Elon Musk Discusses Dogecoin on Twitter, Holds No Shiba Inu (SHIB)
Elon Musk has chimed in on what he sees as the most important dogecoin improvements. He also shared on Twitter that he does not have anything to do with the Dogecoin Foundation, and that he holds “none” of the Shiba Inu (SHIB) token. Musk confirmed that he is only holding three cryptocurrencies.
Elon Musk the CEO of SpaceX and Tesla made several tweets about cryptocurrency, bitcoin, dogecoin, and the shiba inu token Sunday.
Dogecoin Development
Musk was asked on Twitter whether he had any recent interactions with the Doge development team. While admitting that he had not interacted with them lately, he shared what he thinks are the key development items:
“What matters imo is lowering fees, decreasing block time & increasing block size. A single layer network with exchanges as de facto layer 2 seems like the simplest solution for a medium of exchange.”
Not recently. What matters imo is lowering fees, decreasing block time & increasing block size. A single layer network with exchanges as de facto layer 2 seems like the simplest solution for a medium of exchange.
Billy Markus, who is one of the two Dogecoin creators, responded to Musk’s Doge improvement tweet. He said wrote:
“[Y]eah – IMO dogecoin being fast, scalable, and inexpensive to send around is all it needs to be, it doesn’t need to be yet another blockchain that hosts NFTs or other tokens or whatever the
[T]ech to get there is complex, but that utility is simple and needed – beauty in simplicity”
Musk voiced his full agreement with “hundred points” symbol.
Musk was also asked: “Do you think if Dogecoin accomplishes the goals you put forth here then it could be more practical and efficient than something like the Lightning Network as a medium of exchange?”
He replied: “Possibly. Bitcoin was conceived at a time of relatively low bandwidth & high latency. If both continue to improve substantially, we will reach a point when no second layer is needed.”
Possibly. Bitcoin was conceived at a time of relatively low bandwidth & high latency. If both continue to improve substantially, we will reach a point when no second layer is needed.
Earlier this year Musk concurred with Mark Cuban, the owner of the NBA team Dallas Maverick that “The community for doge is the strongest when it comes to using it as a medium of exchange.”
Dogecoin Foundation
Musk also clarified Sunday that he does not have anything to do with the Dogecoin Foundation in response to a comment on Twitter stating: “Jared Birchall represents Elon Musk, but as all advisors he has no direct voting rights. This guarantees the foundation stays independent while taking advantage of the expertise of shibes like Elon.”
Musk replied:
“Neither Jared, nor me, nor anyone I know has anything to do with this foundation.”
Neither Jared, nor me, nor anyone I know has anything to do with this foundation
The Dogecoin Foundation’s website lists Jared Birchall as one of its four board advisors, describing him as a “legal & financial advisor” to Musk. Other board advisors include Markus and Ethereum’s Vitalik Buterin.
Shiba Inu (SHIB) Holdings
Musk was also asked how much Shiba Inu (SHIB) he is holding. He replied, “None.”
Besides SHIB, Musk was asked whether he had holdings in several other cryptocurrencies, including FLOKI, the token named after his shiba inu puppy.
Instead of responding about each coin, Musk confirmed that he only owned bitcoin, ether, and dogecoin.
“Out of curiosity, I acquired some ASCII hash strings called ‘Bitcoin, Ethereum & Doge.’ That’s it.
As I’ve said before, don’t bet the farm on crypto. True value is building products & providing services to your fellow human beings, not money in any form.”
Out of curiosity, I acquired some ascii hash strings called “Bitcoin, Ethereum & Doge”. That’s it.
As I’ve said before, don’t bet the farm on crypto! True value is building products & providing services to your fellow human beings, not money in any form.
Musk previously said that his companies, Spacex and Tesla, only owned Bitcoin. The electric car company released its Q3 earnings report this week showing $1.26 billion in Bitcoin.
