Elon Musk, the Tesla CEO who has pushed the bitcoin price up and down this year, has maintained his somewhat hilarious support for bitcoin competitor dogecoin.
Musk used his favorite social media tool, Twitter, to explain why he supports dogecoin, informing another Twitter user that dogecoin "has dogs and memes"—helping the dogecoin market recover from a weekend sell-off.
 |
| Photo : Pixabay |
"I'm curious what your opinions are on Ethereum 2.0, Cardano, Solana, Polkadot, IOTA, and others that are aiming to grow with minimal fees," said Dave Lee, a Tesla investor and YouTuber. "How come you prefer doge to them?"
Musk said, "[Dogecoin] has dogs and memes, whereas the others don't." Over the last few years, the cryptocurrency market has been inundated with digital tokens attempting to outperform bitcoin, with challengers to Ethereum, the second-largest cryptocurrency after bitcoin, seeing competition from a wave of alternatives promising reduced costs, faster transaction times, and higher efficiency.
Musk has previously invited developers to contribute suggestions for dogecoin upgrades and enhancements through Reddit and GitHub, as well as responding to a news piece on Ethereum upgrades by claiming that Ethereum co-founder Vitalik Buterin "fears the [doge]."
Related : TODAY'S TOP CRYPTOCURRENCY PRICES ARE BITCOIN, DOGECOIN, AND ETHEREUM.
"Someone suggested altering dogecoin fees depending on moon phases, which is really fantastic," Musk continued, adding that dogecoin developers "told [him] they would welcome support."
Despite criticism for its lack of growth and excessive token concentration within a few number of accounts, Dogecoin has risen by an astounding 12,000 percent since this time last year as investors predict the price will continue to rise as social media stars and billionaires cheer on the Shiba Inu dog-based meme coin—fueling predictions the dogecoin price may rise as high as $1 per Dogcoin token.
Musk has consistently chosen the meme-based cryptocurrency as his favored digital asset in recent years, having eagerly accepted the honorary title of dogecoin CEO following a 2019 Twitter vote.
Musk, however, stated in a February interview that all of his dogecoin-related comments should not be taken seriously, which raises questions about how much attention should be paid to Musk's regular, market-moving dogecoin remarks.
| Photo : Coinmarket Cap |
Musk boosted the bitcoin price upward after stating he'd met with North American bitcoin miners, in addition to raising the dogecoin value using his clever comments.
The so-called miners, who protect the bitcoin network by directing processing power towards it in exchange for freshly produced bitcoin tokens, were gathered over the weekend by bitcoin investor Michael Saylor to debate ways to minimize bitcoin's astronomical carbon footprint, which prompted Musk to cease Tesla's usage of bitcoin for payments earlier this month.
"I spoke with Bitcoin miners in North America. They agreed to reveal current and planned renewable energy consumption and to encourage miners [all around the world] to do so," Musk said on Twitter, adding that the discussion was "quite fruitful.''
 |
| Photo : Pixabay |
"I was delighted to organize a meeting between [Musk] and the biggest bitcoin miners in North America yesterday," Saylor said on Twitter. "The Bitcoin Mining Association has been formed by the miners to encourage energy consumption visibility and advance global sustainability initiatives."
Many in the bitcoin and cryptocurrency communities are concerned that the formation of the Bitcoin Mining Council by North American bitcoin miners would lead to the centralization of the bitcoin network.
Marty Bent, co-founder of bitcoin miner Great American Mining and presenter of the Tales from the Crypt podcast, noted in his email newsletter, "It's quite troubling that this group of Bitcoiners went into this meeting' without any sense of self-awareness."
"Do they remember the last time industry stakeholders sought to speak for the majority of an entire business in a closed-door meeting? What were their expectations about this? It's amazing how arrogant people can be."
Source : Forbes
This is dummy text. It is not meant to be read. Accordingly, it is difficult to figure out when to end it. But then, this is dummy text. It is not meant to be read. Period.
1 comments:
Click here for commentsnice blog
safetitan
If You Have Any Doubts. Please Let Me Know ConversionConversion EmoticonEmoticon