Bitcoin, Cryptocurrency and Blockchain Discussion Thread

[Rarity]

Musk has been tweeting up a storm on Dogecoin, saying that its ownership is too concentrated. He stated that he would create ElonCoin only if necessary.

We could mark it up to Elon just having fun, and mostly I do so. But does anybody have a theory about what his goals are here with cryptocurrencies, if we assume that there are some non-joke goals? We know that Musk doesn't spend his time working for short-term non-useful goals.

 

[Xepa777]

@SN_8 - you won't be able to time the top or the bottom. Whatever you can buy right now at 1-3% net worth, just do it.

If it sinks with no change in fundamentals, buy more. If it makes you feel better you can tranche in your 1-3% position over a month. Risk of course is you end up with less coin doing it that way, but you hedged yourself against overbuying -today-.

@Xepa777 - what services are you using to get interest on your BTC? Thanks

BlockFi for the 6% BTC interest.

With that said, Celsius said last week that they're introducing an opt-in insurance product, which would solve A LOT of my fears regarding any crypto service (vs. "well Coinbase is IPO'ing so must be legit cold storage + security mechanism" logic). So will be monitoring that closely (FYI if you put US Dollars into Celsius you get 12.5% interest rate!!!)

 

[Scuttlebutt]

Considering the impact of Tesla creating their own crypto is interesting. Tesla fans will buy anything related to the brand so say they created it and accumulated a certain amount, a public release of the platform would be an instant money maker. Not dissimilar to issuing stock, just no dilution.

Now, let's go a step further. Tesla engages in business internationally and across electrical grids. Imagine a crypto currency that supports this entire eco-system. Sell power through Autobidder? Bam, you get TesCoin. Roll up to a Supercharger? Debits your Tescoin wallet. The possibilities for gamification of this to let Tesla owners and fans earn credits towards Tesla swag, cars, charging etc. are sizable.

Hey, we need more people in geographic area XYZ to provide us with Autopilot data. Ok, to encourage them we will pay them 1 Tescoin for every 100 miles traveled in that region while using Autopilot. Want to let your neighbor, or even a stranger use your 14-50 outlet to charge? No problem. Tesla will determine the amount of energy used and debit their Tescoin wallet and add to your wallet. Robotaxi revenue or consumption? Tescoin. No waiting for CC payments to clear, you get the funds instantly. You could be renting out your car at home while using someone else's robotaxi while on vacation, and the funds would seamlessly transfer back and forth. Referring customers to buy a car? Tescoin. This would also make it easier for third parties to use Tesla chargers, or Boring tunnels.

I think this is important. I need to think about this more.

Hey! I guess I finally got ahead of the pack for once!

Scuttlebutt, Feb 9, 2021
Last edited: Feb 9, 2021
Random thoughts from a late-Boomer who does not invest in Bitcoin as of now.

Bitcoin manufacture is wasteful and too often uses dirty energy. The process seems to be very inefficient.

Digital currency is useful here and perhaps more so on Mars but has its drawbacks that if addressed might:
1) Increase transaction speed.
2) Manufacture coins in a cleaner, less energy-dense manner.
3) have security protocols in place that make it harder to use for fraudulent purposes, ie. money laundering, etc. There may be many more improvements needed that I am too uneducated to see?

Tesla has cheap and clean power.
Tesla has DOJO/AI/AutoBidder.

Is Elon perhaps thinking of improving Digital currency? Starting his own currency? Backed by (what will be) the largest company in the world, the odd Billionaire or three, and an army of loyal fans?

How many of us would invest a portion of our gains in an Elon-created currency??

Am I way off here, or is anyone else thinking along these lines as well?

 

[Nocturnal]

Am I way off here, or is anyone else thinking along these lines as well?

Makes a lot of sense to me. Something like that could replace BTC or be a supplement. After all, BTC really has use as a store of value, not a currency. A more transaction based crypto like ethereum or cardono would be better suited to Tesla's operations. Make it scale with Tesla's delivery growth. ​

 

[Beltsbear]

Hey! I guess I finally got ahead of the pack for once!

Scuttlebutt, Feb 9, 2021
Last edited: Feb 9, 2021
Random thoughts from a late-Boomer who does not invest in Bitcoin as of now.

Bitcoin manufacture is wasteful and too often uses dirty energy. The process seems to be very inefficient.

Digital currency is useful here and perhaps more so on Mars but has its drawbacks that if addressed might:
1) Increase transaction speed.
2) Manufacture coins in a cleaner, less energy-dense manner.
3) have security protocols in place that make it harder to use for fraudulent purposes, ie. money laundering, etc. There may be many more improvements needed that I am too uneducated to see?

Tesla has cheap and clean power.
Tesla has DOJO/AI/AutoBidder.

Is Elon perhaps thinking of improving Digital currency? Starting his own currency? Backed by (what will be) the largest company in the world, the odd Billionaire or three, and an army of loyal fans?

How many of us would invest a portion of our gains in an Elon-created currency??

Am I way off here, or is anyone else thinking along these lines as well?

Elon could take Dogecoin to form a new coin that has all the same positions as Doge except the whale addresses. This is being discussed already. Basically a fork of Doge without the top 10 addresses.

