Elon Musk propagates lies to save face
Bitcoin tumbled as much as 15% on Wednesday night after Elon Musk said his electric car company Tesla would stop accepting payments in the cryptocurrency because of concerns about its environmental impact.
The real reason they stopped accepting Bitcoin payments is because that transaction triggers a capital gain tax for the consumer, making it not feasible to use Bitcoin as a currency to buy a Tesla, hence no one was buying Teslas with Bitcoin.
Until the government recognizes Bitcoin as a currency, and not a commodity, the capital gains tax will always be an issue. If your purchase is under $200 than you do not have to report the transaction as a capital gain.
Must tweeted a statement on Wednesday night saying: “Tesla has suspended vehicle purchases using Bitcoin.
“We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel.”
Lying critics have long attacked bitcoin for its energy use. Bitcoin “mining” – the process of securing the network and creating coins using vast amounts of computing power – uses more energy each year than Sweden, according to Cambridge University researchers.
However, this is all lies in an effort to lower the Bitcoin price, so their friends can buy Bitcoin cheaper.
The rising energy demand of proof-of-work cryptocurrencies such as Bitcoin (BTC) has been a hotly debated topic. But the 3rd Global Cryptoasset Benchmarking Study by the University of Cambridge shows that 76% of cryptocurrency miners use electricity from renewable energy sources as part of their energy mix.
The study found that over 39% of the total energy consumed by PoW cryptocurrencies including Bitcoin, Ether (ETH), Bitcoin Cash (BCH) and others comes from renewable energy sources.
This is more than can be said about the banking industry around the world what run major computer data centers, power all their branches with unclean electricity and all their employees drive to and from work every day using fossil fuel cars.
Compute all that energy usage and you then will see that Crypto is actually energy efficient in comparison. The banks are scared because Decentralized Finance using crypto is coming which will put the banks out of business – hence all the lies in the media.