Tesla will no longer accept Bitcoin over climate concerns, says Musk

Could say the same about some banks :p

If you use something like Coinbase it's safe as it's a legit financial service. But like any investment you need to know what you're doing.
 
Most people don't keep it long. You buy and sell or mine and sell. There isn't much point in storing crypto for a long time. The blockchain itself is kind of the guarantee.
 
pp111 said:
Finally, some sense. It's about time people realised that Cryptocurrencies have no future in a world that is supposed to be cutting back on energy wastage.
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Bitcoin uses the same electricity that a Tesla needs to run, the same electricity that the Tesla factory needs to construct the billions of Tesla that will eventually be built, the same electricity that is needed in the mining industry to dig and refine the materials used to construct a Tesla, the same electricity that is needed in the semi conductor industry to manufacture the silicon that the brains of a Tesla needs to run, the same electricity to make all the environmentally damaging plastic that is used in a Tesla, the same electricity that was needed a few months back when he was "into" Bitcoin, the same electricity for his ******** Doge...........

and the same electricy that Elon needs to tweet his manipulative and stupid attention seeking tweets :rolleyes:

oh and how much energy was wasted on this endeavour ? - https://en.wikipedia.org/wiki/Elon_Musk's_Tesla_Roadster
 
Einskis Nokkur said:
I do not really care about energy wastage but I do think that cryptocurrencies are stupid, unregulated and dangerous.
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Agreed. The ransoms being paid to hackers in their ransomware attacks are usually made in BTC. It's because they can hide behind their screens and the money stays anonymous. Some of this money then goes towards organised crime, people trafficking etc.

A better use for GPU mining would be along the lines of cancer research. Does anyone remember United Devices? It was like SETI@home, number crunching data units but for cancer research. I'd rather the GPUs would go back to doing that than mining an anonymous currency used by organised crime.
 
SpeedFreak said:
Wonder how much energy the current banking and investment industry uses?
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IIRC the crypto currencies use several thousand times the power per transaction (it may be millions or more), as the banks etc have a lot of incentives to reduce the costs of processing transactions/keeping their costs low in general.
 
The guarantee is that people will trade goods for cryptocurrency. That's how it holds value. People used it to buy drugs and guns from the black market. It held that value. Then people stated being able to use it for legitimate goods, which further reinforced its value. OK we're a bit down the line now, but the value holds.
 
How do you crystallise material amounts from crypto within going through an exchange where KYC requirements are in place? Data of material holdings are passed to HMRC and tax where due is paid. Non payment after that is down to the individual, not the nature of crytpo. i.e. you could make the same claims about physical cash.
 
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Kermit said:
Cash is backed by the countries central bank with a promise to pay the bearer
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Pay them what ? It's not backed by anything, the central bank will pay me a piece of paper which has a promise to pay me a piece of paper ?

Kermit said:
The problem with Crypto is there is NO limit unlike real currency which is limited by number of nation
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Crypto as a whole has no limit, but each individual crypto does have a finite limit, for instance there will only ever be 21,000,000 Bitcoins in existence, once the last Bitcoin is minted, there will be no more

As opposed to Fiat currency which has an unlimited supply and can be printed anytime the central bank wants or when the government needs more money, which over the last century seems to be very often

Kermit said:
Finally, what I don't like about crypto is its being used to circumvent normal banks for illegal activity (Ransomware almost always BTC requests eg oil pipe news story) and also circumvents government regulations due to being mostly anonymous, tax doesn't get paid wether business or indivudual and no tax = no money to pay for services.
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Because criminals have never used cash to fund crime and for people to avoid paying taxes ? :rolleyes:
 
XRP incoming as a replacement is my bet.

BTC Energy Use for 100 Million Transactions in 2019: 95.16 Billion kWh
XRP Energy Use for 100 Million Transactions in 2019: 790,000 kWh

I can see it highly likely that Elon tries to damage the SEC reputation some more as he has already openly declared that he dislikes them in the past, and as such could accept XRP to help the Ripple Labs case.
 
dirtychinchilla said:
play. Same as his dogecoin play last
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Jasebta said:
Where are the materials for their batteries coming from again?

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Mining in itself isn't necessarily environmentally damaging, especially from a climate change perspective. It can have ecological consequences though, but these can normally be adequately mitigated during the actual mining phase and with correct reclamation procedures once mining has finished.

Brockholes is a classic UK based example of where properly managed reclamation can actually result in greater ecological diversity than before the mining.
 
The issue being is that the whole world needs to be producing/using more renewable energy, before committing to vast energy usage of a blockchain currency that isn't that useful (right now). Give it another 10-15 years, and it will be less impactful due to the increase in cleaner energy generation, and the actual currencies may have a place in every day life, rather than just storage.
 
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