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Peter Schiff Says Bitcoin Still “Has A Long Way to Fall”

Lele Jima
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Peter Schiff Says Bitcoin Still “Has A Long Way to Fall”

Schiff makes new negative predictions for Bitcoin.

Popular cryptocurrency skeptic, Peter Schiff, has continued to make negative predictions for Bitcoin, the world’s largest cryptocurrency. In a tweet today, Schiff pushed the Bitcoin selling narrative to his followers by predicting that Bitcoin will fall further in the foreseeable future.

Schiff, a gold endorser, quoted an old tweet he posted in June, predicting that people will be forced to sell their Bitcoin to cope with the ongoing economic crisis.

He added that things will worsen for the world’s largest cryptocurrency as many Bitcoin investors lose their jobs in “soon-to-be bankrupt blockchain companies.” According to Schiff, people will be forced to sell their Bitcoin to pay their bills, especially as food and energy prices soar.

In his latest push to urge investors to sell their Bitcoin, Schiff quoted an old tweet, saying, “it did not take long for this forecast to come true.” The famous Bitcoin skeptic warned that the lion’s share of BTC sales is yet to take place, adding that the top crypto asset still has a long way to go.

Schiff Constantly Expresses His Skepticism for Bitcoin

Schiff is known for his hostilities toward Bitcoin. He has not failed to express his skepticism about Bitcoin and other cryptocurrencies. Whenever the crypto market is faced with a downturn due to a crisis, Schiff urges his followers to offload their Bitcoin holdings to prevent suffering huge losses.

His recent comments come amid the ongoing turbulence in the crypto market following the collapse of the FTX exchange. Recall that FTX filed for bankruptcy due to an alleged mishandling of customers’ funds. Sources revealed a hole of over $8 billion in the exchange’s balance sheet.

Investors Scamper for Safety Amid FTX Collapse

The FTX collapse wreaked havoc in the entire crypto market, plunging the value of Bitcoin from over $20,000 to $15,700. The volatility in the market led to a massive BTC selloff as investors converted their Bitcoin holdings to stablecoins.

Although Bitcoin has soared to around $16,500, investors are still seen moving large amounts of BTC to cryptocurrency exchanges, thus indicating that many are still selling.

According to Whale Alert, an anonymous Bitcoin investor transferred 2,634 BTC worth $44M to an address on San Francisco-based exchange, Coinbase.

At the time of writing, Bitcoin is trading at $16,585, up 1% in the past 24 hours.

Key Considerations For Launching a Cryptocurrency Exchange

Andrew MacGill
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Key Considerations For Launching a Cryptocurrency Exchange

Once upon a time, the idea of owning digital money probably sounded strange and impossible. However, as cryptocurrency has become more popular in recent years, more and more people have chosen to own and invest in it. Nowadays, almost everyone is educating themselves about blockchain tech and cryptocurrency. People are looking further into details like Kusama price and more blockchain technology to invest in the future.

If you want to buy a cryptocurrency and need help figuring out where to start, a cryptocurrency exchange platform is probably where you’ll begin. Cryptocurrency exchanges are online platforms where people buy and sell cryptocurrency. These platforms act as middlemen between buyers and sellers, letting people buy and sell cryptocurrencies with real money or other cryptocurrencies.

Due to the low trading costs, many investors choose to use cryptocurrency exchanges. But remember that some platforms might not be suitable for beginners and might be too complicated for people who aren’t used to trading stocks. Because of this, it’s essential to know how each exchange platform differs to find the one that works best for you.

Everyone has a different opinion about where to buy cryptocurrency. Before you commit to a cryptocurrency exchange, there are important things to consider, even if you’ve already decided.

Ensure the security authentication levels

One of the main reasons people use cryptocurrency is because it is safe, so it is just as important to choose a secure platform to keep your money safe. Some platforms offer insurance policies to protect your digital currency in case it is stolen or hacked. When choosing an exchange, consider other security features, like a two-factor authentication system.

Each bitcoin exchange utilizes its own unique set of safety precautions. Confirm that the marketplace you’re dealing with supports two-factor authentication (2FA). If this is not the case, the cryptocurrency exchange might not meet the requirements of the current security standards.

