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Tesla withdraws accepting BTC on unsustainable energy consumption grounds

Discussion in 'Blockchain & Cryptocurrency Mining' started by Sphinx, May 13, 2021.

  1. Sphinx

    Sphinx Member

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    Last edited: May 13, 2021
  2. sammy_b0i

    sammy_b0i Laugh it up, fuzzball!

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    That''s a hell of a dramatic way to show a tiny 1.64% drop
     
    wwwww, BurningFeetMan, Hive and 4 others like this.
  3. jjjc_93

    jjjc_93 Member

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    Elon giveth, and Elon taketh away. Can't help but enjoy the irony in the fact that crypto was invented as a decentralised currency and a way to take control away from the uber rich - only for the market to hang on to every word of a billionaire.

    It's down about 8% now.
     
  4. dakiller

    dakiller (Oscillating & Impeding)

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    Of course it is going to look dramatic on the 1 minute chart.

    The 4 hour chart, much less dramatic (I'm not saying it isn't an issue though)
    Untitled2.png
     
    whatdoesthisdo likes this.
  5. dakiller

    dakiller (Oscillating & Impeding)

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    The energy per transaction is a bit of a complicated issue. The number of transactions the bitcoin network processes has nothing to do with the energy it uses. If we were to double the number of transactions, the energy used would not change.

    The energy usage is a pure textbook market forces triangle of the number of miners (hash rate), the energy costs ((hashrate / joule) * (joule / dollars)) and the current/future block reward value (6.25btc, currently ~320kUSD / block)

    In all that, there is nothing at all that specifies the number of transactions per second the blockchain can process.

    Honestly, our world has a dirty energy problem. We've had it since the industrial revolution, we've mostly ignored it in all our daily life activities, and now bitcoin has come along, suddenly we care about now? But the rest doesn't matter as much though.
     
    Zenskas, Sphinx and whatdoesthisdo like this.
  6. power

    power Member

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    to be fair, this is something Telsa is actively trying to change so this move is very on brand.
     
    Sphinx likes this.
  7. whatdoesthisdo

    whatdoesthisdo Member

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    Mark Cuban, owner of the Mav's and shark tank host, has replied to Elon's tweet.

    upload_2021-5-13_9-50-59.png
     
  8. bart5986

    bart5986 Member

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    But the transaction time goes up dramatically, as well as fees for each transaction.

    Bitcoin popularity directly effects the amount of people who mine it, which then effects the energy usage.
     
  9. MR CHILLED

    MR CHILLED D'oh!

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    I was wondering what this mornings dip was all about.
     
  10. power

    power Member

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    this guy completely missed the point, Elon isn't anti-crypto just pro moving to sustainable energy for transactions - someone's a little too defensive....

    Once again Elon is ahead of the curve and everyone else is more interested in money and consider nothing else.
     
    SLIMaxPower and clonex like this.
  11. OP
    OP
    Sphinx

    Sphinx Member

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    -16.85% now..
    https://www.coinspot.com.au/chart/btc

    I think many other companies will also be pressured to try and reduce mining and it's unsustainable energy use.
     
    Last edited: May 13, 2021
  12. Slug69

    Slug69 Member

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    Yeah, it will tank. We will see how bouyant it is.
     
  13. whatdoesthisdo

    whatdoesthisdo Member

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    He's not missing the point, he is trying to control the narrative because he has a large stake in BTC and ETH. Crypto is all about the narrative.

    Look at how Elon has affected the narrative with one tweet.
     
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  14. r3s

    r3s Member

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    *looks at ada and prays* lol
     
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  15. power

    power Member

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    well yes, which is why i also said everyone else is more interested in money and consider nothing else.

    *edit*

    wonder how if at all Telsa are feeling the pinch with semiconductor shortages.
     
    Last edited: May 13, 2021
  16. MR CHILLED

    MR CHILLED D'oh!

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    Nice test of the waters for btc, there will be more of this I'm sure.
     
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  17. r3s

    r3s Member

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    Come on charles, do something productive for once and put out a post spruiking cardano as a POS solution!!
     
  18. whatdoesthisdo

    whatdoesthisdo Member

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    Tesla bought up a shit load before the crisis. He saw it coming, he is in far better shape than most car manufacturers.

    Now, how long those supplies last is another question.

    Maybe he needs to post another picture of him holding a trident spearing electricity? :lol:
     
    Sphinx and r3s like this.
  19. power

    power Member

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    always ahead of the curve....
     
  20. Slug69

    Slug69 Member

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    a mere flesh wound.
     

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