Ethereum co-founder Vitalik Buterin’s recent crackdown on “shitcoins” has sparked a wave of backlash from the cryptocurrency community. In a post on a small subreddit, Buterin labeled several coins, including Bite (BITE), as having “no redeeming cultural or moral value” and predicted they would result in significant financial losses for investors.
Buterin’s comments come on the heels of his recent sale of billions of dollars worth of “free shitcoins,” as reported by LookOnChain. The sale included 50 billion MOPS for 1.25 Ethereum ($2K), 10 billion CULT for 58 ETH ($91K), and 500 trillion SHIK for 380 ETH ($600K), as reported by TronWeekly.
Despite his efforts to distance himself from these so-called “shitcoins,” it seems that Buterin’s comments may have backfired. Some have lauded Buterin’s efforts to eliminate scams and illegitimate projects, while others have come to the defense of the coins he criticized.
Among those defending the coins, one user welcomed Buterin to the $BITE community, urging others to invest and enjoy the ride. Meanwhile, some users questioned Buterin’s motivations, accusing him of engaging in “soft shilling” and “soft FUD” to manipulate prices.
Others still rejected the entire premise of the debate, suggesting that the value of a cryptocurrency is subjective and based on cultural and moral factors that are open to debate.
They even went so far as to compare the value of Ethereum to Bitcoin and to suggest that currency based on moral or cultural capital is never truly worthless without debate.
Despite the varying opinions, it’s clear that the debate over “shitcoins” is far from over, and Buterin’s latest comments are just the latest chapter in an ongoing saga.
Ethereum Co-founder’s NFT Collection Sparks Surge in Sales
The sale of an NFT collection featuring Ethereum co-founder Vitalik Buterin’s stamp of approval has caused a stir on Crypto Twitter and resulted in several million dollars worth of sales. Metalabel, in collaboration with Gitcoin, created the collection to honor Buterin’s contributions to the Web3 funding model.
Each NFT includes a signed digital version of the 2018 whitepaper “Liberal Radicalism: A Flexible Design for Philanthropic Matching Funds” and commemorates the creation of quadratic funding. The collection’s initial sale period ended on March 1st, but secondary sales saw a surge in popularity in recent days.
Related Reading | Bitcoin Slides Below $20K Amidst Growing Crowd’s Interest
