NameSilo

Will you still accept Crypto for payment after Tesla stops accepting BTC.

Labeled as domains in Domain Industry News, started by Robbie, May 13, 2021

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  1. Robbie

    Robbie RobbiesBlog.com VIP ★★★★★★★★★★

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    Yesterday Elon Musk announced that Tesla would no longer accept Bitcoin as payment for their products, This came as a bit of a shock as it was only earlier in the year they announced they would accept BTC as payment as was seen by the world as taking Bitcoin mainstream, acquiring $1.5 Billion in BTC themselves.

    While Elon Musk is not saying that he is selling Tesla’s Bitcoins, they are just not accepting it for future payments.

    We know of some recent domain name sales such as James Booth, selling James.com just this week for $400,000 USD in the equivalent of BTC, which took a 5% drop since that date.

    I’m not here knocking Crypto any payment apart from cash is always at risk and most investors, do look at the longer-term view vs short term view when accepting alternative methods of payment, i.e. we know about Rick taking shares in return for Candy.com domain name sale plus cash and that turned out to be very lucrative in the longer term, while BTC is down from its recent highs that $400K could be worth $450K or $500K by the end of the year should it turn around…

    So my question to you is would you still accept Bitcoin or other Cryptocurrency for domain names?

    http://robbiesblog.com/are-you-concerned-about-tesla-not-accepting-btc/8884
     
    The views expressed on this page by users and staff are their own, not those of NamePros.
  2. NickB

    NickB it's a mystery VIP

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    No, I thought about doing it but would rather have the cash to reinvest

    The guy just manipulates the market for his own ends.......

    It would not surprise me if he or one his minions had shorted bitcoin before the announcement knowing he can always push the price up in the future for his Tesla Bitcoin holdings with a few Tweets or a chat show appearance or 2......
     
  3. Erwin

    Erwin Established Member ★★★★★★★★★★

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    May it be that the Bitcoin price bubble is getting close to the extreme before bursting? crypto is here to stay though..
     
  4. DuDD

    DuDD Established Member

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  5. The Durfer

    The Durfer Wesley Sweatman VIP

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    There needs to be a safety catch so if the sender sends crypto they can get the refund. Kind of like escrow but for your money.
     
  6. lovedomains

    lovedomains Upgraded Member Gold Account

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    Hi, imho crypto prices are not moved by Musk statements...Musk is not the only whale on the earth :) From my point of view today we have a normal price correction of crypto markets it's impossible that every day we have a +10% , +20%, +30% so now whales are simply getting their cash +500% +600% +700% and are ready to buy again at lower prices :)

    From my point of view on the long run crypto pays just think if you had sold 10.000$ domains last year and you where paid in ETH.

    http://whatifibought.com/eth/20200101/10000

    just my 2 cents
     
  7. Mister Funsky

    Mister Funsky Top Contributor VIP

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    Yes...but I would also take livestock, collectible comics, classic cars, etc.

    Then I would immediately convert the 'payment' to cash.
     
  8. ncabete

    ncabete Established Member Epik.com Staff

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    Crypto was around long before Elon Musk was a public figure, so - yes. It was created with the idea of being an alternative to the regular financial system, hence why it's decentralized and it won't go anywhere just because one person said they'd no longer accept payments in crypto.

    Hype cycles are transient. If you see the value of crypto then it doesn't matter if some person hypes it up.
     
  9. bruhne

    bruhne Established Member

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    I sold a domain for BTC back in January and will happily do it again and again.
     
  10. The Durfer

    The Durfer Wesley Sweatman VIP

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    thats funny and factual, youd be surprised what someone would take for payment if i hands werent tied by the avenues we choose.
     
  11. Jahe

    Jahe Established Member

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    BTC could as easily go in the opposite direction as well.

    By the end of the year, that $400K could be worth $300K should the downward trend continue. I wouldn't accept BTC or crypto for a large domain sell, because the currencies can violently fluctuate from week to week.

    In fact, U.S. Justice Department just went public with the beginnings of an investigation into BINANCE crypto exchange, the largest exchange; which will cause another dip in BTC and cryptos over the next few weeks or more.

    https://www.reuters.com/article/cry...e-department-irs-bloomberg-news-idUSL4N2N03ZO

    Musk's comments impacting the spring 2021 bull run of crypto is just the tip of the iceberg. World governments will not give up a monopoly over world currencies without using every tool at their disposal. Investigations, regulations and possible a superior government crypto are coming.

    Would I be shocked if BTC reached $100K by year end, no. Would I be shocked if BTC was $25K on 31 December 2021 - NO.

    At the end of the day, I'd much rather own $400K in premium dot-Com domains or $400K in USD/EUROS/or Pounds over BTC or Crypto.
     
    Last edited: May 13, 2021
  12. Kingslayer

    Kingslayer Top Contributor VIP

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    I've always been tempted to get involved in crypto, but as much as i research on it, i just don't understand it and if you can't understand something, it's best not to put money into it.
     