Check to see if two-factor authentication (2FA) is supported as well. Google Authenticator, Authy, and Yubikey are three standard methods for 2FA, and they will likely give better security than 2FA based on a cellphone SMS.

Every cryptocurrency exchange also has various security measures, some of which may need to be evaluated, such as reserves for cold storage and custody services.

Run a background check

More than 6,500 cryptocurrencies and more than 300 platforms are currently in use. Before choosing the best cryptocurrency trading platform for your needs, you should do your own research, as there are many options.

It may be a surprise that many cryptocurrency exchanges don’t offer all the cryptocurrencies. A few platforms might be unable to use new coins with small market caps. You should decide ahead of time which cryptocurrencies you want to buy and then choose an exchange that sells them.

Because the cryptocurrency business as a whole is still in its infancy, it is essential to be familiar with the track record of the various cryptocurrency exchanges. Many cryptocurrency exchanges were complicit in illegal operations, hacks, and exit scams, which resulted in their users being placed in a precarious position.

It is essential to research various cryptocurrency exchanges, search for such exchanges on Google with the word “fraud,” and assess the information obtained. It may also be good to search for cryptocurrency exchanges on the many different types of social media platforms available to determine whether or not complaints have been lodged against them.

If you come across something that makes you uncomfortable or is inappropriate, taking a look at the terms and conditions of each platform can be of assistance to you.

Coinbase, Binance, Kraken, Gemini, and Bitfinex are the most respected and prominent cryptocurrency exchanges currently operating.

Always complete your KYC

According to their locations, business methods, and the services they provide, various cryptocurrency exchanges are subject to various laws and regulations.

When creating an account on certain cryptocurrency exchanges, users must provide their personal information as part of the Know Your Customer (KYC) and Anti-Money Laundering (AML) protocols.

These requirements are different for each exchange that you use. To withdraw money from specific platforms or lift certain restrictions, KYC and AML are required.

Whether you’re new to crypto investing or have tried it before, it’s essential to think about how you can store your coins on that platform. There are different opinions about whether you should keep your cryptocurrencies in your hardware wallet or on the exchange. One thing that can be skipped about crypto exchanges is whether or not they have liquidity. You want to make sure you can sell your cryptocurrency whenever you want and for the best price. This means that the exchange needs to have enough trades going on. Usually, the more popular crypto exchanges will have more trades, which is called “liquidity.”

When you started reading this guide, you might have asked, “What is a cryptocurrency exchange?” You should now know better what to look for when choosing a platform. After all, keeping track of your finances, no matter which currency you prefer is an integral part of having a good trading experience.

Vitalik Stunned On Crypto.com Holding Shiba Inu As Reserve

Albert Brown
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Vitalik Stunned On Crypto.com Holding Shiba Inu As Reserve

Shib Proponents Criticize Vitalik Buterin for His Shiba Inu Comments at LABITCONF.


Vitalik Buterin’s Shiba Inu comments at the recent LABITCONF conference have sparked mixed reactions from SHIB proponents, as some berate the Ethereum co-founder for his remarks.

A prominent member of the Shiba Inu community, Lucie, along with other SHIB proponents, has come up to criticize co-founder of Ethereum, Vitalik Buterin, for his remarks on Shiba Inu at the recent LABITCONF conference. Nonetheless, others believe the Ethereum co-founder meant no harm and his words were merely misconstrued.

Recall that Buterin was spotted at the latest Latin American Bitcoin and Blockchain Conference (LABITCONF) 2022, which was held in Buenos Aires, Argentina, amidst the FTX saga. At the conference, Buterin’s opinion was sought on the fact that Singapore-based exchange Crypto.com holds 20% of its reserves in Shiba Inu.

As reported by The Crypto Basic, Crypto.com holds about 20% of its reserves in Shiba Inu; this translates to 32 trillion SHIB, valued at 500M+, which is more than Ethereum as the exchange holds ETH worth $485.9M.

