpaceX just couple of days ago . Dogecoin has exactly the same energy spending incentives as Bitcoin. The whole set of actions doesn't sound very logical.

It's absolutely logical when your primary criterion is M' > M.

Re: Tesla no longer accepts Bitcoin due to climate impact

#59

Post by tromp »

spottybanana wrote: post #41
arcticbull wrote: post #10

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…

Meanwhile they started accepting Dogecoin at SpaceX just couple of days ago . Dogecoin has exactly the same energy spending incentives as Bitcoin. The whole set of actions doesn't sound very logical.

> Dogecoin has exactly the same energy spending incentives as Bitcoin.

While the incentives are the same, Dogecoin has roughly 7.4x lower energy requirements than Bitcoin currently, so accepting Dogecoin instead of Bitcoin is a tad less offensive.

Re: Tesla no longer accepts Bitcoin due to climate impact

#60

Post by madis »

cvak wrote: post #14
lwhi wrote: post #2

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.

...they might have seen... - Enggrish
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