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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

#611

Post by locallost »

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…

and we all thought the proof was in the pudding

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

#612

Post by tzs »

johnisgood wrote: post #544
tzs wrote: post #506

Earlier quoted context omitted.

Previous attempts at mRNA vaccines had failed, due to the side effects being too serious. There was no reason to believe in May 2020 that a COVID mRNA vaccine would be any different than all the previous mRNA failures.

Can I have sources to that claim? I would like to use it.

My statement wasn't quite accurate. It was previous attempts at mRNA treatments that failed due to too many bad effects from the delivery mechanism.

Some companies gave up on mRNA then. Those that wanted to continue switched to trying to develop mRNA vaccines instead of mRNA treatments for non-viral conditions. Vaccines would require lower doses, which they hoped would reduce the problems with side effects.

Experimental mRNA vaccines were developed for a few viral diseases, but not had gotten through trials and been licensed for use in humans.

Some links to sources are in the history section of the Wikipedia article on RNA vaccines: https://en.wikipedia.org/wiki/RNA_vaccine#History

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

#613

Post by supermatt »

Why are so many people complaining about musks “180” on Bitcoin?

A recent study has shown that Bitcoin uses more than 2000x more energy per transaction than the likes of Dogecoin.

We all knew that Bitcoin was a power hog, but did we really appreciate how much compared to other PoW blockchains?

I certainly didn’t. Maybe musk didn’t either, and now he does and has changed his position.

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

#614

Post by nlitened »

zapdrive wrote: post #592
inter_netuser wrote: post #526

Earlier quoted context omitted.

Nonsense. If miners's new block isnt accepted by the network - they've just lost millions. Rules are enforced by block verification of the nodes that accept - or refuse to accept mined blocks. It's amazing that in 2021 people still do not understand the basics of it.

Non mining nodes are programmed to follow the longest chain. That's so they are: readers. They are not writers. They act like slave nodes in a database. They have insignificant power in the grand scheme of things.

Longest _valid_ chain. Invalid blocks are just ignored.

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

#615

Post by supermatt »

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 not simply bitcoins energy consumption - it’s the energy consumption relative to other PoW cryptocurrencies.

There was a study published recently showing that Bitcoin uses more than 2000x more energy per transaction than dogecoin, for example. No doubt it is this revelation that has made musk reconsider which cryptocurrency he should be backing.

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

#616

Post by vmception »

hacknat wrote: post #610
vmception wrote: post #608

Earlier quoted context omitted.

Sorry what shock? Seeing someone calculate the number or marketcap change is fun, like a leaderboard.

There are many people expressing anger and outrage at his manipulative tweets. :shrugs:

Ah okay. When you were talking about kleptocracy and playing by different rules, manipulation only applies to the securities market in some small circumstances that can be mitigated with tiny tiny disclaimers. I personally have completely aligned expectations for what occurs in markets without any investor or consumer protection. Its the “markets” fault for deriving confidence from one person. If Michael Saylor wanted to buy the dip at above market prices, he can. If $49,300 is not a price many people really want to buy a lot of bitcoin at, then so be it.

Idk its easy for me to just laugh and move on. To everyone else, don’t trade on leverage maybe?

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

#617

Post by TechnoTimeStop »

dang wrote: post #151

Some of the major threads in this saga so far: Tesla Makes More Money Trading Bitcoin Than Selling Cars - https://news.ycombinator.com/item?id=27142261 - May 2021 (171 comments) Elon Musk: Bitcoin's energy usage trend over the past few months is insane - https://news.ycombinator.com/item?id=27141493 - May 2021 (41 comments) Tesla no longer accepts Bitcoin due to climate impact - https://news.ycombinator.com/item?id=2…

Yeah I guess Coinbase trading publicly or major institutions accepting Ethereum as payments is hugely a disaster for the market. Yeah the IMF finally has their shit balls stuffed up their ass and a new form of valuable currency has arrived. FINALLY.

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

#619

Post by HeadsUpHigh »

inter_netuser wrote: post #523
martindale wrote: post #520

Earlier quoted context omitted.

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.

I don't have a reference but rumours have it Joe Lubin alone controls close to 10%, which would be close to 50 billion today. With the usually apathetic voters/stakers, one such loud voice can sway a PoS network easily.

There's ~100m eth so your numbers are way off. I have a sneaky suspicion you don't really know what you are talking about.

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

#620

Post by mthoms »

Analemma_ wrote: post #341
kofddfjdfdfdff wrote: post #298

Earlier quoted context omitted.

You see people firing up coal plants in your back yard? That's not an experience most people ever have.

https://arstechnica.com/tech-policy/2021/05/private-equity-f...

That's natural gas, not coal.
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