- There is currently a trend of meme coin founders sending a percentage of their asset’s supply co-founder the Ethereum co-founder to gain traction and credibility.
- While the Ethereum co-founder’s position is agreed upon by Binance CEO Changpeng Zhao, he suggested that donations would be more appropriate to be made in the top 10 cryptos by market cap.
Ethereum co-founder Vitalik Buterin has issued advice to meme coin founders who seek to capitalize on his name to promote their crypto projects rather than donate to charity. This was made in a statement when he was highlighting the current practice of altruism.
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.
Buterin observes that projects currently lack the understanding of an effective social capital allocation. According to him, it is important to embrace proper communication which is very important than distributing money to people of influence. There is a current trend of meme coin founders sending a percentage of their asset’s supply to Buterin to gain traction and credibility. It can be recalled that the Ethereum co-founder received a huge percentage of the Shiba Inu supply. He, however, decided to burn 90 percent of the SHIB, and gave the remaining 10 percent to charity.
CZ believes only the top 10 crypto assets matter
Buterin wrote:
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!
In the past couple of months, some unidentified people have created tokens and run promotions with the words of Buterin. It is expected that a percentage of their supply would be sent to Buterin once they gain ground. Another token inspired by Buterin called TYRANT has claimed to have considered Buterin’s advice. It recently sent 90,000 TYRANT to SENS Research Foundation to continue its efforts to develop an anti-aging solution.
While Buterin’s position is agreed by Binance CEO Changpeng Zhao, he suggested that donation would be more appropriate to be made in the top 10 cryptos by market cap. This is to avoid common problems associated with new tokens including liquidity and inflated valuations.
Agree with the thread part until the “issuing a coin part.” If you are making a donation, use a top 10 existing coin. Issuing coins cause many kinds of problems. Is it for your own benefit (Coins you hold) or charity? Not to mention the liquidity issues, inflated valuations, etc.”
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