We are also looking at other cryptocurrencies that use <1% of Bitcoin’s energy/transaction.
I thought the whole point of any robust cryptocurrency is that it’s computationally intensive.
Not really - look up other methods out there, like proof of stake and in the case of a new one, Chia, proof of storage. You need a way to create currency in a limited fashion, and you need a way to incentivize people to participate in creating it (and valiadting transactions) and that’s about it.
ETA: you also need a way to prevent bad actors from being able to create fraudulent or incorrect transactions. There may be some other requirements I’m not thinking of, of course.
And a lot of these new “currencies” are just tokens created using an existing crypto blockchain
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Take heed Musk fanbois, you follow your bae at your peril. When you think it may be too late to cash in your bitcoin investments because Musk got bored and moved on to the next shiny thing then it probably is.
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Bitcoin is bad for the environment? Yikes. Who would have thought!?
The amount of energy being wasted on Bitcoin mining isn’t exactly a well-kept secret. Musk is generally considered a pretty shrewd businessperson – couldn’t he have figured that one out back in February, before sinking money into it?
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The SEC might beg to differ.
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Elon doesn’t give two cold shits about the environmental impact. What he cares about is the massive chip shortage right now and the fact that his Teslas are directly competing for wafers with video card manufacturers.
Rest assured though - he shorted the hell out of bitcoin before this interview. He’s sociopathic, not stupid.
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I’m fairly certain he’s both. Most of his “ideas” are silly, derivative, unrealistic, or just plain nutjobbery.
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I remember reading the short story sometime when I was still in high school, and how my mind was blown…
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Is it pronounced “doggy coin” or “dodgy coin”?
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I was reading elsewhere that Tesla did indeed sell their bitcoin shortly before this announcement.
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SEE ALSO: more adaptations
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