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Tesla Will Accept Bitcoin as Payment, Elon Musk says.

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Elon Musk, the chief executive of Tesla who recently added “Technoking” to his title, said on Wednesday that the company would accept Bitcoin as payment for cars in the United States, a move that is at odds with the company’s image as an environmentally friendly electric-car maker.

Tesla will hold the digital currency, rather than convert payments to dollars, and handle the crypto transactions internally, Mr. Musk said.

“Bitcoin paid to Tesla will be retained as Bitcoin, not converted to fiat currency,” Mr. Musk explained in a tweet. That means when someone buys a Tesla with Bitcoin, the price of the car could well rise — or fall — over time. In other words, Tesla is turning one-time payments into assets with shifting value, or, essentially, investments.

Buyers outside the United States will have the option to use Bitcoin “later this year,” Mr. Musk said.

Mr. Musk’s embrace of Bitcoin is hailed by many cryptocurrency enthusiasts, but the digital currency’s affect on climate change has come under increasing scrutiny.

“Bitcoin uses more electricity per transaction than any other method known to mankind, and so it’s not a great climate thing,” Bill Gates recently told The New York Times. Depending on the study, the annual carbon emissions from the electricity required to mine Bitcoin and process its transactions are equal to the amount emitted by all of New Zealand. Or Argentina.

There is also an electronic waste problem associated with bitcoin mining, argues Alex de Vries, an economist who created the Bitcoin Energy Consumption Index and tracks the unintended consequences of digital trends. Bitcoin mining is done with highly specialized equipment that has a short life span, and the tools cannot be repurposed, making investment in the digital currency even more problematic from an environmental perspective, he told The Times.

Mr. Musk said last month that the company bought $1.5 billion in Bitcoin for its treasury. The announcement on Wednesday confirms speculation in the crypto community that Tesla would not simply contract out payments to a third-party processor and treat Bitcoin like dollars.

Since Tesla’s Bitcoin purchase in February, the price of Bitcoin and other cryptocurrencies has soared to record highs, but trading has been volatile.

Analysts are pleased with the symbolism at least. “This is a seminal moment for Tesla and for the crypto world,” wrote Daniel Ives and Strecker Backe, analysts at the investment firm Wedbush. “This morning’s news formalizes the strategy of Musk and Tesla diving into the deep end of the pool of bitcoin and crypto from a transactional perspective.”



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How China’s Outrage Machine Kicked Up a Storm Over H&M

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Squirrel Video, a Weibo account dedicated to silly videos, shared the Communist Youth League’s original post on H&M with its 10 million followers. A gadget blogger in Chengdu with 1.4 million followers shared a clip showing a worker removing an H&M sign from a mall. A user in Beijing who posts about television stars highlighted entertainers who had ended their contracts with Adidas and other targeted brands.

“Today’s China is not one that just anyone can bully!” he wrote to his nearly seven million followers. “We do not ask for trouble, but we are not afraid of trouble either.”

A fashion influencer named Wei Ya held a live video event on Friday hawking products made with Xinjiang cotton. In her Weibo post announcing the event, she made sure to tag the Communist Youth League.

By Monday, news sites were circulating a rap video that combined the cotton issue with some popular recent lines of attack on Western powers: “How can a country where 500,000 have died of Covid-19 claim the high ground?”

One Weibo user posted a lushly animated video that he said he worked through the night to make. It shows white-hooded men pointing guns at Black cotton pickers and ends with a lynching.

“These are your foolish acts; we would never,” a caption reads.

Less than two hours after the user shared the video, it was reposted by Global Times, a party-controlled newspaper known for its nationalist tone.

Many web users who speak up during such campaigns are motivated by genuine patriotism, even if China’s government does pay some people to post party-line comments. Others, such as the traffic-hungry blog accounts derided in China as “marketing accounts,” are probably more pragmatic. They just want the clicks.

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NFTs Are Neither Miracles nor Scams

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Perhaps you find this confusing or silly. Push that aside for a minute.

Mostly, my beef about NFTs is how people, particularly those who live and breathe technology, talk about them and other emerging companies or concepts including the blockchain, the audio chatroom Clubhouse and ultra fast trains.

Almost immediately, people sort themselves into camps to declare that THIS WILL CHANGE THE WORLD or it’s TOTAL CODSWALLOP THAT WILL RUIN EVERYTHING. We would all benefit from more breath and less breathlessness.

In life, most things are neither glorious revolutions nor doom. And behind most novel ideas is often the possibility of something useful. The trouble is that hyperbole and greed often make it hard to sort the glimmers of promise from the horse manure. So let’s take a step back.

The purported big idea behind NFTs, as Kevin and Charlie Warzel, my colleague in Opinion, each explained this week, is to tackle a problem that the internet created. With sites like YouTube and TikTok, anyone now has the power to make music, a piece of writing, entertainment or another creative work and be noticed. But the internet has not really fulfilled the promise of enabling the masses to make a good living from what they love.

NFTs and the related concept of the blockchain hold the promise to, in part, give people ways to make their work more valuable by creating scarcity. There is promise in letting creators rely less on middlemen including social media companies, art dealers and streaming music companies.

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What We Got Wrong About Uber and Lyft

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What went wrong? Gregory D. Erhardt, who analyzes transportation modeling systems at the University of Kentucky, told me that the companies and some transportation experts misjudged how the ride services would be used.

The theory of on-demand rides was that they would be like carpooling. As people drove to work, they’d pick up an extra person or two along the way — and some money, too. But Uber and Lyft turned out to be more like taxis.

Uber and Lyft, as they expanded, focused on dense urban areas, where there were plenty of potential drivers and riders. But even there, drivers spend a large percentage of their working hours roaming around without fares and clogging the streets, Dr. Erhardt said. The combination of all of these factors was more miles driven in many large and midsize cities. (Dr. Erhardt and his colleagues are soon publishing additional research into the effects of ride-hail services in about 250 U.S. metropolitan areas.)

Dr. Erhardt and I talked over three lessons from this misjudgment. First, Uber and Lyft need to share their data so that cities can understand the services’ impact on the roads. Second, public officials need to steer transportation policy to encourage helpful behaviors and limit destructive ones. And third, new technology needs guardrails in place — and maybe those need to be established before its impact is obvious.

The first point is that Uber and Lyft, which tend to keep certain information such as where people travel and idling times secret, need to share information with cities and researchers. “Cities are pushing hard and have a strong case that we should be able to use this data for planning and research purposes,” Dr. Erhardt said.

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