The price of bitcoin has lost more than 20% in the past seven days, dragging the larger crypto market down. Dogecoin, the ‘joke’ memes-based cryptocurrency that recently climbed into the top five cryptocurrencies by value, also lost ground (even with a surprise Coinbase bomb).
Now, Musk, the self-proclaimed Tesla technoking who was once elected CEO of Dogecoin, has indicated that Tesla may have sold more of his bitcoin holdings and has offered a drastic upgrade to dogecoin which he says is ” necessary. [for dogecoin] become Earth’s currency “- and that means it beats bitcoin” hands down “.
“Ideally, doge speeds up block time 10X, increases block size 10X, and lowers costs by 100X. Then he wins hands down, ”Musk said via Twitter in response to a message posted by a dogecoin fan account.
“For the bad at math, a 100 times higher transaction volume with 100 times lower fees means the total fees earned stay the same,” Musk added. “Low fees and high volume are required to become the currency of the Earth. “
The proposal is similar to that already made by some bitcoin developers and enthusiasts which resulted in the split of the bitcoin network in 2017, leading to the creation of bitcoin cash, a so-called “fork” of bitcoin that is better suited to a much larger number. small transactions.
“The 10,000 alts tried all kinds of laughable physics and the sci comps failed,” Adam Back, a crypto pioneer and CEO of development firm Bitcoin Blockstream, replied to Musk. “There are several problems with the big blocks. Bitcoin has the most hyper-optimized, algorithmically and manually tuned ECDSA assembler at this point. [Elliptic Curve Digital Signature Algorithm] signature verification code for a reason. ”
Musk later indicated that Tesla could sell the remainder of his more than $ 1 billion worth of bitcoin purchased earlier this year. Tesla has already sold some of the bitcoin, but claimed it was only to test the liquidity of the market.
“Bitcoiners are going to slap themselves next quarter when they find out Tesla has thrown away the rest of their bitcoin holdings,” posted an anonymous cryptocurrency Twitter account with the CryptoWhale handle. “With the amount of hatred that Elon Musk arouses, I won’t blame him. “
“Indeed,” Musk replied, sending the price of bitcoin significantly lower. The price of dogecoin, which Musk’s tweets had pushed higher over the weekend, also fell.
Musk, who said in February that none of his dogecoin-related posts should be taken seriously, had already raised the price of dogecoin this week with a Twitter poll asking whether Tesla should accept dogecoin as payment – shortly before. to send shockwaves through the bitcoin and cryptocurrency community with the surprise end of the use of bitcoin by customers to buy Tesla cars.
Musk’s latest Dogecoin Twitter posts have angered many bitcoin and cryptocurrency supporters who fear that the irreverent approach of the CEO of Tesla and SpaceX could damage the burgeoning technology.
“The perfect troll is one where people don’t know if he’s a troll or not,” Peter McCormack, host of the What Bitcoin Did podcast, posted on twitter, label Musk. “Your recent misinformed critic of bitcoin [and] support for doge may be the perfect troll… or you might really believe it. ”
“Nasty discussions like this make me want to go all the way on the doge,” Musk replied, criticizing bitcoin as “highly centralized.”
“A single coal mine in Xinjiang was flooded, nearly killing miners, and bitcoin’s hash rate fell 35%. Its’ decentralized ‘for you,’ Musk request, adding: “Ever heard of PayPal? It’s possible … maybe … that I know [more] that you realize how money works. “