Store of value, lol
Who has ever stopped accepting gold or silver?
$365B wiped off cryptocurrency market after Tesla stops accepting Bitcoin
511–520 of 758 posts
Re: $365B wiped off cryptocurrency market after Tesla stops accepting Bitcoin
#512Earlier 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…
They have very little power.
All they can do is refuse to work. Anyone can do that. They cannot force any new changes on you. Proven in forkwars with billions at stake.
PoS have not yet had such a test.
Re: $365B wiped off cryptocurrency market after Tesla stops accepting Bitcoin
#513Earlier 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…
I mean you will see people here on this forum argue that bitcoin mostly uses up peak energy and unused capacity and such bullshit nonsense - it's frankly not that hard to spin a narrative that could sound plausable. But then when you see people firing up coal plants in your back yard just to mine BTC (as opposed to China) reality suddenly kicks in and it's hard to spin bullshit arround that. Regulators are really dro…
Yea--it's gotten out of hand. Hedge funds are being chastised for not getting in early enough. Crazy?
Why do I feel like lobbyists right now trying to kybash to any politician who even mentions regulations?
I heard one financial talking head say today that he's buying gold. If worse cone to worse at least he can make some jewelry.
I'm all for bitcoin, but wasting energy throughout the world seems wrong. And man's quest to make money knows no boundaries.
Re: $365B wiped off cryptocurrency market after Tesla stops accepting Bitcoin
#514Very 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.
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…
On the contrary. It's not that he's not bright, it's that is is a brilliant conman.
Re self-driving: Tesla's boom in the past ~1.5 years coincided with his laughable claims about self-driving and robo-taxis.
And re bitcoin: the guy literally tweeted two words "buy doge" and sparked a pump-and-dump bubble. Then he went on SNL, didn't plug doge enough, and it tanked instantly. Then a couple hours ago he tweeted more doge stuff and it started rallying again.
Crazy stuff.
Re: $365B wiped off cryptocurrency market after Tesla stops accepting Bitcoin
#515Earlier 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.
While I really dislike some of his behavior, this goal post moving to try to deny Musk credit for what he's accomplished annoys me. Before Musk we had no economical reusable launch systems, economical space flight was sci-fi, and in the 2000s there were many people who thought modern civilization must inevitably grind to a halt as we deplete oil because oil is absolutely irreplaceable for modern transport. SpaceX bui…
> and in the 2000s there were many people who thought modern civilization must inevitably grind to a halt as we deplete oil because oil is absolutely irreplaceable for modern transport
Lol, what an exaggeration. I don't think anyone argued seriously that we would have to stop using cars at all. The conversation was always about renewable energy.
Re: $365B wiped off cryptocurrency market after Tesla stops accepting Bitcoin
#516Easy come, easy go!
Re: $365B wiped off cryptocurrency market after Tesla stops accepting Bitcoin
#517Earlier 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.
Are you implying it could be attacked? Isn't decentralization in general, maybe not in case of BTC, a key factor that would put it into a societal hive-mind and out of physical realms of army's influence?
Re: $365B wiped off cryptocurrency market after Tesla stops accepting Bitcoin
#518Earlier quoted context omitted.
He's a con artist, that's all
No--there was no movment on electrical vechicles before his interest. That alone should be enough to put his image on a coin.
Please do not attempt to rewrite history. The electric vehicle has a long and storied history, and the modern revival was well underway in the 90s and 00s. Tesla Roadster was the first (I think?) highway-legal EV.
Re: $365B wiped off cryptocurrency market after Tesla stops accepting Bitcoin
#519Earlier 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…
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.
COVID could have started to go away in May 2020 with extremely aggressive lockdown and quarantine measures. In fact, where I live, it did - we reached 0 active cases for the first time almost exactly a year ago today, and have only had any cases in the community for a grand total of about two weeks since.
Musk opposed those measures though, which makes his level of expertise on the matter somewhat more dubious.
Re: $365B wiped off cryptocurrency market after Tesla stops accepting Bitcoin
#520Earlier 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…
This difference is that in PoS, if anyone ever holds more than ⅓ of the total supply (as is the case with Ethereum's founders currently holding 65% of the overall issuance, for example), they can indefinitely control the chain through their re-org capability.