Crypto
Dogecoin Knockoffs Tank After Ethereum Co-Founder Vitalik Buterin Dumps Tokens For Charity
“Buterin used funds gifted to him from meme coin projects like Shiba Inu to donate millions to different charities.”
The creators of various meme tokens, including the masterminds behind SHIBA INU and AKITA, had sent considerable amounts of their token’s supply (up to 50%) to Buterin’s publicly known Ethereum address in hopes that he would hold them. These types of airdrops allow any project to use celebrities for marketing purposes without their permission, as they can simply send tokens to a public address and by doing so imply that person’s involvement in the project.
However, it would seem that Vitalik did not receive the HODL memo regarding these unsolicited donations, and has since removed liquidity from various pools, including SHIBA INU (SHIB), as well as transferred his holdings of the coins to various charitable efforts as he went on a full blown “dog token” donation spree.
In a single transaction, Vitalik donated over half a billion dollars’ worth of AKITA tokens to Gitcoin, an Ethereum-based foundation for open-source development. He gave another 1050 ETH worth over $4.2 million to the AI Safety Organization and converted $2M worth of SHIBA INU on Uniswap to ETH. He then sent 500 ETH to a wallet associated with the India Covid-Crypto Relief Fund, along with over 50 trillion SHIBA INU (SHIB) tokens worth roughly $1.14 billion at the time of donation. He gave his ELON tokens and another 1,000 ETH to a Coinbase wallet for the Methuselah Foundation, a medical charity for extending human life, while GiveWell, a non-profit organization that evaluates the effectiveness of charities, received $53 million in ETH (13,292 ETH). He has also transferred significant amounts of COSHIINU, AkamaruINU, and many others.
In total, Buterin gave away over $1.5 billion in crypto donations at the time of the transactions. While the move seemed exceptionally generous, these transactions caused the meme coins in question to plummet in value and so the rumors of ulterior motives began.
Many of the affected coins have lost more than half their market value and this could very well put a halt if not an end to the latest Dogecoin knockoff frenzy that has swarmed the crypto world in the past few weeks and has been clogging down the Ethereum ecosystem.
Sandeep Nailwal, the co-founder of Polygon and the creator of India’s crypto covid relief fund, thanked Buterin on Twitter and made it clear that the charity will responsibly sell SHIB as to not cause further drops in price.
While the prices have already started falling due to panic and fear of what’s to come, only time will really tell how this will fully reflect on prices of the tokens, should their recipients decide to cash out Vitalik’s generous donations.
Crypto
CumRocket and the Power of Elon Musk Tweet
When Elon Musk tweeted “Canada, USA, Mexico”, spelling out an acronym “CUM”, many assumed he was referring to the “United States–Mexico–Canada Agreement” (former NAFTA), but with an Elon Musk twist. Because you know… it would make for a totally better acronym than what they came up with (USMCA).
Or maybe it was just me?
Low and behold, barely a day later Musk decides to bless us with yet another tweet, this time dispelling any doubts one might’ve had regarding the meaning of his previous tweet.
CumRocket To the Moon
Within literal minutes of his “Cum Rocket to the moon” tweet on June 5, CumRocket (CUMMIES) skyrocketed from $0.067 to $0.284 (+330% instant gain) before crushing back down to $0.114 some half hour later, and is currently trading at $0.1746 (+168.95% 24hr gain).
Crypto
Spaniards to Be Taxed on ‘Overseas’ Crypto Holdings
As reported by El Economista, the Spanish parliament has voted in favor of a controversial new law that will require Spanish citizens to report their overseas crypto holdings, as the government appears ready to impose more control and regulation over the growing crypto sector.
According to an official government release, the new law will require Spaniards “to report their holdings and operations with cryptocurrencies,” on crypto held both domestically and abroad if the transactions “affect Spanish taxpayers.”
According to the release, information will be required on the balances and holders of the coins, as well as on all types of operations that have been carried out with them.
“Due to their proliferation and popularity among investors and savers, it is necessary to take greater control over cryptocurrencies”
The new regulations will make it “mandatory to inform” the tax body on annual declarations of assets and property.
