Jack Dorsey vs. Vladimir Tenev on Bitcoin transaction fees
Twitter CEO Jack Dorsey and Robinhood CEO Vladimir Tenev went up against each other on Twitter about Bitcoin transaction fees, with the latter actively endorsing Dogecoin
By Shashank Bhardwaj
Jack Dorsey, co-founder, Twitter
Image: Joe Raedle/Getty Images via AFP
In a brief Twitter war that broke out on Friday, April 15, Robinhood CEO Vladimir Tenev and Twitter co-founder Jack Dorsey went on about Bitcoin transaction fees.
In his tweet on April 15, Tenev wrote: “Can #Doge truly be the future currency of the Internet and the people? As we added the ability to send/receive DOGE on Robinhood, I’ve been thinking about what that would take.”
In a series of follow-up tweets, Tenev doubled down on the changes Dogecoin would need to become the internet's top currency, saying the blockchain would have to "significantly outperform" Visa. "Currently, with a 1MB block size and 1 minute block time, Dogecoin’s throughput is about 40 transactions per second (tps). As against that, Visa’s network can theoretically handle 65,000 tps. Doge would need to be able to significantly outperform Visa, which entails increasing throughput by at least 10000x," he wrote.
Tenev further pointed out that, unlike Bitcoin, Doge has an infinite supply. "Another criticism of Doge is that it’s inflationary and the supply is infinite, as opposed to Bitcoin’s finite supply of 21M coins," he said. However, he explained that the inflation rate of Doge is lower than that of the dollar because of the number of tokens created each year. “Dogecoin core devs, I would focus on one thing: coming up with a good process for increasing the block size limit over time. Let me know what you all think!”, he added.
Suggesting that the Robinhood CEO might be hungry for his attention, Bitcoin endorser Dorsey replied to the Twitter thread with a sarcastic “u thirsty?” to which Tenev replied, “u mad?”. Dorsey exited the thread with a "nah, i'm good, I don't use Robinhood,” to which Tenev replied, “you would pay less for your bitcoin if you did!”
The writer is founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash