Thread by @RevyCrimson, If anyone has read the bombastic news on Kronos, the DogeSPAC and [...]

Soraya Imperial

RevyCrimson

If anyone has read the bombastic news on Kronos, the DogeSPAC and all that. So here's what I've found.

So. The news says that they'll convert First Bitcoin, $BIT, into Dogecoin Cash, $DOG.
https://finance.yahoo.com/news/kronos-advanced-technologies-inc-acquires-122400192.html

#1

First Bitcoin. I know 0 about it, all I know is that the website is down and has 0 in circulation. So I don't know why or how they created it.

The company BOTS Inc, which brand themselves as market inovators, acquired First Bitcoin Capital LLC and something went wrong.

#2

They repurposed BIT to pay to Shareholders. BOTS Inc is a minority shareholder of Kronos and their largest creditor; this because Kronos was already tied to First Bitcoin Capital LLC originally. This is the reason why Kronos already held a weird unknown thing such as BIT.
#3

In December 2020, BOTS they rebranded BIT into Basic Income Token and as a DeFi token, marking their venture into Defi space.

In February this year, their client Tipestry partnered with the Dogecoin Cash Public Benefit Coporation to create a new Defi token Dogecoin Cash, an ERC20/BEP20 token. Said corporation is legal and based in Colorado. https://www.dogecoincash.org/

So if Kronos already held First Bitcoin, it makes only sense that they'd trade it freely for Dogecoin Cash, as they are propriety of the same company, and they can make use of both money they already had tied in a Coin/Token that was useless and use the Doge hype.

My problem with all of this is that Dogecoin Cash ALREADY existed as a coin, since 2019. This Dogecoin Cash, ticker $DOGEC, is a masternode capped version of Doge which has nothing to do with this crap I just wrote above.

So. yeah. Don't confuse $DOGEC with $DOG.

You can follow @RevyCrimson.

Tip: mention @twtextapp on a Twitter thread with the keyword “unroll” to get a link to it.

Latest Threads Unrolled: