Can someone explain to me Bitcoins? [2013]

Elon can afford to be a bit of a loose gun, but Bitcoin is becoming poison to green brands ... especially after admitting it, he can't really associate Tesla with it again.

Much like Bitcoin, Tesla is dependent on perception.

 

Except the tweet already states they are hanging on to the (50k?)Bitcoins they bought.

 

From Elon? Perhaps its true (IIRC they did sell a lot recently which helped tesla make a profit in the last quarter)
though even though I personally think Elon is the single greatest person alive today, I don't believe everything he saiz

 

He is a mix between Steve Jobs and a snake oil salesman IMO...

Either way, am I to guess that Tesla just found out about bitcoins energy requirements?
They had no clue a few months ago, found out just yesterday and decided to take action???
A bit absurd...

And what's with Musk and Dogecoin...
It seems very irresponsible in my eyes... and many people will more than likely, loose a lot of money.

 

Now it looks like Elon has said he hasn't sold the btc

 

Yeah, so the market is down again. Oh well... He's not the only one pushing things down...

 

The more I read and listen about Bitcoin, especially all the pseudo-philosophers going to Lex Fridman's podcast to talk about how great Bitcoin is and how it's going to save the world, the more I converge on the following conclusion:

- Anyone who isn't an Anarcho-Capitalist should be pushing Bitcoin down.

If you want a world where your governments becomes hopeless and your vote is only worth as much as the amount of resources you own, then by all means keep buying Bitcoin and bringing up its socially constructed value.

 

https://www.theguardian.com/technol...-bitcoin-transaction-like-binning-two-iphones
"In 2020 the bitcoin network processed 112.5m transactions (compared with 539bn processed by traditional payment service providers in 2019)"

Does anyone know if this is actually 112.5m transactions?, i.e. exchanging money for goods/services or are they including exchanging cash for BC , BC for moenro, monero for etheruem etc (no goods/services exchanged)

 

I think by "transaction" here means an actual transaction on the blockchain. The average daily transactions varies quite a lot, but ~300k a day is quite common. Multiply it by 365, you get around 110m a year.
There are many "off-chain" transactions though, such like people using centralized wallets doing wallet-to-wallet transactions (e.g. I may send some BTC to you from a wallet in a centralized exchange, if your wallet is also from the same exchange, there's no need to send the transaction on-chain). These are likely to be much more than actual "on-chain" transactions.

 

Sorry I wasn't clear
By transaction I mean they actually are buying something with it, eg some groceries
i.e. technically if I transfer money from one my account to another of my accounts, thats prolly a 'transaction', but I'm not talking about those, I just mean how many are actual transactions are used to buy stuff

I checked yesterday Bitcoin transaction fee is ~$3.00 USD, so you're paying with a coffee with bitcoin (of course you could)

i.e. I mean how much is bitcoin actually used vs speculation

 

No one knows. That's the nature of bitcoins. All that is known is a transfer from address X to Y is recorded in the blockchain.

 

Yes I was thinking maybe certain addresses are known eg macdonalds,tesla etc and since you can see what transactions take place with those then you can see approx how much business they do and extrapolate

This is a bit of speculation from feb 2020
https://medium.com/swlh/how-many-people-actually-use-bitcoin-in-2020-b5ffa317de9b

"I’d probably offer up somewhere around the 20–22 million mark as being a realistic number of active users globally as of today"
though this doesnt mean 20million ppl use it to buy something (just 20million have an account that was used semi recently, most likely for trading bitcoin)

I'm a bit surprised that theres only 46million bitcount accounts (feb 2020) I would of thought it was more, eg like they said paypal has >200 million (and who the fuck uses that, actually I did once )

 

This:

Block #705349, 00000000000000000bb5ba745f6d717194ae74f8fdf64aa820b870c12f70fd60 -WhatsOnChain.com - BSV Explorer - Mainnet

is an aptitude test for thread participants. Have fun.

Hint: that is not a test environment.

 

OK I had a quick look for some
Internet archive (hosts the way back machine etc) 4704 donations = $40 million USD in bitcoin
thepiratebay $3.5 million 1216 donations (one of a few addresses they have had)

note: these amounts are the current value of the bitcoin, and not how much was donated, eg someone donates 1 BTC in 2012 = $10 , it gets counted at the current rate $46000 , it would of been interesting to see how much total in the actual value from when it was donated