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Author Topic: Elon wants Bitcoin to be a Currency not a Asset from the 'B' Word  (Read 242 times)
very_452001
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July 22, 2021, 09:06:57 PM
Last edit: July 23, 2021, 12:31:53 PM by very_452001
 #1

- At what Market cap Bitcoin must be to become less volatile and more stable similar to the Swiss Franc currency CHF so bitcoin owners can start spending their Sats on everyday groceries and a morning commute coffee drink?

- When will Bitcoin become easy to use like a credit card, like swipe/contactless directly without using 3rd parties to facilitate this? I know there's bitcoin credit cards but they still using 3rd party Visa or Mastercard facility for this which is centralized not decentralized. What's the point of using decentralized bitcoin to pay for stuff when we still need to rely on middle man centralized visa or mastercard who can freeze your card anytime they feel like it. Bitcoin is suppose to be independent and decentralized. Imagine buying a lambo on a bitcoin credit card and realise at the checkout till desk visa or mastercard has declined your payment  Shocked

- Really Cheap or Free BTC transaction fees.

Bitcoin can become world reserve currency status overtaking $US Dollar if just the 3 above is accomplished and reached. If Bitcoin wants to be a Asset instead like Gold Store of Value then above 3 doesn't matter and yeah world reserve currency status doesn't matter too.


Elon says Bitcoin Mining can be used as a heater to heat up non residential rooms instead of using a normal conventional boiler/heater so it doesn't look like energy wastage. For example similar to using your bath water to water the plants in your garden or use the bath water to wash your car so no water wastage or not turning on the lights and staying in the dark to save energy. So what about bitcoin mining in hot countries in relation to Elon discussion on btc mining heating   Huh

Is it possible to put up bitcoin mining rig on each of his star link satellites that can get solar energy directly from the sun so it looks greener?

Why is it that only Bitcoin is picked on by governments and mainstream media blaming it as the climate destroyer of our planet when there's 1000s of industries out there especially the crude oil industry that does million times worse damage and banks that have brick and mortar branches that waste energy because most banking customers do online banking anyway Huh

I bet Tesla operations does more harm to the planet than Bitcoin. How can a bunch GPU's kill our planet and they not even overclocked also lol?

I can get a solar powered calculator and run useless math equations on it in the whole daytime outside before it gets dark which is waste of my time and waste of suns energy but as long its not killing the planet then who cares and why governments and mainstream media cares about bitcoin mining that is already 75% renewable anyway?

So has the Bitcoin Community decided whether Bitcoin will be a 'Currency' or 'Asset' and from there Bitcoin can move on and leave these stupid arguments behind

I know original Satoshi Nakamoto whitepaper mentions Currency but back in 2008/2009 it was suitable for currency then because back then fees were dirt cheap or free due to Btc being new back then with less volume and easier mining.
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July 22, 2021, 11:46:09 PM
 #2

Is it possible to put up bitcoin mining rig on each of his star link satellites that can get solar energy directly from the sun so it looks greener?

No, because that's a lot of weight and you will have massive problems with cooling miners in space.

Why is it that only Bitcoin is picked on by governments and mainstream media blaming it as the climate destroyer of our planet when there's 1000s of industries out there especially the crude oil industry that does million times worse damage and banks that have brick and mortar branches that waste energy because most banking customers do online banking anyway Huh

It looks like that because you read a lot more Bitcoin news than mainstream news. Still it's true that Bitcoin gets unfairly more attention than other industries.

I bet Tesla operations does more harm to the planet than Bitcoin. How can a bunch GPU's kill our planet and they not even overclocked also lol?

Bitcoin is not mined on GPUs, everyone should know that. The problem here is not who does more harm to environment, it's also how much utility is provided for the harm caused.

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July 22, 2021, 11:57:58 PM
 #3

No, because that's a lot of weight and you will have massive problems with cooling miners in space.
Obviously, I'm not trying to argue that miners should be sent to space, and mined, but the rocket ships have very sophisticated cooling systems. Granted they are absolutely huge, and is probably quite expensive if you compared if with the profitability of the miners, but they would be able to cool it, just not within profit. Obviously, on a satellite it wouldn't work, but in their ships you could potentially do it if you were that way inclined.

We'll probably see these sort of sophisticated cooling systems become somewhat affordable in the future, and data centers will begin to use them, and therefore big mining operations might too.

