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Elon Musk says Tesla will stop accepting Bitcoin as payment, crashes crypto's price


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EHW News Editor
885 286
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But Musk has just done a U-turn, tweeting that Tesla is suspending vehicle purchases using Bitcoin, citing the environmental damage caused by mining. "We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel," Musk wrote. "Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at great cost to the environment."

https://www.techspot.com/news/89663-elon-musk-tesla-stop-accepting-bitcoin-payment-crashes.html

 

My thoughts on Bitcoin have generally been that it's really bad for the environment on many levels. If this starts a downward trend for crypto maybe people will be able to buy GPUs for gaming again.

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...thing is for Bitcoin, the more successful it gets in terms of being a regular payment currency at the car dealer, the grocery store etc, the more the pressure will grow for regulation. No government and/or central bank can afford to have unregulated coin spread into the general economy, not least re. taxing and monetary policy such as currency value, interest rates etc...Bitcoin might thus become a victim of its own success, though there are other functions it may have, such as an inflation hedge (like gold) during times when inflationary expectations are high(er).

 

...Ethereum is a bit of a different animal, but the long-planned switch from 'proof of work' to 'proof of stake' will have other effects, especially on mining - as far as I understand proof of stake, beacon chain etc (which is not saying much)

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EHW Content Creator
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8 minutes ago, J7SC_Orion said:

...thing is for Bitcoin, the more successful it gets in terms of being a regular payment currency at the car dealer, the grocery store etc, the more the pressure will grow for regulation. No government and/or central bank can afford to have unregulated coin spread into the general economy, not least re. taxing and monetary policy such as currency value, interest rates etc...Bitcoin might thus become a victim of its own success, though there are other functions it may have, such as an inflation hedge (like gold) during times when inflationary expectations are high(er).

 

...Ethereum is a bit of a different animal, but the long-planned switch from 'proof of work' to 'proof of stake' will have other effects, especially on mining - as far as I understand proof of stake, beacon chain etc (which is not saying much)

ETH can have all the effects it wants after I finish paying for every piece of tech in my house (I'm close).  :wheee_orange:

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EHW News Editor
885 286

in a few years there will be a lot more car companies with good electric vehicles on the market, and some from companies that never made cars before. When all a car boils down to is a giant electric motor and batteries hooked up to a computer in a frame with wheels on it, the kinds of companies that can easily make cars shifts a lot and a lot of tech companies are going to enter the market over the next decade. Musk has been great at getting the ball rolling on a tech projects that otherwise probably would have taken a lot longer to get to the same point but now that he's carved the path, many are following and soon Tesla will just be one of many EV brands. 

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