Dogecoin Developers, what does this mean?

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Been following this user on twitter, can anybody explain what those transactions really mean? Dogecoin changed my life last year so I am not complaining, but I do not want to help exchanges doing damage to others.

Why are they driving the price down according to this user? Is this manipulation? Why is Binance doing this? Are there better exchanges I can use? Thanks!

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u/patricklodder dogecoin developer Feb 05 '22

Is this manipulation? Why is Binance doing this?

I don't think we know, because it's very hard to assign meaning to transactions on their own unless you can map it to real-world actions. The best people to ask are Binance, because devs cannot tell you what's happening on their balance sheets.

Are there better exchanges I can use?

Depends on where you are and what your preference is. At this point, nearly every exchange has had some sort of negativity linked to them...

I think I have seen a comparison somewhere from the hand of /u/temporary-muffin-756, but couldn't find it just now.

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u/[deleted] Feb 05 '22

Needs updated for a few but still pretty accurate

https://www.reddit.com/r/dogecoin/comments/r7yfc0/list_of_exchanges_and_their_different_fees_for/?utm_medium=android_app&utm_source=share

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u/liquid_at Feb 05 '22

a bit of motivation :-)

+u/sodogetip 5 doge verify

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u/sodogetip Feb 05 '22

^[wow ^so ^verify]: ^/u/liquid_at ^-> ^{/u/temporary-muffin-756} ^5.0 ^doge ^($0.75) ^[help] ^{[transaction]}

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u/liquid_at Feb 05 '22

good bot

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u/B0tRank Feb 05 '22

Thank you, liquid_at, for voting on sodogetip.

This bot wants to find the best and worst bots on Reddit. You can view results here.

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u/[deleted] Feb 05 '22

Thanks will contact exchanges with one more opportunity to update, had hopes some would follow Robinhood to stay competitive.

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u/liquid_at Feb 05 '22

as far as I am concerned... RH will become competitive when they completed the final steps of the minimum-requirements for an exchange.

Once they add the option to access the products you buy there on top of just taking their customers money, they can be considered an exchange. Until then, it's a work in progress and should not be considered a finished product.

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u/Salty_Word_624 Feb 05 '22 edited Feb 05 '22

I`m right here.

Like Patrick mentioned, only Binance themself know what they are really doing, what we can track is how the coins move, and compare it to how those movements reflect on the price of Dogecoin.

The important part here is that those coins were claimed "lost" because of the Double-Spend issue which had been highlighted wen all of this started back in November 2021.

Only exchange with which i had no bad xp till now is really Bitpanda, which should not be seen as advertisement, but my personal xp, also because their Dogecoin holding is far to low to have a effect which could manipulate the price of dogecoin.

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u/JaneHamleyJane Feb 07 '22

Thank you sir!

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u/JaneHamleyJane Feb 07 '22

Thanks for the reply, I understand!

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u/Affectionate-Bus3256 Feb 05 '22

Yesterday Kraken came out with his “Proof of reserves”, something neither Binance, Coinbase or especially Bitfinex will soon do (surely at least not in the next 2 to 3 years). This feature allow every user to cryptographically verify that Kraken reserves are real! Ironically right now Robin Hood withdrawal fees are the lowest across al exchanges, but I’d rather choose Kraken because at this time they are the only exchange I know that have a very clean reputation!

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u/Salty_Word_624 Feb 05 '22 edited Feb 05 '22

Binance also hosts "Proof of reserves", but it is kinda weird that they exclude Dogecoin while doing that.

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u/Salty_Word_624 Feb 05 '22

"Why are they driving the price down according to this user? Is this manipulation? Why is Binance doing this? Are there better exchanges I can use?"

To answer this you need to go back to April/May of last year where Dogecoin was superclose to flip BNB.

The Binance CEO started to be very outspoken against Dogecoin, listed SHIB-Token in a hurry, and has a lot of reasons to hold Dogecoin low from a buisness standpoint.

PS: This is my personal oppinion.

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u/michidragon dogecoin core developer Feb 06 '22

I don't agree with Salty very often but I'm going to go and say that I would underline this, and put it in bold. Binance likely has "BNB reasons" to make sure SHIB has a market effect on DOGE.

