geminiearn

#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.

#xrp Iată o listă de criptomonede care au arătat performanțe maxime cu sentimentul bullish actual din piață.
Pe măsură ce piața crypto se îndreaptă spre tradiționala sa rally „Uptober”, o atmosferă bullish se instalează, condusă de cel mai mare #cryptocurrency Bitcoin cu câștigurile sale semnificative. Această presiune de cumpărare reînnoită se revarsă în sectorul altcoin-urilor, cu anumite token-uri înregistrând cele mai mari câștiguri săptămânale. Astfel, dacă momentum-ul bullish persistă, aceste token-uri sunt mai bine poziționate pentru a susține o rally durabilă.

#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

#geminiearn John Deaton's remarks come amidst concerns about alleged backdoors in the Bitcoin Lightning network's code.
Prominent legal expert and crypto advocate John Deaton has taken a swipe at the Lightning Network, describing it as inferior to the ‘Spend The Bits’ protocol on the $XRP Ledger (XRPL).
#xrp Lawyer Takes A Dig At Lightning Network
Deaton made his preference known via Twitter on a Saturday, while declaring his involvement with ‘Spend the Bits’ as an angel investor and his new position as its Chief Legal Officer.
“[The] major reason I invested in Spend The Bits is my sincere and honest belief that it is a superior alternative to the lightning network for spending your Bitcoin,” Deaton wrote encouraging followers to consider the protocol.
Notably, this is not the first time Deaton has publicly endorsed of ‘Spend The Bits’ as an alternative to the widely recognized Lightning Network on the Bitcoin blockchain. Earlier last month, the pro-Ripple lawyer endorsed the protocol describing it as a “much better, faster, and more secure way to spend your #bitcoin than using the Lightning network.”
Why John Deaton Thinks Spend the Bits is Superior
Interestingly, Deaton’s Saturday announcement was particularly timely, coinciding with a tweet shared by #crypto sleuth ‘WhaleWire’ who highlighted a concerning development in the Lightning Network. The tweet, shared by WhaleWire, asserted that a prominent Bitcoin developer had identified a significant security risk within the Lightning Network, leading him to announce his departure from the project.
According to the tweet, the developer claimed that there were intentional backdoors in the Lightning Network’s code, potentially granting attackers full control of the network. Notably, some of the main supporters of the Lightning Network include Tether, Bitfinex, and BlockStream. This assertion prompted questions and concerns about the security and integrity of the Lightning Network.
Recently, WhaleWire highlighted that Bitcoin’s Lightning Network usage has sharply declined by an alarming 84% compared to the previous year, and its capacity has dwindled by 15% over the past three months.
Currently, the Lightning Network can facilitate transactions involving only 5,338 $BTC , according to stats from ‘IML’, representing a mere 0.025% of Bitcoin’s total supply. This striking development has raised questions about the network’s robustness and sustainability. This astonishingly negative statistic is further compounded by the Layer 2 payment protocol’s capacity shrinking by around 15% over the past three or so months.#bnbgreenfield

#bnbgreenfield Sprijinul fervent al lui Tom Emmer pentru sectorul #cryptocurrency sugerează că va susține interesele acestuia dacă va fi ales Speaker.
Reprezentantul Republican Tom Emmer și-a declarat oficial candidatura pentru rolul de Speaker. Într-o scrisoare convingătoare adresată colegilor săi sâmbătă, legislatorul pro-#crypto a exprimat angajamentul său neclintit de a îndeplini promisiunile făcute poporului american și a conturat viziunea sa pentru viitorul Camerei.
Angajamentul lui Tom Emmer
Reflectând asupra ultimelor zece luni, Emmer a subliniat problemele presante care afectează națiunea, pe care a promis că le va ajuta să le rezolve, inclusiv datoria crescândă, criza de la graniță, dificultățile economice și politica externă slabă.