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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. Aussiejuggalo

    Aussiejuggalo Member

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    Didn't say I thought he was, just theory like ndt :rolleyes:.

    But he is a capitalist and if he can make money he will any way he can. No way he's pushing Doge from the goodness of his heart, he would have a stake in it.
     
  2. illdrift

    illdrift Member

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    I strongly disagree. From what i've seen from his past history, and long discussions where you can see his approach with everything in life, is to break a topic down to it's most reductionist principles.

    In that case, any currency is a medium of value exchange, and that doesn't matter if it's bitcoin, or dogecoin, the medium doesn't really matter. Tesla has to deal with numerous national currencies around the world, and constantly revises their vehicle pricing, almost every month. A crypto currency is not much of a step further, as long as markets are efficient enough.
     
  3. Slug69

    Slug69 Member

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    Even though he has recently cost me some money not earned, he is correct. He could show both sides of the coin and say there is a lot of Solar and Wind power used now instead of Coal and Crypto isn't really a culprit but rather just another thing that shows up poor energy generation.

    I am a bit disappointed though that he didn't do his research before Tesla bought into Bitcoin.

    Ho hum, just another day with a pothead I guess.
     
  4. BlueRaven

    BlueRaven Brute force & optimism

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    Almost certain he did that just for a laugh, probably after a stoned chat with some mate or hanging out on reddit for too many hours in a single week.

    See above re the Tesla announcement...
    And his previous naughty tweets that got him into trouble with the SEC.
    And his ludicrously optimistic projections/retractions re. timelines for SpaceX and Tesla and everything else he does.

    When you're a financially successful visionary with a kingly fortune behind you, you just say/do whatever feels natch, damn the consequences.
    Because, really, personally speaking, there aren't any.
    The same does not apply to The Rest Of Us, sadly. :(
     
  5. Slug69

    Slug69 Member

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    It's hard to understand just how he spends his spare time.

    I know one thing for sure, he has been able to get the greatest software and hardware engineers of all time on his team. I am insanely envious of this fact because the company I work for just cannot afford to keep developers to stick around. Alphabet, Amazon, Apple, Facebook, Tesla, & SpaceX are a massive vaccuum hoovering up the best of the best and there are thousands of companies in the tier under those big ones trying to keep what they have and I work in a tier even under those thousands...
     
  6. BlueRaven

    BlueRaven Brute force & optimism

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    Herewith the benefits of the "financially successful visionary" part of the equation, along with enough business nouse to actually employ all that talent (mostly) effectively.
    That said, the Tesla crypto announcement still smacks of somebody getting in his ear and making him feel guilty enough to do a bit of greenwashing.
    Nevermind the environmental impact of the supply chain that's required to actually produce thousands of battery powered electric vehicles.
    Eh, still better than ICE in net terms I guess, and a few less people mining crypto to buy a Tesla is certainly not going to hurt anything. :lol:
     
    Slug69 likes this.
  7. Slug69

    Slug69 Member

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    Anyways, things looking like they are getting back to the usual steady growth we saw with ETH.

    I expect the money train to keep on coming.
     
  8. r3s

    r3s Member

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    ADA's plugging away, Elon's recovered and gradually going up, its my 594m token gamble lol

    Bit bummed i didnt set a lower buyin, it dropped to 11 sats on poloniex :(
     
  9. vuu

    vuu Member

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    Now he's going to "work" with the dogecoin "devs" which also seems to be a PoW coin. Elon's been smoking too many herbs recently..
     
  10. Mac-Pro

    Mac-Pro Member

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    Dogecoin uses the scrypt algorithm which encourages centralisation as they're run on Asics. I'm not aware of anyone being able to run decentralised dogecoin nodes like you can with Bitcoin.
     
  11. Aussiejuggalo

    Aussiejuggalo Member

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    Wait... don't asics use a ton of power that cant really be easily off set by renewable energy if it's in a farm set up? Lol.
     
  12. Mac-Pro

    Mac-Pro Member

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    Not sure if you're being sarcastic. My sarcastic radar is failing me today lols

    It's very possible on setting up hydro electric generators to supply electricity. Michael Saylor has even discussed setting them up in remote locations and moving bitcoin farms there so it's totally self sufficient. With the income generated, you can build out infrastructure, towns, create new jobs, etc.

    Keep in mind this is Bitcoin. Dogecoin doesn't have the same opportunity or at least to the same level. Bitcoin is algorithmic limited to 21 million coins, it's designed to increase in value over time and to hold value as fiat debases.
     
    Last edited: May 15, 2021
  13. MrSnuffy

    MrSnuffy Member

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    This is basically how you know what's up. ;)

    Wut?
     
    Last edited: May 15, 2021
  14. Aussiejuggalo

    Aussiejuggalo Member

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    I was asking because the asics I've seen (Eth and BTC) use 3kw+ per machine, have a farm full of them that gets insane, not easy to off set that much power without spending a shit load.

    Yeah but are they actually doing it or just all talk... Because unless the current farms are trying to offset or are actually offsetting power consumed then it's pointless. And we come back to Musks reasoning for rejecting BTC, unsustainable energy consumption.
     
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  15. Mac-Pro

    Mac-Pro Member

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    Is there like a umbrel platform for dogecoin?

    Umbrel is free and allows you to run your own bitcoin node to help decentralise the bitcoin network. It runs on Tor to hide your location and allows you to check wallet addresses without giving away to your location or having the wallet addresses associated back to you for anonminity. You can also setup a layer 2 platform like the lightning platform to reduce bitcoin transaction fees if you wish to do business in Bitcoin.
     
    Last edited: May 15, 2021
  16. MrSnuffy

    MrSnuffy Member

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    Anyone can run a dogecoin node. You just install/configure the node software on your server.

    ... but just like bitcoin, unless your node finds blocks, then it is not actually participating in the "vote". It does nothing of any use to the network.

    All talk... when musk says "reduce the block time". That is the tell you need, to know that it is all BS.

    They do not understand how the scalability of the bitcoin (and similar) protocol works... and they are not talking to anybody who does.

    It is difficult to tell whether what musk is saying is complete troll/fun, or if it is some sort of "well-meaning marketing".
     
    Last edited: May 17, 2021
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