Bitcoin, Cryptocurrency and Blockchain Discussion Thread

[thx1139]

Two things about the BTC notice posted by Elon yesterday.

1. Wouldnt be nice if we saw a notice like that about the FSD schedule. Looks to me that the BTC was put together and thought about what was written before it was posted.
2. The reaction just tells me more BTC is not meant to be a currency.

 

[elasalle]

How many Tesla's purchased based on BTC?
If it was negligible, I guess press release was just based on principle. ( +press release not required in this case)
If it was substancial, then I guess it was to manage it (similar to Roadster referral program). (+ with BTC dip, hope the sales are not losses at current BTC prices)

(+closed chapter, long term to issues here)

 

[Pezpunk]

76% on Twitter voted for Doge
So BTC got canceled

Dodge Da Doge

Doge is still a proof-of-work (PoW) cryptocurrency, though. That means its energy consumption will ramp up proportional to its popularity, limited only by the amount of energy entities are willing to expend. If today you magically swapped Bitcoin and Doge in terms of popularity, the amount of energy they consume would swap as well (the efficiency of the underlying algorithm doesn't matter, because as a PoW coin, entities will always be incentivized to use as much power as is available for them to throw at it).

This is why Tesla swapping from Bitcoin to Doge would be merely a lateral move, at least in theory if not quite in practice. Proof of Stake coins seem like the obvious solution that Elon's strongly hinting at.

 

[Paul_SF]

How many Tesla's purchased based on BTC?
If it was negligible, I guess press release was just based on principle. ( +press release not required in this case)
If it was substancial, then I guess it was to manage it (similar to Roadster referral program). (+ with BTC dip, hope the sales are not losses at current BTC prices)

(+closed chapter, long term to issues here)

Probably 0. Not sure if anyone would trade their “BTCs that will moon” to buy a car. Everyone just HODL, in hopes of making money, not to buy stuff.

In regards to deep ocean mining posts from yesterday, BIG posted this:

https://twitter.com/x/status/1392553541668069380

Bjarke Ingels Group and The Metals Company Design a New Generation of Offshore and Onshore Assets to Produce Critical EV Battery Metals from Seafloor Rocks - The Metals Company

metals.co

 

[Pezpunk]

i wonder if it would save humanity a lot of time and effort if we just switched to electricity as the default currency.

 

[Matias]

i wonder if it would save humanity a lot of time and effort if we just switched to electricity as the default currency.

In order to do that we would need better storage for electricity, but interesting idea

 

[elasalle]

i wonder if it would save humanity a lot of time and effort if we just switched to electricity as the default currency.

Get paid by a Taser, no thanks

 

[Rammstein]

Probably 0. Not sure if anyone would trade their “BTCs that will moon” to buy a car. Everyone just HODL, in hopes of making money, not to buy stuff.

In regards to deep ocean mining posts from yesterday, BIG posted this:

https://twitter.com/x/status/1392553541668069380

Bjarke Ingels Group and The Metals Company Design a New Generation of Offshore and Onshore Assets to Produce Critical EV Battery Metals from Seafloor Rocks - The Metals Company

metals.co

I was actually thinking of buying my Cybertruck with bitcoin. Hopefully, Tesla makes some product that mines bitcoin with solar. This seems like the most obvious solution.

 

[ChefBoyardee]

i wonder if it would save humanity a lot of time and effort if we just switched to electricity as the default currency.

Maybe that's Tesla's crypto idea. Use blockchain and their own coin for AutoBidder & energy trading

 

[elasalle]

Maybe that's Tesla's crypto idea. Use blockchain and their own coin for AutoBidder & energy trading

Seems almost all cryptos are Resource(Energy) intensive. So if Tesla solves the energy issue, it solves the crypto issue.
Core competency, no distractions.

Solving the energy issue, supports all cryptos. From time to time there will be newer cryptos with better algos etc. Old cryptos will get disrupted in the long run.

 

[jerry33]

i wonder if it would save humanity a lot of time and effort if we just switched to electricity as the default currency.

The prices would certainly be shocking.

 

[Paul_SF]

I was actually thinking of buying my Cybertruck with bitcoin. Hopefully, Tesla makes some product that mines bitcoin with solar. This seems like the most obvious solution.

The question was if anyone bought with BTC. You are thinking to get the CT, but that will be dependent on the price of BTC at the time. If it’s going up, 5-10x in 3 years, why would you pay for CT with BTC? You’d loose profits, no? Nobody bought anything with BTC I think, but Elon didn’t say that cause that would have been another blow to the crypto and the maximalists. One is enough for now. But the writing is on the wall, in my opinion.

 

[ZsoZso]

i wonder if it would save humanity a lot of time and effort if we just switched to electricity as the default currency.

YES! Welcome to Sid Meier's Alpha Centauri -- my all time favorite video game (yes, I know it shows my age).

 

[thx1139]

The question was if anyone bought with BTC. You are thinking to get the CT, but that will be dependent on the price of BTC at the time. If it’s going up, 5-10x in 3 years, why would you pay for CT with BTC? You’d loose profits, no? Nobody bought anything with BTC I think, but Elon didn’t say that cause that would have been another blow to the crypto and the maximalists. One is enough for now. But the writing is on the wall, in my opinion.