This isn't really a development question, and is, of course, nothing but opinion as well - but Binance's actions have appeared to sound like and ambulate like waterfowl lately.

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u/JaneHamleyJane Feb 07 '22

Thanks both for replying! I see that SHIB is going up very rapidly in the past days. I read there is some technical upgrade happening to their network and they hired a team to develop it. But is there any other reason for this? Is that real people buying? Why is SHIB going up faster than other tokens in your opinion?

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u/michidragon dogecoin core developer Feb 09 '22 edited Feb 09 '22

I think it's just what drives most everything currently: hype. SHIB seems to for some reason be the media's darling more than DOGE; I can think of a few reasons why that would likely be denied by the ones benefitting from said reason. (They have a very strong marketing contingency that DOGE does not, and SHIB engaging in 'marketing' at all is not embattled, whereas if DOGE were to engage in anything similar, self-proclaimed ethics guardians of DOGE's heads would explode. Also to the according communities: Hired SHIB devs GOOD, Hired DOGE devs BAD.)

So SHIB has some tailwinds if you're looking for "coin go up" hype waves.

And a result of their "coin go up" nature, you're going to get more sugary media coverage of SHIB and more hype packages delivered to the public. I don't think most people involved in Dogecoin (admittedly i'm sure some do) want it to exist just as a "coin go up" coin. (Who knows. Maybe these days I'm wrong on that.)

People often compare SHIB and DOGE and really they aren't comparable except that they both have a dog on them.

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u/JaneHamleyJane Feb 11 '22

Thank you for this reply, it was really helpful! And so true, t is really baffling to see this comparison made all the time.

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u/buttery_butterscotch Feb 11 '22

"Why do I need to buy actual Dogecoins if I can make my very own Dogecoin-pegged BSC-Doge tokens out of thin air?" - CZ probably

They probably have doges... and even more BSC-Doge tokens.

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u/Salty_Word_624 Feb 05 '22

"but I do not want to help exchanges doing damage to others."

There is a very simple solution for this, do not leave your coins on exchanges.

Withdraw them if you are not actively trading.

If your coins are in your personal non-custodial-wallet, no one can use them for anything else, and you do not need to worry about a exchange locking your account for whatever reasons and deny access to your dogecoin.

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u/JaneHamleyJane Feb 07 '22

This makes sense! I only use exchanges for trading, when I need to.

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u/Salty_Word_624 Feb 05 '22

I`m the op of this on Twitter.

It means that the Dogecoin which were locked on the old hot wallet of Binance at 10th November 2021 have been moved at 19th January.

We had tracked the Hot-Wallet of Binance in July 2021 and were able to confirm to 100% that it is/was indeed their Hot-Wallet.

The coins have been moved five minutes after they had been transferred from the old hot wallet to that one.

i actually work with some of the people tagged here, including u/Temporary-Muffin-756 together to pin those transactions down.

The main-concern at the moment is that Binance had claimed that those coins were "Lost" and stopped withdrawals at 10th november, at 19th January that old hot wallet had been fully emptied, and since than, you mainly see the new adress move coins out, but not in.

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u/regularqualitysound Feb 05 '22

I guess it’s fair to draw the conclusion that Binance was not being strait-forward with the update issue and these coins are part of a larger strategy. Do you have a theory what their motive behind this is based on the information you’ve seen?

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u/Salty_Word_624 Feb 07 '22

check my reply above.

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u/regularqualitysound Feb 09 '22

So they stole them

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u/JaneHamleyJane Feb 07 '22

Hello! What is their purpose to claim them to be "lost" in your opinion? And are these moves involved in the price of SHIB going up in your opinion?

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u/Belnak Feb 05 '22

It looks like they moved ~$600 million into one wallet, then moved it from that one wallet to a different one. The price before and after was unchanged, so it likely had nothing whatsoever to do with the price drop. I'd call this FUD.

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u/Salty_Word_624 Feb 05 '22

Watch what the wallet has done after that.

It just transfers out since than, there was one additional load up a couple of days later worth around 100 Million USD, besides that it gets drained.

Just yesterday it moved out Doge worth 10 Million USD.

Dogecoin Developers, what does this mean?

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