Ethereum Founder Regifts Unsolicited DOGE Knockoffs, Donates a Billion Dollars Worth of SHIB To an Indian COVID Relief Fund (coindesk.com) 49
Vitalik Buterin, founder of Ethereum, has signalled dog-themed memecoin creators to bark up another tree, reports CoinDesk. From the report: In a move that captivated the attention of Crypto Twitter on Wednesday, the Ethereum founder re-gifted tokens sent to his public wallet by the creators of Shiba Inu coin (SHIB), Dogelon (ELON) and Akita Inu (AKITA). Notably, Buterin donated 50 trillion SHIB tokens (worth a nominal $1.2 billion at press time) to the India Covid Relief Fund kicked off by Polygon founder Sandeep Nailwal late last month. Memecoin creators started sending large amounts of their tokens to the Ethereum figurehead in recent days. Vitalik was sent trillions of SHIB tokens worth over $8 billion dollars at one point. The knockoff tokens are beginning to tank.
Well I think I'll donate (Score:2, Insightful)
My latest toenail clippings. They're probably worth about one hundred billion trillion dollars at the time of writing.
Or should I donate actual money to appear more credible?
Re: Well I think I'll donate (Score:5, Insightful)
Crypto is cashable just like shares. Itâ(TM)s the same as donating something you own like gold coins. Instead of donating these DOGE coins he could just as easily have cashed it spent it on building a palace, buying food, beer, pot, and hookers. Instead he donated it. Oh and the reason he did not cash it first is so that he will not lose 15 percent capital gains tax to Uncle Sam.
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The EF doesn't have to fund any Ethereum developers, nor did they ever promise to do so. Generally projects fund themselves with ICOs if the projects merit it. It isn't Dash.
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OK, what does that matter? He has to pay Singapore taxes I am sure if he cashes it before donating it. My main point stands.
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Not even Dogecoin, they donated some knock-offs. Knock-offs of a shitty meme.
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The point is he could have cashed it for millions.
Re:Well I think I'll donate (Score:4, Interesting)
“Thank you. Since we decided a few weeks ago to adopt the leaf as legal tender, we have, of course, all become immensely rich. But we have also," continued the management consultant, "run into a small inflation problem on account of the high level of leaf availability, which means that, I gather, the current going rate has something like three deciduous forests buying on ship's peanut."
"So in order to obviate this problem," he continued, "and effectively revalue the leaf, we are about to embark on a massive defoliation campaign, and...er, burn down all the forests. I think you'll all agree that's a sensible move under the circumstances.”
(from the Hitchhikers guide to the Galaxy)
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Donations mean tax write offs.
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That doesn't make sense to me.
I earn X.
I pay Y in tax.
Someone gives me A, which means I now earn X+A but means my tax bill goes up by B to Y+B.
As long as A > B (and there are only very very rare circumstances where it doesn't),
(X+A) - (Y+B) > (X+A-A) - Y
There's just no point in donating A as a tax write off. The benefit is there, for the recipient, in that they receive A rather than A-B, and if you were going to donate A anyway then it's a great scheme, but the difference to your bottom line? Keep A,
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If I can inflate the value of my donation, it's a great deal. I'd be hypothetically writing off more than the value of the donation. Yes, it's illegal.
What? (Score:5, Insightful)
Re: What? (Score:1, Insightful)
Do you even know what a boomer is numbnuts?
Re:What? (Score:5, Informative)
The founder of Ethereum (the second most famous/stable coin after Bitcoin) is famous in the crypto space, a minor celebrity. He maintains a public wallet where you can see his (public) holdings. DOGECoin (see Musk and SNL), the meme cryptocurrency that's been rising (and falling) lately has inspired a few clone knockoffs designed to capitalize on that goodwill. Several of those cloners were smart enough to give huge amounts (publicly) to the owner of Ethereum to get social proof. This is similar to trying to get Jay-Z to wear your hat, except since all you have to do is send it to him, it doesn't require his consent to appear to endorse it. The Ethereum guy wants none of it so he donated all the knock off coins to an Indian COVID-19 relief fund (COVID-19 is a global pandemic that is currently ravaging India).
Because "market value" is total coins times last transaction price, and very few people trade these coins, they had a very high book value. In reality, it's almost certainly worth almost nothing.
Vitalik = Con-artist (Score:2, Insightful)
A paid shill defending the most infamous con-artist of the software space: Vitalik
Reason $ETH exists: most devs are absolutely awful at their jobs. Shitty devs need shitty tools. ETH is cryptocurrency for nodejs kiddies.
