Ya these look efficient... full of servers and armies of people... and usually never take over a month to settle something.
Bitcoin
- Thread starter Ron Resnick
- Start date
Bitcoin comes with free arbitration? Wow! 
Last I looked it cost ~$15-20 in fees to enter a transaction in the btc blockchain? CC and paypal fees are ridiculous, but they do come with some beneficial regulation, although their decisions are biased towards the buyer. However, it is fraud to file false chargeback claims so you need to be willing to commit a criminal act, and well, some will always be willing, and I'm not sure any system is immune to abuse. So no argument that things are currently clunky and often not fair, and fees are too high, but that's more a result of human nature imo.
I get what you're saying that blockchain can be self-administrated, but people need jobs! Seriously, I do think the people working at CC companies and paypal are valuable in providing a wide range of financial services, and while the fees are high there will probably be a service layer above a blockchain that recreates a lot of what the folks working for the credit cards already do, and they will certainly charge a fee. IMO blockchain will be more useful down a layer or two down vs day to day currency for the time being, so we're still going to have to deal with something similar to our current system for a while. So, paying with crypto may simply be an option for payment in the checkout cart and the transaction will be administered by a company like paypal anyways. It's not going to get rid of all those servers and workers in your pics.
Last I looked it cost ~$15-20 in fees to enter a transaction in the btc blockchain? CC and paypal fees are ridiculous, but they do come with some beneficial regulation, although their decisions are biased towards the buyer. However, it is fraud to file false chargeback claims so you need to be willing to commit a criminal act, and well, some will always be willing, and I'm not sure any system is immune to abuse. So no argument that things are currently clunky and often not fair, and fees are too high, but that's more a result of human nature imo.
I get what you're saying that blockchain can be self-administrated, but people need jobs! Seriously, I do think the people working at CC companies and paypal are valuable in providing a wide range of financial services, and while the fees are high there will probably be a service layer above a blockchain that recreates a lot of what the folks working for the credit cards already do, and they will certainly charge a fee. IMO blockchain will be more useful down a layer or two down vs day to day currency for the time being, so we're still going to have to deal with something similar to our current system for a while. So, paying with crypto may simply be an option for payment in the checkout cart and the transaction will be administered by a company like paypal anyways. It's not going to get rid of all those servers and workers in your pics.
I sent Elon a link to some of my posts in this thread, looks like he got the message...
www.nytimes.com
“Bitcoin uses more electricity per transaction than any other method known to mankind, and so it’s not a great climate thing,” Bill Gates said in February.
Tesla stops accepting Bitcoin as payment for its cars. (Published 2021)
Elon Musk, Tesla’s chief executive, blamed the amount of energy, increasingly generated from fossil fuels, used by Bitcoin.
“Bitcoin uses more electricity per transaction than any other method known to mankind, and so it’s not a great climate thing,” Bill Gates said in February.
I think Elon Musk's tweet is nothing more than virtue signaling to appease anti-fossil fuel climate activists, and save Tesla's investor relations department a lot of aggravation.
Maybe when Dave C sent him links to his posts, he realized investor relations hazard
I didn t know elon was into hifi forums .
He probably had a big short postion crypto on friday last week.
He probably had a big short postion crypto on friday last week
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Is Bitcoin Really As Bad For The Environment As Some Think?
As institutional investors continue to adopt bitcoin, one concern that has come up is its connection to energy and environmental issues. ESG experts have argued that the cryptocurrency strains the environment because of all the energy it takes to mine a single bitcoin. Q1 2021 hedge fund...
www.entrepreneur.com
"1,900 watts at any given time" sounds like a lot. My old Pass XA160.5 amps consumed 600 watts each when powered on plus about 30 watts each for my preamp and phono, so that was 1260 watts for much of each weekend, and hours per day. My electricity bill jumped about $40 per month when I used my system a lot in the winter, but I did save on heating fuel.
This post by Elon is BS.
As if he didn't know about Bitcoin being proof of work before Tesla's investment.
There's word he's planning green Bitcoin mining so that may have been an incentive.
Or has he had flack from the Biden administration threatening cancelling of contracts if he continues to promote Bit and Doggy coin (also proof of work) and degrade USD.
As the Binance boss said, has Elon calculated what the traditional fiat banking setup costs in terms of energy consumption? Somehow I think it's going to be a hell of a lot.
As if he didn't know about Bitcoin being proof of work before Tesla's investment.
There's word he's planning green Bitcoin mining so that may have been an incentive.
Or has he had flack from the Biden administration threatening cancelling of contracts if he continues to promote Bit and Doggy coin (also proof of work) and degrade USD.
As the Binance boss said, has Elon calculated what the traditional fiat banking setup costs in terms of energy consumption? Somehow I think it's going to be a hell of a lot.
I agree, it's hard to believe he didn't understand one of the major criticisms of bitcoin before investing a few billion.
He probably bought btc on Xi's orders and then reversed course on Biden's.
(Just a joke, not meant to be political.)
If true, that's is a crazy amount of energy for btc.
With today's light bulbs at ~10W you could run 707 light bulbs for 100 hours. Or 707 1000W-draw amplifiers for an hour.
Tesla sold 10 percent last week and claimed that was to prove it was liquid like cash, and they aren't selling more
Bitcoin newbies.
I don't think it is like cash. It's a security and a store of wealth. That's why they have turned around. I think the environmental thing is just BS. Word is Las Vegas uses about the same amount of electricity than the entire Bitcoin network. Trad banking I would bet uses massively more. But does the media pay attention to that? Nope.
It's way too volatile to be accepted as a medium of exchange versus the dollar if you're counting dollars as wealth.
If you're counting Bitcoin as wealth, the dollar sucks. And the old institutional guys are scared by it because they know it. Those left with a degree of control over it will mess with it. It stands to reason. But at the end of the day, it transcends borders, governments and control.
But the fact that Elon can tweet something negative and cause a short term issue in its price WRT the dollar is ridiculous. Elon is not God and humans seem stupidly gullible to react to one person in the way they have.
But maybe not. After the news shock comes a bit more rationality and the market will reflect the fact that all he has practically done is stop accepting Bitcoin for Teslas and sold a fraction of his coin to prove to the board you can do it i.e. it is real. Which it is.
Now seriously, what does Elon's tweet amount to in the long term?
Nothing of any significance. Many more events need to occur over the next decade to see what really transpires.
And now he's trying to make a proof of work coin like Doge into something more efficient.
That's a coin that is basically mines the same way as Bitcoin.
What happened to the less than 1% coins he mentioned yesterday?
Not making much sense. He's reading very badly at the moment. Maybe with another 20 tweets we can join all the dots together for the master plan
That's a coin that is basically mines the same way as Bitcoin.
What happened to the less than 1% coins he mentioned yesterday?
Not making much sense. He's reading very badly at the moment. Maybe with another 20 tweets we can join all the dots together for the master plan
And now he's trying to make a proof of work coin like Doge into something more efficient.
That's a coin that is basically mines the same way as Bitcoin.
What happened to the less than 1% coins he mentioned yesterday?
Not making much sense. He's reading very badly at the moment. Maybe with another 20 tweets we can join all the dots together for the master plan
I think his first tweet was set up to give his second tweet supporting doge. That's why I posted the chart yesterday that showed doge at 2. So he is going to continue backing it all the way. Doge has no devs but he doesn't mind tweeting they do. Must be hiring some ex devs
Elon is boring. The guy sells cars run by electricity and is criticizing crypto run by electricity... All the chatter is getting super annoying.
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