Elon Musk continues to “revolutionize” the crypto community on Twitter. After starring in an energetic exchange of tweets with Binance CEO Changpeng Zhao, the South African-born tycoon fired a message that could be interpreted as an encouragement to people leave the platforms of cryptocurrencies (exchanges).
A Twitter user, an advocate of the Shiba Inu, pronounced about the need to “break dependency” on cryptocurrency exchange platforms such as CEX, Binance and Robinhood. Somebody he quoted that tweet adding the phrase “they are not your keys, they are not your cryptocurrencies“, to which Elon Musk replied” exactly. “
In blockchain, public and private keys are the necessary components for users to manage their cryptocurrencies. These are housed in the virtual wallets of their owners. However, this scenario does not apply in case of using some exchange platforms.
When users buy cryptocurrencies through platforms such as Binance or Robinhood, they do not have possession of the keys. They also do not have a virtual wallet with them. The storage and protection of the keys are left to these platforms in exchange for a friendly operating environment.
That said, based on Elon Musk’s tweet, it’s not that hard to guess what his position really is. It seems that the manager supports the idea of abandoning the exchange platforms that, today, have millions of users.
On the other hand, Elon Musk surely knows the effect of his tweets. Like it or not, from its place in the world of cryptocurrencies it could, with a simple message, make many abandon these types of platforms and turn to alternatives.
Elon Musk and his tension with the CEO of Binance
As mentioned at the beginning, in the middle of this week, Elon Musk and Changpeng Zhao had friction on Twitter. The CEO of Tesla said Tuesday that a technical issue that affected Dogecoin owners on Binance it was “cloudy”, prompting the exchange’s CEO to respond emphatically.
“No, it is not murky – it is just frustrating and we are working on it -” Changpeng Zhao said on the social network in reference to the situation that, according to Binance, resulted in failed withdrawal transactions, suspension of the same for between 10 and 14 days, and the request that some users return assets.
Elon Musk did not hesitate to express his disgust at such a situation. The mogul reflected: “Doge holders using Binance must be protected from mistakes that are not their fault.” Changpeng Zhao responded with a link to a story about a software glitch that forced the recall of 12,000 Tesla cars.
The friction, for the moment, came to an end when Elon Musk acknowledged that he does not use Binance and that he has no personal problems with the platform. Instead, he was coming out in defense of the holders of Dogecoin, the cryptocurrency meme that he sponsors and uses as part of his businesses. Now it only remains to wait to find out how this story will continue.