Was struck by this reading https://news.ycombinator.com/i... [ycombinator.com]
- we don't even have enough good devs to make enough decent web apps to satisfy demand
Cryptocurrency is maybe 1000x harder to develop and deploy code for than your average VC funded web app shop. But talent pool is the same.
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A paid shill defending the most infamous con-artist of the software space: Vitalik
Reason $ETH exists: most devs are absolutely awful at their jobs. Shitty devs need shitty tools. ETH is cryptocurrency for nodejs kiddies.
Was struck by this reading https://news.ycombinator.com/i... [ycombinator.com] - we don't even have enough good devs to make enough decent web apps to satisfy demand
Cryptocurrency is maybe 1000x harder to develop and deploy code for than your average VC funded web app shop. But talent pool is the same.
Odds of finding good devs that want to work on a chain besides $BTC is approaching nil. Much easier to make dumber tools than smarter devs.
This is a legit VC strategy - trying to flood in a million monkeys in the hopes that one writes Shakespeare. Same reason VC's fund NodeJS.
But in crypto it causes a reverse network effect - a million monkeys will coalesce around get rich quick schemes instead of adding value.
What I infer from this: both from a technical and economic standpoint, the *current usage* of $ETH will work right up until it doesn't.
The question is what happens when it stops working - when tokens lose their luster and scaling issues start to rear their head - what then?
Having an ecosystem full of token pumpers while others are working on scaling another chain (or tinkering with $ETC or $RSK) won't end well.
It could be that $ETH pivots from here, but going from "global computer" to now "token Kickstarter" to "something else" is tricky.
And when the million monkeys start throwing feces - when the shit truly hits the fan - well, something tells me Mr. Market won't like that.
TL,DR: Ethereum is the next Theranos. Fucking quote me.
P.S. Don't forget! Theranos sucked in a ton of investors for many years before the fraud became obvious. I expect $ETH to be no different.
What are you talking about? The Ethereum foundation has cryptography researchers working on scaling specs and the work is completely open source and not hidden behind closed doors. Their Gitter and Discord is completely open for you to join, and their Github is also an opensource repo (others have copied the code though to spin off their own projects). Also, comparing the project to Theranos is ridiculous. They are not a company operating behind closed doors and relying on VC funding. Ethereum is a protocol
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I know right?
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The only shill here is you. Go away troll.
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So how does this public wallet work? The linked article describes it as an Ethereum wallet so does that mean these memecoins are based on Ethereum, or is it a wallet on an exchange that supports many types of currency? I don't quite understand how someone can send cryptocurrency (create a transaction on the ledger) to someone else who hasn't actively created an identity (public/private keys) for that network.
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It was to his Ethereum wallet. All the currencies listed in the summary are ERC-20 tokens.
Re: What? (Score:2)
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Since the tokens are pretty new, it's doubtful banked exchanges will process them. They'll have to go through the process of converting the tokens to something like ETH using a swap contract like . . . Sushiswap or the other better one. Then they can send their ETH to a banked exchange that accepts people from their region and cash in.
Sadly I'm not sure that India has any banked exchanges left, due to the major crackdown on BTC there, so they may need to use an exchange from another country which could ma
Obvious ... (Score:5, Insightful)
This such obvious pump and dump it would be hilarious except for the fact that it is the relief fund that will suffer, thinking they have large donation that turns into smoke.
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It would have been better for Vitalik to convert his memetokens to ETH using a swap contract and then to send the ETH proceeds to charity. ETH is pretty easy to cash out. Though not necessarily in India.
Hell Vitalik should have cashed the ETH out himself.
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That makes no sense. Seriously, it makes no sense at all.
WTFI "SHIB" ?! SEEFFS ! (Score:1)
It's only Cashable if Liquidity exists (Score:1)
I think he made a good decision as these people sent him crypto as if he is in on the scam.
I made money on SHIB, but knew it was a cash grab.
Today volume is down 34% and price 40%.
I'm not certain the current liquidity can sustain a bulk sale.
Like 50% is going to create a huge buy wall, if not metered out.
That said, the India covid relief program will make a good amount, maybe not 1.5 billion,
But even a hundred million would increase covid vaccine and help with treatment.
I'd wait a bit as price could triple
I'm launching PonziCoin (Score:2)
If it all crashes down, you can't say you weren't warned, because the warning is the name.
Why would people donate billions of $ of crypto to (Score:2)