In response to a question about Crypto.com holding Shiba Inu as a reserve, Buterin reacted with a raised eyebrow, indicating that he was taken aback by the revelation. “Wow! 20% in Shiba Inu. That is. . . impressive,” he remarked in response. Buterin highlighted that he is impressed that Shiba Inu still has up to $6B in market cap.

He noted that he does not understand why anyone would hold up to $10 million in Shiba Inu. “I do not understand the psychology of someone who holds $10 million in Shiba Inu right now,” he said.

Reactions from the SHIB community have surfaced, especially considering Buterin’s friendly relationship with the project. Shiba Inu’s anonymous founder Ryoshi claimed that he gifted Buterin almost 50% of the asset’s supply. In May last year, Buterin burned 90% of the SHIB in his portfolio, donating the remaining 10% to charity.

In July, Buterin expressed gratitude to the Shiba Inu team for the project’s role in ensuring the AI Existential Safety Fellowship was a success, The Crypto Basic reported. Additionally, in September, he thanked the Shiba community for supporting the Balvi project.

SHIB has not been immune to the damaging effects of the recent FTX saga, as it appears to have shed 12% of its value in the past week.

Black Swan Author Advises Investors To Take Funds Out of Coinbase as Armstrong Sells $1.6M Shares

Albert Brown
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Black Swan Author Advises Investors To Take Funds Out of Coinbase as Armstrong Sells $1.6M Shares

 

Amid reports of a selloff of Coinbase shares worth $1.6M+ by CEO Armstrong, “The Black Swan” author Nassim Taleb has advised investors to leave Coinbase, dubbing it a “sinking ship.”


Nassim Nicholas Taleb, notable Lebanese-American mathematical statistician and author of “The Black Swan,” has advised investors and customers to leave Coinbase amidst reports of a selloff of Coinbase shares worth $1.6M+ by CEO Brian Armstrong.

Recently, reports surfaced indicating that Armstrong had sold off about 29,732 Class A Coinbase shares worth $1,625,102 on November 11. The data was disclosed in a Coinbase filing with the U.S. Securities and Exchange Commission (SEC). Additionally, Armstrong made a conversion of Class B shares to Class A.

Taleb believes this move indicates looming danger surrounding Coinbase, as he warns the public against investing in the company. ‘Take what you can out of the sinking ship. In the real world, that is, pre-crypto, a CEO never sells his or her own shares while shouting “all is OK,”‘ Taleb remarked in a tweet Thursday.

 

Speaking further, Taleb mentioned that the sales of a company’s shares by a CEO is suggestive of a lack of confidence in the firm on the CEO’s part, which investors should take very seriously, as it could indicate that the firm might be having some issues. Taleb also noted that the fact that it is a tiny portion is the most worrisome part of it. Taleb’s concerns come when the crypto space is experiencing a contagion triggered by the FTX collapse.

In response, co-founder of Ethereum, Vitalik Buterin, disproved Taleb’s assertions of trouble in paradise for Coinbase as a reason behind Armstrong’s sale. Buterin highlighted the “psychological stress” involved with having almost all of one’s net worth in one illiquid asset.

The Russian-born Canadian programmer further noted that diversifying one’s portfolio is prudent and making it is no harm. Buterin added that the mental ease from such diversification could contribute to productivity in the workspace.

“There is absolutely nothing wrong with some diversification, and the sanity boost from diversifying can even improve work performance,” he said.

Recall that barely a week after Coinbase went public on Nasdaq, making it the first cryptocurrency exchange to do so, reports surfaced, revealing that Armstrong sold Coinbase shares worth about $291M on the debut day. A filing with the SEC indicated that Armstrong sold 749,999 shares in three batches.

Notwithstanding, it is important to note that last month, Armstrong revealed his plans to sell off about 2% of his Coinbase shares, with the proceeds heading towards funding scientific research.

Notably, Shopify CEO Lutke Tobias, who joined Coinbase’s board of directors in January, has been on a Coinbase buying spree ever since. Coinbase (COIN) currently trades at 46.76 against the dollar at the time of reporting, down 4.33% in the past 24 hours. Due to the global financial situation, COIN has dipped by 86.52% in the past year.

