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Tesla's Musk halts use of bitcoin for car purchases

31 Comments
By Hyunjoo Jin and Kanishka Singh

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31 Comments
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I wonder what his real reason is.

6 ( +8 / -2 )

Musk on SNL did a number to another cryptocurrency as well.

By the way, he was really nerdy funny hosting the show and in the skits.

-5 ( +2 / -7 )

"We are also looking at other cryptocurrencies that use

Seems the cut n paste did all work...................

3 ( +4 / -1 )

RecklessToday 01:36 pm JST

I wonder what his real reason is.

Subvention and political pressure from the US government ?

-1 ( +2 / -3 )

That didn't last long.

-1 ( +2 / -3 )

Doge coin uses about 1% of BTC's energy for transactions. But BTC has been estimated to use 70%-ish of renewable energy in its mix for mining. Drive the price down, buy more? Also, TESLA is keeping the BTC it bought. That speaks volumes.

0 ( +2 / -2 )

He lowered the value, bought up coins, then the value went up.

0 ( +1 / -1 )

I want the crypto bubble to crash so graphics cards can become less expensive. And how is it really helping the world or anyone (unless you were in on the scam early and cash our for conventional currency). But BC sounds really lame if all it takes for someone like Musk to make it dip like that. Keep dipping (please!!). It's opensource. Maybe I should start my own crypto called CultCoin.

1 ( +4 / -3 )

I was going to use BitCoin today to buy one of his cars. Darn!

0 ( +2 / -2 )

I tend to think a major reason is accounting and capital gains. Bitcoin is much more volatile than fiat currency and literally all profit could vaporize or go the other way and owe a bunch of capital gains tax if bitcoin is treated as a kind of security.

-1 ( +1 / -2 )

I want the crypto bubble to crash so graphics cards can become less expensive.

Won't anyone think of the gamers?

(currently researching the cheapest way to get my son 60fps in Apex. I think it might be an RX 570)

1 ( +2 / -1 )

> EppeeToday  01:58 pm JST

RecklessToday 01:36 pm JST

I wonder what his real reason is.

His real reason is to reduce harm to the environment, as he said. Like most people with autism (as he recently divulged), Musk lacks the capacity to be dishonest or deceptive.

1 ( +3 / -2 )

Won't anyone think of the gamers?

I want to play Half Life Alyx with VR and the recommended (for better performance) card is like 300,000 yen. Jeez! I'm not saying if the Crypto bubble will make the price of GPUs plummet, but it will make a difference. Also, stupid ChiaCoin I was reading is tearing up SSDs and could affect the price for those parts. This bubble has got to go and it's way overdue.

1 ( +1 / -0 )

So Musk never knew about the dark underbelly of Bitcoin until now? You gotta be kiddin'!

And if he did, why say this now?

3 ( +5 / -2 )

Most probably he thinks Bitcoin is going to crash.

2 ( +2 / -0 )

letsberealisticToday 03:26 pm JST

EppeeToday  01:58 pm JST

RecklessToday 01:36 pm JST

I wonder what his real reason is.

His real reason is to reduce harm to the environment, as he said. Like most people with autism (as he recently divulged), Musk lacks the capacity to be dishonest or deceptive.

For a guy selling ELECTRIC cars and sending rockets to space, that's quite interesting.

Or maybe they'll soon allow only solar energy to charge Teslas ?

1 ( +4 / -3 )

Or maybe he needs hard cash, and he can't sell any of his Bitcoins without sending the value of the rest of his holdings down...?

0 ( +2 / -2 )

It was just a PR stunt.

1 ( +2 / -1 )

It is all FUD.

If you look at the Tweet, one can see that the comment was pasted, i don’t think Elon tweeted that comment. There is a lot of nay sayers to discredit BTC. They are trying their utmost but it will not work. People that knows nothing about energy spreading false news. For example how much energy is banks in the world using, their buildings , light lifts systems, etc?

One must not always believe what is falsely spreader on media.

-3 ( +0 / -3 )

There is a lot of nay sayers to discredit BTC.

