The Darkside of Binance Shiba Inu Staking? (Follow Ryoshi’s Advice)

Hello Shiba Inu Community Members, maybe, while we are writing this Shiba Inu article, you are so pleased dreaming about earning a 33%+ annualized interest rate by Binance Shiba Inu Staking, as the interest rate here is way more than the ShibaSwap. But, do you know? The Shiba Inu creator Ryoshi himself wants community members to avoid centralized exchange like Binance, and he prefers them to use the decentralized exchange. Ryoshi’s dream is to form Shiba Inu in a complete decentralized structure. In today’s article, we are illustrating why Ryoshi wants to avoid centralized exchanges. We brought the behind-the-scenes and logistics behind this willingness of Ryoshi to the front in this Ryoshi’s article. Besides that, we also highlighted how risky these crypto centralized exchanges are for your Shiba Inu token.

Shiba Inu on Centralized Exchange

Before talking about the issue of Ryoshi and Binance Shiba Inu Staking, we should know the detail of Ryoshi at first. Even though Ryoshi is an anonymous character till now, we could uncover some secret information about his identity by running a deep analysis. You might be startled to know this information!

Who is Ryoshi?

Most of the experts think of SHIB to be a vitaliks fun token. It’s because Vitalik himself burnt a huge portion of those tokens and also coached India about the right way of dumping them. Some of those experts also thought of Vitalik to be a literal mastermind.

Many crypto veterans even thought Shiba would be introduced after a certain time. Few others think Vitalink is not the lone developer of this project, some brainiacs are there with him.

‘’Ryoshi Vision is an ERC-20 token and only available through ShibaSwap. DO NOT purchase the BSC pegged Ryoshi token!’’ is the slogan by shiba community.

• Some experts suspect Ryoshi to be a Peruvian National who now lives in Moscow. According to them, his authentic name could be Edinson Carranza.
• Ryoshi published a post on the Medium page. And his posted picture was of Vitalik Buterin and some other people. Atsuko Sato was one of the people in that picture, and he is the owner of the original doge meme dog.

After seeing the picture, we went through other pictures and blogs of Atsuko Sato. And, from there, it has been clear to us that there is a close relation between Vitalik and Atsuko.

• So who is Ryoshi?

The CryptoOOF team is predicting that Ryoshi could be Ayako Miyaguchi or someone acquaintance of him. Because we saw that Atsuko knows Ayako Miyaguchi, who is the current Executive Director of the Ethereum Foundation, and Ayako came to visit Atsuko and her dog, which came to our sight through his blog. But our assumption can be wrong too.

What we can guess now is there is a team of highly influential individuals behind Shiba Inu. Since we don’t certainly know whoever Ryoshi is.

Now, you think who could be the person? As the CryptoOOF team has a lot of questions, it keeps its research running.

Ryoshi’s own statement:

Ryoshi thinks of himself to be nobody. He thinks disclosing his identity will be an impediment to the way of achieving success. He dubbed himself to be some guy of no consequence tapping at a keyboard, and he is replaceable.

There is nobody in charge of Shiba, and no one belongs to the keys of the kingdom. Ryoshi said that he received many messages saying Ryo will get a billionaire once Shiba token gets into the moon. As per him, he has no SHIBA in his hand. It’s because holding Shiba will impede him to play his role. That’s why he thinks himself to be pure and unbiased.  

Well, we finished writing about Ryoshi, the creator of Shiba Inu, in detail. Now is the time to discuss where Ryoshi gets into the conflict with Binance Shiba Inu Staking. We are setting out to write about this issue right now. Ryoshi is obviously discouraging the Shiba Inu Community to use Centralized Exchange like Binance. 

Shiba Inu on Decentralized Exchange

Source of Ryoshi’s Statement

Ryoshi dislikes many centralized exchanges because these exchanges are accustomed to annihilating community projects by price suppressions. But his compliance is in favor of Uniswap and DEX.

