Tesla and SpaceX founder Elon Musk listed what needs to be improved in Dogecoin for the meme cryptocurrency to surpass Bitcoin and become the world's money.
And again everything is taking place on Twitter.
Ideally, Doge speeds up block time 10X, increases block size 10X & drops fee 100X. Then it wins hands down.
— Elon Musk (@elonmusk) May 16, 2021
Litecoin developer Loshan noticed that releasing 10MB blocks every six seconds with such low fees would make spam attacks on the network very affordable.
“For those who are poorly versed in mathematics. 100x more transaction volume with 100x lower fees means the total fees received will remain the same. Low fees and high volume are needed to become the currency of the Earth,” Musk countered.
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Tether and Bitfinex CTO Paolo Ardoino backed Loshan by confirming the fees are spam-proof.
Musk's tweet about the desired metrics for Dogecoin sparked a wave of sarcasm from the crypto community.
Blockstream CEO Adam Beck said the Tesla CEO doesn't understand how it works:
"It's like someone would come to SpaceX with ideas for a cuboid rocket with water as fuel."
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Swan Bitcoin podcast host Guy Swann noted:
"Musk may know a thing or two about missiles, but thank God Almighty he doesn't design our networking protocols."
He said about the "desperate hope" that the statements of the Tesla founder are just his usual trolling.
“Ideally, Tesla batteries last 10 times longer, charge 10 times faster, and drop prices 100 times. Then she wins easily,” wrote Ethereum developer and founder of Uniswap Hayden Adams ironically.