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Tesla buys $1.5B in Bitcoin, may accept it as payment in the future

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Re: Tesla buys $1.5B in Bitcoin, may accept it as payment in the future

#591

Post by leesec »

throwawayffffas wrote: post #501
RhodoGSA wrote: post #409

Earlier quoted context omitted.

Tesla is not an automaker and i don't know why people keep calling it that. It is a technology company. It's designed chips, software, Cars, trucks, manufacturing lines, battery's, solar panels - And oh my god, if you saw the random products the engineering team designed in Keto Factory outside Fremont, you'd think very differently about Tesla as a company.

That's pretty much all the things you need to design to be an automaker these days, perhaps with the exception of solar panels.

Well then it's shocking how much if this is outsourced by the average automotive company

Re: Tesla buys $1.5B in Bitcoin, may accept it as payment in the future

#592

Post by macspoofing »

mrb wrote: post #489
rzodkiew wrote: post #338

Bitcoin is a mystery to me. Somehow it's hailed as revolutionising the economy, by replacing currency with a worse kind of currency. It feels like this is where all the "how to get rich quick" book writers and other hustle bros went and created one giant financial pyramid, which works in quite simple way: - buy bitcoin - tell everyone around how revolutionary it is, so they buy it and what you holding increases in va…

While away on vacation, I once sent $1000 in cold hard cash, on a Sunday, to an unbanked person in Los Angeles, in less than 1 hour, thanks to bitcoin and the recipient withdrawing it for cash at a Bitcoin ATM. There is not a single alternative service in the world that would have made this possible. If people thought a little beyond their personal use cases, they would understand the utility of Bitcoin/crypto for ma…

>There is not a single alternative service in the world that would have made this possible.

Are you kidding me?

>If people thought a little beyond their personal use cases, they would understand the utility of Bitcoin/crypto for many others.

What use case is that? Skirting AML regulations? You think governments will allow that?

Re: Tesla buys $1.5B in Bitcoin, may accept it as payment in the future

#593

Post by agloeregrets »

rzodkiew wrote: post #338

Bitcoin is a mystery to me. Somehow it's hailed as revolutionising the economy, by replacing currency with a worse kind of currency. It feels like this is where all the "how to get rich quick" book writers and other hustle bros went and created one giant financial pyramid, which works in quite simple way: - buy bitcoin - tell everyone around how revolutionary it is, so they buy it and what you holding increases in va…

I feel like a good modern way to explain Bitcoin is to say it's like the gamestock drama from two weeks ago, except the people who have bitcoin are playing both r/wallstreetbets AND the hedge funds. Just inflating the price of something hat doesn't make sense at all to inflate without volume.

The value is made up and the economics (and lack of eco-validity) don't matter! Eth's new developments may fix this but 99% less is still a lot without investment.

A more fun way to frame this story is 'Self-aggrandizing Green-tech company admits to supporting use of payment processor that uses more than 1000X more power than other options'

Re: Tesla buys $1.5B in Bitcoin, may accept it as payment in the future

#594

Post by pionar »

speeder wrote: post #432
neilwilson wrote: post #402

Earlier quoted context omitted.

" Bitcoin is a way for me to step outside that debt I did not want or deserve" Try paying your taxes in Bitcoin. Then you'll find that it has nothing to do with trust and everything to do with avoiding having your assets stripped by the IRS. You want to live in a jurisdiction, then you pony up the tokens that jurisdiction demands. Or you lose your liberty and everything you own.

What about when people DON'T want to live in a jurisdiction? So far even attempts are seastading failed due to traditional countries destroying them militarily (one italian attempt for example was just bombed until nothing remained, and an attempt the pacific resulted in nearby countries landing troops on the built islands and kicking people out)

Do you have an example of this happening where people didn't settle on land/sea that was already claimed by another entity? Because that's still in someone's jurisdiction.