What are you thinking? Yes, you are right. Ryoshi is fully in disfavor of centralized exchanges. Ryoshi is a very ambitious and community-friendly crypto leader. Do you know why we are saying so? We are amazed at how much crypto-friendly a crypto creator declares war on the centralized exchanges at the beginning of his crypto project, whereas maximum crypto projects venerate centralized exchanges like Binance, Coinbase, etc. And even they spend millions of dollars to get enlisted in those centralized exchanges.

But Ryoshi?

• In this respect, Ryoshi is fully different from everyone else. He has an interesting vision. That Ryoshi keeps himself behind the curtain is also a long-term vision for the Shiba Inu project. We are going to describe the vision of Ryoshi about Shiba Inu in detail a bit further.

But before that maybe you have a question in your mind. Why does Ryoshi dislike centralized exchanges like Binance, Coinbase, Kuchain, and etc? Let’s get the answer from A to Z. Is the opinion of Ryoshi valid or invalid? So, the question is……….

Why Doesn’t Ryoshi Like Centralized Exchange like Binance?

Binance is presently at the peak of popularity leaving behind other exchanges in terms of daily trading volume and market capitalization. It has been consistent in this position since 2018.

Let’s move on to the cardinal facts, why Ryoshi wants the Shiba Inu Community to remain aloof from the centralized exchange like Binance?

• Wash Trading:
  
  Wash trading is a kind of market manipulation in which an investor simultaneously buys and sells the same coin to create misleading in the marketplace. It’s an artificial activity. Suppose, a seller places a sell order of 1 Ethereum, and the same seller then places a buy order of the same coin to buy from themself. Such wash trading is commonly being done by exchanges nowadays. Recently, ten exchanges have been found in committing such wash-trading. And many are engaging in wash trading gradually.

The Evil effects of Wash Trading: Verily indeed, the victims of wash trading are retail crypto traders like you. For example, we all know that it is risky for us to buy those Crypto Projects with low trading volume. The reason is that manipulating crypto projects with low trading volume is really easy. Suppose, you see a Crypto project obtained a trading volume of only 45K USD in the last 24 hours, and you won’t be willing to buy this project because of the low trading volume.  This parameter is much important to measure the legitimacy of a crypto project.

But, if you see the same crypto project obtained a volume of 3M USD, then what? Then you will have an interest in buying this crypto project providing that the project is fundamentally strong.

Maybe you have become feather-brained already. How? Yes, you have become a victim too through wash-trading. The 3M USD that has left you jubilant, the exchange itself outsmarted you showing a fake trading volume. And this is the evil effect of wash-trading.

How to catch wash-trading: Now come to the point of how to understand if an exchange is engaged in wash-trading. Honestly speaking, you must have sufficient technical and fundamental knowledge of the crypto industry to understand the matter well. But don’t be frustrated; we will give you some techniques by which you can easily catch a broker engaged in wash-trading.

1. Sudden volume hike: If you see any sudden volume hike without any massive fundamental or technical achievement, it leaves a possibility that the broker is engaged in wash-trading.
2. Having no impact on price: This is an important parameter, so read the point with utmost attention. Suppose you see a crypto project called ‘’X’’ which has its price at 1$, and the trading volume of that day is 50K USD. But that trading volume accrued to 4M USD the next day leaving a price of only 1.25$. How funny!

Such a peculiar incident leaves a 90% possibility that an exchange is wash-trading. The reason is that such a massive volume increase always comes with a price impact.

• Single Centralized Exchange with a huge trading volume:
  
  This point will help you to identify not only the wash-trading by centralized crypto exchanges but also scam crypto projects.

You commonly notice that some crypto projects are enlisted in only 1 or 2 centralized crypto exchanges but have a high trading volume. These cases strongly indicate that these projects are not legit. And they are prone to wash-trading.

That crypto exchanges perform some worse jobs are horrible. Wash-trading is a minor evil deed compared to those worse jobs. You should be quite cautious of wash-trading as a retail crypto investor.