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July 23, 2021, 12:15:33 AM
Last edit: July 23, 2021, 09:18:20 AM by franky1
 #4

when you realise there is no spoon. you can then bend the spoon

block data and raw transaction data has never will never contain a btc.
its a myth
read the raw data it is and always has been in satoshi's

its no longer 2012 where i was buying lots of 'btc' on exchanges.
instead most people buy 0.01btc in blocks
soon it will be an average spend of 0.0001

the price of a btc might seem volatile swinging from 30-31k
but at normal spending habits of $3 to $3.10

in fiat retail/grocery stores
ive seen products go to $4 a week after saying they are on a deal at $3 and a week later be on another deal at $3.50

so forget about the big 'gold bar' $32k lump which no one buys by that lump size..

consider things at the 0.0001 level

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July 23, 2021, 01:10:13 AM
 #5

At what Market cap Bitcoin must be to become less volatile and more stable similar to the Swiss Franc currency CHF so bitcoin owners can start spending their Sats on everyday groceries and a morning commute coffee drink?

I don't think this problem is as big as people say. I think it is even the opposite in my experience: volatility makes me sell it more than I would if it were stable.

If volatility was so big problem, nobody would ever sell their bitcoin for fiat (that is the same as buying a grocery with bitcoin), and the liquidity and daily volume would be very low in exchanges. This is not true.

I sold some of my bitcoin stash in the last few months. It would be much cheaper (considering exchange's fees) to just buy stuff with that bitcoins I sold.

I wish I could buy a ps5 or a TV with bitcoin, for example

I am not the only one who once in a while sell a little bit. I sell in an exchange because I can't buy goods directly with it.

What makes me sell it is the volatility. As price goes up I think it is a good time to sell a little bit. If the price was stable, my stash would work much more like gold or some other stable asset and I wouldn't have to rebalance my portfolio.

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July 23, 2021, 03:43:26 AM
 #6



Why is it that only Bitcoin is picked on by governments and mainstream media blaming it as the climate destroyer of our planet when there's 1000s of industries out there especially the crude oil industry that does million times worse damage and banks that have brick and mortar branches that waste energy because most banking customers do online banking anyway Huh



In my simple analysis, Bitcoin is handpicked and being focused on all because they hate it as it is something that is disruptive, game-changer and definitely beyond their own control. This is the same reason why China banned Bitcoin. Those in governments have so many things to deal with and they hate to have another big thing that can be blocking their view. We have to remember that there is no single industry that is not using power but then again Bitcoin can be an easy scapegoat for anyone pretending to be working for the environment.

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July 23, 2021, 04:04:18 AM
 #7

We should just ignore Elon's posts about bitcoin, because he has disappointed us and made a wound in our hearts, every post they put out wants to win, the proof is like the government always prohibits bitcoin mining, they hate bitcoin for fear of being rivaled, actually they have tried to dominate bitcoin, but their efforts failed, so until now they really hate bitcoin..
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July 23, 2021, 04:41:44 AM
 #8

Mining in hot countries will be banned because there is no room to be heated there. It's already hot, people are already burned!  Cheesy

Bitcoin still needs a powerful ally to stand on its own I guess and Elon and friends should there be talking on youtube. But it doesn't mean like they are the ones going to dictate what's going to happen.

I can get a solar powered calculator and run useless math equations on it in the whole daytime outside before it gets dark which is waste of my time and waste of suns energy but as long its not killing the planet then who cares and why governments and mainstream media cares about bitcoin mining that is 75% renewable anyway?

Not all governments. It's just their government. You know if their government can't extract oil elsewhere for their consumption they'd have to stop others from extracting as well. And one way of doing that is to make Gretta Thunberg shout "how dare you!" and set a standard for all so all shall obey to go for renewable energy and electric cars of Elon.
EVs exists a long time ago even in the early 1900s, why are they now going to make it so big?




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July 23, 2021, 05:55:49 AM
 #9

@OP Are you 12-15 years old? This post looks like made by a child with very little knowledge of the world. Almost each sentence does not make any sense.

At what Market cap Bitcoin must be to become less volatile and more stable similar to the Swiss Franc currency CHF so bitcoin owners can start spending their Sats on everyday groceries and a morning commute coffee drink?

Thats the problem of a person who has 1k $ in bank account and 100$ invested in bitcoin.

When will Bitcoin become easy to use like a credit card, like swipe/contactless directly without using 3rd parties to facilitate this? I know there's bitcoin credit cards but they still using 3rd party Visa or Mastercard facility for this which is centralized not decentralized. What's the point of using decentralized bitcoin to pay for stuff when we still need to rely on middle man centralized visa or mastercard who can freeze your card anytime they feel like it. Bitcoin is suppose to be independent and decentralized.

Simply use many wallets? Cold wallet with all your wealth, hot wallet with some easy to access BTCs and card wallet for everyday use.


Elon says....

Who cares about this cumrocked shiller? In long term ... btc is worth much more than 1 shiller opinion.

And so on ... Every sentece is wrong.

