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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

#471

Post by 2pEXgD0fZ5cF »

drexlspivey wrote: post #460
PeterisP wrote: post #455

Earlier quoted context omitted.

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.

I pay for vpn with crypto, the provider doesnt even have my email. How do you do that with ordinary fiat money?

> How do you do that with ordinary fiat money

By sending an envelope with cash. Services often offer that option. No E-mail or name disclosure required.

A few advantages: Your payment isn't traceable for all eternity for the whole world to see. The amount I pay isn't suddenly worth 10% more or less the next day. Better for the environment.

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

#472

Post by gjs278 »

fortran77 wrote: post #459
deevolution wrote: post #451

Earlier quoted context omitted.

It's not much different from the current fiat monetary regime. Those closest to the money spigot benefit the most... cryptocurrency opens it up to individuals rather than limiting it to governments.

I've always wondered why people say crypto isn't a "fiat currency." It only has value because some people say it does. And it doesn't have an Army, Navy, and Air Force to defend it, like the U.S. Dollar has.

it has immutable transactions that back it up making it possible for online payments without a middle man

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

#473

Post by coptun »

EthanHeilman wrote: post #384
pkulak wrote: post #220

Earlier quoted context omitted.

Cus he's not that bright. Isn't this the elephant in the room that no one wants to consider? Why do we have to start with the assumption that Musk is a genius, then work back from that? The dude thought covid would go away last May. He thinks it's easier to make Mars habitable than it is to keep the Earth habitable. He's thought that full self driving was 6 months away for literally 4 years now. And he didn't really…

>He thinks it's easier to make Mars habitable than it is to keep the Earth habitable. It probably is easier to survive long term on Mars than Earth because Mars has a very thin atmosphere. Earth could pull a Venus. Earth life on Mars requires underground small sealed compartments with radiation shielding which is a more survivable architecture than one big shared ecosystem.

Your definition of "long term" is stretching it a bit. If Earth "pulls a venus" it will be 100+ million years from now due to the expansion of the sun.

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

#474

Post by lisper »

Entwickler wrote: post #449
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.

From https://vitalik.ca/general/2020/09/11/coordination.html "A large mining pool publicly showing how they have internally distributed their nodes and network dependencies doesn't do much to calm community members scared of mining centralization. And pictures like these, showing 90% of Bitcoin hashpower at the time being capable of showing up to the same conference panel, do quite a bit to scare people". If you foll…

Or, for that matter, leaving fiscal matters in the hands of a central bank with a board of governors appointed by democratically elected officials?

Honestly, I don't see how the status quo in crypto actually improves on that at all (unless you are in the ransomware business, of course. Then it makes sense.)

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

#475

Post by pavlov »

fortran77 wrote: post #459
deevolution wrote: post #451

Earlier quoted context omitted.

It's not much different from the current fiat monetary regime. Those closest to the money spigot benefit the most... cryptocurrency opens it up to individuals rather than limiting it to governments.

I've always wondered why people say crypto isn't a "fiat currency." It only has value because some people say it does. And it doesn't have an Army, Navy, and Air Force to defend it, like the U.S. Dollar has.

It's part of the cult-like mind game that underlies cryptocurrency communities.

The in-group must signal its faith by using certain words in the opposite sense of their usual meaning. Bitcoin is following the Scientology playbook here.

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

#476

Post by mr_woozy »

arez wrote: post #312
onion2k wrote: post #229

Earlier quoted context omitted.

SpaceX wins lots of space contracts with the help of Musk's "Occupy Mars" marketing. Tesla sells lots of cars on the promise of self-driving in the marketing. Musk bought BTC, single-handedly pumped the price of BTC, and then sold at a huge profit. I don't think he's a genius but Musk is definitely not stupid. He's just not playing the obvious game you think he's playing.

He's a con artist, that's all

woah get a load of the philosopher over here guys.

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

#477

Post by asimpletune »

deepsun wrote: post #386
onion2k wrote: post #229

Earlier quoted context omitted.

SpaceX wins lots of space contracts with the help of Musk's "Occupy Mars" marketing. Tesla sells lots of cars on the promise of self-driving in the marketing. Musk bought BTC, single-handedly pumped the price of BTC, and then sold at a huge profit. I don't think he's a genius but Musk is definitely not stupid. He's just not playing the obvious game you think he's playing.

> and then sold at a huge profit Are you sure he has sold?

Tesla sold 10% of their btc

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

#479

Post by glitchc »

sakopov wrote: post #31

Very perplexing behavior from Musk, I must say. Bitcoin's energy consumption has been front-and-center for a few years now and even more so when the bull market got hot. How does Musk decide to throw $1.5 billion worth of Tesla's cash into BTC without acknowledging this? I was expecting a little bit more due-diligence from him, but he's been absolutely consumed by crypto markets in general.

It’s a ploy. He’s treating Bitcoin as a tax shelter for Tesla profits.

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

#480

Post by the__alchemist »

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…

Do you think this relates to low-power MCUs like ARM Cortex-M? These are getting hit hard as well.
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