Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Billy Markus, an IT engineer who founded Dogecoin in 2013 in collaboration with Jackson Palmer, continues to criticize "DOGE killer" Shiba Inu. This time it was in the context of the potential acquisition of FTX announced by Binance exchange.
The Doge co-founder responded to a tweet by CZ of Binance about the basic steps as to how not to make the same mistakes as FTX. On Nov. 8, Binance announced that it had signed a nonbinding letter of intent to acquire FTX; since it is "nonbinding," Binance may withdraw from the deal at any moment.
CZ offered his followers two important pieces of advice. The first one is to never use the native token of your platform as collateral. CZ stated they have never used BNB as one. The second piece of advice is to have a large reserve of funds to avoid taking on any debt.
Two big lessons:
— CZ 🔶 Binance (@cz_binance) November 8, 2022
1: Never use a token you created as collateral.
2: Don’t borrow if you run a crypto business. Don't use capital "efficiently". Have a large reserve.
Binance has never used BNB for collateral, and we have never taken on debt.
Stay #SAFU.🙏
Users began leaving ironic comments on whether CZ will now rename FTX Arena (a large arena in Miami, Florida, not related to crypto) into BNB Arena.
Yuri MolchanTwitter user @WSBChairman sarcastically wrote that Changpeng Zhao would probably name it "Shiba Inu Arena." Billy Markus then stepped in, stating that this would be an awful name for it. However, in one of the comments above that, he jokingly suggested naming it "Doge Arena."
that would suck so hard
— Shibetoshi Nakamoto (@BillyM2k) November 8, 2022
Earlier this year, Markus criticized SHIB Metaverse, basically calling it nothing but an extra cash-grab for developers who already had it made from just making and launching SHIB. By his estimates, the SHIB dev team plans to earn another $100-$300 million on this, promising that SHIB holders would be able to make passive income.
Markus openly doubted that building virtual land on Etherum would add any utility to the SHIB platform.
Alex Dovbnya
Tomiwabold Olajide
Vladislav Sopov
Dan Burgin