The bill, named the ‘Law on Prevention and Fight Against Tax Fraud’ (Ley de Medidas de Prevención y Lucha contra el Fraude Fiscal), also contains other provisions intended to fight tax avoidance, and will give tax bodies the power to conduct spot checks on “homes and businesses”.
The bill has been in the works since last year, when the Council of Ministers gave it the green light, and still needs to be ratified, now that the senate voted in favor in a majority vote.
Once ratified, it will see “overseas” crypto holdings integrated into the often criticized Modelo 720 system, which requires Spaniards to complete exhaustive declarations of their overseas real estate holdings.
Crypto
Charles Hoskinson Explains Why He Believes Cardano Is Superior to Ethereum 2.0
While Cardano (ADA) supporters like to refer to it as an Ethereum killer, Charles Hoskinson, founder of Cardano, said that Ethereum is actually “killing itself” by replacing the current proof of work (PoW) version with Ethereum 2.0, a new proof of stake (PoS) iteration.
When asked if Ethereum 2.0 could also be seen as a Cardano killer, now that it’s switching to PoS as well, Hoskinson said that he does not see it like that since Cardano is the market leader in PoS, implying hat their longer experience with PoS gives it an upper hand over Ethereum in PoS space:
“We are leading that fight. We were first to the market… Engine doesn’t make a BMW a BMW. It’s a part of it, but you need a whole ecosystem, a whole collection of things.”
CHARLES HOSKINSON, MAY 26, 2021
Subjective: Assigning such prominence to the fact that Cardano was the first to market with PoS over Ethereum sounds like a weak argument seeing as Ethereum, along with Bitcon is becoming a household name, whereas Cardano… well, is not yet. So this whole argument of “first to market” that is based solely on the validation protocol being used falls somewhat short and makes us seriously wonder why Mr. Hoskinson would spit in his own cup by implying that being first to market carries such weight, seeing as ETH is actually the grandfather of smart blockchain and the true pioneer of the said space.
Fun fact: The first cryptocurrency to adopt the PoS method was Peercoin. Next, Blackcoin, and ShadowCoin soon followed suit.
Governance, interoperability, and user bases
The creator of Cardano also touched the topic of governance, saying that Ethereum 2.0 has bowed out, which he said would make it hard for the ecosystem to evolve once its founders retire or lose prominence, whereas enabling on-chain governance is a vital part of Cardano’s roadmap.
He also compared Bitcoin (BTC), the largest cryptocurrency by market capitalization, and the grand father of all cryptocurrency, to a “wood-powered steam engine” due to its slow evolvement.
“You have those Bitcoin core developers who desperately want to evolve the system: even though core developers want to implement multiple improvements like smart contracts and side-chains, they can’t get anything done.”
CHARLES HOSKINSON, MAY 26, 2021
Hoskinson also pointed out that Ethereum is not as interoperable for now as some other similar blockchain projects such as Cardano, Cosmos and Polkadot (among others) that made sidechains available on their network.
And finally, he claims that Eth 2.0 and Cardano on top of different technologies and philosophies also have different user bases:
“We are bringing millions of people in Africa that simply Ethereum doesn’t seem to care about… outside of South Africa and a few well developed places in Africa.”
-
Blog3 years ago
Keeping Your Ledger Hardware Wallet Safe
-
Blog3 years ago
What is Elon Musk Going to do on SNL?
-
Blog3 years ago
Importance of Your 24 Word Recovery Seed Phrase and How to Keep it Safe
-
Blog3 years ago
The Latest Shitcoin Marketing Ploy Backfires as Vitalik Buterin “Pulls the Rug” on Doge Copies
-
Blog3 years ago
Is My Crypto Wallet Compromised?
-
Blog3 years ago
Dogecoin Did Not Plunge Because of Elon Musk SNL Appearance
-
Blog3 years ago
How Does Bitcoin FUD Benefit Tesla and Elon Musk?
-
Crypto3 years ago
CumRocket and the Power of Elon Musk Tweet
You must be logged in to post a comment Login