Re: Tesla buys $1.5B in Bitcoin, may accept it as payment in the future

#595

Post by washedup »

rzodkiew wrote: post #338

Bitcoin is a mystery to me. Somehow it's hailed as revolutionising the economy, by replacing currency with a worse kind of currency. It feels like this is where all the "how to get rich quick" book writers and other hustle bros went and created one giant financial pyramid, which works in quite simple way: - buy bitcoin - tell everyone around how revolutionary it is, so they buy it and what you holding increases in va…

"Getting rid of currency altogether" - please explain this nonsense

Re: Tesla buys $1.5B in Bitcoin, may accept it as payment in the future

#596

Post by te_chris »

bushbaba wrote: post #505
colinmorelli wrote: post #451

Earlier quoted context omitted.

Correct me if I'm wrong, but hasn't the history of Bitcoin also exposed issues with not having a central bank? Theft that can't be reversed, digital wallets that can't be unlocked, value that can't be insured, etc. Currency fundamentally requires trust - at the very least it requires trust that the asset you are receiving is roughly equivalent in worth to the asset you're giving as part of the transaction. In the cas…

> it requires trust that the asset you are receiving is roughly equivalent in worth to the asset you're giving Checkout uniswap. Which is a decentralized exchange which the smart contract ensuring you get X asset for Y btc.

And on the ETH network, a whole new world of extortionate fees.

Re: Tesla buys $1.5B in Bitcoin, may accept it as payment in the future

#597

Post by Jsharm »

mrb wrote: post #489
rzodkiew wrote: post #338

Bitcoin is a mystery to me. Somehow it's hailed as revolutionising the economy, by replacing currency with a worse kind of currency. It feels like this is where all the "how to get rich quick" book writers and other hustle bros went and created one giant financial pyramid, which works in quite simple way: - buy bitcoin - tell everyone around how revolutionary it is, so they buy it and what you holding increases in va…

While away on vacation, I once sent $1000 in cold hard cash, on a Sunday, to an unbanked person in Los Angeles, in less than 1 hour, thanks to bitcoin and the recipient withdrawing it for cash at a Bitcoin ATM. There is not a single alternative service in the world that would have made this possible. If people thought a little beyond their personal use cases, they would understand the utility of Bitcoin/crypto for ma…

The fees alone must have been astronomical. I was astounded that it took 4 hours last week for a transfer of mine to confirm (4 confirmations were required for the broker to recognise it as legit). And I'd paid $15 in fees!

Re: Tesla buys $1.5B in Bitcoin, may accept it as payment in the future

#598

Post by agloeregrets »

vntok wrote: post #427
robjan wrote: post #399

Earlier quoted context omitted.

Has bitcoin actually solved that problem though?

Yes it has, anyone in the world can open their own "current account"/"deposit account" for free, right now. Barring hacking you, no government or authority can access it without your consent. None can prevent you from receiving money in it from someone else, or from transferring money out of it to someone else.

I.e. Bitcoin: The best way to run a sex-trafficing ring.

Re: Tesla buys $1.5B in Bitcoin, may accept it as payment in the future

#599

Post by heckerhut »

zupreme wrote: post #556

This comment is unlikely to win me many friends here, but it is worth considering that while Bitcoin is, nominally at least, decentralized and free from government control, internet access is not. A simple glance at the trend of governments to partially or to fully shut down internet services to certain areas in times of unrest or mass protest means, in the case of Bitcoin and other cryptocurrencies requiring collect…

Kinda solved https://www.wired.com/story/cypherpunks-bitcoin-ham-radio/

Re: Tesla buys $1.5B in Bitcoin, may accept it as payment in the future

#600

Post by nabla9 »

lottin wrote: post #322

This is very worrying. Don't they have financial advisors at Tesla? An automaker should focus on making cars. This is what they specialise in and what they are good at. They should not be speculating with financial assets. Tesla shareholders can do that themselves, if they wish to.

Don't think this as financial move, think it as marketing move.

He buys Bitcoin for $1.5B to get publicity for the fact that he will accept bitcoin.

Bitcoin has low liquidity. Selling large amounts affects the markets. $1.5B supports BTC valuation in the case that BTC speculators want to buy 50,000 Teslas.

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