I would just like to hear what those who were saying that Bitcoin is Tesla's long term position 3 months ago have to say now?
Tesla no longer accepts Bitcoin due to climate impact
221–230 of 276 posts
Re: Tesla no longer accepts Bitcoin due to climate impact
#222I think cryptocurrency is actually failing, not because of technical nor political reasons, but all because of the sheer stupidity of populus. You see, cryptocurrencies are absolutely vulnerable to social engineering likes this, and I believe this is not something technology can solve, never ever even in the far future.
The future of cryptocurrency now lies in the hands of governments, whose regulations are the only true solution. Good bye the days of truly decentralized and purely market-controlled digital - ahem - currency.
Re: Tesla no longer accepts Bitcoin due to climate impact
#223So 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 suggested on another tweet that bitcoin incentivizes using renewable energy.
https://mobile.twitter.com/christianmaioli/status/1392627196...
Re: Tesla no longer accepts Bitcoin due to climate impact
#224Earlier quoted context omitted.
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.
I use crypto (and mainly Bitcoin) to pay for three years every month now. Average fee over those years is more like $1. In comparison with $20 transaction fees my bank asks when I transact for example from EU to SouthAm, zero hassle and no paperwork when sending to countries with trade embargo, I must say, Bitcoin is golden.
How much are the fees for converting to Bitcoin, the recipient converting from Bitcoin, and the transaction costs? TransferWise is quoting me an effective all-in price[0] of £1.98 to send someone in Brazil £100 of my hard-earned Sterling. I’m struggling to believe you’re getting Bitcoin in or out of fiat for less than 2-5% a go, and transaction cost is ~$15, so ballpark this is costing $25?
0: £100 -> 729.83, where Google says it “should” be 744.61;
Re: Tesla no longer accepts Bitcoin due to climate impact
#225Re: Tesla no longer accepts Bitcoin due to climate impact
#226The 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.
The whole situation is completly different. There are way better alternative technologies then Bitcoin. But there is no electric car with < then 0.1% of the energy consumption of a tesla.
> But there is no electric car
Well fortunately for us, cars aren't the only methods of transportation.
Re: Tesla no longer accepts Bitcoin due to climate impact
#227Earlier quoted context omitted.
They also wrote the customer agreement such that they would refund Bitcoin purchases in either dollars or Bitcoin[1], depending on which was more profitable. This can be used to effectively get free options on a highly volatile asset[2]. [1] https://twitter.com/TBPInvictus/status/1375088089002094595 [2] https://twitter.com/macrocephalopod/status/13750990694970286...
The alternative was to essentially provide free options to customers. It was stupid whichever way they did it.
No, the alternative was to issue refunds in the currency of transaction. There's no reason they would ever offer customers the choice of refund currency.
Re: Tesla no longer accepts Bitcoin due to climate impact
#228What I don't get is, why people are talking about environmental impact per transaction. Transactions or not, the computers are churning constantly to solve the useless function that would produce the hash with the most 0s in it. It really doesn't have anything to do with transactions(the fees are only a fraction of the profits). The energy impact would be precisely correlated to the fiat price since the miners will b…
It’s like arguing that a running engine in a stopped car doesn’t have an environmental effect, it only counts when the car moves.
You are technically correct, but it’s inseparable from a transaction. The all-around point is bitcoin as a whole is wasteful.
Re: Tesla no longer accepts Bitcoin due to climate impact
#229Earlier quoted context omitted.
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…
Sure, but none of it makes any sense. I have to imagine the decision to buy Bitcoin and accept it as payment was vetted by a lot of people internally, not just Musk himself. And the environmental impacts from mining are well known. Musk isn’t stupid either - he must’ve known this would be an issue for Tesla’s image.
In my opinion Musk probably thinks/knows he's like Trump. Whatever they do, they have a bunch of hardcore defenders (like the ones who will burn this comment to the ground).
Wake me up when Musk stops selling his carbon offsets. Because for every non-pollution a Tesla car doesn't do, the sold carbon offset means there's another ICE car that's doing it.
"Musk cares for the environment". Hah, that's as bullshit as "Trump cares about the working class".
Re: Tesla no longer accepts Bitcoin due to climate impact
#230Earlier quoted context omitted.
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.
I use crypto (and mainly Bitcoin) to pay for three years every month now. Average fee over those years is more like $1. In comparison with $20 transaction fees my bank asks when I transact for example from EU to SouthAm, zero hassle and no paperwork when sending to countries with trade embargo, I must say, Bitcoin is golden.
I use Western Union and for the last 2 years it's said there's 0 transfer fee's. It's basically the same exchange rate as the bank so i don't think they skim off the top and if they do it would end up being like 50 cents in difference to the bank. ( i have no idea how WU makes money)