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July 23, 2021, 06:56:05 AM
 #10

Quote
When will Bitcoin become easy to use like a credit card, like swipe/contactless directly without using 3rd parties to facilitate this? I know there's bitcoin credit cards but they still using 3rd party Visa or Mastercard facility for this which is centralized not decentralized. What's the point of using decentralized bitcoin to pay for stuff when we still need to rely on middle man centralized visa or mastercard who can freeze your card anytime they feel like it. Bitcoin is suppose to be independent and decentralized. Imagine buying a lambo on a bitcoin credit card and realise at the checkout visa or mastercard has declined your payment  Shocked

When it comes to payments there will always be a middleman service.
When you pay with Bitcoin,you will have to use an escrow/middleman,otherwise the other side might scam you.
The main factor that makes the Bitcoin price volatile is the scarcity.Bitcoin would have been way less volatile,if there was a bigger BTC supply.Unfortunately we can't dump one of the main features of Bitcoin,just for the sake of making the price more stable or making BTC more user-friendly.




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July 23, 2021, 07:01:54 AM
 #11

What Elon is wishing for is a little bit difficult to do because if you think about it, bitcoin being a currency is pretty tiresome since we will subdivide it to a much smaller unit and it will make those with around 1 bitcoin billionaires because I assume that when bitcoin gets subdivide, the higher the price gets.

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July 23, 2021, 07:06:59 AM
 #12

when you realise there is no spoon. you can then bend the spoon

block data and raw transaction data has never will never contain a btc.
its a myth
read the raw data it is and always has been in satoshi's

its no longer 2012 where i was buying lots of 'btc' on exchanges.
instead most people buy 0.01btc in blocks
soon it will be an average spend of 0.0001

the price of a btc might seem volatile swinging from 30-31k
but at normal spending habits of $3 to $3.10
ive seen products go to $4 a week after saying they are on a deal at $3 and a week later be on another deal at $3.50

so forget about the big 'gold bar' $32k lump which no one buys by that lump size..

consider things at the 0.0001 level

Unfortunately the masses really don't think much in percentages. They just see "dropped $1000 in a day, store of value loool". Also one of the reasons(besides UX and unit bias) why I advocate for using a smaller bitcoin denomination(mbtc/sats) by default on all bitcoin and cryptocurrency-related services.

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July 23, 2021, 10:57:05 AM
 #13

Obviously, I'm not trying to argue that miners should be sent to space, and mined, but the rocket ships have very sophisticated cooling systems. Granted they are absolutely huge, and is probably quite expensive if you compared if with the profitability of the miners, but they would be able to cool it, just not within profit. Obviously, on a satellite it wouldn't work, but in their ships you could potentially do it if you were that way inclined.

We'll probably see these sort of sophisticated cooling systems become somewhat affordable in the future, and data centers will begin to use them, and therefore big mining operations might too.

I didn't mean that it's technologically impossible, but when I said "massive problems" I meant that it would be uneconomical to do so. The sole purpose of mining is profit, and since reward is the same for everyone, the only way to increase profit is to lower the costs, and mining in space has insane costs compared to mining on Earth.

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July 23, 2021, 11:20:34 AM
 #14

Hmm. Another way of promoting bitcoin from elon musk? Sorry to say because for sure this is another tricks from them wherein just to make a hype quickly in the market. but the question is who will gonna believe that despite their real intention it to have a benefits everytime when promoting something in the space? For me maybe elon musk cannot promote his baby dogecoin anymore reason his pushing bitcoin because for sure when he made a hype in it there will be a panic buying unlike his new created baby doge that always declined.. Lol all i can say guys is be careful and never ever invest all your money if you want to ride their games because you know what possibly could happen after that just be aware   

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July 23, 2021, 01:25:01 PM
 #15

Bitcoin can be both as either a currency or a asset of storage.

It is true for now and in the future. We have rights to choose what Bitcoin means for each of us. You can consider Bitcoin as a currency only and don't consider it as asset of storage. However, I can only consider it as asset of storage and I think it is better than gold, but I might not consider it as a currency.

None of us can get rid of the characteristics as either a currency or asset of storage for Bitcoin. Elon can not so why do we have to listen to what he wants Bitcoin to be.

It supposed to be both regarding to the Protocol. https://bitcoin.org/bitcoin.pdf

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July 23, 2021, 01:57:38 PM
 #16

Elon wants Bitcoin to be a Currency not a Asset from the 'B' Word
Wrong.
Elon just wants publicity so that he can use it to manipulate the market, usually the altcoin market and make a lot of money.

- At what Market cap Bitcoin must be to become less volatile and more stable similar to the Swiss Franc currency CHF so bitcoin owners can start spending their Sats on everyday groceries and a morning commute coffee drink?
Although a more stable price is desired but people can and are spending their bitcoins, not necessarily to buy coffee but wide range of things. Besides if you missed it for the entire June and July and some of May price has been stable while people who never spend their coins still weren't spending!

