6 ms·

You can now buy a Tesla with Bitcoin

36 points by andyxor 6y ago

frozencell 6y ago
> Bitcoin paid to Tesla will be retained as Bitcoin, not converted to fiat currency That doesn’t make it more legit on the long-term, right?
- disruptalot 6y ago
  That they hold Bitcoin instead of accepting USD denominated in BTC? That's possibly the most legitimizing development in the past few years. One of the most used critical points about Bitcoin has been that it has not been suitable as a medium of exchange or currency. When critics mention this, they point to merchants pretending to accept Bitcoin but in actual fact enrolling a payment processor to instantly convert it to fiat. In other words, they never received Bitcoin. Not only are Tesla directly accepting Bitcoin here but: - They do so using their own Bitcoin infrastructure meaning they trust the network - Don't convert to fiat, meaning they trust the asset as a store of value/medium of exchange
  - selfhoster11 6y ago
    > When critics mention this, they point to merchants pretending to accept Bitcoin but in actual fact enrolling a payment processor to instantly convert it to fiat. That argument strikes me as something that doesn't take into account the fact that the fiat currency system is essentially a legacy system that some are trying to replace. Of course the safest approach to this would be to try to decouple from the legacy financial system at the interfaces, like the payment gateways. Ship of Theseus style, the entire legacy system could be replaced in place with the participants able to continue trading in the meanwhile.
- frozencell 6y ago
  Is there any smarter scheme - legit or not - hidden behind?
varispeed 6y ago
Why would you exchange BTC to something that quickly deprecates? This feels similar to when colonisators offered worthless bling to locals in exchange for gold. Sure it is a great move to legitimise Bitcoin, but I can imagine only people really wanting that Tesla will not hodl.
- scsilver 6y ago
  Because why not. Same thing happens when you move it to cash. When some altcoins are jumping 3-5x in The last month, 10x looking back 6 months, Bitcoin itself has gone from 3k to 55k in a year, some of these kids are getting some serious wealth under them. Elon is giving these people tbe option to digitally ball out. It is funny money after all. If your one of the few that made a 100k on coins this year, why not treat yourself with a toy from the car company that aknowledges your point of view, crypto is legitimate.
  - varispeed 6y ago
    Yes it may feel to some that the money easy came, so it is tempting to spend it as easily and it can be good for mental health, but if the value goes up even more later on I can see that many people will feel resentment towards their car. I spent like dozens of BTC few years ago on some (in the grand scheme of things) useless crap and it wasn't easy to come to terms with years later.
- archontes 6y ago
  Bitcoin is only a limited, deflationary asset if one cannot use alternate cryptocurrencies. This is obviously not the case.
JauntTrooper 6y ago
This makes sense, honestly. 'Buying a lambo' was often memed as one of the ways to show you 'made it' with a cryptocurrency investment. Tesla competes with Lamborghini in selling expensive status cars, especially with some of Tesla's higher-end models. There are a sizable number of cryptocurrency investors with sudden wealth and disposable income. Bitcoin investors may be more inclined to buy from Tesla if they believe it's also helping nurture the bitcoin ecosystem.
akadruid1 6y ago
I guess you could reduce the use of dirty fossil fuels to mine bitcoin by taking advantage of cheap unused solar capacity at noon. Maybe it would be a good fit with a Powerwall and solar roof to offer a Tesla-brand ASIC which will mine greener Bitcoin?

36 points by andyxor 6y ago

> Bitcoin paid to Tesla will be retained as Bitcoin, not converted to fiat currency That doesn’t make it more legit on the long-term, right?

disruptalot 6y ago
That they hold Bitcoin instead of accepting USD denominated in BTC? That's possibly the most legitimizing development in the past few years. One of the most used critical points about Bitcoin has been that it has not been suitable as a medium of exchange or currency. When critics mention this, they point to merchants pretending to accept Bitcoin but in actual fact enrolling a payment processor to instantly convert it to fiat. In other words, they never received Bitcoin. Not only are Tesla directly accepting Bitcoin here but: - They do so using their own Bitcoin infrastructure meaning they trust the network - Don't convert to fiat, meaning they trust the asset as a store of value/medium of exchange
- selfhoster11 6y ago
  > When critics mention this, they point to merchants pretending to accept Bitcoin but in actual fact enrolling a payment processor to instantly convert it to fiat. That argument strikes me as something that doesn't take into account the fact that the fiat currency system is essentially a legacy system that some are trying to replace. Of course the safest approach to this would be to try to decouple from the legacy financial system at the interfaces, like the payment gateways. Ship of Theseus style, the entire legacy system could be replaced in place with the participants able to continue trading in the meanwhile.
frozencell 6y ago
Is there any smarter scheme - legit or not - hidden behind?

varispeed 6y ago

Why would you exchange BTC to something that quickly deprecates? This feels similar to when colonisators offered worthless bling to locals in exchange for gold. Sure it is a great move to legitimise Bitcoin, but I can imagine only people really wanting that Tesla will not hodl.

scsilver 6y ago
Because why not. Same thing happens when you move it to cash. When some altcoins are jumping 3-5x in The last month, 10x looking back 6 months, Bitcoin itself has gone from 3k to 55k in a year, some of these kids are getting some serious wealth under them. Elon is giving these people tbe option to digitally ball out. It is funny money after all. If your one of the few that made a 100k on coins this year, why not treat yourself with a toy from the car company that aknowledges your point of view, crypto is legitimate.
- varispeed 6y ago
  Yes it may feel to some that the money easy came, so it is tempting to spend it as easily and it can be good for mental health, but if the value goes up even more later on I can see that many people will feel resentment towards their car. I spent like dozens of BTC few years ago on some (in the grand scheme of things) useless crap and it wasn't easy to come to terms with years later.
archontes 6y ago
Bitcoin is only a limited, deflationary asset if one cannot use alternate cryptocurrencies. This is obviously not the case.

JauntTrooper 6y ago

This makes sense, honestly. 'Buying a lambo' was often memed as one of the ways to show you 'made it' with a cryptocurrency investment. Tesla competes with Lamborghini in selling expensive status cars, especially with some of Tesla's higher-end models. There are a sizable number of cryptocurrency investors with sudden wealth and disposable income. Bitcoin investors may be more inclined to buy from Tesla if they believe it's also helping nurture the bitcoin ecosystem.

akadruid1 6y ago

I guess you could reduce the use of dirty fossil fuels to mine bitcoin by taking advantage of cheap unused solar capacity at noon. Maybe it would be a good fit with a Powerwall and solar roof to offer a Tesla-brand ASIC which will mine greener Bitcoin?