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$365B wiped off cryptocurrency market after Tesla stops accepting Bitcoin

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Re: $365B wiped off cryptocurrency market after Tesla stops accepting Bitcoin

#461

Post by fastball »

p_j_w wrote: post #413
fastball wrote: post #252

Earlier quoted context omitted.

Most of those things sound like techno-optimism, which isn't really the same as being dumb. COVID could've started to go away in May with HCT / massively more aggressive vax.

Vaccinations weren't an option last May, which is when Musk was saying Covid would be gone by, not this May.

Vaccinations could've been an option last May. The mRNA vaccines were designed days after receiving a full genetic sequence of the virus (in January). Those are the same two vaccines we are currently injecting people with – we just spent a long time on trials/approval/ramping up production. Far longer than necessary.

Re: $365B wiped off cryptocurrency market after Tesla stops accepting Bitcoin

#462

Post by craftinator »

PeterisP wrote: post #455
LeoPanthera wrote: post #452

Earlier quoted context omitted.

You discount the entire category of users who don't "hold" any cryptocurrency at all, but use it as a medium of transfer - buying as much as they need and then transmitting it elsewhere.

As much as they need for what? Aside of ransom payments and drugs, you don't need to buy cryptocurrency, ordinary fiat money works just fine as a medium of transfer.

> As much as they need for what?

Tesla's, until quite recently. It's also fantastic for tipping people online without all the grossness of Patreon or Medium. Easier than making a wire transfer (my bank sucks). I tend to use it everywhere I used PayPal, minus the places where it isn't supported.

Re: $365B wiped off cryptocurrency market after Tesla stops accepting Bitcoin

#463

Post by Phlarp »

nightski wrote: post #422
p_j_w wrote: post #402

Earlier quoted context omitted.

SEC doesn't regulate Bitcoin.

SEC does regulate stocks of companies like Tesla whose dealings in Bitcoin could affect said stock price.

That has never stopped Elon before! "funding secured"

Re: $365B wiped off cryptocurrency market after Tesla stops accepting Bitcoin

#464

Post by SavantIdiot »

nickik wrote: post #395
SavantIdiot wrote: post #380

Earlier quoted context omitted.

Tesla proved rich people buy rich people things. SpaceX proved government budgets aren't scrutinized enough. Not particularly shocking.

What an idiotic thing to say. This is just pure 'I don't like this person so I'm gone shit on everything he does' syndrome. Rich people buy rich people things, yes, and it matter if its a gas car or an electric. And it matter if the battery industry was transformed by that. And it matters that the image of electric cars was transformed. It matters that the largest fast charging network in the world was financed by th…

> This is just pure 'I don't like this person so I'm gone shit on everything he does' syndrome.

That's odd, I didn't say a single word about whether or not I liked Elon. Did you mean to reply to my post or someone else's?

Re: $365B wiped off cryptocurrency market after Tesla stops accepting Bitcoin

#465

Post by mr_woozy »

user-the-name wrote: post #438
plebianRube wrote: post #408

Earlier quoted context omitted.

Proof of work keeps the network fair. Non mining nodes have the final say. Proof of stake lets players with the most money have the most say.

Proof of work also boils the planet. It needs to be banned, yesterday.

Ban your face!

Re: $365B wiped off cryptocurrency market after Tesla stops accepting Bitcoin

#466

Post by soheil »

rchaud wrote: post #164

Musk blaming excessive energy use for withdrawing from BTC sounds like a ruse, considering that he of all people absolutely knew that going in. I smell Teslacoin in the works. A ostensibly green cryptocurrency, with his face on it.

Yeah but what does him buying/selling bitcoin have to do with a Tesla coin? He could have announced a new coin without risking alienating bitcoin or $tsla retail investors.

Re: $365B wiped off cryptocurrency market after Tesla stops accepting Bitcoin

#467

Post by UncleMeat »

nprz wrote: post #331
UncleMeat wrote: post #304

Earlier quoted context omitted.

Except the high fees due to limited throughput and the absolutely gargantuan CO2 emissions, which are the topic of this thread. You can't say it is a settlement layer in one breath and then immediately turn around and say that no really everybody truly has access.

Yes, that’s how the btc network works, that’s what censorship-resistant means. You would primarily transact on a payment layer, which true, may not have all the features of the base layer. But you also have the ability to opt-in and transact directly on the blockchain and get all those nice features listed above, however the transaction fee would be higher and the speed of the transaction slower.

For some definition of "higher" and "slower", yes. The scale of BTC is such that if we distributed transactions evenly across the 7b people on the planet, you get one transaction per five years.

The current mining payout is 6.5BTC per block, or roughly $350,000. We are fitting around 1,500 transactions in a block, meaning each transaction costs $300. The price will only rise as more miners join and there is more demand for space in a block. The international poverty line is such that a single transaction would cost somebody at that line half their year's wages.

All that good stuff won't be available to the masses. Just the rich and powerful. Hooray.

Re: $365B wiped off cryptocurrency market after Tesla stops accepting Bitcoin

#468

Post by kamyarg »

chrismorgan wrote: post #403
Lramseyer wrote: post #393

I'm surprised that nobody's mentioned it here, but this crypto boom has sent demand for mining hardware through the roof, which has contributed in no small part to the chip shortage. Miners are buying up ASICs, GPUs and FPGAs at a premium. In the short term, crashing the crypto market can ease demand for semiconductors, but in the long term, getting cryptos to move to Proof of Steak will hopefully ease it up for good…

> Proof of Steak There’s so much scope for word play humour here that I’m paralysed by choice. Vegetarianism, steak and chips…

> Decentralized networks are a rare medium well-done.

https://steak.network/

Re: $365B wiped off cryptocurrency market after Tesla stops accepting Bitcoin

#469

Post by gjs278 »

user-the-name wrote: post #438
plebianRube wrote: post #408

Earlier quoted context omitted.

Proof of work keeps the network fair. Non mining nodes have the final say. Proof of stake lets players with the most money have the most say.

Proof of work also boils the planet. It needs to be banned, yesterday.

good I hope it wipes out whatever area you live in first

Re: $365B wiped off cryptocurrency market after Tesla stops accepting Bitcoin

#470

Post by jakeva »

TchoBeer wrote: post #434
nickik wrote: post #395

Earlier quoted context omitted.

What an idiotic thing to say. This is just pure 'I don't like this person so I'm gone shit on everything he does' syndrome. Rich people buy rich people things, yes, and it matter if its a gas car or an electric. And it matter if the battery industry was transformed by that. And it matters that the image of electric cars was transformed. It matters that the largest fast charging network in the world was financed by th…

>NASA own evaluation showed that the 300M SpaceX spend on the initial Falcon 9 would have cost 3 billion if done by the government. interesting, can you cite that?

This is the citation used by Wikipedia

https://www.nasa.gov/pdf/586023main_8-3-11_NAFCOM.pdf

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