Binance CEO says “Was Never in Battle With SBF,” And BTC, ETH Not Only Coins To Profit From In Long Run

Albert Brown
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0
Binance CEO says “Was Never in Battle With SBF,” And BTC, ETH Not Only Coins To Profit From In Long Run

CZ Says Binance Never Saw FTX as Competition.


Binance Chief CZ has dispelled claims that Binance sought to dump its FTT holdings as a strategy against FTX, noting that they never saw FTX as a competition.

Changpeng Zhao “CZ”, Chief Executive of Binance, has come up to disprove the widely-held notion that Binance’s decision to dump its FTT holdings was a strategic move against FTX, claiming that his exchange never regarded FTX as a competition in the crypto space.

CZ made these remarks while speaking in a CNBC Squawk Box interview as he sought to weigh in on the recent FTX collapse, its correlation with Binance, and the effects of the fall on the broader crypto space in the future.

When asked if he regrets tussling with FTX’s Sam Bankman-Fried, CZ mentioned that Binance was never in any battle with SBF. If SBF regarded the field as a battle space, with Binance as the opponent, CZ highlighted that they never noticed it because they never saw FTX as a competition.

“We were never in a battle with him (SBF). He may think he’s in a battle with us. We didn’t even notice,” CZ commented. Notwithstanding, he revealed that Binance’s decision to sell off its stake in FTX was triggered by revelations of SBF badmouthing them in DC and other political lobbying circles.

Recall that Binance decided to exit its FTX equity in July of 2021, leading to the exchange receiving $2.1B in Binance USD (BUSD) and FTT – FTX’s native token. This exit came almost two years after Binance noted that it had invested an undisclosed amount in FTX in December 2019.

Furthermore, CZ noted that the recent decision to sell off the FTT Binance received from its FTX exit was also prompted by reports of a looming FTX insolvency and not necessarily as a strategy to take out a competitor.

“That’s all we did. We were never against them. We don’t focus on other smaller exchanges; focusing our energy there doesn’t give us the best return,” CZ said. He added that helping to grow the industry would bring in more clients than taking customers from other exchanges. Hence, Binance wishes to grow the industry “together with other exchanges.” 

CZ does not believe in a BTC and ETH monopoly.

Furthermore, following the FTX debacle and the collapse of FTT, CZ claims that bitcoin and Ethereum are the only tokens that will remain standing at the end of the day. When asked what he thinks about this, CZ mentioned that he believes the crypto space is far from a one-coin-take-all industry.

“If you look at the industry 5-10 years from now, the industry will be much, much bigger. I don’t think bitcoin and Ethereum will be the only coins to profit.”

He highlighted that despite the recent fiascos, he doesn’t believe the industry has got a house of cards situation on its hands, noting that the space is going to get bigger, and several other projects currently building are going to benefit from it, not just BTC and ETH.

CZ sought to quell any concerns of a Binance insolvency

Additionally, inquiries on Binance’s holdings were made. CNBC’s Squawk Box host, Becky Quick, sought to understand where Binance got its marks and valuations as she asked CZ how confident he is in the veracity of the claims made.

Recall that on November 11, as the FTX saga began escalating, Binance’s holdings came to the limelight, as reported by Bloomberg. Holding $74.7B in assets, 40% of its holdings were in BUSD and BNB.

In response to Quick’s inquiry, CZ noted that the holdings refer to customer assets and not Binance’s assets. “The assets we disclosed were 100% user assets – it just means users were holding that much BUSD on our platform. We don’t do any conversions; it’s just held as is,” CZ said.

Due to the FTX implosion being tied to the exchange’s holdings of its native token, FTT, in illiquid assets, questions have been raised on account of Binance holding BUSD and BNB. CZ had to disclose that those assets are user assets and not other tokens converted to BNB or BUSD.

“Our internal operating funds, we have about a third of stable coins. We’re still profitable, so we don’t dig into our reserves for money,” he added, attempting to quell any insolvency concerns.

