Elon Musk Talks About Important Dogecoin Upgrades

Elon Musk, the CEO of Tesla, has revealed what he considers to be the most significant dogecoin enhancements. He also stated that he has no ties to the Dogecoin Foundation and that he would not be investing in the Shiba Inu (SHIB) cryptocurrency. Musk revealed that he only had three cryptocurrencies in his possession.

Elon Musk on Shiba Inu Token, Dogecoin Improvements

Elon Musk, the CEO of Tesla and SpaceX, tweeted multiple times on Sunday about cryptocurrencies, bitcoin, dogecoin, and the Shiba Inu token.

He was asked if he had any recent discussions with the Doge development team in regards to Dogecoin’s upgrades. Musk said that he hadn’t spoken to them in a while and said:

What counts, in my opinion, are reduced costs, shorter block times, and larger blocks. The simplest option for a medium of trade appears to be a single-layer network with exchanges as de facto layer 2.

Billy Markus, a co-creator of Dogecoin, weighed in on Musk’s Doge upgrade tweet. “Dogecoin being quick, scalable, and economical to transport around is all it needs to be,” he said, adding, “it doesn’t need to be yet another blockchain that supports NFTs or other tokens or anything.” Musk responded with a sign for “hundred points.”

Musk also answered another Doge fan who questioned, “Do you believe if Dogecoin achieves the goals you set forth here, it may be more practical and efficient as a means of trade than something like the Lightning Network?”

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“Perhaps,” said the Tesla executive. Bitcoin was created at a period when bandwidth was limited and latency was significant. We will reach a stage where no second layer is required if both continue to develop significantly.”

“The community for doge is the strongest when it comes to utilizing it as a medium of trade,” Musk said in August, agreeing with Mark Cuban, the billionaire owner of the NBA franchise Dallas Mavericks.

In response to a message on Twitter that stated: “Jared Birchall represents Elon Musk, although as all advisors, he has no direct voting rights,” Musk reiterated Sunday that he had no involvement with the Dogecoin Foundation. This ensures that the foundation remains self-sufficient while benefiting from the experience of shibes like Elon.” The CEO of SpaceX wrote:

This charity has nothing to do with Jared, me, or anybody else I know

In August, the Dogecoin Foundation restarted. Jared Birchall is listed as one of the company’s four board advisors on its website, where he is described as Musk’s “legal & financial advisor.” Markus and Vitalik Buterin, the founder of Ethereum, is also board advisors.

Musk was asked how many Shiba Inu (SHIB) he has in his possession. “None,” the Tesla techno king simply said.

Musk was asked if he owned any other cryptocurrencies outside SHIB, including FLOKI, the coin named after his Shiba Inu puppy.

Musk revealed that he just owns bitcoin, ether, and dogecoin, rather than reacting to each coin individually. “I got several ASCII hash strings dubbed ‘Bitcoin, Ethereum, and Doge’ out of curiosity.” “That’s it,” he stated emphatically. “As I’ve mentioned previously, don’t put all your eggs in the crypto basket. Building things and offering services to your fellow humans, not money in any form, is true worth.”