Tesla withdraws accepting BTC on unsustainable energy consumption grounds

https://twitter.com/elonmusk/status/1392602041025843203



Is this really the power per transaction?




BTC price instantly falls based purely on Elon's tweet..

 

That''s a hell of a dramatic way to show a tiny 1.64% drop

 

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.

 

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)

 

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.

 

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

 

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

 

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.

 

I was wondering what this mornings dip was all about.

 

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.

 

-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.

 

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

 

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.

 

*looks at ada and prays* lol

 

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.

 

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

 

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

 

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?

 

always ahead of the curve....

 

a mere flesh wound.