Earlier this week, Ethereum (ETH) founder Vitalik Buterin sold $700,000 worth of “shitcoins,” crypto with no apparent use case. The tokens he sold were sent to his crypto wallets by the respective projects themselves. However, in response to his ‘dump’, Buterin got another 250 thousand shitcoins sent.
Ethereum founder has had it with shitcoins
However, Buterin has had enough of these ‘useless’ projects. In a Reddit post he vehemently opposes such cryptocurrencies: “I strongly anti-support these projects,” he says on Reddit.
According to him, the projects whose tokens he sold have no “cultural or moral value.” Investors in the projects will “probably lose their money,” he says.
After Buterin vented on Reddit, the shitcoin project BITE jokingly sent him 250K BITE worth about $3K. Buterin’s reaction leads to a lot of jokes and the shitcoin project BITE uses his anger to create hype.
Technology and innovation in crypto is more important
Buterin’s aversion to useless crypto projects is understandable. For Buterin, the technology and innovation of crypto should be central. He finds the resources that are wasted to set up useless shitcoin projects disgraceful.
In 2021, Buterin also dumped large amounts of tokens that projects had sent him. He then used the proceeds for philanthropic purposes. For example, he sent more than a billion dollars worth of shiba inu (SHIB) to India during the corona pandemic. Buterin also donated hundreds of thousands of dollars to the earthquake-hit area in Turkey and Syria.
As mentioned, the founder of Ethereum prefers to spend his energy on innovation and uses of crypto. This week he commented on the current uses of his own Ethereum.
In a blog post he indicates that there is still a lot of work to be done before Ethereum can be used as a means of payment in everyday life. The transaction costs of the network are currently still far too high.