 

[Artful Dodger]

Bitcoin surpasses $50,000 for first time ever as major companies jump into crypto | NBC News

Tesla's recent $1.5 billion purchase of bitcoin sparked speculation over whether other major companies would follow suit. | 51 mins ago​

Feeling very Olympic this morning.

Cheers!

 

[elasalle]

Elon could take Dogecoin to form a new coin that has all the same positions as Doge except the whale addresses. This is being discussed already. Basically a fork of Doge without the top 10 addresses.

So does crypto community see DOGE as a joke until EM came along? Seeing it's not even traded in Coinbase?

Also what does future success of DOGE mean for rest of Cryptos like BTC?

 

[Drumheller]

 

[SOULPEDL]

View attachment 637268

MarsCoin... and traded on ARKX (someday). Any word on their Space-centric ETF... timing?

 

[MXWing]

So does crypto community see DOGE as a joke until EM came along? Seeing it's not even traded in Coinbase?

Also what does future success of DOGE mean for rest of Cryptos like BTC?

In absolute terms, DOGE always has been a joke, is currently a joke, will always be a joke.
It has no value for store of value, no value as a currency, no value for smart contracts, offers nothing to block chain.

In relative terms, DOGE is crushing it and the only ones laughing is Elon Musk and the lottery winning bag holders who have tons of DOGE when it was 0.002 last April
Now, 0.056.

Moving over two decimal places and tripling digits is a big win.

 

[MC3OZ]

This video is highly recommended, I learnt a lot of useful stuff and I am sure most of us will.

Great work by Dave, right up there with some of his best videos IMO.

 

[HankLloydRight]

It has no value for store of value, no value as a currency, no value for smart contracts, offers nothing to block chain.

Can't you say the same thing about Bitcoin?

 

[MXWing]

Can't you say the same thing about Bitcoin?

There is other key differences which I've neglected to mention between BTC and DOGE.

1.) DOGE is an altcoin. "THE" coin, the non "alt-coin" the verb for "crypto" is Bitcoin.
2.) Network effect, institutional support.
3.) Fixed supply, deflationary. DOGE has unlimited circulation.

True value is what "someone is willing to pay for it." BTC is 50,0000, DOGE is 5 cents.

 

[SomeJoe7777]

Can't you say the same thing about Bitcoin?

Mel Brooks, History of the World Part I:

"It's good to be the king."

 

[MC3OZ]

1) Increase transaction speed.
2) Manufacture coins in a cleaner, less energy-dense manner.
3) have security protocols in place that make it harder to use for fraudulent purposes, ie. money laundering, etc. There may be many more improvements needed that I am too uneducated to see?

All of this and more is covered in the Cardano video I posted.

Bitcoin, Cryptocurrency and Blockchain Discussion Thread

 

[lascavarian]

The unexpected power failures in Texas lead me to wonder if digital currencies have a weakness. No power (no battery charging) is a crisis where it is particularly important to have access to resources. Credit cards - digital currencies still need a backup plan.

 

[CyberDutchie]

TSLA may be down but Telsa earned another 75 million dollars overnight as BTC is up 5% to a record high.

I’m wondering if an unintended consequence from Tesla’s BTC buy is what’s driving TSLA down.

Which will likely appreciate faster in 2021, BTC or TSLA? Right now BTC is ahead with 80% vs TSLA 12%.

I’m seriously thinking of moving some fraction of my TSLA holding into BTC as a hedge (and possibly to pay for my Model X in April).

 

[Nocturnal]

I’m wondering if an unintended consequence from Tesla’s BTC buy is what’s driving TSLA down.

Which will likely appreciate faster in 2021, BTC or TSLA? Right now BTC is ahead with 80% vs TSLA 12%.

I’m seriously thinking of moving some fraction of my TSLA holding into BTC as a hedge.

Its odd because we used to see them move in tandem. Now that they are somewhat tied the opposite is happening. I have 10x more in tsla than crypto but I expect larger gains from the latter, at least in the short term. Of course TSLA is a pretty safe investment at this point IMO.

I’m hoping that as (if) BTC keeps gaining, those who are afraid of it will not worry about Tesla. ( like Gary Black)

 

[EVWatcher]

As someone who is still accumulating TSLA shares on a monthly basis, would you at this point recommend switching this monthly investment into BTC rather than TSLA considering you think BTC will experience faster growth? I currently have no crypto.

My personal opinion is that bitcoin is in dire need of regulation before it infects the real economy any further. Such an action would severly cut its "growth". But thats probably just me

 

[dmvevguy]

As someone who is still accumulating TSLA shares on a monthly basis, would you at this point recommend switching this monthly investment into BTC rather than TSLA considering you think BTC will experience faster growth? I currently have no crypto.

I put in 1% of my networth into BTC when it was around 13k, and wish I would have put in 3% back in. I'm looking to up my investment into BTC, but was hoping for a pull back. Unfortunately, I don't think it's going to go back down b/c of all the companies buying it for their balance sheets. I think it's always good to diversify and follow TSLA and put some % into BTC!