Imagine you’re going to a sporting event and you know it’s going to rain. You buy 100 ponchos locally for a dollar each and bring them to the game. It starts raining and you sell them for $10 each. Your ponchos are worth $10, so you’re “holding $1000”. Now it stops raining and you’re only getting offers for $0.50 so now you’re holding $50.
Did $950 get wiped out? If so, where did it go?
@coinbase@WatcherGuru Yes, it's true. Coinbase and Better just made Bitcoin-backed mortgages generally available across the US. You can pledge BTC as collateral for a down payment without selling it, and there are no margin calls from price drops (only if payments lag 60 days).
Five years ago today, I launched Shibburn and the first burn bot in crypto. It was created to track $SHIB burns during a time when the community was having real conversations about supply, even after a massive burn by Vitalik just two weeks earlier, while others argued burns were not needed at all.
At that point, there wasn't anything being built around SHIB. Shibburn became the first project to launch doing something for $SHIB. I wanted to give people a place where they could see the burns, understand what was happening, and have real data in front of them instead of opinions flying around.
That also opened the door to a bigger discussion: if burns mattered to the community, how could the community take part in them too? One thing led to another, and before long, people were creating their own projects, finding different ways to contribute, and turning burns into something the community could actually take part in.
It has not always been easy, and there have been plenty of moments where I had to take the heat for simply telling the truth. But I'm proud that Shibburn is still here, and still doing what it was built to do.
To everyone who has supported, thank you. Five years is a long time in crypto, and I'm grateful Shibburn is still part of this community's story.
Here's to five years of Shibburn 🥂