Category: Cryptocurrency News

Cryptocurrency News and Public Mining Pools

Elon Musk Explains DOGE Edge Over Bitcoin, But Where Is He Wrong?

In an interview for the Lex Fridman Podcast, CEO at Tesla Elon Musk talked about Dogecoin (DOGE), Bitcoin, Web 3, smart contracts and more. Musk has been more involved with the crypto space in 2021, but most of his takes have sparked debate and controversy. Related Reading | DOGE Plunges 9% As Creator Reveals How Much He Holds In This Cryptocurrency When asked about his preferences of DOGE over Bitcoin, Musk claimed that “even though” the former was created as a joke it is superior to BTC on transaction volume, and capability. In his view, the meme coin is also cost-efficient versus the “high price” users need to pay for using the Bitcoin network. Moreover, the Tesla executive believes Bitcoin has been unable to adapt to current times where “better internet connections” make long synchronization times and “small” block size obsolete. He referred to these Bitcoin attributes as “comic” and added the following addressing one of this cryptocurrency’s main features, its fixed supply: I think there is some value to having a lineal increase in the amount of currency that is generated (…). If a currency is too deflationary, if a currency is expected to increase its value over time there is reluctant to spend it (…) Musk’s replies were full of gaps for some users that took the time to demonstrate the counter argument in the Bitcoin versus DOGE debate. Vijay Boyapati, author of “The Bullish Case for Bitcoin”, took to Twitter for this task and to point out the mistake made by the Tesla executive. Talking about the block size for Dogecoin, Boyapati said that although it is in fact larger than Bitcoin, the latter has “orders of magnitude more transactional throughput” via the second layer solution Lightning Network. Historically, the BTC community has opposed any change to the network’s block size. This is due to the numbers of issues that could altered the network and even threatened its existence. In that sense, Boyapati said: Scaling at the blockchain layer is fundamentally flawed as it crucially undermines decentralization and protocol immutability. What Elon Musk Missed On The Bitcoin v. DOGE Debate Boyapati referred to Musk’s other reasons to support Dogecoin over Bitcoin. Addressing DOGE’s low transaction cost, Boyapati claims it’s due to the low network usage and not due to a superior design. Something similar happens to Bitcoin network fees. In times of bullish price action, the Bitcoin network’s fees usually tend to follow the price. The opposite happens in extend periods of downtrend. In fact, the first half of 2021 saw transactions fees of over 50 sats/vB in opposition to todays 11 sat/vB, according to Mempool.space. Boyapati hit the nail on the BTC monetary policy and block size, as he claimed developers would become “central bankers” if they are able to alter these characteristics. Bitcoin has surpassed the $1 trillion in market cap and worldwide adoption because people can verify its immutability, Boyapati added: The problem here is that Elon believes money must first and foremost be a medium of exchange. Rather, money always evolves through stages where it first becomes a store of value THEN subsequently a medium of exchange. Related Reading | Tesla To Accept Dogecoin For Merchandise, Token Soars 30% As of press time, BTC trades at $47,940 with a 2.4% loss in the past day.

Coinone will stop withdrawals to unverified external wallets

The exchange plans to verify users’ names and resident registration details to ensure crypto transactions were “not used for illegal activities such as money laundering.”

What is your worst fear about Crypto?

Let me add to that. What is your worst fear about crypto that’s entirely in your control? My crystal ball is cracked so I don’t know what the future holds for crypto, you can’t predict if a coin will straight up die. But it is in your control about when you choose to sell it.…
Read more

Algofi and Algorand Foundation Launch a $3M Liquidity Mining Initiative to Drive DeFi Adoption

submitted by /u/Dunkey-quotes [link] [comments]

Electricals giant Schneider Electric picks VeChain as ecosystem partner

submitted by /u/mesutdmn [link] [comments]

Brave offers tipping in Reddit, Twitter, and probably more

Just noticed today that there's a "Tip" button when viewing Reddit through Brave Browser. Each post and comment has a "Tip" button where you can support creators in any subreddit (not just on r/CryptoCurrency). Not sure if this has been around for a while or not but I'm just noticing it. Looks like it's also…
Read more

Price analysis 12/29: BTC, ETH, BNB, SOL, ADA, XRP, LUNA, AVAX, DOT, DOGE

Bitcoin and most major altcoins are facing selling at higher levels and buying on dips, signaling a consolidation in the short term.

I’m tired of people acting like Centralization is okay. You make money off it in the short term, but centralization will never last. It defeats the entire purpose of crypto.

Over the past few months I've noticed a trend on this sub where lots of people seem to think that centralized blockchains are fine. I saw this with SOL quite a bit. The reality is that centralized crypto is horrible and it defeats the entire reason why crypto is so great. Centralized crypto is somewhere…
Read more

Agree?

submitted by /u/AdaptiveStrike1 [link] [comments]