Elon Musk Torpedoes Bitcoin

swordtrombonefish

swordtrombonefish

Well-known member
He is a one man wrecking ball is he not?
Last weekend it was SNL and ccalling Dogecoin a 'hustle' causing a sell off...tonight he said...

“Tesla has suspended vehicle purchases using bitcoin.”
“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.”
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As a result the crypto marketplace is afire, I think Bitcoin was down ~7.5% and others are wobbling and falling around the talisman token.
 
Soon as he mentioned Doge on SNL, it dropped 25%. I feel like he’s almost trying too hard to push Doge and it’s backfiring, this Bitcoin announcement kind of feeds into that narrative.

Safemoon is the future anyways 🤣
 
joeydiaz said:
moneyweek.com

Bitcoin does consume a lot of energy – but here’s why it’s worth it

Some people question bitcoin’s legitimacy because it uses huge amounts of electricity to maintain its network. But that’s not a failing, says Dominic Frisby – it’s what gives it value.
moneyweek.com moneyweek.com
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Bitcoin mining consumes a lot of energy – but much of it is renewable​

That is no defence. Unless the world is 100% renewable fueled then somewhere down the chain more coal, gas and oil are being burned.

They say that the total energy wasted (yes wasted) on Bitcoin mining is equal to the 30th biggest country in the world. In the current environmental climate it's a disgrace, it's nothing but greed
 
I don't particularly agree or disagree with bitcoin/cryptocurrency but you must also look at how much energy is used each year for mining gold/precious metals/stones for their intrinsic value (not industrial use) and how much energy is used for standard digital currency that we all use, all the air con offices that the bankers work in, all the servers for currency exchange etc etc. Nothing is free in life.
 
Bigbob nails it... How much energy do you think the banking system uses for something that 'doesn't exist' (money).

It's a sideshow, the nature of bitcoin mining means that the advantage is to use the cheapest energy source available which is normally renewable attached to the data centre being used to mine it.

Old clunks like Marty have been left behind on this, they don't understand the current world but think they know it all. Sad times for them. 😉

The energy argument comes straight from your local central bank thats pushed itself into a corner by printing to the sky the past 15 months which is now only just beginning to create inflationary pressure. If you're sitting on piles of cash I would (like I've said for the past 12 months) put that money into assets. Stocks are in for certain volatility but you can't beat the gold's, oils, coppers, cryptos as a good hedge against what's coming, IN MY OPINION of course. I am not your financial advisor.
 
Alvez_48 said:
It's a sideshow, the nature of bitcoin mining means that the advantage is to use the cheapest energy source available which is normally renewable attached to the data centre being used to mine it.

Old clunks like Marty have been left behind on this, they don't understand the current world but think they know it all. Sad times for them. 😉
Click to expand...
how many data centres have you built mate? I was the chief service architect for one for a government agency recently, part of the biggest migration project in europe at that time. Even modern data centres are extremely intensive. Better than they used to be using blade rooms with hot/cold aisle air pressure differences instead of fans, but it's still intensive.

In the UK they are at best hybrid, but many are still non-green. The huge amount of computing power used for bitcoin mining is not all renewables, particularly in countries like china where renewables are a tiny proportion of the overall energy generation. The thing is, whatever is diverted to fulfill demand from data centres, is not used elsewhere and the short fall is often fossil fuels.

It's kind of like the discussion we had on here a couple of weeks ago about electric cars. That as demand increases fossil fuels take up the slack.
 
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