CZ revealed the reason behind pulling out of the FTX bailout.

Furthermore, when asked why Binance decided to pull out of the FTX bailout deal, CZ highlighted a few pointers that influenced the move. He revealed that the Binance team noticed a major misappropriation of FTX users’ funds, noting that they could not trust any more data with the realization that SBF had lied to everyone, including his customers and investors.

“It was pretty clear pretty soon that there was misappropriation of user funds. At that point, it was clear he was lying to his users, his investors, and his employees,” CZ remarked.

Recall that Binance agreed on November 8 to purchase FTX as the worrisome situation progressed, as The Crypto Basic reported. Notwithstanding, following a due diligence exercise carried out on FTX’s sheets, Binance revealed that the situation was worse than expected, as it pulled out of the deal.

Ripple Publishes White Paper To Guide UK Crypto Regulations

Mark Brennan
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Ripple Publishes White Paper To Guide UK Crypto Regulations

As the UK closes in on completing its crypto regulatory framework, Ripple has released a whitepaper in hopes of guiding lawmakers.

Ripple shared a policy paper it believes can guide the United Kingdom’s crypto regulations such that it becomes the crypto hub it desires to be in a tweet on Tuesday.

Per the document co-authored by Ripple’s Public Policy Director Susan Friedman, Ripple prepared the policy paper based on the comments of industry experts and observers it consulted with this year. Additionally, it asserts that it reflects the blockchain company’s view of the state of crypto asset regulations in the UK and what it can do to become a crypto hotbed. 

Notably, the paper’s release is well-timed as it comes just before lawmakers prepare to make revisions to the UK’s Financial Markets and Services Bill, which will form the basis of the country’s crypto regulatory guidelines.

Ripple, in its recommendations, highlights that before the UK can create crypto regulations, it had to first distinguish between the different types of crypto assets and the risks associated with them. 

“One core distinction is between consumer-facing and business-facing cryptoasset service provides which present different opportunities and risk respectively,” Ripple writes, emphasizing the importance of these differences.

Furthermore, the blockchain payments company points out three pillars going beyond just regulation that needs to be in place to create a budding environment for the emerging crypto sector.

  • Comprehensive and nuanced regulations that account for different crypto assets and their accompanying risk
  • Increased regulatory resources and coordination amongst regulators, allowing for efficient responses to new developments
  • Education of both policymakers and the general public about the benefits and risks of the sector

It is worth noting that in April, under the guidance of then Finance Minister cum Prime Minister Rishi Sunak, the UK declared its interest in becoming a crypto hub. The Finance Ministry also ordered the Royal Mint to create an NFT. However, the latter is yet to happen.

Notably, Sunak was also one of the proponents of the Financial Services and Markets Bill. Seen as a crypto-friendly Prime Minister, many expect to see growth in crypto adoption in the UK under his leadership. 

It bears mentioning that the UK is already the largest crypto economy in Europe, seeing $233 billion in crypto transaction volume from July 2021 to June 2022, per a City A.M. report in October. 

The country also recently approved a bill to utilize blockchain technology in an electronic-based record-keeping system as it transitions to a digital method of documentation in its trade industry, per a report in October by The Crypto Basic.

Cardano Founder Says It’s A Joke to Put FTX Fall On Binance

Lele Jima
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0
Cardano Founder Says It’s A Joke to Put FTX Fall On Binance

Hoskinson described plans to put Binance under congressional scrutiny as a joke.



Cardano founder Charles Hoskinson has reacted to reports stating that Binance’s role in the FTX exchange collapse has come under congressional scrutiny. Cryptocurrency media outlet TheBlock reported yesterday that Rep. Patrick McHenry, R-N.C., a senior House Republican revealed that Binance is under congressional scrutiny for its role in the FTX saga.

According to Rep. McHenry, a bipartisan hearing next month will focus on Binance’s role in the FTX meltdown.

Hoskinson’s Reaction

Reacting to the development, Hoskinson described the move as a “fu**ing joke.” 

Hoskinson said former FTX CEO Sam Bankman-Fried (SBF) was first given a “full pass” in an article published by the New York Times (NYT), and now people think it’s CZ’s fault that FTX suffered a sudden collapse.

