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Vitalik Buterin condemns celebrity crypto tokens, urging for projects with lasting value and positive impact.
Buterin advocates for crypto projects supporting public causes, not merely enriching celebrities.
Successful examples like Dogelon Mars contrast with the troubling history of celebrity-related crypto ventures, prompting calls for higher standards.
In a recent statement, Vitalik Buterin, co-founder of Ethereum, expressed his dissatisfaction with the proliferation of celebrity tokens within the cryptocurrency space.
Buterin highlighted these tokensâ lack of long-term value, criticizing them for their superficial nature and failure to contribute meaningfully to important causes. He emphasized the importance of crypto projects that serve the public good and offer engaging mechanics beyond mere token trading.
Buterin reminisced about his earlier proposals to utilize tokens to fund essential public projects like cancer research or environmental conservation. He reiterated his belief in cryptocurrenciesâ potential to positively impact society and lamented the current trend of celebrity experimentation within the crypto sphere.
The Need for Meaningful Contributions
Buterin pointed out that while some past projects, like Ashton Kutcher and Mila Kunisâ Stoner Cats, aimed to fund actual shows, many celebrity tokens lack such tangible goals. He argued that financialization in crypto should serve worthy ends, such as healthcare or art, rather than solely enriching celebrities and early adopters.Â
Buterin emphasized the necessity for celebrity crypto projects to have a public good goal, like supporting a charity or an art project, to be considered respectable.
Buterin also suggested that these projects incorporate engaging mechanics beyond token trading. He proposed using token-voting decentralized autonomous organizations (DAOs) to allow community participation without solely dictating the agenda.Â
His vision involves creating crypto projects that have a lasting impact, lasting 10+ years, and ensuring that participants feel their involvement was worthwhile, even if the tokens eventually lose their value.
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