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#geminiearn Member of #Shibainu team has explained purpose of SHI and warned the #SHIB community about this stablecoin and TREAT token
One of the members of the Shiba Inu team, using the pseudonym Vet Kusama, has taken to the X social media platform to address the SHIB army regarding the SHI stablecoin, which is currently in development.
He made an important warning about SHI and TREAT tokens and explained why the Shiba Inu ecosystem needs a stablecoin in the first place. Recently, the SHIB team has published several warnings about fake TREAT tokens being offered to the SHIB community by scammers.
Here's why Shibarium needs SHI
Vet Kusama wrote in the X post that SHI is part of the Shiba Inu ecosystem, and it will serve as a stablecoin on Shibarium. He explained that stablecoins are necessary and they have a "major role in projects that create their own chains and in other digital asset purchases and sales, keeping their users' money in balance with fiat currency."
For the same reason, Kusama wrote, the $BNB Chain had its BUSD stablecoin (but it is no longer issued). Besides, stablecoins on a blockchain contribute to the growth in trading volume.
Kusama reminded the $SHIB army that the global #crypto community "saw some bad examples last year." One of those was the collapse of the UST stablecoin issued by Luna Foundation Guard, then #Binance 's partner Paxos had to stop issuing BUSD after the American regulator, the SEC, called it an unregistered security.
For these reasons, Vet Kusama emphasized, the SHIB development team is working on SHI "meticulously and in the most professional way to avoid any negativities." He also shared a screenshot of an article by the mysterious SHIB founder Ryoshi about SHIB, BONE, SHI, LEASH and TREAT tokens.
Ok. What is Shi?
Shi is part of the shiba ecosystem that will serve as a stablecoin in the shibarium chain.
In article Ryoshi talked about Shi, although not technically, what Shi's purpose was.
So why do we need a stablecoin?
Stable currencies play a major role in projects… pic.twitter.com/JPoB2d1Oux
— Vet KUSAMA ™ (@vetkusama) October 19, 2023
Here comes warning from Kusama
Vet Kusama once again warned the Shiba Inu community, stating that there are no official details released yet about the value or supply of SHI. This stablecoin has not been deployed and released yet, he said. Neither has another token, which is currently in development, TREAT.
"Everyone will meet Shi and Treat at the same time," Vet Kusama warned, adding that there are "no pre-purchases or airdrops."
TREAT is going to be used as a reward for staking in the Shiba Inu ecosystem, according to earlier statements by Shiba Inu reps. Recently, various SHIB team members, including marketing content expert Lucie, warned the SHIB army that TREAT remains in development, and anyone who offers to buy this token or states that it has been released is either a scammer or is spreading fake news.
PayPal's stablecoin PYUSD vs. SHI
In early August this year, when the PayPal giant launched its own dollar-pegged stablecoin PYUSD, the crypto community (SHIB army members among them) poured criticism on this product as it has an embedded function of freezing and then erasing users' balance of PYUSD.
The SHIB community then opposed SHI to PYUSD, stating that when the former is launched, it will be a game-changer. Unlike centralized stablecoins, like USDT and $USDC , which can freeze your balances, the SHIB army is focused on decentralization and protection of users' personal data.

#geminiearn Dogecoin creator, who resides in California, slams US system of taxes for targeting elderly
Billy Markus, known on the X social media app as Shibetoshi Nakamoto, who created the original meme coin DOGE together with Jackson Palmer in 2013, is a frequent X app user who shares his takes not only on things related to DOGE and crypto in general.
This time, Markus commented on the U.S. taxation system. This is his second recent comment on it, the first one was to do with crypto.
$DOGE founder slams U.S. taxation system
Markus commented on an X post by the @unusual_whales account, which cited Fed Reserve data about 55.8 million Americans, who are older than 65 now and constitute 17% of the country's population, owning "half of America's wealth," which the government can gradually extract by means of taxation.
To that, the DOGE founder responded with critique, stating that "The government is salivating over getting to re-tax the already taxed money when they die."
the government is salivating over getting to re-tax the already taxed money when they die
— Shibetoshi Nakamoto (@BillyM2k) October 21, 2023
On Oct. 9, Markus stated that if the U.S. government believes crypto not to have innate or inherent value, then they should not take taxes on crypto sales. "Then return all the taxes y'all made me pay for receiving it you horrific evil hypocrites," Billy Markus tweeted.
Markus says crypto's "realness is transitory"
Elon Musk, the boss of the X app, supported him then, tweeting: "It's real if you have to pay taxes, but otherwise not real?" Markus' response was maybe what the crypto community did not expect to see. He wrote, "Its realness is transitory." It remains questionable whether Billy Markus believes all crypto to be real assets.
He recently admitted that he likes Bitcoin and Ethereum but does not like ERC20 tokens based on the latter. Still, he has many times earlier stated that he believes crypto prices go up and down randomly and compared investing in crypto and NFTs to mental illnesses. This sounds even stranger since Markus himself makes and sells non-fungible tokens.
In early January, Markus also revealed that he had to sell some of his #Ethereum to pay taxes for selling NFTs in 2022. Back then, the ETH price was $1,190, and right after he sold his "bunch of $ETH ," the price of the second largest crypto jumped by roughly 20%, reaching $1,220.
Billy Markus supports Musk's coming X app update
As covered by U.Today on Friday, Elon Musk announced that soon there will be two tiers of Premium subscription launched on the X app. One will be a cheaper one but will make users watch adverts. The second one will be more expensive, however adverts will be removed from there.
The crypto community eagerly responded to that, some even offering to pay in #crypto — #xrp . However, a great deal of X app users seem to be unhappy about it. Billy Markus has addressed this issue in his X post today, stating that "If people enjoy using a product, they should be down with either paying for it or seeing ads."
if people enjoy using a product, they should be down with either paying for it or seeing ads
businesses require money to survive, or it cannot pay its employees or other business obligations, such as servers
this is quite obvious btw, some of y’all need a reality check
— Shibetoshi Nakamoto (@BillyM2k) October 20, 2023
He explained the obvious thing — businesses need to earn money in order to survive, pay salaries to their staff and so on. Markus said that this should be obvious but some people apparently need a reality check here.#bnbgreenfield

#bnbgreenfield Tom Emmerova vášnivá podpora pro #cryptocurrency sektor naznačuje, že bude hájit jeho zájmy, pokud bude zvolen předsedou.
Republikánský zástupce Tom Emmer oficiálně oznámil svou kandidaturu na předsedu. V přesvědčivém dopise adresovaném kolegům v sobotu vyjádřil svůj neochvějný závazek splnit sliby učiněné americkému lidu a nastínil svou vizi pro budoucnost Sněmovny.
Slib Toma Emmera
Reflektujíc na uplynulých deset měsíců, Emmer poukázal na naléhavé problémy, které sužují národ, a slíbil, že pomůže je vyřešit, včetně rostoucího dluhu, krize otevřené hranice, ekonomických potíží a slabé zahraniční politiky.

#geminiearn Poznámky Johna Deatona přicházejí uprostřed obav ohledně údajných zadních vrátka v kódu Bitcoin Lightning Network.
Významný právní expert a obhájce kryptoměn John Deaton si rýpl do Lightning Network, popisuje jej jako horší než protokol ‘Spend The Bits’ na $XRP Ledger (XRPL).
#xrp Právník si rýpl do Lightning Network
Deaton dal najevo své preference prostřednictvím Twitteru v sobotu, když oznámil svou účast na ‘Spend the Bits’ jako andělský investor a svou novou pozici jako Chief Legal Officer.

#xrp Here’s a list of cryptocurrencies that showed peak performance with the current bullish sentiment in the market.
As the crypto market leans into its traditional “Uptober” rally, a bullish atmosphere is taking hold, spearheaded by the largest #cryptocurrency Bitcoin with its significant gains. This renewed buying pressure is trickling down to the altcoin sector, with certain tokens recording the highest weekly gains. Thus, if the bullish momentum persists, these tokens are better positioned to carry a sustainable rally.
Bitcoin SV Price Analysis: Minor Pullback Plausible Before the Next Leap
Source- Tradingview
Over the last five months, the #bitcoin SV price has witnessed a bullish recovery rally under the influence of an ascending trendline. Amid this rally, the coin price has rebounded multiple times from the trendline, reflecting the buyers were aggressively buying at the dip.
On October 16th, the coin price witnessed its last reversal from this dynamic support, leading to a 66.5% surge to hit the $56.3 resistance. However, with an intraday loss of 12%, the daily chart shows evening star reversal patterns which indicate the coin price may revisit the lower trendline, registering a potential pullback of 20%.
However, until this trendline is intact, the BSV price may prolong the recovery rally.
Solana Price Analysis: Will $SOL Surpass $30 Mark?
Source- Tradingview
Bolstered by the overall bullish sentiment in the crypto space, the Solana price gave a decisive breakout from the neckline resistance around $24.6, completing an inverted head-and-shoulders pattern. In theory, the bullish reversal setup is commonly spotted at the market bottom, offering a significant upturn in price behavior.
So far, the post-breakout rally has surged the coin price from $24.7 to the current trading price of $28.4, accounting for a 14.5% gain. In response to this reversal pattern, the bulls are eyeing a rally to the $32 mark, indicating a potential gain of 12.5%.
Chainlink Price Analysis: Bullish Pattern Hints a New Uptrend
Source- Tradingview
Over the weekend, the Chainlink price rode the “Uptober effect” wave in the #crypto market, experiencing an impressive 27% rise from $7.26 to $9.27. This ascent was particularly noteworthy as it marked a decisive breakout from a falling wedge pattern that has been shaping the $LINK price trend since May 2022.
The breakout occurred on October 21st, suggesting an end to the asset’s accumulation phase and signaling the onset of a new bullish rally. The falling wedge pattern breakout points toward an optimistic price target of $12.6, which would represent a further 36% gain.#geminiearn