“The punchline is that we all get a 50 billion dollar bill, and SBF gets to keep having low rent eyes wide shut parties,” Hoskinson added.

Binance’s Involvement In FTX Saga

Recall that CZ announced on November 6, 2022, that Binance would liquidate its FTT position worth over $530 million after the exchange discovered that FTX was lobbying against industry players. Following the tweet, the price of FTT slumped 10% in less than an hour due to a massive selloff.

In the past few days, many people have alleged that Binance was instrumental in the FTX exchange collapse, which they claim was caused by CZ’s comments in the wake of the FTX saga. Many believe Binance made the announcement just to hurt its competitor – FTX. Binance has repeatedly denied that it did not play any direct role in FTX’s downfall.

FTX Downfall

For clarity, the FTX saga started days before Binance CEO said the exchange would liquidate its FTT holdings. Trouble started for FTX after cryptocurrency media outlet Coindesk reported a black hole of over $6 billion in the FTX balance sheet, suggesting that the exchange has been mishandling customers’ funds.

Two days later, a pseudonymous crypto researcher, Dirty Bubble Media, suggested that the exchange seemed insolvent. He added that FTX has been printing billions of dollars out of thin air.

On November 6, CZ tweeted that Binance would liquidate its FTT position because FTX was lobbying against industry players.

Things had gone out of control, with many FTX users moving their funds out of the exchange. Binance’s move to acquire FTX did not yield positive results, as U.S. authorities launched an investigation into the FTX saga. With SBF left with no option, he filed FTX and FTX.US for Chapter 11 bankruptcy.

Casino Coming To Terra Classic With Ability To Burn 26B LUNC

Mark Brennan
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Casino Coming To Terra Classic With Ability To Burn 26B LUNC

 

Developers have hinted that a Casino that supports LUNC burning may be coming to the network soon.



A new casino may be looking to launch on the Terra Classic network in time for the FIFA World Cup, according to a tweet from Terra Classic developer Rex Harrison AKA Rexzy, today.

“9/4 favorite that a new casino will soon be in town supporting Terra Classic and burning LUNC,” Harrison wrote. “LUNC might even score for the FIFA World Cup.”

Independent Terra Classic development group TerraCVita appeared to confirm the speculation by Rexzy. In a tweet, the group highlighted that a popular casino could burn as much as 24 billion Terra Luna Classic in 6 months, almost as much as the entire community has managed to burn in the last six months.

“That’s just one dApp that can burn nearly as much as all LUNC burned in the last six months,” the group wrote. “Imagine what a thriving ecosystem could burn.”

 

It is currently unclear if they are building the decentralized application or if another entity is building it. However, projects building on the Terra Classic network rapidly increased, and the v23 upgrade has not even rolled out.

Developers have scheduled the upgrade for December and have maintained that it is on schedule to roll out. It promises to make the network fully Cosmos interoperable with technological parity with LUNAv2. Consequently, developers expect a massive increase in the number of projects building on and for the network to attract its budding community.

The hint of a casino launch on the chain comes less than 24 hours after the TerraCVita confirmed that they are on track to launch a decentralized exchange on the network. 

Notably, the network already has a lottery game built by the Terra Rebels, another independent development group. The lottery game called Moonshot has already burned about 18.5 million LUNC after two rounds spanning two weeks. Assuming an average of 9 million in LUNC burns weekly, it could burn 216 million LUNC in 6 months. It is worth considering that some people are unaware of the game.

Should the Terra Classic network find a way to continue to attract and build several DApps actively used by the community, the desired decline in LUNC could happen rapidly.

Mintable Now Supports The XRP Ledger (XRPL)

Mark Brennan
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Mintable Now Supports The XRP Ledger (XRPL)

Mintable becomes one of the first NFT marketplaces to support the XRPL.


Mintable, an NFT marketplace built on Ethereum, has launched support for the XRP Ledger, per a tweet from the platform yesterday.