    Last edited: May 13, 2021
  13. The Durfer

    The Durfer Wesley Sweatman VIP

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    swiss francs. :)
     
  14. lovedomains

    lovedomains Upgraded Member Gold Account

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  15. TheBuyerz

    TheBuyerz Established Member

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    Yes, I will still accept Bitcoin for domain names, we accepted it before elon musk and will accept it even after (while almost all crypto is agains't elon musk, they forgot that he promoted it and it's perhaps the reason why he reached new alltime highs, and it's also because of project XPRIZE ... there is more companies involved that don't care about environment or share other opinions).

    My view didn't changed on cryptocurrencies, also bitcoin can upgrade PoW consensus anytime, knowing also that there is alternatives... Ethereum 2.0 coming etc.

    Last thing, accepting bitcoin doesn't mean you will lose value systematically after dumps, I will not return a client because he is willing to pay BTC, you can instantly exchange them to a stable coin as soon as you recieve your payment, so honestly I can't see any inconvenience to accept Bitcoin and gain more sales opportunities.
     
    Last edited: May 13, 2021
  16. The Durfer

    The Durfer Wesley Sweatman VIP

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    true, but you need to get the domain first or the crypto first before the other is sent because there is no getting it back with crypto if something falls thru.
     
  17. TheBuyerz

    TheBuyerz Established Member

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    What about an escrow service like Epik? They accept cryptos just like Dan.com.

    On OpenSea.io (peer-to-peer marketplace), you can sell your decentralized domain name or digital items without trusting third party service => No money getting back, neither Domain getting back, No Scam, No Fees.
     
  18. The Durfer

    The Durfer Wesley Sweatman VIP

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    agree, they are starting to fix it, but b4 and until, you know. everything we say on the internet will change within a year anyway. lol.
     
  19. Samer

    Samer Restricted (15-30%)

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    Tesla is virtue signaling and/ or grandstanding.

    Their excuse on why; sudden 180, is a joke.
     
    Last edited: May 14, 2021
  20. AEProgram

    AEProgram Top Contributor VIP Blue Account

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    The only threat to crypto is government crackdowns. Turkey and India already cracking down and if the dollar keeps getting hit hard and the government thinks that bitcoin and others are playing a role or government feels that their power to control the flow of money using SWIFT is in jeopardy, they will destroy the crypto market as we know it.

    There are two major things happening in the crypto space (specifically BTC and if that goes all go) now that have the potential to wipe out a lot of people financially.

    1. A few very large whales hold significant assets in BTC. These whales are using other peoples money and are trading or holding BTC.

    2. A lot of people cannot think rational about BTC. To them it's not about business anymore, it is a cult. Everyone that invests and decides things using a cult mindset ends up paying a heavy price.

    If there are risks to BTC the big money managers will dump it fast. A lot came in at 20-40k per BTC. If they feel there is a government attack on it they will run so fast that in a few hours BTC can drop 80%.

    The people in it using a cult mindset will not sell, but more and more merchants and billers will run scared and it will become too much of a liability holding it even if you believe long term it will be good.

    I wish crypto would not have turned into a cult. It would've been so much easier to talk to people about it, discuss good ideas, integration, risks.

    Most people posting here are so scared. Everyone feels the need to add small lines like "I believe in crypto long term but..." or "I have my worries about crypto however I support it with all my life I think its the future of everything..."

    Know the risks, don't fall into the cult trap, diversify within it like you would any other investment and never get bullied by anyone to do what you do not feel comfortable doing.
     
    Last edited: May 14, 2021
  21. romain

    romain Established Member ★★★★★★★★★★

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    You guys do realize that after you signup on an exchange like Binance, Kraken, etc. it literally takes 10 seconds to convert your crypto in cash?

    I am and will accept any crypto that's listed on a major exchange provided it has enough liquidity (for a sale price of under $100k basically any crypto on the top 100 of coinmarketcap.com will do)

    Also my parking provider (Bodis) pays me in crypto and my registrar (Namesilo) lets me fund my account with crypto.
     
  22. romain

    romain Established Member ★★★★★★★★★★

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    BTW Binance offers 3.21% interest on your euros and 5.79% on your USDT (~ digital dollar). Can your bank match that?

    Here are lending rates: binance.com/en/lending?ref=18771331 (omit the ?ref=18771331 if you dont want me as you referer)
     
    Last edited: May 14, 2021
  23. SuperBrand

    SuperBrand Established Member

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    Elon's words will effect to the market less to none in the future for sure.
    Anyway, I accept all market listed crypto for my domains
     
  24. Aroon Bhattia

    Aroon Bhattia Established Member

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  25. legendarynames

    legendarynames Upgraded Member Gold Account

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    Why would anybody not take crypto for payment in 2021 amuses me. I for one have been taking for the last 10 years.

    If you don't like Bitcoin, convert it to fiat. If you like crypto but don't like BTC's volatility, take USD stablecoin.

    It's about making purchases easier to the buyer, crypto is an investment only if you stay in crypto.
     

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