• Price Manipulation:
  
  It is the largest disadvantage of centralized crypto exchanges. Ryoshi is well aware of the manipulations of centralized exchanges in the crypto market. For example, you can see the big wallets of maximum projects are under the ownership of crypto exchanges. Suppose, Binance retains 30% of Shiba Inu. What does it mean? 30% of the Shiba Inu is under a centralized medium. Look, Binance crypto exchange is not a charity-based crypto project. It is just an exchange that earns its profit from transactions of trading. But, do you know one thing? These crypto exchanges hold big projects for a cheap price; and when the price of these big projects starts to move owing to fundamental improvements, such exchanges manipulate the price the way they want. This manipulation creates panic in the market.

We saw a sudden drop in Bitcoin’s price by 18% on May 17, 2019, that started on Bitstamp, an exchange of Luxembourg. At that time, the Coindesk Bitcoin Price Index recorded a 6% drop. BitMEX is a crypto derivative exchange, and Bitstamp was a spot market used as an equal component in the bitcoin price index for BitMEX. Coinbase Pro and Kraken are the other two bitcoin index components of BitMEX. Of these three, the lowest volumes were reported by BitStamp. There was a clear manipulation caused by a large Bitcoin sell order, placed well below the market. Such an incident left a large number of profits to short-time traders of that exchange.

Ryoshi strictly prohibited Shiba Inu Community to go under the shadow of centralized exchanges. He doesn’t want the Shiba Inu Community to be the victim of the harassment of those exchanges. So, if you are a Ryoshi-fan, then be careful of Binance centralized exchange.

• Deposits/withdrawal issue:
  
  Do you know one thing? The core fun in the crypto industry is your money means your money. No one has authority over your money. But, if you have ever used a centralized crypto exchange, then you would know that they provide a certain type of crypto announcement at times like withdrawals will remain closed for a certain period. Another bad practice is seen in centralized crypto exchanges, which is that they keep the withdrawals of crypto traders pending without responding to them. So, it strongly means that you have no control over your money but those so-called exchanges have.

Ryoshi expects his Shiba Inu Community not to face such a worse experience. So, what is the solution? The solution is to rely on a decentralized exchange like Uniswap.

Reuters has recently published news regarding Binance, where they expressed their verdict.

They said the time when British regulators cracked down on some of the activities of Binance in the country; some customers were unable to deposit or withdraw sterling from their platform. At that time, the use of bank cards drew the blank.

Such an incident leaves you with no opportunity to withdraw Shiba Inu even during urgency. What do you think? However, you won’t at all. The reason is you are a small fry in the reign of centralized exchanges.

On the other hand, if you hold your Shiba Inu in a Ledger device, you can anytime withdraw your coin connecting the device with Uniswap. And Ryoshi wants this decentralized ecosystem for Shiba Inu token.

• Account blocking issue:
  
  Suppose, you are a big partisan of Shiba Inu. So, you want to stake a maximum amount of your life savings in Shiba Inu coin in a centralized exchange. All of a sudden, that exchange fall prey to hacking. How will you feel then? Your money of life savings that was converted into Shiba Inu is now in uncertainty.

What are you thinking now? Can a giant exchange like Binance be hacked? Indeed. Do you want any proof? Roger! We are showing you evidence.

The name of Binance appears in your mind immediately when you think of any big crypto exchange. That giant exchange also fell prey to a major theft in 2019. Hackers stole a total of 7,000 Bitcoins along with some API tokens and two-factor authentication codes of some users. In the first quarter of 2019, hackers stole more than $356 million from exchanges and infrastructure.

Hackers tried several times with a variety of techniques to hack Binance. And they are still trying to come to fruition. They are updating their tactics of hacking with time. But, in Binance, the transaction is structured in a way that passed their existing security checks. However, this approach cannot provide you with life-long security.

On the other hand, Binance is accustomed to blocking the accounts of users without showing any valid reason. We are proving such an incident by narrating the following incident.

Binance Global exchange halted withdrawals on May 13, 2021, and such an inclination is common in other exchanges too. They do so at the time of any major crackdown or other hot market activity. Not only U.S. users but also global users experienced accounts freezing issues for no specific reason by Binance from late 2020. At that time, many affectees raised questions about why such account freezing was held, but Binance answered no question.

This is why Ryoshi doesn’t want Shiba Inu Community to go under the shadow of centralized exchange like Binance. Binance can block your account anytime leaving no notice. You will have nothing left to do then. So, be cautious before losing your Shiba Inu token. Think why Ryoshi suggests you not hold your shib coin in a centralized exchange.

• Risky Identity Verification on Binance:
  
  Suppose, you are staking 50B Shiba Inu in Binance exchange at 33% annualized interest, and you are so happy. Suddenly, you hear that hackers seized all pieces of that information, and you are still careless about the incident. But, after a few days, you notice that the Crypto trading device is missing from your home. Now, you are at sea what happened. Can’t you trace the incident? From where this Shiba Inu coin started being stolen? Yes, it started from the leakage of information from Binance. Hackers have already had their hand on your account information, like your account balance, home address, and even your face too became acquainted with them. Consequently, you are the victim of this long-term hacking plan.

Maybe, you are now thinking does it actually happen? Did such a leakage of user’s account information from Binance ever take place? Yes, it happened, we are narrating such a story to you. These types of incidents happened several times, but Binance hardly confesses.

After a leakage took place, Binance started investigating customers’ verification information. They are fearful about the KYC information stored in 2018 and 2019 that got leaked, and such leakage could harm more than 60,000 individual users. The admin posted hundreds of images holding their IDs and pieces of information written with ’’Binance, 02/24/18,’’ in a Telegram group. A number of users could identify their respective images and personal IDs. But the hacker said he would release that information over time.

So, curb your will to retain Shiba Inu in centralized exchanges to avoid such worse incidents. How mesmerizing the staking reward is should not attract you. Ryoshi doesn’t want to see the Shiba Inu Community victims of such an untoward incident. So, now it’s up to you.

• Pump & Dump Group with the help of Centralized Exchanges:
  
  Pump & Dump group boost and take down the price with the help of exchanges. Being a member of this group will carry lucrative revenue to organizers and this group helps exchanges to implement their goal.

This satisfactory revenue pleases organizers and exchanges highly. They manipulate the price in a way make participants losers. But, Pump Organizers surely make a high profit from each pump.

It is historically proved that those cryptocurrencies victims of pump and dump are not in existence now. This pumping and dumping were carried out by closed groups and even also happened openly in the public eye when social media and celebrities played their role as influencers. For their role, they were fined and arrested too.

The more Centralized Exchanges will practice pumping and dumping, the more Shiba Inu they have in their hand. We hope you got why Ryoshi prefers decentralized exchanges to centralized exchanges like Binance.

Binance Shiba Inu Staking & Rayoshi’s Vision

Ryoshi thinks himself of no importance after building a 100% decentralized and anonymous perpetual community with no leader. His thought proves his vision. Rayoshi’s intention indicates his flavor for complete decentralization. Being a community member of such a project if you support centralized exchanges, then it will be the complete opposition of Rayoshi’s vision. Now, it’s up to you what you will do. Neither Ryoshi nor we can decide that for you.

Conclusion

In recent times, we have noticed that maximum Shiba Inu Community members are moving on to Binance Shiba Inu Staking leaving behind ShibaSwap seeing the high annualized interest rate. But our sense drives us to let them know how risky centralized exchanges are for Shiba Inu Staking. On the other hand, many of the users don’t even know the vision of Ryoshi. So, we wrote this article focusing on these two issues. However, it depends only on you at the end of the day. You should walk through such a way where your money means your money to make sure your long stay in the crypto market. You must make sure no one has authority over your money.

However, do you agree with the vision of Ryoshi? Or, do you think Centralized Exchange like Binance is secure for your Shiba Inu staking? Let us know by commenting below.