Vitalik Buterin, the co-founder and mastermind of Ethereum, has started a war against shitcoins. Earlier this week, he already dumped $ 700,000 worth of altcoins and in response Buterin was sent even more coins. In fact, in a March 9 post on Reddit, Buterin lashes out at several coins.
In his blog post on Reddit Buterin writes that the projects in question, including Bite (BITE) and several other tokens discussed in the subreddit r/Testingtesting62831, are shitcoins. “$BITE and most of the other coins discussed here are sihtcoins, have no cultural or moral value, and are likely to cause you to lose whatever money you put into them. I give these projects the utmost anti-recommendation.”
Buterin sold the BITE tokens sent to him on March 7 for approximately $9,250. The community around BITE responded in exactly the way you would expect. They started teasing Buterin a bit with memes.
Buterin was even sent 250,000 tokens after his post about BITE, which is worth about $2,750 at the time of writing. The community around the project calls it “bullish” that Buterin is discussing the currency in this way.
It remains a strange situation that someone can speak so negatively about a project and then receive tokens. That can only happen in the crypto world when it comes to the biggest shitcoins. Attention is attention and some tokens thrive on that.
What Buterin is trying to achieve, by putting the tokens in a bad light, doesn’t really help in that regard. Because of his statements, the projects are being discussed everywhere and it is even possible that the price of the tokens will skyrocket.
However, it is not really good for the reputation of the industry, because these are mainly projects where people lose money. Only the makers and some lucky people often pick up some money here.