Elon Musk: Dogecoin Could ‘Win Hands Down’ Against Bitcoin

The founder of Tesla and SpaceX, Elon Musk, outlined what needs to be improved in Dogecoin for the meme cryptocurrency to surpass Bitcoin and become global money.

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

In response to the tweet, in which a user argued in favour of Dogecoin and called it ‘a people’s cryptocurrency’, Musk wrote:

‘In an ideal world, Dogecoin increases the speed of block production and block size by 10x, and reduces fees by 100x. Then it wins hands down.’

Litecoin developer going by the nickname Loshan noted that issuing six-second blocks of 10 MB with such low fees would make a spam attack on the network very affordable.

‘For those who are not good at mathematics. A 100-fold higher transaction volume with a 100-fold decrease in fees means that the total amount of fees collected remains the same. To become the currency of Earth, low fees and high volume are required’, Musk retorted.

Paolo Ardoino, CTO of Tether and Bitfinex, backed Loshan, confirming that fees play a role in guarding against spam.

The tweet by Musk about the desired metrics for Dogecoin drew a wave of sarcasm from crypto community members.

CEO Blockstream Adam Back said that the Tesla chief does not understand how this works:

‘That sounds like someone coming to SpaceX with ideas for a cube-shaped rocket powered by water.’

🤦🏻‍♂️🤦🏻‍♂️🤦🏻‍♂️🤦🏻‍♂️🤦🏻‍♂️🤦🏻‍♂️🤦🏻‍♂️🤦🏻‍♂️🤦🏻‍♂️🤦🏻‍♂️

He might know something about rockets, but thank the good Lord Almighty he isn’t designing our network protocols. https://t.co/CMmKJDBqQf

— Guy Swann #TAPROOT 🟩 (@TheCryptoconomy) May 16, 2021

Host of the Swan Bitcoin podcast, Guy Swann, noted:

‘Musk may know something about rockets, but, thank the good Lord Almighty, he isn’t designing our network protocols’.

He spoke of ‘a desperate hope’ that Musk’s statements were simply his usual trolling.

Ideally, Tesla batteries last 10x longer, recharge 10x faster & drops costs 100x. Then it wins hands down. https://t.co/LUZyCGqrDI

— Hayden Adams 🦄 (@haydenzadams) May 16, 2021

‘In an ideal world, Tesla batteries last 10x longer, recharge 10x faster, and cost 100x less. Then they win hands down’, said Hayden Adams, Ethereum developer and Uniswap founder.

Earlier, Musk conducted a poll among users about whether Tesla accept payments in Dogecoin. The company announced a pause in selling electric cars for Bitcoin due to concerns about the environmental footprint of mining the first cryptocurrency.