“Mintable now supports XRPLedger!” Mintable announced. “We’re excited to introduce one of the most secure, sustainable, and efficient blockchains to the NFT ecosystem.”

The NFT marketplace highlighting its motivations, lauded the XRPL for its security, scalability, and eco-friendliness. Mintable hints that it will announce support and incentive programs for XRPL NFT creators and traders soon.

It is worth noting that the platform offers unique benefits that XRPL users can now utilize. For example, it allows users to mint NFTs with no gas fees, and NFT creators can set any royalty rate, usually 5 to 10%. In addition, the pro service equips users with tools for advertising, the ability to create custom stores, and 24/7 customer support. Furthermore, it is beginner friendly as it offers a vast array of educational articles and videos.

DappRadar ranks it as the 113th largest NFT marketplace by volume. Data shows that it has seen ten transactions in the last 24 hours.

“We are excited to partner with Mintable to help bring in new creators and projects building innovative Web3 projects with the real utility to the XRP Ledger,” Emi Yoshikawa, VP of Strategy and Operations at Ripple, said in the press release touting the continued reliability of the XRPL for developers.

Per the press release, Mintable will also support projects from Ripple’s Creator Fund recipients.

Unsurprisingly, users have responded positively to the announcement. For example, one user highlighted it as proof that people use XRP contrary to narratives spread by proponents of other ecosystems.

NFTs became native to the XRPL at the end of October after a delay due to a bug fix. Despite the uncertainty, it saw the minting and launch of 240,000 NFTs and 9000 NFT collections in a week, per a report from The Crypto Basic.

onXRP now reports that XRPL PUNKS has already reached 1 million XRP in secondary sales.

Shiba Inu Lead Developer Posts Mysterious Tweet, Community Thinks Its About Shibarium

Lele Jima
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0
Shiba Inu Lead Developer Posts Mysterious Tweet, Community Thinks Its About Shibarium

Kusama drops a mysterious tweet that has got many people guessing.


The pseudonymous lead developer of Shiba Inu, Shytoshi Kusama, recently posted a mysterious tweet that got the SHIB community wondering what it could be about. In the tweet, Kusama noted that an “initial design” had been approved. The lead developer of the canine-themed cryptocurrency added that following the initial design approval, he can now “double down.” 

“Let the debris show itself as the flow of kindness and truth washes over the world,” he added.

 

SHIB Holders Think It’s About Shibarium

Since Kusama posted the mysterious message, members of the Shiba Inu community have taken to the comment section to guess what project the lead developer is referring to. 

Many Shiba Inu enthusiasts believe that Kusama refers to the much-anticipated Layer-2 scaling solution dubbed Shibarium.

@eltonbrum1 asks:

Why SHIB Holders Think It’s Shibarium

It is not out of place for Shiba Inu enthusiasts to think Kusama’s mysterious message could be about Shibariuum. Lately, the L2 network scaling solution has been one of the top priorities for the community and the SHIB development team. 

After completing the Shiba Eternity Players Guide, Kusama noted that he is now focused on Shibarium. Kusama said he would explain in a blog post why he’s now focused on Shibarium. However, Kusama is yet to publish the blog post.

Shibarium Features

Shibarium is an integral part of the Shiba Inu ecosystem. The L2 network is tipped to become the destination for all Shiba Inu products, including SHIB token, SHIB metaverse, Shiboshi (the project’s non-fungible tokens), etc. The scaling solution, which is being developed in collaboration with Unification, is expected to have similar features as Polygon in terms of security, scalability, and operability. 

No Date Yet for Shibarium Launch

With these enticing features, the community has been anticipating the launch of Shibarium. However, the development team has remained quiet about Shibarium’s official release date. 

Unification had previously announced that Shibarium alpha and public testnet would roll out by the end of September 2022. Unfortunately, the project did not launch as scheduled, prompting widespread criticism from Shiba Inu enthusiasts. 

In response to the criticism, Kusama said Shiba Inu did not give the launch date for Shibarium public beta. He added that Shiba Inu does not give dates to determine when new projects will go live. The Shibarium development team insists that the L2 scaling solution will soon roll out. 

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