Elon Musk causes Bitcoin's pricing to plummet by pulling Tesla's support

Bitcoin needs to get green.



Read more about Elon Musk stopping Tesla Bitcoin payments.

A correct decision, the power usage to get bitcoins is just insane, always wondered why he did support it, unless he was ignorant about the source of these coins being a huge power draw.

The end of his tweet seems to indicate they're looking into the very low power Proof-of-Stake alternatives, potentially Ada/Cardano, Dot/Polkadot, or waiting for the Eth2.0 switch (Since the wheels are finally properly in motion for that and looking feasible)

tgrech said:

The end of his tweet seems to indicate they're looking into the very low power Proof-of-Stake alternatives, potentially Ada/Cardano, Dot/Polkadot, or waiting for the Eth2.0 switch (Since the wheels are finally properly in motion for that and looking feasible)

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If low power is their goal, they should just use XRP.

It's a good time to buy now if you want to try to make a quick buck

ImprovizoR said:

If low power is their goal, they should just use XRP.

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XRP is a bit scammy (Falsely claims to be used by banks ect to bolster value when really it's completely unrelated Ripple Labs tech used by banks and their executives have been sued for selling XRP tokens which are still and will continue to be officially considered unregistered securities), and has various practical issues as a currency long term (Hard cap, pre-mined, centralised consensus mechanism).

It's a currency designed to be used by banks and not by the general public, but no banks used it and its only use has been essentially investor speculation by the general public

(Unlike say Bitcoin or Ethereum, where, for better of worse [given the types of goods being purchased], the majority of historical transactions have been to purchase goods rather than speculate, in BTCs case research indicates a majority of transactions are dark web, almost always drug, related, whereas Eth's transactions predominantly related to "smart contracts" and applications like NFTs)