“This Time He Is Mostly Right”- FTX CEO On Elon Musk
FTX CEO and co-founder, Sam Bankman Freid defended Elon Musk’s recent comments on Bitcoin (BTC) and Ethereum (ETH) asking the community to be “less tribal”. However, the 29-year old CEO does not agree with Elon’s calls to replace the top two cryptocurrencies with Dogecoin (DOGE).
In a thread of tweets sent out 15 hours after Elon’s rant on Bitcoin and Ethereum being slow on their layer 1 platforms, Sam Bankman Fried supported the calls that Layer 2 solutions will only be temporary solutions to the top blockchains’ problems.
“Why do we have to be so tribal?,” SBF Alameda (his name on Twitter) wrote in response to the negative comments Elon has received from crypto Twitter in the past few hours. “Sometimes Elon Musk is wrong, sometimes he’s right. This time I think he’s mostly right.”
Sam further reminded the community of how they praised the second richest man on the planet during the “Elon bullish run” at the start of the year stating,
“A few months ago, we applauded everything Elon Musk wrote, even when it was just memes. Now we decry it, even when he’s making a good point.”
Over the past decade or so, Bitcoin has suffered high transaction rates and low throughput and scalability on its base transaction layer causing high transaction times and making it difficult to use BTC in our daily life purchases. Recently, developers are creating layer 2 solutions to solve the transactional issues, but Sam does not believe these solutions to be sufficient in the long run.
4) Why can't we take points as they are, and acknowledge @elonmusk's complicated relationship with crypto?
And acknowledge that his worries about L1 throughput and energy usage are legit, even if he doesn't always immediately find the best solutions to them.
— SBF (@SBF_Alameda) July 9, 2021
However, the FTX CEO did not agree with Elon’s solution in adopting DOGE, which has a more scalable and faster base layer but is based on Litecoin’s code. He agreed that patching up L1 problems with L2 solutions “only sorta addresses the problems” but claims Dogecoin is not the solution he would go for.
The response, however, is in no way foreign to Sam Bankman Fried, who is also the founder of Solana blockchain, a high throughput blockchain capable of completing over 100,000 transactions a second. He completed his thread mentioning Solana blockchain as a possible contender to Bitcoin’s and Ethereum’s L1 scalability problems.
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