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Elon Musk suspends Tesla purchases with bitcoin

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Consumers can no longer buy Tesla vehicles with bitcoin, CEO Elon Musk announced on Twitter Wednesday.

What he’s saying: Musk cited the environmental concerns associated with bitcoin — the cryptocurrency has a massive carbon footprint — as his reasoning behind Wednesday’s decision.


“Tesla has suspended vehicle purchases using bitcoin,” Musk said.

  • “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.”
  • “Cryptocurrency is a good idea on many levels and we believe it has a promising future.”
  • “[W]e intend to use it as soon as mining transitions to more sustainable energy,” he said, adding that Tesla is considering other cryptocurrencies that consume less energy.

Flashback: Musk in March approved the use of the cryptocurrency for Tesla purchases in the U.S. Some critics at the time said the move could tarnish the company’s environmentally friendly image.

Our thought bubble, from Axios’ Ina Fried: The energy issues related to Bitcoin have been long known and less energy consuming options have been available for some time.

Source: https://www.axios.com/elon-musk-suspend-tesla-bitcoin-c8226997-c55a-49da-936a-f64ac237bd39.html
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The Article Was Written/Published By: Ivana Saric

Dogecoin has risen 400 percent in the last week because why not

Dogecoin has risen 400 percent in the last week because why not

Enlarge (credit: peng song / Getty)

Dogecoin, a blockchain-based digital currency named for a meme about an excitable canine, has seen its price rise by a factor of five over the last week. The price spike has made it one of the world’s 10 most valuable cryptocurrencies, with a market capitalization of $45 billion.

Understanding the value of cryptocurrencies is never easy, and it’s especially hard for Dogecoin, which was created as a joke. Dogecoin isn’t known for any particular technology innovations and doesn’t seem to have many practical applications.

What Dogecoin does have going for it, however, is memorable branding and an enthusiastic community of fans. And in 2021, that counts for a lot. In recent months, we’ve seen shares of GameStop soar to levels that are hard to justify based on the performance of GameStop’s actual business. People bought GameStop because it was fun and they thought the price might go up. So too for Dogecoin.

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Source: https://arstechnica.com/tech-policy/2021/04/dogecoin-has-risen-400-percent-in-the-last-week-because-why-not/
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The Article Was Written/Published By: Timothy B. Lee

What is Dogecoin, and Why Are People Buying It?

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Now that you’ve gotten a handle on the GameStop stock madness, it’s time to learn about Dogecoin. Why is the retail investor hivemind pumping up the obscure cryptocurrency with a Shiba Inu dog for a mascot? Why, for the Lolz. With the help of Reddit and Elon Musk, Dogecoin has increased in value by 600% in the last 24…

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Source: https://twocents.lifehacker.com/what-is-dogecoin-and-why-are-people-buying-it-1846161671
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The Article Was Written/Published By: Mike Winters on Two Cents, shared by Andrew Couts to Gizmodo