Page 3:
“2021 opened our eyes to how little control the average person has in the face of these overarching, generational structures when GameStop and AMC stock value exploded seemingly overnight. WallStreetBets tested the waters of what it would look like to disperse control to consumers and inexperienced investors alike.”
This highlights that the idea behind SHIB was no joke or lulz but a very serious issue of uneven wealth distribution plaguing the humanity since the advent of currency systems. The idea behind its formation runs deeper than its other meme counterparts.
Page 4:
“We believe through the power of collective decentralization we can build something stronger than a centralized team ever could create.
A community-run token is nothing without the united individuals who give it purpose.”
This points at the primary goal of SHIB further strengthening the fact that decentralization and giving power to community to run the token instead of creators is at its core. To further hit it home there is no primary seed funding. They started from absolute zero and all the devs are volunteers. No one holds an initial offering even people involved in development need to buy from the market like the rest of us. They want to set its direction based on what people wish regardless of who they are.
These two facts alone would have peaked the interest of investors and non-investors alike. Why a meme coin is backed by such refined ideology? Isn’t its sole purpose is shyts and giggles? Well keep reading you are about to be blown out of the water on this one. So far these are just facts. We haven’t even started to speculate or dissect them.
After that it goes interesting:
Page 6:
“Our founder also chose to send 50% of the total supply to Vitalik Buterin’s wallet because, in his words, “We sent over 50% of the TOTAL supply to Vitalik. There is no greatness without a vulnerable point and as long as VB doesn’t rug us, then SHIBA will grow and survive”
Now wait a minute. By this Ryoshi implies that Vitalik does indeed have the ability to rug pull us meaning he has access to the 500 trillion coins in his public wallet. Most people are led to believe that he doesn’t and those 500 trillion were burned to his public account as he does not have the keys to it.
Also please note that at the time of writing this article those 500 trillion coins are worth more than $ 10 billion. Which in fact is about 10 times more than what Vitalik has from his own creation Ethereum. What if Vitalik wishes to cash out? Even if a small amount like a few million? This is a huge argument against the very principles of decentralization that SHIB seeks to achieve. This is the opposite of it. Then why? We will get to the answer later in this excerpt.
Although there are many other interesting takes in the whitepaper (which you should totally read), we will focus only on the below questions which directly affects the price of SHIBA INU ecosystem. These are also the questions with which the crypto community has an issue.
Why a meme coin?
History has shown there is no better way to shill and FOMO than to use pop culture and memes. Memes are the paramount of internet pop culture. We have seen the results with DOGE and the recent 2000% rise in SHIB and LEASH. The FUD and fight against DOGE is for the same reason.
Another reason being DOGE promised to be the people’s meme coin but it is mostly manipulated by whales and apart from initial few investors no one has been able to make life changing money out of it apart from the whales. It became the exact opposite of what it said because the devs did not focus on true decentralization but just on the money it was making them. Started as a joke and now we are here. SHIB needed to do in a year what DOGE did in 5 years. The reason for such hurry is justified as more and more meme coins with similar ideals are coming up daily and SHIBA INU ecosystem needs to establish itself before people lose all the trust investing in shytcoins. Thus this method was devised for marketing which grows exponentially by itself and requires next to no capital. People who cringe on it should be made aware that it’s now a standard for all social media managers in fortune 500 companies to try and engage young consumers over the internet using memes and pop culture references. Its pure marketing at its core. Whatever sells?
Why 1000 trillion coins as total supply?
A question which led me to spam various groups on Reddit and other platforms and ultimately to all this research. To answer it. We must ask. Which coin in the market is truly decentralized?
By true decentralization I mean the one which is not held by whales and whose price action benefits almost everyone who is invested in it rather than a select few who can drop or raise the prices at their whim due to their large bags? The answer would be a hard none. Nada. Nil. There will always be whales who eat the smaller fish.
