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Tesla to stop accepting Bitcoin for car payments

Archibald

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Scratching my head in disbelief... didn't Musk trumpeted only two months ago, that Tesla would run on cryptocurrencies ?
 

Archibald

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... and at the same time, he seemingly has started a love affair with doge coin (or dodge coin, can't bother to remind the correct name of that ponzi scheme).

Too much Ambien again ?

"Ambien pour un mal" as we say in french (runs for cover, hides under a large rock).
 
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edwest2

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DOG-E Coin. My personal favorite. An attempt is being made to frighten global banks into creating their own crypto - so-called currencies. Imagine a central location that stores all of your fake money. Imagine losing power and access. It's illegal to counterfeit money but to create your own? I predict this will fail since crypto is backed by nothing. Or almost nothing. I hope Mr. Musk gets his billion dollars back in real money.
 

Archibald

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DOG-E Coin

Bark, bark !

Well, because there is always stupid people, some already lost a "fortune" because they lost their access codes, and fucking blockchain (bollock-chain) has no mercy for such losers.

Meanwhile in Iran, China and elsewhere, bitcoin farms are disrupting power grids and aggravating global warming.

What a time to be alive, really... !
 

DWG

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Musk actually has a valid point*, the bitcoin model is fundamentally broken when you look at its energy costs. The physical cost to generate a bitcoin is on a constantly increasing curve. Which means the value of a bitcoin also has to escalate. It's almost like someone deliberately designed a pyramid scheme that mostly preys on itself.

You could actually generate bitcoins for considerably less, the problem is the competition model it's built on that sees multiple server farms competing with each other to generate the same bitcoin first. Allocate them to one each and the energy costs of bitcoin would plummet. It's still a lousy concept, but it doesn't have to be nearly as bad as it is.

* Or at least he's using a valid point to cover whatever he's actually up to. I'm really not sure he isn't just bored and aiming for another fight with the SEC, because undermining Tesla's $Bn investment in bitcoin, made at his own behest only a couple of months ago, is just the kind of publicly playing with other people's money for his own amusement that got him in trouble the last time. If Musk is as smart as he's supposed to be then I really don't believe he only just noticed the bitcoin model is an ecological disaster sometime in the past couple of months.
 

Archibald

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Bitcoin relies on computers, which rely on electricity, to exist. The number of computers and the energy needed to power them is rising — the growing value of bitcoin is directly tied to the amount of energy it uses.

Bitcoin miners unlock bitcoins by solving complex, unique puzzles. As the value of bitcoin goes up, the puzzles become increasingly more difficult, and it requires more computer power to solve them. Estimates on how much energy Bitcoin uses vary.

A 2019 study by researchers at the Technical University of Munich and the Massachusetts Institute of Technology concluded that, in late 2018, the entire bitcoin network was responsible for up to 22.9 million tons of CO2 per year — similar to a large Western city or an entire developing country like Sri Lanka.

I red that (and the enlightening comment above) and... wow. I had smelled for a long time something was wrong with bitcoin, now I have the answer.

Okay, so now mankind has seemingly reached a new low.

Whoever invented bitcoin should be hanged by its testicles, really (if he ever had a pair of balls in the first place, of course).
 

Hobbes

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BTC's energy used has increased massively, and is already higher than that of countries like Sweden and Argentina. Another significant statistic: to process one transaction in BTC takes a million times more processing cycles than to process a credit card transaction. This makes the BTC infrastructure incredibly limited: it can only process 10 transactions/second.
 

DWG

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BTC's energy used has increased massively, and is already higher than that of countries like Sweden and Argentina. Another significant statistic: to process one transaction in BTC takes a million times more processing cycles than to process a credit card transaction. This makes the BTC infrastructure incredibly limited: it can only process 10 transactions/second.
Plus the major bitcoin miners are now in China, so predominantly using 'dirty' energy from coal fired powerstations.

Meanwhile:
 

marsels

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Archibald

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Had Musk told bitcoins fanatics that jumping from a cliff or swallowing cyanure would rise its value, they would have done it en masse, like freakkin' lemmings. TABODI !!!
 
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