Well, if you say “illegal business” and “shadow economy”, it’s illegal, period. That you sell drugs, hitmen or potatoes doesn’t really make a difference.
I get your idea, but it’s the main issue with crypto : as long as fiat currency are still needed at the end, it complicate the whole thing. Your farmer paid with BTC need to pay his rent, or taxes, or whatever that need USD because the government don’t accept BTC. He need to convert. Here come the issue. Or the good surprise depending of the current price.
Not really realistic in the current setup.
The institutions need to be on board, or totally overwhelmed. I don’t see lot of happy ending scenario happening in both cases. Which I find sad, as I’m a crypto enthusiast and understand pretty well the implication of blockchain (which is the really interesting part for the futur, apart from the crypto). But the way the global economy is set up today, I don’t see how the crypto emergence as a day to day basis can happen without the same people and institution “in command” as of today with fiat unfortunately.
To stay on the Tesla topic, they have more to gain with blockchain innovations (what they probably already are working on) rather that crypto itself. In terms of technology and usage as a crypto money, BTC is horrible and outdated. They’ll be better start their own coin (it would not surprise me a bit if that happen…)
It is indeed already the case in some parts of El Salvador, Venezuela and Nigeria. From what I have read, Nigeria already has over +2m users of Bitcoin, but that’s not really a topic for this thread.
Apart for the difference “store of value”/“payment system”, some other country already tried something like that and they got a good dose of “freedom”. It won’t happen.
I think everybody criticizing Tesla for investing in a power-hungry Bitcoin forgets that Bitcoin protocol is not set in stone and is evolving. If Ethereum successfully switches to POS as consensus mechanism, so could Bitcoin.
If that’s the case (miners using solar power excess) then we could see more blocks mined during the day (wherever the sun shines right now, and it is always day somewhere around the Globe, so it would be like a wave). But for this the solar power price during peak would need to be lower than coal/hydro power.
I also read that the main problem with energy is not the generation but the transportation. The nature offers a lot of energy sources at remote places where one could build a mining center, maybe using StarLink
Yeah I wonder how reliable is this CO2 measure for Bitcoin. They just take total electricity and apply the average CO2 produced by 1 kWh?
But anyway, I think the Proof of Stake is the future and soon we can forget about the costly Proof of Work. Then this whole discussion becomes irrelevant. If Ethereum successfully implements POS, Bitcoin will have to follow suit as otherwise Ethereum will have a huge advantage over BTC.
Makes you wonder why Tesla bought Bitcoin and not one that would survive the underdoge being catapulted into Mordor and melting Bitcoin into hot lava (thermo-energy! Shouldn’t we capture that and put mining stations inside of volcanoes?)
ETA: Unless he depicts himself as someone trying to use the power of Sauron (make him Saruman?) and is calling for someone to take him down should he/as he has turn(ed)? It would make sense, it sure feels like he’s been testing the limits and not found any so far. He might be as puzzled as we are.
This is demagogy at its finest. You’re just rubbed the wrong way by crypto and Musk so everything about it is negative to you. I really think the power consumption by crypto is eventually a temporary problem that will be solved within the next 10 years.
Btw go and try not to buy anything produced in China, or from companies that do business in China.
An argument can be made that smartphones are more useful day-to-day (making our lives more efficient) and save more lives than Bitcoin. Smartphones are a solution to many practical issues and a tool in completing everyday tasks.
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