When I have dollars I feel like I have dollars. When I have Yen I feel like I have Yen. But I get the feeling if I had Bit Coin I would have to rely on how much it's worth to the USD in order to know how I feel about it or how much it's worth. You really can't do much with it except hold it and hope it goes up in value - or use it for crime if that is what you do. Do I think it's a scam (beyond it being used for almost all ransomware and other crime activity)? Yes, but at the same time I wish I could go back in time to 2010 and mine BitCoin then cash it in (for US dollars) and enjoy an early retirement. Yes, I would have liked to be in on the scam early on then get out of it. Now? No way. It's a cult, and anyone can start their own brand CryptoCoin. Beyond name recognition there is nothing else supporting it. Apple has high valuations because they sell stuff. BitCoin is high because...(?)

For example how much energy is banks in the world using, their buildings , light lifts systems, etc?

BC is using the same amount as NY State, but the amount of energy (and parts like GPU and SSD) to mine for all these coins (which have more varieties than 31 Ice Cream) is going up and up. and so far (source)

As it stands Bitcoin doesn't even stand a chance against the modern banking infrastructure in terms of cost efficiency and carbon footprint. It currently sits somewhere between 1,000 to 1,500x less efficient.

2 ( +4 / -2 )

Right so Elon didn't know that Bitcoin uses a lot of power BEFORE he bought and pushed up the price?

Only after selling?

2 ( +4 / -2 )

Wait a minute. You’re telling me that Elon, who focuses on sustainable energy solutions, just realized that bitcoin uses tremendous amounts of energy in its mining process?? That’s rather incredible to see he suddenly had an epiphany and reversed course so quickly. Or is he manipulating bitcoin prices? Perhaps he ought to talk these matters through with Tesla’s board members first before making hasty decisions.

3 ( +5 / -2 )

buy buy.....before not goes up again

1 ( +1 / -0 )

Yeah, I'm not buying his reasons for stopping acceptance of Bitcoin.

0 ( +2 / -2 )

tell me again what Bitcoin is good for besides laundering drug money, evading taxes or cyber ransom payments?

0 ( +2 / -2 )

@nishikat

when you have dollars or yen or euro, you have paper that is not backed by anything. the gevernments/central banks increase the monetary base at their own will resulting in inflation, which robs you of you hard earned value of your savings. to be able to preserve value, these days you have to invest in more and more speculative assets, since everything is overvalued by now.

this is one thing bitcoin is trying to solve. it is a peer to peer digital cash monetary network with a hard cap. there will only be 21million bitcoin, and no central bank or government can manipulate the base layer. it‘s the hardest money on the planet.

there are money more intriguing points about the bitcoin protocol and network. it’s running since 12 years and it seems unstoppable.

it’s not a scam.

take some time to really dig into it, you might want to own a piece of this new digital commodity, that is harder than gold. and you might also find that it might be expensive measured in USD, but cheap when you look at an adoption rate of only 1%.

Energy-consuption wise: miners have an economic incentive to seek out cheap renewable or „left-over“ energy sources to maximise their profits. also energy consumption isn’t alsways connected to more CO2…

-1 ( +1 / -2 )

when you have dollars or yen or euro, you have paper that is not backed by anything

Then it sounds like Apple's stock equity should be based on BitCoin (or another crypto currency and NOT USD), right?

miners have an economic incentive to seek out cheap renewable

And this is going to start....when? How? What technology are they looking at?

it’s not a scam.

Yes, it is and I wish I was in on the scam. I wish I started mining at 2010 and I would be rich (in US dollars). When you think of BC, you only think of it in terms of dollars.

you might want to own a piece of this new digital commodity

How about if I create my own? They have DogeCoin? Maybe I should start Hello Kitty Coin. It's open source which makes it possible to start your own coin. Just hype it up on social media, have suckers buy into it then sell to USD and enjoy a nice retirement.

1 ( +2 / -1 )

Since the creation of cryptocurrency in 2009 we hear the proponents go on and on about that being the future.

But go around the world and few places actually accept it as payment until converted into dollars, yen ponds, Euro, etc...

Oh I expect someone here to pull out some examples like "hey this place does or that Company does" but in daily life nothing has changed.

Most people I know that have cryptocurrency don't even use it, they hold on watching the "value" in dollars rise and then tell me how much "money" their cryptocurrency is worth in real currency

1 ( +1 / -0 )

It's actually a good thing. Lots of small investors will lose money playing Elon says..

0 ( +0 / -0 )

Elon is an engineer who's focus is about energy. He probably knew the energy usage down to the last btu before he bought his first btc

0 ( +0 / -0 )

Sad day for bubblebeliever losers..lol..

0 ( +0 / -0 )

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