The need for scaling here is apparent, and the "Dogefather," Elon Musk, has already addressed the issue in a tweet stating...
"Ideally, Doge speeds up block time 10X, increases block size 10X & drops fee 100X. Then it wins hands down."
Now, to be straight, to someone with a rudimentary understanding of blockchain technology, this statement seems a bit like wishful thinking, almost like having your cake and eating it too.
It is not something befitting a literal rocket scientist. To someone whose life work has been in scaling blockchains, for example Vitalik Buterin, the statement probably reads like a child's demand to buy every toy in the store.
Of course, rather than take it out on Twitter, Buterin responded in a purely scientific way, with a 3,500-word research report exploring The Limits of Blockchain Scalability, what's needed to achieve maximum potential and how it applies in the real world.
The paper, of course, like any academic one, was reviewed by four of his peers. The paper is highly recommended, and even I was able to grasp most of what Buterin had to say.
My only criticism is that its focus on Ethereum, a platform that enables smart contracts and complex coding, does not necessarily give us much insight into Dogecoin, which is a purely transactional monetary network.
Rather than a logical retort, however, our rocket-loving billionaire friend responded with three words and a recycled, low-quality meme not even worth republishing here.
The fact that Musk didn't even bother to respond directly to Vitalik, but rather to a tweet from Cointelegraph that was highlighting Vitalik's paper, only shows us that for Musk, this is all about media manipulation.
As we forecasted on Feb. 4 in a daily newsletter titled Pushing Prices, the market has finally grown indifferent to Musk's tweets, and unlike then, where the reaction was clearly visible on all charts, the price reaction to today's tweet was only noticeable to those who zoomed way in.
Even though I'm still holding it, it's almost comforting to see dogecoin underperforming the market on today's bounce.
Perhaps now people have learned some valuable lesson about investing based on tweets...or not.
