A software “glitch” resulted in traders not being able to withdraw their Dogecoins from Binance, a cryptocurrency exchange.
That started a pissing contest between Elon Musk and Binance CEO Changpeng “CZ” Zhao on Twitter. Musk tweeted that something “sounded shady” and Zhao responded noting software problems with Teslas.
Dogecoins were created in 2013 as a meme joke but rocketed to a 6,000% increase to about $0.64 in May 2021 and now trades at $0.21.
However, the problem prevented withdrawals for more than 2 weeks.
If that happened to a bank in the U.S., there would have been panics and long lines to withdraw deposits, which could have resulted in another 1930’s like depression.
Perhaps a cautionary tale…
