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

[moon man]

https://www.statista.com/statistics/1200477/bitcoin-mining-by-country/

It's very simple, they just take control of the mining power. They will absolutely already have explored ways to weaponise various blockchains, if it ever becomes useful and not just a way for people to try and flip tokens for profit.

It's a glaring security issue. There's nothing to stop China saying nope, we're not using BTC. But we're going to control the network. Enjoy!

Copy and paste to follow, not opposing your statemet just find it interesting :
With Bitcoin, staging a 51% attack on the network is seemingly unlikely, simply due to the size of the network and its hash rate. One estimate puts the cost of running a 51% attack on Bitcoin at just over 15 billion USD. Many altcoins, however, are much more at risk. All it takes is sufficient rented mining equipment that doesn’t need to be kept in-house and a relatively large initial investment. It was for these factors Ethereum Classic was hacked and hackers stole the equivalent of more than 1 million USD of its native cryptocurrency. The overall network hash rate just doesn’t match up to Bitcoin’s.
With Bitcoin, staging a 51% attack on the network is seemingly unlikely, simply due to the size of the network and its hash rate. One estimate puts the cost of running a 51% attack on Bitcoin at just over 15 billion USD. Many altcoins, however, are much more at risk. All it takes is sufficient rented mining equipment that doesn’t need to be kept in-house and a relatively large initial investment. It was for these factors Ethereum Classic was hacked and hackers stole the equivalent of more than 1 million USD of its native cryptocurrency. The overall network hash rate just doesn’t match up to Bitcoin’s.
Whole article here
https://www.bitpanda.com/academy/en/lessons/what-is-a-51-attack-and-how-is-it-prevented/

 

[Energize]

https://www.statista.com/statistics/1200477/bitcoin-mining-by-country/

It's very simple, they just take control of the mining power. They will absolutely already have explored ways to weaponise various blockchains, if it ever becomes useful and not just a way for people to try and flip tokens for profit.

It's a glaring security issue. There's nothing to stop China saying nope, we're not using BTC. But we're going to control the network. Enjoy!

So they aren't actually regulating it in any meaningful sense, just affecting it's ability to be used as an investment vehicle, doesn't really help stop Monero with it's obfuscated blockchain being the currency of the darknet, not to mention it's ASIC and GPU resistant algorithm. Unless China wants to give the USA foreign aid by buying all the AMD and Intel CPU's.

 

[mid_gen]

So they aren't actually regulating it in any meaningful sense, just affecting it's ability to be used as an investment vehicle, doesn't really help stop Monero with it's obfuscated blockchain being the currency of the darknet, not to mention it's ASIC and GPU resistant algorithm. Unless China wants to give the USA foreign aid by buying all the AMD and Intel CPU's.

I'm struggling to see the connection between my post that you quoted, and your reply tbh.

 

[Cyber-Mav]

word is elon has sold all his bitcoins!!!

 

[StriderX]

word is elon has sold all his bitcoins!!!

He'll pump them again at some point.

 

[dirtychinchilla]

word is elon has sold all his bitcoins!!!

Where?

 

[Cyber-Mav]

Where?

Don't know who he sold them to

 

[dirtychinchilla]

Don't know who he sold them to

I mean where is the evidence? Where did you hear it from?

 

[Cyber-Mav]

Irc channels, thats the place to go for latest gossip

 

[Begbie]

Irc channels, thats the place to go for latest gossip

You mean, made up rumours by bygone internet noobs.

 

[dirtychinchilla]

You mean, made up rumours by bygone internet noobs.

Exactly

 

[R.P.L]

He'll pump them again at some point.

He'd better. Not all of us are trillionaires

 

[G-MAN2004]

I do not really care about energy wastage but I do think that cryptocurrencies are stupid, unregulated and dangerous.

But central banks printing unlimited amounts of money and putting the economy and people's lives at risk is absolutely fine?

Crypto is the future whether you like it or not.

 

[Energize]

Its not the future, repeat that it is all you like but if $, £, Yen, € ever get replaced, it won't be crypto which is gigantic ponzi scheme benefiting a relative few. Won't be long now till the cyrpto equivelent of the 90's .com crash.

How much do you hold?

Is this like the housing crash that we've been waiting for 20 years?

"If they get replaced".

In the increasingly globalist, cashless society we are moving towards do you really believe fiat currencies issued by many different national banks are in any way sustainable in a practical or environmental sense?

At least Bitcoin has a finite amount that can be mined after which the environmental damage stops, whereas fiat is endless waste of materials to produce a physical currency.

 

[Surveyor]

Is this like the housing crash that we've been waiting for 20 years?

"If they get replaced".

In the increasingly globalist, cashless society we are moving towards do you really believe fiat currencies issued by many different national banks are in any way sustainable in a practical or environmental sense?

At least Bitcoin has a finite amount that can be mined after which the environmental damage stops, whereas fiat is endless waste of materials to produce a physical currency.

The last Bitcoin won't be mined until around 2140. If all the miners stopped then no new transactions would be confirmed and it would effectively become impossible to spend any Bitcoin.

 

[dlockers]

Is this like the housing crash that we've been waiting for 20 years?

"If they get replaced".

In the increasingly globalist, cashless society we are moving towards do you really believe fiat currencies issued by many different national banks are in any way sustainable in a practical or environmental sense?

At least Bitcoin has a finite amount that can be mined after which the environmental damage stops, whereas fiat is endless waste of materials to produce a physical currency.

I don't think you get bitcoin

 

[Energize]

The last Bitcoin won't be mined until around 2140. If all the miners stopped then no new transactions would be confirmed and it would effectively become impossible to spend any Bitcoin.

That's not how cryptocurrency works, if mining stops it has no effect on the ability to use the currency.

All commodities .e.g. gold have a significant environmental impact in their production, no society using fiat currency has ever existed that does not rely on these commodities, Musk is living in a fantasy utopia. Much like his champagne socialist view of society, it's easy to have these crazy views when you're the one getting billions of dollars in grants from the government, how many Tesla's have actually have sold using Bitcoin?

https://newrepublic.com/article/160500/elon-musks-big-government-grift

Elon Musk’s Big Government Grift

The Tesla mogul says he wants to be left alone. But he’s been living off the taxpayer’s dime for years.


The world’s second-richest man—and second-most irritating Twitter user, after the president—has moved to Texas. After months of complaining about Covid-19 shutdowns affecting his factories, while also predicting in March that the virus would be almost gone by the end of April, Elon Musk announced Tuesday at a Wall Street Journal conference that he has bailed on San Francisco. “He said relocating made sense with Tesla’s new factory being built in Texas,” the Journal reported. “He lamented that California, in his view, had become complacent with its innovators.” Musk, who is worth more than $150 billion, also struck a vaguely populist note, saying Silicon Valley “has too much influence on the world.”

 

[Cooler running]

Must don't give an ****. It's a classic pump and dump scheme from him.

Serves everyone who bought in at $50k+ right tbh though. Everyone knows bull runs don't last forever unless they're an asset that pays outside of capital gain.