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That's the proper way to accept BTC payments, with your own node, instead of using some third-party service.

by Geee 1y ago

consumer451 1y ago
That may be so, however: 1. Up to that sudden 180, Musk had been a cryptocurrency skeptic. What changed? 2. It had nothing to do with Tesla's mission, in-fact it seemed to go against it. At best it was a distraction when there were real problems to deal with. 3. When reality caught up, Tesla reversed course. I am not stating some grand thing here, this is just my recollection of events.
- Geee 1y ago
  The first claim isn't true, because Elon has been a bitcoiner for a long time. There was a huge Bitcoin hype / hubris at that time. Specifically, Saylor happened, and he convinced Elon and others that Bitcoin is the best reserve asset, and Tesla had a lot of cash, which was melting like an ice cube due to inflation. There was a lot of inflation talk / protecting against inflation. And in the end it actually worked out for them pretty well, given that BTC has about tripled since then (they bough at $34k). After they had bought the bitcoin, adding it as a payment option was a way to add hype to increase its value. They quickly found out that it's too volatile for payments to be practical, and the hype cycle was ending anyway and they sold half of their reserve.
  - consumer451 1y ago
    This quote is not indicative of someone who was into BTC (2017): > ... A friend sent me part of a BTC a few years, but I don’t know where it is. https://twitter.com/elonmusk/status/935329447594541056 https://twitter.com/elonmusk/status/935329447594541056
    - Geee 1y ago
      Well, he has been aware of it for a long time, and made occasional tweets mentioning it. He has not been a huge bitcoiner, but I don't recall him being a sceptic.
      - consumer451 1y ago
        Thanks for "Saylor happened" context, I was not aware of that. It helped fill a void of understanding for me. I appreciate it.
- immibis 1y ago
  It's a weird thing to fixate on. Everyone who accepts Bitcoin should have a full node. Satoshi was right about Bitcoin having relatively low hardware requirements in the future due to the advancement of hardware.
  - consumer451 1y ago
    That's fair. All my other points stand, in my very humble opinion.

That's the proper way to accept BTC payments, with your own node, instead of using some third-party service.

by Geee 1y ago

That's the proper way to accept BTC payments, with your own node, instead of using some third-party service.

That may be so, however: 1. Up to that sudden 180, Musk had been a cryptocurrency skeptic. What changed? 2. It had nothing to do with Tesla's mission, in-fact it seemed to go against it. At best it was a distraction when there were real problems to deal with. 3. When reality caught up, Tesla reversed course. I am not stating some grand thing here, this is just my recollection of events.

Geee 1y ago
The first claim isn't true, because Elon has been a bitcoiner for a long time. There was a huge Bitcoin hype / hubris at that time. Specifically, Saylor happened, and he convinced Elon and others that Bitcoin is the best reserve asset, and Tesla had a lot of cash, which was melting like an ice cube due to inflation. There was a lot of inflation talk / protecting against inflation. And in the end it actually worked out for them pretty well, given that BTC has about tripled since then (they bough at $34k). After they had bought the bitcoin, adding it as a payment option was a way to add hype to increase its value. They quickly found out that it's too volatile for payments to be practical, and the hype cycle was ending anyway and they sold half of their reserve.
- consumer451 1y ago
  This quote is not indicative of someone who was into BTC (2017): > ... A friend sent me part of a BTC a few years, but I don’t know where it is. https://twitter.com/elonmusk/status/935329447594541056 https://twitter.com/elonmusk/status/935329447594541056
  - Geee 1y ago
    Well, he has been aware of it for a long time, and made occasional tweets mentioning it. He has not been a huge bitcoiner, but I don't recall him being a sceptic.
    - consumer451 1y ago
      Thanks for "Saylor happened" context, I was not aware of that. It helped fill a void of understanding for me. I appreciate it.
immibis 1y ago
It's a weird thing to fixate on. Everyone who accepts Bitcoin should have a full node. Satoshi was right about Bitcoin having relatively low hardware requirements in the future due to the advancement of hardware.
- consumer451 1y ago
  That's fair. All my other points stand, in my very humble opinion.