Share this article
Elon Musk has looked at crypto again. This time he’s targeting Bitcoin and Ethereum.
Elon Musk shares crypto views
Elon Musk has denounced Bitcoin and Ethereum.
In a Twitter post this morning, the founder of Tesla and SpaceX shared his thoughts on the two leading cryptocurrencies, referring specifically to scalability.
BTC and ETH follow a multi-tier transaction system, but the base tier transaction rate is slow and the transaction costs are high.
It is in credit that Doge maximizes the base tier transaction rate and minimizes transaction costs, with the exchanges acting as the de facto secondary tier.
– Elon Musk (@elonmusk) July 9, 2021
In a letter to Dogecoin influencer Matt Wallace, Musk said that Bitcoin and Ethereum “have a multi-tier transaction system, but the base tier transaction rate is slow and transaction costs are high”.
He added that, in his opinion, it was “deserved” to use Dogecoin as a method of “maximizing the base tier transaction rate and minimizing transaction costs,” with cryptocurrency exchanges playing the role of a “de facto secondary tier”.
Numerous crypto enthusiasts responded to Musk to criticize his attitudes. Some asked questions about how exchanges would function as Layer 2 for Dogecoin, while others pushed Musk to look for scalability solutions for Bitcoin and Ethereum. “Get everyone involved – Elon has solved the scalability of the blockchain, ”joked Anthony Sassano, a prominent Ethereum supporter. “I can’t believe people are listening to this,” added Joel Heyman, a longtime Bitcoin fan.
While the Bitcoin blockchain can be relatively slow and expensive to use, the Lightning Network has improved transaction times and costs significantly. Similarly, several Layer 2 solutions are currently in development to help scale Ethereum. Many of Ethereum’s leading DeFi protocols have outlined their plans to roll out Arbitrum and Optimism, two highly anticipated optimistic roll-up solutions due out this year.
Both Bitcoin and Ethereum are known for their high degree of decentralization, which makes scalability problematic. Nonetheless, it seems to Musk that his focus is mostly on Dogecoin. Musk has been the leading proponent of meme currency in recent months, while his views on other cryptocurrencies have been harder to pin down. He shocked the crypto community in May by revealing that Tesla would stop Bitcoin payments for environmental reasons, and has criticized the leading blockchain several times since then. Despite Musk’s recent stance, Tesla still holds Bitcoin on its balance sheet after investing $ 1.5 billion earlier this year. In February, Musk was filmed saying that crypto is likely “the earth’s future currency”.
Disclosure: At the time of writing, the author of this role owned ETH, ETH2X-FLI, and several other cryptocurrencies.
Share this article
The information on or accessed through this website is obtained from independent sources that we believe to be correct and reliable, but Decentral Media, Inc. makes no representations or warranties as to the timeliness, completeness, or accuracy of any information on this website or their access via this website. Decentral Media, Inc. is not an investment advisor. We do not provide personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may be or become out of date, incomplete, or inaccurate. We may update outdated, incomplete, or inaccurate information, but we are under no obligation to do so.
You should never make an investment decision on an ICO, IEO or any other investment based on the information on this website and you should never interpret the information on this website as investment advice or rely on it in any other way. We strongly encourage you to consult a licensed investment advisor or other qualified financial professional when seeking investment advice on an ICO, IEO or any other investment. We do not accept compensation in any form for analysis or reporting on ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Crypto market collapses after Tesla stops Bitcoin payments
Tesla’s Bitcoin U-Turn makes crypto assets tumble. Tesla will stop Bitcoin payments Tesla will no longer accept payments in Bitcoin, Elon Musk has announced. The self-described “Technoking from Tesla” led to …
Dogecoin Up 31.7% As Elon Musk Hints Of “Efficiency” Improvements …
Dogecoin sees an upward trend when Elon Musk draws attention to the currency again. Dogecoin Jumps on Musk Tweet Dogecoin jumped last night after Elon Musk posted a tweet …
Elon Musk supports proposal for a Dogecoin fee
Dogecoin gained 8% yesterday thanks to a tweet from Elon Musk in support of an important fee change proposal. Elon Musk shows support for Dogecoin Tesla and SpaceX founder Elon Musk has …
MDEX: Overlooked decentralized exchange that pays you to trade
Based on statistics from DeBank and dapp.com, MDEX is one of the most powerful decentralized exchanges this year in terms of TVL and trading volume – an AMM-based DEX that is operated via the Huobi Eco-Chain (HECO), Binance Smart Chain …
Comments are closed.