Jack Dorsey VS Vlad Tenev: The Scuffle Over Bitcoin Fees

Recently on Twitter, we were able to see Jack Dorsey vs Vlad Tenev as both CEOs have different opinions around Bitcoin fees which of course, it resulted in an online beef so let’s read more in our latest Bitcoin news.

Tenev let Dorsey know that he can purchase BTC even cheaper on Robinhood but Dorsey had something to say as well. Sam Bankman Fried popped in with his own opinion as well. The Twitter beef between Jack Dorsey vs Vlad Tenev started when Tenev posted:

 “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.”

Currently, with a 1MB block size and 1 minute block time, Dogecoin’s throughput is about 40 transactions per second (tps).

— VLAD (@vladtenev) April 14, 2022

In a series of tweets, Tenev riffed on the improvements that DOGE will need to become the top currency of the internet adding that the blockchain that handles around 40 transactions per second will have to outperform Visa’s 65,000 transactions per second:

“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!”

nah i’m good i don’t use robinhood

— jack⚡️ (@jack) April 15, 2022

The BTC-loving Dorsey replied with a tweet as well but Tenev was not the only crypto industry proponent to consider DOGE adoption the very same day. The FTX CEO and the co-founder Sam Bankman Fried laid out a vision where Twitter will be decentralized and monetized using Web3 technology. Bankman said that Twitter can charge cents for tweets and also suggested hosting ads on the user interface by using the revenue to pay network fees when the tweets are sent. Bankman Fried’s vision is rambling and quite dystopian. His model gave Twitter’s communities their own powers of censorship and in addition, the FTX CEO suggested that the tweets can be encrypted on teh chain with access to the decryption permitted by the tweeter which uses more control and goes against the public forum style of Twitter and blurs the line between the DMs and the tweets.

6) e.g. At network fees of ~$0.0005, Solana's fees would be a small fraction of the revenue.

This would force some L1 to scale to hundreds of thousands of TPS, if not millions, if likes/RTs were also on-chain. But honestly that's something that has to happen eventually anyway.

— SBF (@SBF_FTX) April 14, 2022

Dorsey beat him to the punch and the Block CEO proposed decentralized Twitter back in 2019. Also as reported recently, Before DOGE can become the future of crypto of the internet and the people and Robinhood CEO Vlad Tenev said that more changes are needed. The Robinhood CEO believes DOGE needs some changes and it said how the meme coin could become the internet’s chosen currency inspired by Tesla CEO Elon Musk’s calls for Twitter to integrate DOGE and the response from Sam Bankman Fried tweeted “sure why not DOGE.”