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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

#191

Post by square_usual »

tromp wrote: post #59
spottybanana wrote: post #41

Earlier quoted context omitted.

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.

Musk said they were looking for crypto with an energy requirement of <1% of bitcoin's, so that would rule Doge out too.

Re: Tesla no longer accepts Bitcoin due to climate impact

#192

Post by Nekorosu »

Isinlor wrote: post #122
serf wrote: post #87

Earlier quoted context omitted.

>I mean, isn’t this exactly the behaviour we want to encourage? I want to encourage 'corporate flexibility and social accountability'. I do not want to encourage market-whale-individuals to attempt one-person pump-and-dumps on small(ish) global markets and further market opportunism & manipulation. Personally I believe that the decision has little to do with environmental impact; I think that the btc opportunity is b…

All crypto I know about is useful !only! for market speculation. Bitcoin is especially broken and useless for anything. Unless you want to pay 100$ transaction cost to by ice-cream at grocery store.

How many do you know? Tezos looks good to me, especially in the context of hic et nunc art market.

Re: Tesla no longer accepts Bitcoin due to climate impact

#193

Post by kaba0 »

epgui wrote: post #75
asddubs wrote: post #64

Earlier quoted context omitted.

The problem is that you can't really take a company at face value if they reverse course after having already profited from their "lapse in judgement". The parent post lined out potential motivations behind all this that IMO aren't really that outlandish. It's speculation, but it's not some outlandish crackpot theory

Sure, but a basic rule of civility is that you should "assume good faith" and give others the benefit of the doubt when the good faith explanation is plausible.

Assume good faith for a company? It’s called being naive/biased for Tesla/Musk.

Do you assume good faith when it comes to Facebook’s data handling? Or goddamn disgusting nestle doing basically anything? (Btw, can’t we just cancel nestle?)

Re: Tesla no longer accepts Bitcoin due to climate impact

#194

Post by viraptor »

adh636 wrote: post #114
viraptor wrote: post #56

Earlier quoted context omitted.

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.

Sorry, I am not sure I completely understand your argument. You expect the energy used for Tesla cars to more easily migrate to greener energy? Bitcoin mining is completely location independent and is able to migrate to cheaper (which as renewable energy tech improves will equal greener) energy much easier than an individual tesla owner can.

Assuming EV purchases on average replace existing cars not add new ones. (They do in a long run)

Energy usage:

Before buying an EV: X with Y convertible to green. After buying an EV: X with Y+d convertible to green.

Before a new miner starting: X with Y convertible to green. After: X+d with Y+d convertible to green.

It doesn't matter if the new miner is running 100% green, because they still use energy which could instead replace some amount of fossil fuels. We're not really isolated in this context - all of us suffer from not removing the reliance on burning coal.

Re: Tesla no longer accepts Bitcoin due to climate impact

#195

Post by tspiteri »

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…

As long as they profited from the whole thing, I don't think they should be applauded. It's like applauding someone for stealing from the cookie jar for some time and then stopping after an outcry. Sure, it's better than continuing to steal, but I'd only applaud after the cookies have been paid back.

Re: Tesla no longer accepts Bitcoin due to climate impact

#196

Post by mobilemidget »

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…

He also mentioned dogecoin a lot in between.

Re: Tesla no longer accepts Bitcoin due to climate impact

#197

Post by esjeon »

me_me_me wrote: post #182
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.

Welcome to the world of BTC. This is quite average event to be honest, the dip isn't even that big.

As a one who survived through 70% dip around 2013(?), I totally agree.

Re: Tesla no longer accepts Bitcoin due to climate impact

#198

Post by jobigoud »

ALittleLight wrote: post #136
galeos wrote: post #116

He is also suggests they are look at Proof of Stake cryptocurrencies with significantly lower energy use. Maybe this is just a pre-cursor to Musk launching a PoS 'Tesla EnviroCoin' down the line...

I suggest E-coin. I cannot imagine the hype for such a coin.

MarsCoin

Re: Tesla no longer accepts Bitcoin due to climate impact

#200

Post by NiceWayToDoIT »

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…

It seems Elon is playing pump-and-dump game, creating significant profit, betting on one "horse" and putting a curb to others.
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