Ethereum co-founder Vitalik Buterin recently spoke on DOGE and Elon Musk’s stance on cryptocurrency during the Lex Fridman podcast. The interview addresses Musk’s several tweets on DOGE and its scalability. Fridman quoted Musk’s statement that “Ideally, Doge speeds up block time 10X, increases block size 10X & drops fee 100X. Then it wins hands down.”
Vitalik Buterin speaks on DOGE scalability
Speaking on the scalability question about DOGE, Buterin emphasized that the kind of scalability Musk wishes for DOGE may lead to centralization, thereby opposing the decentralization feature of blockchain technology.
Fridman referred to a blog post by Buterin where he countered Musk’s statement, stating that it is impossible based on technical factors. The interviewer went further to ask Buterin about the technical hurdles preventing Dogecoin from “becoming one of the primary cryptocurrencies in the world.” In addition, Fridman asked Buterin if he fears the DOGE, as Musk said in a tweet.
In response, the Ethereum co-founder said that he does not fear DOGE. He added that he loves DOGE, referring to the actual dog that bears the same name- DOGE. According to Buterin, Dogecoin is used for payment at the annual DevCon conferences. He stated his belief that Ethereum is not opposing Dogecoin. Buterin declared his love for DOGE, and he revealed that he holds “a bunch” of the coin.
Musk’s influence on cryptocurrencies
In addition, Fridman mentioned how Musk could influence the development of cryptocurrencies. Notably, the Tesla CEO has fuelled gains and losses of specific cryptocurrencies over time. The most recent Bitcoin dip is tied to Musk’s criticizing comment on BTC energy consumption.
Furthermore, Buterin said it would be “amazing” to have a secured DOGE to Ethereum bridge. The interviewer also referred to Musk’s interest in Bitcoin before switching to DOGE. Musk used to be a Bitcoin advocate who, at a time, added the Bitcoin hashtag to his Twitter Bio. Sometime in February, Tesla revealed in a filing with the Securities and Exchange Commission that the EV company had bought Bitcoin worth $1.5 billion. The carmaker also said that it would begin to accept Bitcoin as a form of payment.
However, Musk announced that Tesla would no longer accept BTC, stating environmental concerns. Musk has been advocating for DOGE, and Fridman thinks that Tesla may consider acquiring the cryptocurrency. The interview asked Buterin if the programmer thinks SpaceX may consider ETH to debut into crypto space. Buterin is optimistic that Tesla and SpaceX may have to consider ETH sometime.
Fridman further talked about the similarities between the Cardano and Ethereum projects. Cardano is led by Charles Hoskinson, one of the co-founders of Ethereum. It leverages the proof-of-stake consensus like the Ethereum network. The interviewer asked if Buterin sees Cardano as a competitor or a complementary technology.
On the 3rd of May, Forbes announced Buterin as the youngest crypto billionaire in the world. At the time of the announcement, the 27-year old programmer has 333,520 ETH worth $1.09 billion at an ETH price of $3,278.
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