Elon Musk talks Dogecoin block time, size and fees

We all know Elon Musk is a huge Dogecoin enthusiast as he is often referred to now as the Dogefather, with the SpaceX and Tesla boss giving some tips to Dogecoin developers.

In a recent tweet, Musk said he was "working with Doge devs to improve system transaction efficiency. Potentially promising" -- but that was May 14 and that is an eternity in the world of cryptocurrencies, and the life of Elon Musk. In his latest tweet, Musk was replying to someone who said Dogecoin was superior to Bitcoin in many ways.

Musk replied to a tweet that said "Dogecoin has faster transaction speeds, lower fees, and less environmental impact" than Bitcoin. The tweet continued, saying Doge is "affordable for regular folks because of its high supply" to which Musk replied: "Ideally, doge speeds up block time 10X, increases block size 10X and drops fee 100X. Then it wins hands down".

But the tweets didn't stop, as @loshan1212 replied to Musk and said: "10MB blocks every 6 seconds, with fees so low that anyone can spam attack the network with very little spent on fees", to which Musk said: "For those bad at math, 100X higher transaction volume with 100X lower fees means total fees earned stay same. Low fees & high volume are needed to become currency of Earth".