Dogecoin can beat Bitcoin easily, says Elon Musk
Tesla and SpaceX CEO Elon Musk continues to give opinions on the cryptocurrency market. In response to a tweet comparing Bitcoin to Dogecoin, he said the meme currency will beat Bitcoin if major changes to the network are implemented.
Musk, who jokingly declared himself Dogecoin’s father, tweeted:
“Ideally, Doge speeds up block time 10X, increases block size 10X & drops fee 100X. Then it wins hands down.”
He further clarified his reasoning when a Twitter user, Loshan, argued that larger blocks and low fees would leave the Dogecoin network vulnerable to attack.
“For those bad at math ,” replied Musk, “100X higher transaction volume with 100X lower fees means total fees earned stay same. Low fees & high volume are needed to become currency of Earth. ”
For those bad at math 👆, 100X higher transaction volume with 100X lower fees means total fees earned stay same. Low fees & high volume are needed to become currency of Earth.
— Elon Musk (@elonmusk) May 16, 2021
Last week, he announced that his space exploration company, SpaceX, will launch DOGE-1, the first commercial lunar payload paid in full at Dogecoin. “First meme in space,” he tweeted.
Dogecoin developer Ross Nicoll told Decrypt on Friday that Musk has been in contact with the Dogecoin development team since 2019 and has already increased blockchain yield.
Despite the facts that he is working with dogecoin developers, a Dogecoin co-creator returned to Twitter just to curse Elon Musk: “He’s a self-absorbed grifter”. The creator is Jackson Palmer who deleted the tweet after minutes because according to him, he wants to preserve his private life.