The developer of Dogecoin, Shibetoshi Nakamoto trusts that a collapse of the crypto exchange like Binance and the stablecoin-issuer Tether can seriously damage the crypto industry completely.
He also suggested people to firstly do proper research and know the virtual asset’s sector technicalities before entering it.
Shibetoshi Nakamoto is the developer as well as co-creator of Dogecoin having a real name Billy Markus. He thinks that if one of both the abovementioned name collapses, this can be a “game over” for the industry.
The developer has also mentioned that a growing number of people have noticed that excessive centralization is a “big flaw.”
“to anyone concerned about binance and tether downfall, if any of them falls then it will be considered as “game over”
It is better that many of you are eventually evaluating what this entire thing is and how the centralized thing is a big flaw, but also, it was like this when you purchased too.
Jack Dorsey trusts Nakamoto’s belief
The ex-chief executive officer of Twitter, Jack Dorsey, was one of the people to accept Nakamoto’s belief. He told that a potential disaster like this will surely be “game over for the games.” However, the developer of DOGE trusts the potential unfavorable event will not mean “crypto disappears” but provoke a very major mondo market collapse.
Almost every disturbance in the past, adding the recent fiasco with FTX has given rise to many market collapses and panic among crypto members. The unpredictability has also caused critics to signify bitcoin “dead.”
After dying more than 460 times, the main cryptocurrency is still around and keeps growing its existence all over the world. It has become a legal tender in upset economies such as El Salvador and the Central African Republic, at the same time, many investors see the asset as an attempt to protect themselves against inflation because of its restricted supply.
Some of the market members anticipated the FTX crisis will eventually result in a domino effect and pull other exchanges into a pit.
The major cryptocurrency platform, Binance, made sure its balance sheet is steady and even recharged its Secure Asset Fund for Users to $1 billion to safeguard customers in any case of emergency.
Not only this but also, the company launched an industry recovery fund that will aid wrestling projects at the time of instability.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2022/11/21/the-collapse-of-binance-or-tether-will-be-game-over-for-crypto-shibetoshi/