Elon Musk is literally sending the Bitcoin rival Dogecoin to the moon with his endless shoutouts.
Musk tweeted to clarify why he’s supporting Dogecoin so often, telling another Twitter user that dogecoin “has dogs and memes,” his tweet helped the dogecoin value bounce back from a precarious sell-off throughout the end of the week.
Musks tweet was a response to the question tweeted by Dave Lee, a YouTuber and Tesla investor, “Curious what are your thoughts on ethereum 2.0, cardano, solana, Polkadot, IOTA and others that are trying to scale with low fees,” “What makes you choose doge over them?”
On May 15, Musk tweeted that
Ideally, Doge speeds up block time 10X, increases block size 10X & drops fee 100X. Then it wins hands down.
To criticise Musk’s May 15 tweet, Vitalik Buterin, co-founder of Ethereum, published a lengthy paper on his blog highlighting the trade-off between decentralization and scalability in architecting blockchain interfaces.
To which Musk tweeted that, Vitalik Buterin “fears the [doge].”
Earlier, Musk announced to developers to propose ideas for dogecoin upgrades and improvements via Reddit and GitHub.
Someone suggested changing dogecoin fees based on phases of the moon, which is pretty awesome,” Musk added, “told [him] they would appreciate the help.
Regardless of attracting criticism for its “joke coin” and absence of advancement, Dogecoin has drawn many new investors and billionaires since last year.
Nevertheless, In an interview in February, Musk said all his dogecoin-related remarks shouldn’t be viewed seriously, which remains to cast skepticism over how much recognition should be given to Musk’s constant, market-moving dogecoin posts.
One River Carbon-Neutral ETF
Since Elon Musk announced that Tesla would no longer accept the cryptocurrency as a payment means for its electric cars due to environmental issues, Bitcoin value has dropped swiftly.
Many lengthy reports had been published supporting Bitcoin. A report from Galaxy Digital showed that the traditional banking system consumes much more energy than the Bitcoin network.
The report assesses Bitcoins yearly power utilization to remain at 113.89 (TWh) per hour, including energy for miner demand, miner power consumption, pool power consumption, and node power consumption. This sum is, at any rate, multiple times lower than the cumulative energy devoured by the banking system (263.72 TWh) and the gold industry (240.61 TWh) on a yearly premise.
On the other hand, One River, Digital Asset Management Firm, has recently filed for a carbon-neutral bitcoin ETF that makes up for the emissions from mining the blockchain using carbon credits.
However, the firm will not provide direct exposure to bitcoin. Instead, it will be associated with third parties to offer the asset through the selling and redeeming of shares.
A bitcoin ETF would give financial backers direct openness to digital money utilizing its listing on a stock trade. While it would be a considerable advance forward for the market, the market instability could demonstrate a lot for an average retail financial backer with little experience with the market.
The U.S. Securities and Exchange Commission (SEC) is yet to allow a bitcoin ETF, despite numerous filings in the past 12 months. The SEC’s officials have been suspicious of accepting an ETF, reportedly because of investor protection and market manipulation concerns.
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