Vitalik Buterin, one of the founders of Ethereum, has now written an important article about meme coins, following his technical article in which he stated the requirements for the development of the network. Buterin stated that he does not like meme coins either, but people buy these coins sometimes for entertainment purposes and sometimes just to get rich. He said, “If we want to fix this area, we need to swim with the current, not against it.”

“I wrote it 10 years ago”

Buterin, who started his article by describing an article in Bitcoin Magazine, where he was an editor for a while, said:

“10 years ago, 2 weeks before announcing Ethereum, I mentioned the importance of releasing new coins in Bitcoin Magazine. Especially for social aid projects, today we do not have any option to provide large-scale aid other than large institutions and states. However, issuing a new coin and applying it in this regard seems to be the third way. For example, an ‘anticancer coin’ can be issued for cancer research or a ‘Climate coin’ can be issued to prevent climate change. “Which coin people will buy more here will show us which area will develop more.”

“There is nothing interesting about the new meme coins”

Stating that meme coins have been in our lives for years with Dogecoin, which was released in 2015, Buterin stated that these newly issued tokens do not bring any new contribution or benefit:

“We have known about meme coins since Dogecoin. Many dog-themed coins were released in 2021. It looks like this area is getting hot again. There is great interest in Solana-based coins. We even saw some racist coins appearing on Solana. Even the non-racists get off and on. There aren’t many useful ones. “The majority of the meme coins we are discussing today have nothing new to bring to the space we have seen since 2015.”

“Stupidity or fun?”

Stating that we should not forget that despite all the chaos, people want to have fun, Buterin said:

“One response to this whole mess is to point out how much we hate and stand against this stupidity. I also think, to some extent, it’s the right thing to do. But I also want to ask another question. “If people value entertainment, and financial games at least provide that entertainment, then could that be a positive?”

“We converted ELON token into a donation coin”

Stating that he had seen various donation coins many times and that they attracted his attention, but when he looked back, he saw that these projects failed, Buterin gave an example from the Dogelon Mars (ELON) token. Buterin’s example also brought ELON up by more than 35%:

“There was GiveWell Inu, which gave a large portion of its token supply to some charities. The coin called Fable of the Dragon Tyrant also gave importance to cultural projects, but when I look at it today, I see that these two beautiful projects were not successful. When the Dogelon Mars token, which I thought was more successful, sent me half of the supply, I sent it directly to the Methuselah Foundation. This foundation and the ELON community caught a good mood and turned the ELON token into an aid and donation coin.”

“Imagine World of Warcraft on the blockchain…”

Stating that many manipulations can be made in the supply of meme coins, but this may cause various damages to those who purchase tokens, Buterin said that it is more logical to make games instead of issuing meme coins:

“What can be done instead of meme coin? Create a game. But let it be a game that is both fun and meaningful. Imagine having World of Warcraft on the blockchain, not Candy Crush… Making fun crypto games is hard. The team I personally trust most in this regard is 0xPARC, because they have made crypto games that players are willing to play purely for fun rather than the desire to make money. First they released Dark Forest, then FrogCrypto. Yes, you may not like this world, but you can benefit this area by praising those who do good deeds in it. “Screaming ‘everything is bad’ may feel good in the moment, but it also excludes you from the benefits you could give to that system.”

“The crypto world should swim with the tide, not against it…”

For this reason, Vitalik Buterin stated that the crypto world should move with this field rather than against it and said:

“I don’t like totalitarian movements, rug pulls, scams, and projects that make everyone feel good one month and upset the next, but I also value people’s desire to have fun, and I’d rather the crypto world somehow swim with the tide rather than swim against it. At the very least, there should be better meme coins than bad ones… They should also support public goods instead of just enriching the creators and those inside the system. But at the same time, coins should not only be issued… A game should be produced and areas where people enjoy participating should be created…”

It was published:

Last update:

If you want to be the first to be informed about the latest developments, join Uzmancoin Telegram channel!


Leave a Reply