Vitalik Buterin, the co-founder of Ethereum, demanded in a tweet that projects trying to use his name to gain credibility send their donations to charity rather than to him.
This is why I recommend all the dog coin / word coin people to not issue tokens to *me*. If you *must* abuse my name, give the supply directly to those orgs and market it as “X% of supply donated to Vitalik-endorsed charities”. But better just talk about the causes directly.
— vitalik.eth (@VitalikButerin) November 9, 2022
Buterin claims that the initiative must understand how to allocate social capital effectively to progress. According to the co-founder of Ethereum, a lack of clear information on specific concerns is worse than the improper distribution of funds to influential people.
Buterin also added in the tweet:
“If you make a coin, don’t keep the supply for yourself and “intend” to give it later. Just issue half straight to GiveWell or OpenPhil or whoever. Don’t insert your own friggin fund in the middle, just give it to them.
Much like credible neutrality, try credible benevolence!”
The most recent claims continue a scheme of meme coins donating a fraction of their stash to the Ethereum co-founder in an effort to gain popularity and credibility.
This trend continued until October, after a pause during which it appeared that the cryptocurrency markets were stuck in a long consolidation. Furthermore, the unidentified parties were quick to produce tokens based on the phrases used by Buterin in his tweets.
In response to Buterin’s tweets, Binance CEO Changpeng Zhao (CZ) pointed out that it’s best to donate with the top 10 cryptocurrencies by market capitalization, as it avoids issues like liquidity and inflated prices that are current with the new tokens.
Agree with the thread until the “issuing a coin part”. If you are making a donation, use a top 10 existing coin. Issuing a coin causes all kinds of problems. Is it for your own benefit (coins you hold) or charity? Not to mention the liquidity issues, inflated valuations, etc…
— CZ ???? Binance (@cz_binance) November 10, 2022
For early investors, specific tokens, like DIE and THE, quickly printed enormous profits. They added new energy to an unusually stagnant crypto market. Notably, these coins, like Shiba Inu before them, sent a portion of the supply to the co-founder of Ethereum.
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