Still dont know why it matters to people. Sell the Bitcoin and then pay for the Tesla with the proceeds. What Tesla did was just make the process a touch easier.

 

[DarkandStormy]

Elon and Tesla aren't stupid. They knew the energy concerns when they began accepting Bitcoin and buying it and holding it on their balance sheet.

The most likely reasons for the reversal that I've seen are (in no order):
-I'm seeing some weird, somewhat conspiracy theory-related narratives out there that Elon is "getting back" at China over _____ since 2/3 of all Bitcoin miners are in China. Something like that.
-This was a pump and dump scheme for Elon/Tesla.
-This is setting up a transition to dogecoin.

The idea that Elon and Tesla didn't do their due diligence on the energy usage of Bitcoin and only found that out now is not believable.

 

[Rammstein]

The question was if anyone bought with BTC. You are thinking to get the CT, but that will be dependent on the price of BTC at the time. If it’s going up, 5-10x in 3 years, why would you pay for CT with BTC? You’d loose profits, no? Nobody bought anything with BTC I think, but Elon didn’t say that cause that would have been another blow to the crypto and the maximalists. One is enough for now. But the writing is on the wall, in my opinion.

If the Cybertruck was available now I probably would of used bitcoin. I don’t work so I would rather sell my bitcoin than sell my TSLA shares .

 

[Beltsbear]

This has been a very sad 24 hours for me. Watching Elon be taken in by Bitcoin FUD after so much FUD has been created about TSLA. I am balls deep in both the TSLA community and the crypto communities and what I see inside is disturbing. Honestly, TSLAQ is a rather small (but vocal) community. But the Bitcoin community is 100x bigger, and the FUD floodgates have opened. People were hurt by Elon's actions and I am seeing them take their anger out on Tesla. I think this is going to hurt Tesla's reputation long term and not reduce Bitcoins energy consumption, so I just don't understand the strategy here. And yes, I know personally multiple people who were going to purchase a Tesla with Bitcoin, most of them waiting for the new federal credit. They won't be purchasing for multiple reasons now, not having as much free capital, the misinformation Elon spread and the fact that they wanted to pay with BTC. I will of course still be purchasing my Cybertruck and continue to hold TSLA and Bitcoin.

 

[Pezpunk]

They won't be purchasing for multiple reasons now, not having as much free capital, the misinformation Elon spread and the fact that they wanted to pay with BTC. I will of course still be purchasing my Cybertruck and continue to hold TSLA and Bitcoin.

i'm sorry your Bitcoin speculation lost you money, but everything Elon said about Bitcoin is ACCURATE and not misinformation, regardless of what you are financially incentivized to believe.

Secondly, I fail to see how Tesla not accepting Bitcoin is any way a problem for your friends. How do they purchase ANYTHING if converting their Bitcoin to dollars is an obstacle for them?

 

[Beltsbear]

i'm sorry your Bitcoin speculation lost you money, but everything Elon said about Bitcoin is ACCURATE and not misinformation, regardless of what you are financially incentivized to believe.

Secondly, I fail to see how Tesla not accepting Bitcoin is any way a problem for your friends. How do they purchase ANYTHING if converting their Bitcoin to dollars is an obstacle for them?

Yea, just like everything Elon said about Covid was 'ACCURATE'. No, Elon bought into the FUD about Bitcoin, while watching his own creations be hammered by FUD constantly. Prepare as an investor for the FUD level against Tesla to increase dramatically, right or wrong. That is what happens when you join the party and create FUD yourself. Bitcoin's energy consumption is high, but will not be changing by Tesla accepting it or not. And the energy consumption argument has tons of parallels with the electric car energy consumption arguments. When you include just VISA/MC's server energy footprint and ignore every bank branch (which support Visa/MC, including disputes and account management) you end up with false data. Banking is energy intensive. And like electric cars, Bitcoin will be getting greener over time not dirtier.

And no, I don't condone the FUD that the Bitcoin community has started to unleash against Tesla. It saddens me, and I am fighting it. But I can see my voice is being heavily drowned out.

 

[Rarity]

Yea, just like everything Elon said about Covid was 'ACCURATE'. No, Elon bought into the FUD about Bitcoin, while watching his own creations be hammered by FUD constantly. Prepare as an investor for the FUD level against Tesla to increase dramatically, right or wrong. That is what happens when you join the party and create FUD yourself. Bitcoin's energy consumption is high, but will not be changing by Tesla accepting it or not. And the energy consumption argument has tons of parallels with the electric car energy consumption arguments. When you include just VISA/MC's server energy footprint and ignore every bank branch (which support Visa/MC, including disputes and account management) you end up with false data. Banking is energy intensive. And like electric cars, Bitcoin will be getting greener over time not dirtier.

And no, I don't condone the FUD that the Bitcoin community has started to unleash against Tesla. It saddens me, and I am fighting it. But I can see my voice is being heavily drowned out.

I'm not part of that world (and don't really touch it), so thank you for your report from the front lines.

That said, I think it would be a mistake to conflate short-term issues with long-term issues. This thread already does way too much of that.