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Bitcoin, Cryptocurrency and Blockchain Discussion Thread
- Thread starter Crowded Mind
- Start date
pz1975
Active Member
I'm currently waiting to be "validated" on Coinsquare so I can buy some as a hedge. Unlikely to be anything but as Elon said, "Fate loves irony." I would kick myself if Dogecoin became something big and I hadn't even put a smallish investment in just in case.
pilotSteve
Active Member
If they create their own Crypto, it doesn't necessarily need to be mined.
The problem with any new Crypto is the perception of value, it is only worth something only if a large enough group of people agree it is.
So there is no theoretical limit on the number of Cryptocurrencies that can be created, and each can choose their own rules, the open question is, if they can create a reputation which underpins a value.
I have learned from this thread why BTC is hard to disrupt.
voyager
Active Member
After recent price spike, bitcoin requires enough power for a country of more than 200 million people
"Two-thirds of bitcoin production is done out of China. More than half of China’s energy output comes from coal, so the bitcoin production is likely to be particularly dirty."
Where's Tesla's environmental aura now?
"Two-thirds of bitcoin production is done out of China. More than half of China’s energy output comes from coal, so the bitcoin production is likely to be particularly dirty."
Where's Tesla's environmental aura now?
Of course. Blockchain can secure any units you want it to. It is data storage and retrieval, agnostic about what the data represents.
Anyone thinking that Blockchain and BTC was why Papa Musk flew to Hawaii for? He wanted to go over the implications and First Principles of it with Larry E. and "bounce" the ideas off him as well as get buy in from a board member?
I really like this train of thought. Somehow bitcoin convinced millions of people to mindlessly burn up kWhrs to create hypothetical coins - why not burn up kWhrs to sequester carbon coins as you might as well do something positive with that power if you need to artificially create scarcity anyway...
Maybe not quite so fast. NO currency is 'real'. The US$ is backed by exactly nothing at all, since August 1971when Richard Nixon dropped the gold standard (I was at the time in a seminar on monetary policy with the then head of the Fed Open Market Committee. That was the most exciting event related to money I ever have had). Currencies backed by other currencies abound (Bahamas, Hong Kong, UAE all have been examples) and those countries actually do not control their own monetary policy directly. Then there are synthetic creations such as the Euro. I could go on endlessly, but that will end out going off topic for Tesla.
Tesla is choosing to accept a currency that was the creation of a man named Satoshi Nakamato. You even pay your fees in 'satoshis' they only sub-unit of a Bitcoin. Bitcoin only differ from nation currencies in that there is no 'national' control. In the end a currency is anything people accept as a medium of exchange. Nothing more, nothing less.
All this furor is a trifle overdone. It's just another currency. Tesla accepts Shekels, Dirhams, Euro, GBP, dollars of several countries. Why not Bitcoin?
Kilowatt hours would be a good index. Energy has actual value, a very predictable supply(the sun), can be stored and sent easily, and already makes up a large part of the economy.
That already exists and is one of the most controversial sources of Tesla income. O course they are expressed in US$ and Euro. Factually all currencies are simply a shorthand notation of units off shared value. they're more efficient than would be defining exact exchange specifically by units traded. This is sending me back to a misbegotten period in which I was employed working with monetary policy. In all the years since this is the first time that ancient history has been useful in conversation.
feigen66
Member
I remembered the Q4 call, there is a question about how Tesla weathered from inflation risk, isn't BTC as an insurance simple as that? What's other alternative that's not backed by USD? Gold? Silver?
Inflation is coming, food, raw materials, labors will become more expensive that will impact Tesla's margin (and people's life whose currencies were unfortunately affected by US policies).
Analysis: Food price spikes see inflation rear its head in emerging markets
Inflation is coming, food, raw materials, labors will become more expensive that will impact Tesla's margin (and people's life whose currencies were unfortunately affected by US policies).
Analysis: Food price spikes see inflation rear its head in emerging markets
I like this. Blockchain is supposedly already used and will be used for solar owners to sell their electricity to their neighbor if the neighbor does not have solar and wants to use renewable energy, so yeah, this sounds good.
Apparently a Tesla developer claiming he wrote the program to buy Bitcoin on behalf of Tesla.
I'd be dammed if this is a real insider. Would be watching this account closely next time.
https://www.reddit.com/r/Bitcoin/comments/kpc8gw/you_heard_it_here_first_our_company_just_bought/
I'd be dammed if this is a real insider. Would be watching this account closely next time.
https://www.reddit.com/r/Bitcoin/comments/kpc8gw/you_heard_it_here_first_our_company_just_bought/
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Interesting. I can't imagine it was a team of 100 programmers who developed this, rather a small group of 2-3. So this insider is someone who is smart enough to develop something like this, but dump enough to not know it would be super easy to find out his real identity and Tesla would probably go after him for disclosing this before the SEC paperwork was even filed.
corduroy
Active Member
Saw a rumor online that Tesla bought $1.5B BTC at $35,655 for a total of 42,069 coins.
All currencies can swing dramatically. Just watch FX markets! Cryptocurrencies are just more visible to non-global travelers than are typical FX ones.
FWIW my three major currencies have swung violently against each other. Against US$ one has varied from 1.61 to 6.36 within a short time. Volatility is inherent to currency.
What countries currency has varied against the US$ like that? I am not saying there isnt one, I just would suspect it is a country that has some sort of major crisis going on.
Would you list your house for sale in bitcoins?
Something that you likely wont close on for months.
So you list it January 1 for say 10 bitcoins. That means the house was for sale for like $290K. Now for a buyer that same house would cost like $467K.
But it is true that for more than twenty years, Musk has been eyeballs deep in thinking about currencies and payments. So we can expect him to approach this from the perspective of cryptocurrencies. That's what his friends all talk about too.
Musk has stated that one of the greatest untapped potentials of Paypal was having customer money within the system, leading to low transaction costs for payments. So I would not be surprised to see him gravitate towards that type of thing here.
My thought is that it also creates yummy float, but Musk did not focus on that in his interviews. Actually, he has said some very specific things with regard to his Paypal days that some industrious soul could probably analyze to good benefit.
