Why do crypto giants laugh at Musk's optimization theory for Dogecoin? Yearn core developer: It seems like he just arrived in 2017.

Elon Musk's recent tweet about "optimizing Dogecoin" sparked controversy, with more criticism coming from Bitcoin supporters and experts in the blockchain field. This seemed to lead to Musk hinting at Tesla selling Bitcoin in Q2. What did these experts say? Why do they think Musk's idea is shortsighted?

The Musk Saga

• 1/29: Changed Twitter bio to #Bitcoin
• 2/8: Tesla announced $1.5 billion Bitcoin purchase in SEC filing
• 3/24: Tesla website started accepting Bitcoin payments
• 4/27: Tesla sold 10% of its Bitcoin holdings
• 5/8: Dogecoin hits an all-time high of $0.739 ahead of Musk's SNL appearance
• 5/10: SpaceX announced full Dogecoin payment for lunar mission
• 5/13: Tesla suspends Bitcoin payments citing energy consumption
• 5/14: Musk stated continued belief in cryptocurrencies, collaborating with Dogecoin developers
• 5/15: Offered extensive advice to Dogecoin team since 2019
• 5/16: Claimed Dogecoin improvements will surpass Bitcoin
• 5/17: Pledged full support for Dogecoin, hints at selling Bitcoin holdings in Q2

What Do Crypto Leaders Say?

Following Tesla's suspension of Bitcoin payments due to energy concerns, prominent Bitcoin enthusiasts and industry influencers have intensified their advocacy efforts, emphasizing that no one, including Musk, can alter Bitcoin, and some even expressed that Bitcoin does not need Musk.

Twitter CEO Jack Dorsey

Bitcoin changes everything... for the better. We are committed to making Bitcoin better.

He seemed to imply, "No one or institution can alter or stop Bitcoin."

MicroStrategy CEO Michael Saylor

The world needs a decentralized, secure, deflationary value store like Bitcoin, which is in far greater demand than a less secure, inflationary transaction medium.

He previously emphasized, "Proof of work (PoW) is an engineering masterpiece, providing seven layers of security through consensus mechanisms and real-world anchoring."

Paradigm Co-Founder Matt Huang

Elon Musk has incredible intelligence, almost a national treasure; cryptocurrencies like Bitcoin often challenge conventional thinking; regardless of Musk's final stance on Bitcoin, Bitcoin will continue to move forward.

Yearn Founder Andre Cronje

If you are serious about improving the cryptocurrency space, let's have a chat. I have experienced all the pitfalls you are encountering now, and I am happy to share the mistakes I've made and the lessons learned.

Yearn Core Developer Banteg

Musk is like arriving in the 2017 crypto market, and he has a complete "catch-up" cycle. For industry veterans, this is a ridiculous solution to scaling Dogecoin.

CZ, Anthony Pompliano

Former Bitcoin enthusiast Anthony Pompliano, Pomp, had high hopes for Musk, believing he would enter the green energy mining industry. However, after the "Dogecoin optimization" statement, Pomp began to mock:

Listen, let's create a payment system that is 10 times faster, 10 times cheaper than traditional banking systems, and 100 times more decentralized. This could be a trillion-dollar idea.

Binance CEO Zhao Changpeng also echoed:

This is a $1,000 trillion business, any 10 times in any dimension is a trillion-dollar 10 times.

Banteg mentioned 2017 when Bitcoin was already embroiled in debates over scaling issues, eventually leading to the fork Bitcoin Cash (BCH), which had 8 times the block size and several times the transaction speed of Bitcoin.

The Blockchain Trilemma

Increasing block size does directly help the transaction throughput per second, but it also raises the operating cost of nodes, which may lead to reduced security.

This is the blockchain trilemma, where "security," "decentralization," and "transaction throughput" cannot be all achieved at once. This is a well-known issue, which is why crypto leaders dismiss Musk's optimization argument.

However, Bitcoin enthusiasts sometimes overly zealously preach, making Bitcoin appear cult-like to outsiders. Peter McCormack, founder of WhatBitcoinDid, believes Musk's tweets have an impact, so why didn't he intervene when Musk changed his Twitter bio to Bitcoin earlier?