The patent filing of the crypto neologism BUIDL by Coinbase attracted many negative commentaries, including those of their competitor and sector colleague, Binance CEO Changpeng Zhao. On the first hours after the news broke out, CZ was very critical of the intellectual property takeover.
lol, that's hilarious. We focus on real building, not filing. I think I saw HODL somewhere first. I may or may not be the first one to use the BUIDL term. Can't remember, and not that important. ... But if they fk around with #SAFU, I will be pissed! https://t.co/uAkZyYT7HC— CZ Binance (@cz_binance) December 7, 2018
CZ added a second message detailing what would happen if someone was to mess with SAFU, an acronym which stands for Secure Asset Funds for Users. Binance´s CEO uses it commonly when FUD and other turbulences concern his exchange.
It refers to a cold wallet designed for user compensation in extreme cases, operating in a sort of emergency fund that collects 10% of all trading fees. CZ seemed ready to call upon legal services for ensuring the defense of the term.
recursive tweet again. "pissed" = lawyers ready to go.— CZ Binance (@cz_binance) December 7, 2018
I also think filing for a term like #BUIDL, that's already used widely in the community, hurts one's reputation than it helps. Honest advice. https://t.co/aFLaT3q8Xh
However, as Chepicap reported earlier Balaji S. Srinivasan, Coinbase CTO, tried to explain later on Twitter that the filing was “defensive” and even said that after speaking with Brian Armstrong, CEO, they would be “giving back the term to the community”.
Unlike others, who welcomed with more irony than anything else the shift in what some consider intellectual property spoliation policies, CZ was satisfied enough with the explanations given by Srinivasan as to offering to take the bill of their next meeting.
Great stuff! Respect for using it all the way back in 2015, and for being community driven. Coffee/drinks on me when we meet again.— CZ Binance (@cz_binance) December 7, 2018
Where was the first use of HODL? Anyone know? https://t.co/aQn9kwXl6g
He also acknowledged the version of Coinbase CTO, who assured that he was already using the BUIDL term back in 2015.
PS: to my knowledge, the first use of BUIDL was actually in a talk I gave back in April 2015 way before joining Coinbase. But it’s entered the common crypto lexicon at this point and we wouldn’t have it any other way.https://t.co/NaEyVXBNUb— Balaji S. Srinivasan (@balajis) December 7, 2018