Bitcoin price: Apple co-founder hopes Bitcoin will be WORLD'S SINGLE CURRENCY in ten years
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I did contact your sales department, I want to buy a roadster with cryptocurrency - specifically Ethereum but Bitcoin upon a push. Not only do I think blockchain will change the world for the better but I think Elon should have some. Ok, but how does Tesla pay their suppliers and employees using cryptocurrency? Nobody else accepts cryptocurrency so Tesla would have to convert the cryptocurrency into US dollars.
So why don't you just convert it to US dollars instead and then buy the car? I fail to see the advantage of purchasing a car that way.
To me it is a 'solution in search of a problem'. I bought a used S from a private individual, because Tesla wouldn't accept BTC and importing from Finland was too much trouble.
Lots of people want to buy Tesla cars with crypto currency. Just look at these: Spend those Chuck E. They don't keep up with inflation. What an awesome technology - each bitcoin operation takes as much energy as an average US house for a week. RedShift Then you probably also believe that electric cars pollute more than diesel. Come on, we should be intelligent enough to spot FUD from incumbent actors. Jack Dorsey expects bitcoin to become the world's 'single currency' in about 10 years https: To me this is the exact problem with crypto at this point in time there's no tangible, fixed value.
There's no real metric that ties back to the value of the currency aside from that 'well a bunch of people are using it'. So how does a business accept this currency that has essentially no intrinsic value in exchange for a good that does have a lot of intrinsic value and costs that go into producing it?
I know there are some companies doing it, but I just dont see how its a good business move, unless you are just betting that whatever particular crypto will take off in value. But thats really just gambling, not a sound business decision. I think if you are in a different kind of business that is more service or subscription based and has a lot less fixed costs associated with the product then it jack dorsey seems pretty sure bitcoin will be the worlds single currency in 10 years be worth that risk, but probably not a wise choice for someone in the manufacturing space.
I think crypto will definitely be in play in the future and has loads of potential, but until some entity with vast intrinsic value is willing to back the crypto of choice only then will it become mainstream. Cryptocurrency has no fixed value. How the heck is a company supposed to accept cryptocurrency when the value of that currency might drop in half a week after accepting it for a purchase of physical tangible goods. In theory if a cryptocurrency can replace entire world's money supply it will be very stable.
No one has the ability to manipulate it like people now do with bitcoin or any currencies anymore. The problem is we will never be reaching that point without it crashes thousands of times because people will manipulate it. The closer it reaches the goal of full replacement the worse those crashes would affect us.
The price movements are only a problem or jack dorsey seems pretty sure bitcoin will be the worlds single currency in 10 years opportunity if you hold em. Since fixed currency exchange rates were dropped about 50 years ago, this is a common problem. As long as you use Bitcoin as a simple payment mechanism through a payment processor you get fixed FIAT money with less fees and increased reliability than using CC.
What is your definition of intrinsic value anyway? So your ideal currency would be the Venezuelan Petro? Where that comes from is immaterial. RedShift Here are some discussions about Bitcoin energy consumption: If by "dopes" you imply that Bitcoin can be used to buy drugs.
Yes, people say so. Maybe it's the same with the USD. It's the same argument as to say the internet is only for porn. Intrinsic value means that some entity with vast assets says that its worth something, like a stable government or a global corporation, bank or the like. I'm not talking about a gold standard or whatever your point is with a venzuelan petro. Right now nothing gives bitcoin value aside from just some people saying oh its valuable because you can only have 21 billion of bitcoins ever; theres no backing to it.
Moreover, bitcoin can easily be replaced by whatever flavor of the month cryptocurrency there is or one that hasnt even been created yet.
Its good for people to people interactions and service industry or the like. If you are an individual and are willing to deal with crypto then fine thats up to you to take that risk, as business like Tesla it would be an unnecessarily risky decision. And to your point about converting soon after the purchase thus lowering that risk but nowhere near eliminates itwhy would Tesla bother with that?
Why wouldnt the individuals just do that themselves? One more complication for the business to deal with. They obviously have no problem getting people to buy their cars, its not like they need to further entice the crypto community to bump their sales. The demand in the US and globally far exceed the cars the cars they are producing.
The OP is gone and has not come back. I am interested in why the OP wants to buy a car with crypto currency? Jack dorsey seems pretty sure bitcoin will be the worlds single currency in 10 years there a specific reason other than he either has it, or can mine it or what?
Bitcoin transactions do not take a lot of energy. Mining them does, but the transfer of them is not energy intensive. BTW I am in power analysis field for semiconductors. Software folks rarely delve into exactly what the energy costs are for their actions in software level.
True, mining takes more than regular transactions. Read the link I posted though. It goes into details of what the costs are for energy. Their GPUs are used in arrays to mine the stuff. To be honest, the shift in general towards moving the complexity up the abstraction layer into software from hardware ASICs is anyway going to result in more and more power inefficiency.
Can one of you smart guys explain exactly why the mining process uses so much electricity. Is it the volume of computers involved? At present I know enough about it that I am staying away from it. But would like to be further educated. Does jack dorsey seems pretty sure bitcoin will be the worlds single currency in 10 years know how much energy is consumed by fraud detection at banks and credit card companies?
That stuff runs machine learning on massive super computers and is only required because they have no proper security model. With Bitcoin you don't need that, because the waitress doesn't get all the information to spend further from your account.
Sure, it would be cool if proof of stake or something alike worked. That would reduce the energy consumption by a lot. Jack dorsey seems pretty sure bitcoin will be the worlds single currency in 10 years it's like perpetual motion, highly desirable, but very hard to achieve.
So the most trustworthy companies must be the ones that managed to reach a monopoly? If that is so, then I definitely missed something. The idea of Bitcoin is the opposite, it is about cutting out the trusted third party. It is about transacting directly peer to peer. We had a fair share of stable coins already. I can understand the desire for a crypto currency that fluctuates less. But then what do you peg it to, and who controls it? That either introduces way too jack dorsey seems pretty sure bitcoin will be the worlds single currency in 10 years complexity or reintroduces a trusted third party.
To keep the properties that make Bitcoin so trustworthy, it was required to have the open marked discover the price. Unfortunately that led to speculation. An unavoidable side effect.
We just have to wait a little longer for it to stabilize. Yes Blockchain clearly is still over-hyped. Smart contracts especially are very interesting, but I still wait for the killer use case.
On the other hand, Bitcoin was and is the killer use case in and by itself. RedShift Yes I went to hack4climate. I didn't claim climate change would be easily fixed with blockchain. But I think it is worth the effort to explore how credibility that only a blockchain can provide can help address the tragedy of the commons. No lol, thats not at all what I am saying. It has nothing to do with trust, or monopolies or the like.
There is nothing that substantiates cryptocurrency's value. I understand the idea of crypto and why its desirable, but its not ready yet still too volatile. You failed to sell me on the upside of Tesla accepting bitcoin or etherum or any cryptocurrency as a payment method, and to be clear by upside I mean whats in it for Tesla to take this additional risk. Next, they talk about using hydroelectric power to mine bitcoins. Please, stop astroturfuing and throwing around the word FUD willy-nilly.
You are way out of your league.
