Elon Musk, the CEO of Tesla and SpaceX is known for joking a lot about the Dogecoin cryptocurrency, but on Monday afternoon (8) the billionaire proved that he is not just a prankster and that he actually understands the currency digital.
After tweeting comic publications about Dogecoin several times, even claiming to be the CEO of cryptocurrency, he took a step forward and revealed to know deeply the architecture of DOGE and Bitcoin.
Responding to a tweet from one of his followers who asked why Dogecoin was valuing, Musk responded by explaining the difference between cryptocurrency and Bitcoin.
Musk was simple and direct, stating that Dogecoin is inflationary, "but not so much", while Bitcoin is "arguably deflationary". Tesla's CEO then cited one of DOGE's most striking features, the fact that it has a very fast and cheap transaction speed.
“Doge appears to be inflationary, but it is by no means significant (fixed number of coins per unit time), while Bitcoin is arguably deflationary. Doge's transaction speed should ideally be a few orders of magnitude faster. ”
Will Dogecoin arrive on a dollar?
Elon Musk's response to the follower was a topic on why the cryptocurrency may be worth a dollar each. The profile cited 7 characteristics of digital currency that can raise its price:
- It's cheap
- it is funny
- it's ironic
- cute dog
- endorsed by celebrities
- it's anti-censorship
- people want a single unit of something, not a fraction.
Musk then seems to have agreed that Doge can appreciate more and cited the other two characteristics compared to Bitcoin.
One of the biggest criticisms of Dogecoin is the fact that it has an infinite supply, for Elon Musk, the inflation rate is low, considering the time and the rate of issuance of new currencies.
Comments
Post a Comment