Then how do we fulfil the dream of SHIB to the moon for everyone? It’s simple. If there are no smaller fish in the ocean then what will the whales eat? What if all the fish are big enough to fight back? They will eventually move to a different ocean. To address the issue of whales manipulating the price and accumulating to control the coin, the supply is so freaking huge that now every small investor holds hundreds of thousands to millions of coins. Even after 2000 percent price appreciation in 7 days people can drop a few hundred dollars and fill up huge bags of millions of coins. Majority coins have few people holding a million coins but here most of them have million and more.
The larger the number of accounts with bigger holdings the more decentralized the whole system is. It’s like living in the Swiss where everyone is rich. 200,000-500,000 accounts Holding large chunks (averaging 100,000-1,00,000 coins each) putting us well around 20-500 billion coin range. It’s a huge range but keep in mind if it keeps on growing at current rate then soon the holding amounts will decrease substantially. What will that achieve you say? What if when we reach a large number of accounts say 500,000 in the above example (which is a lot. The most widely adopted enterprise grade crypto is Hbar (Hedera Hashgraph) and even they have only 226,934 total accounts at the time of writing. And they have the most transactions for any crypto in existence). So 500,000 for a year old crypto is golden (we already have 200,000). Now what if the 50 percent circulation with VB is burned and the community votes to burn some more further down the line (Please note they can and will vote on that as there is a system in place for community driven governance). That is exactly what I think is going to happen. Now that we have so many whales around price cannot be manipulated and true decentralization is achieved. Further when these small time investors turned multi-millionaires sell their holdings it will be absorbed by the new investors and soon we will have millions of accounts holding the SHIB for long term. The sheer amount of whales existing as old investors will be a deterrent in rapid price deflation of the coin. We do not have that in any crypto in existence.
Why 50% supply with VB?
To ensure that no one is big enough to take over the system. Also when he burns his lot (and I believe he will) the price will skyrocket overnight. New investors will flood in and no matter how many big bags sell, their orders will be absorbed and price won’t take a dip. This will increase the circulation to more hands and price will reach a range where no one can manipulate it or control the whole system. All this will be done so rapidly as to not give bad actors any time to take huge positions and later affect the market. This is the only full proof plans to stop what happened to DOGE and some other coins.
Why VB will do it you ask? Well do you really think Ryoshi has put his life’s work into the hands of someone for no reason? If you had suddenly $10 billion dollars’ worth of coin in your wallet no matter who you are or how rich you are won’t you take notice? I believe VB is involved. The 10 ETH to establish the SHIB/ETH pair was donated by a “friend” of Ryoshi who did not care for it and threw away the keys. Let’s face it VB is a genius worth his weight and he sought out to do the same thing with ETH that SHIB is striving for. He cannot be associated with it because ETH is pandering to enterprises now. It will push the banks and other CBDC projects away who usually frown upon the poor and commoners making money through free market. So this is the way he chose to do it. Even if the other 500 T is not burned away and just kept as is and not used or staked. The community can vote on eliminating it. Community can and will reduce the coins in circulation once SHIBASWAP is operational and governance system is in place.
In conclusion. We can safely assume that SHIBA INU ecosystem is more than just a meme coin. It strives to go where every crypto has aimed to go but failed to reach. We are humbled by the efforts and initiatives of the creators who chose to make money with us rather than off of us. I think we have something solid on our hands. The community governance ensures transparency and the pace at which we are moving ensures we crush any and all competition before it becomes an issue for the crypto community itself.
We ask why Ryoshi and the team want to do all that for us?
The answer is on Ryoshi’s official Twitter account:
“$SHIB and $LEASH Founder. We Do it for teh ppl.”
And to the most important question of “Will it ever reach 1 cent or 1 dollar?” To that I say you decide where it will go. As a member of the community you can shape its direction. We all have the power in our hands to shape the future of the entire SHIB Ecosystem and SHIBASWAP universe. So my frens. HODL strong. We go moon soon.
Update:
Read this interview by Ryoshi... He says the idea was evolved in Osaka during ETH conference Devcon... Vitalik was in Osaka that day for the same conference... In the pic below we see Vitalik... A friend with influence in ETH gave Ryoshi 20 ETH to start this... Connect the dots
ALL HAIL THE SHIBA! (an experiment in decentralization)
Took this from Reddit