Quote
- When will Bitcoin become easy to use like a credit card, like swipe/contactless directly without using 3rd parties to facilitate this?
Bitcoin is already easy to use with all these user friendly wallets on different devices from your PC to your phone and it never needed any third parties. Some people insist of sticking to the old ways and insist of giving up control (eg. using using bitcoin cards) but that doesn't mean bitcoin is not easy to use!

Quote
- Really Cheap or Free BTC transaction fees.
Most of the times they are as cheap as possible.

Quote
Bitcoin can become world reserve currency status overtaking $US Dollar if just the 3 above is accomplished and reached. If Bitcoin wants to be a Asset instead like Gold Store of Value then above 3 doesn't matter and yeah world reserve currency status doesn't matter too.
Bitcoin doesn't need to only be one thing. A currency can also act as an "asset" too.

Quote
Elon says Bitcoin Mining can be used as a heater to heat up non residential rooms instead of using a normal conventional boiler/heater
He probably also thinks leaving your fridge  door open cools your room and you no longer need a air conditioning.

Quote
Why is it that only Bitcoin is picked on by governments and mainstream media blaming it as the climate destroyer of our planet when there's 1000s of industries out there especially the crude oil industry that does million times worse damage and banks that have brick and mortar branches that waste energy because most banking customers do online banking anyway Huh
Very simple: FUD

Quote
So has the Bitcoin Community decided whether Bitcoin will be a 'Currency' or 'Asset' and from there Bitcoin can move on and leave these stupid arguments behind
The "community" doesn't have to decide anything. Bitcoin is decentralized so each individual has to decide for themselves. If you think bitcoin is a currency then treat it as such and if you think it is a trading tool then you'll treat it that way.

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July 26, 2021, 05:35:38 PM
 #17

So how's it going to work with Amazon accepting Bitcoin payments now Huh

Bitcoin is volatile, like its gone up $10k from last week then how is bitcoin is suited for amazon payments?

Or is this Jeff Bezos plan to expose himself to Bitcoins instead of buying them through OTC hence he doesn't care whether BTC is volatile?

Amazon gonna bring their own Stablecoin called Amazing or Amaze coin ticker AMZ I think from the leaks. Then you got 'amaze pay' infrastructure on top of that. If Jeff Bezos doesn't like bitcoin volatility then he can abandoned Bitcoin like Elon Musk did and crash the whole crypto bull party later this year.
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July 27, 2021, 10:06:54 AM
 #18

Elon wants bitcoin to be a currency, not an asset, I'm already disappointed with Elon Musk, I don't trust all his posts anymore, if anyone still believes in Elon Musk, that's your right, but I won't trust his posts anymore, because I already disappointed, even though he brought the antidote but the wound in the heart never healed..

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July 27, 2021, 10:15:32 AM
 #19

So has the Bitcoin Community decided whether Bitcoin will be a 'Currency' or 'Asset' and from there Bitcoin can move on and leave these stupid arguments behind

It's easier said than done! Solely because it's decentralized and has no controlling authority. It's upto the individuals whether they want to accept it as a currency or as an asset.

However, if we look at the current situation, I feel bitcoin is better as an asset/investment rather than a currency. I know many bitcoin puritans will say otherwise but looking at the average confirmation time, current fees and price volatility, bitcoin is bad as a currency for regular purchases and it's better off in the wallet for long term.

It really doesn't matter what Elon wants, but it's really important to do a reality check before concluding.

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July 27, 2021, 10:31:56 AM
 #20

So how's it going to work with Amazon accepting Bitcoin payments now Huh

Bitcoin is volatile, like its gone up $10k from last week then how is bitcoin is suited for amazon payments?
Amazon made their official announcement after rumour spreads out too fastly. See their announcement Amazon: No, We Have No Plans to Accept Bitcoin Payments

It is how news is volatile, changeable and we should never be over optimistic or pessimistic when we read news.

Quote
Or is this Jeff Bezos plan to expose himself to Bitcoins instead of buying them through OTC hence he doesn't care whether BTC is volatile?

Amazon gonna bring their own Stablecoin called Amazing or Amaze coin ticker AMZ I think from the leaks. Then you got 'amaze pay' infrastructure on top of that. If Jeff Bezos doesn't like bitcoin volatility then he can abandoned Bitcoin like Elon Musk did and crash the whole crypto bull party later this year.
The time of own-built cryptocurrency on Facebook, Twitter, Amazon, etc. will come but it will not come too soon. Until the governments put more regulations into force, they will not accept those attempts from Amazon or other Big Techs.

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