Bitcoin Forum

“I’ve decided to burn 90% of the remaining shiba tokens in my wallet. The remaining 10% will be sent to a (not yet decided) charity with similar values to cryptorelief (preventing large-scale loss of life) but with a more long-term orientation,” he said in a note attached to another transaction at the same time. Should this be applauded or criticized? after Elon is Vitalik =]]

https://www.coindesk.com/vitalik-buterin-burns-6b-in-shib-tokens-says-he-doesnt-want-the-power

burning meaning decrease in supply, if you're fan of this shit coin you should applause since that means there's bigger chance of the coin going up in price but in my opinion this burning was already done since the beginning the devs intentionally sending shib to buterin's address
in hope of burning it turns out vitalik was selling it so basically you get more more total supply than it was expected, it was supposed to be 50% of total coins circulating in market (before sent to buterin's address) now it's 55% that's circulating in the market.

It should be applauded and vitalik was not so greedy as elon. Elon keeps manipulating the market while vitalike cares with others. he was a good guy even some people called him a bad guy.
The drop that happened with shiba caused by vitalik was dumping a few percent to the shiba market instantly. That creates fear but after vitalik already clarified what's his real purpose and then people were starting to buy it back again.

Recently he donated $1 billion worth of Shiba Inu for the Indian CoVID relief measures. I am not a big fan of shitcoins such as Shiba Inu. But the truth is that hundreds of shitcoins have now accumulated huge market capitalizations, thanks to the ongoing cryptocurrency bull run. So what is wrong, in case Vitalik uses some of this money for charity purposes? Donating $1 billion is not a joke. People like Warren Buffett and Elon Musk run full-page advertisements whenever they donate 1 or 2 million USD. And the Australian billionaire Gina Rinehart spent millions in advertising her donation of $50 worth of childcare kits to pregnant women a few years back.

It's a good thing that not just Vitalik but even CZ of Binance and Kucoin is doing charity in these tough times. It's a good gesture, the crypto community is doing with their money.

Comin to your point, Shiba was meant to be dumped. It's a total Shit coin and there are not loyal holders or any purpose for the coin. There is no surprise even if the price plummets from here, Vitalik has already cleared what he was going to do with his tokens.

No need to applaud but for sure no need to criticize,,, I think what should be applauded is that he actually asked people to please not send him anymore memecoins.

I would probably do the same and ask people to instead donate everything to charity if they really wanted to make all these shitcoins. Very bad for the industry overall.

I guess it is a good thing to know about it, because everything has a reason. This simply means that there is possibility that the price of the coin may increase sooner. It is also the time that the holder will sell the coins because of having a great price. Surely many holder will be happy hearing it.

Good thing that he donated it instead of manipulating the market like just dumping over nothing, there's still humanity over it. The donated fund was about 15% of the total market cap as of writing and that's huge. No wonder they really are investors but I think Buffet was more of a giver than Elon, Elon was a dog like his DOGE. Buffet will give all his fortune to philanthropic causes once he dies.

As part of the correction that the market is going through. His donation to the charity that he'll be chosen is a very noble act and the same with the amount of aid that he has sent to India during their difficult times. And if there's a big drop to Shiba Inu after his announcement, it's all due to the market correction that it's no exception. He's commendable with the act of charity because he's totally rich. About the burning of tokens, there's really a lot of supply for Shiba and if he burned his 90% of tokens then he contributed to its economy.

Please don't connect Vitalik to Shiba Inu and his activities to donate $SHIB that was sent to his address by SHIBA INU team.

Do you think if Vitalik does not do anything (no donation, no burn), will $SHIB still drop?

It will drop without Vitalik because fast comes, fast goes. That is $SHIB. It will have some bounces for you to exit but if you are greed and blindly hope for Moon, you will hodl it and ignore all bounces. The ending is you will sell this shit token at bottom and miss many bounces to cut loss.

I disagree to call this action as a token burn. Vitalik simply donated it. Burn, who burn it?

I am really not a fan of all those meme coins that came up in the last few weeks and took away liquidity and market cap from solid projects with a real use case. At least something good came out of it now that Vitalik has first donated 1,2 B $ to the indian covid-19 relief. I like that he is also donating his remaining 10% to a good cause that is still a huge amount of money that can help a lot of people. This also means that the supply of Shiba-Inu basically halved within a day but so far there is not a big reaction to this announcement in regarding the price.

Half of the largest supply holder has been burned and more than 4% of the supply has been donated, we have to thank Vitalik because the token has been donated and burned, this in my opinion is an appreciation to other holders and has given the opportunity for Shib to rise up in the future.

Burning should raise the price in the future right? because the coins in circulation will decreased.

But the problem is that this is just a meme coin, and just another hype in today's crypto market so I don't know if the price can sustained long run. What if there is a new meme coin in town? For sure investors are going to shift to the latest leaving Shiba Inu's price going south.

They literally were in circulation before burning and that donation was the literal proof of that. Before this there was a danger that they will turn to sell pressure later, but i think that Vitalik calculated that his donation has a higher change being worth more this way rather then donating all of it.

But as answer to OP: Burning them at this point was best action for everyone. Even if you hate Shiba, you can't deny that this wasn't a good plan.

Vitalik's way of doing it makes sense to regain his reputation in the crypto space. Burning the SHIBA INU tokens he owns will make them disappear forever and provide an opportunity to increase the value of this crypto project after his donation of $1 billion in SHIBA INU tokens to a charity. . He also warned developers to notify him in advance about sending tokens to his address.

If you have that token, you can wait for a while for what will happen to Shiba Inu. If the token can get more support, the price will increase slowly or faster and that can make a new ATH. I am sure even Vitalik burned the token, he still has a lot of Shiba amount and will wait for a while and sell it once the price increases.

Please do not associate Vitalik with Shiva Inu and his activities for donations Shital Inu and the activities that have been sent to his address by the Shiva INU team in his activities. He is admirable with his charitable work because he is quite rich. When it comes to burning tokens, there is really plenty of supply for Shiva and if he burns 90% of his tokens, he contributes to its economy.

Its very good sign for shiba inu community, especialy when he decided to donate 10% of the token to charity. Decreasing total coin in circulation hoping that shiba inu not going down further. Still going down because many people who in profit still want to sell it but not as much as it supposed tobe because of this burning.

I have checked the price and I think it is still a good investment. But of course the issue here is that fees again. I might have to skip this one if in case I won't easily buy this token using my current ETH that I have, which is a few dollars worth. The reason why I do not invest in any ETH tokens is because it is currently expensive to transfer ETH from one wallet to another. So I might need to wait a bit until the fees stabilize and go down. Once the fees are down there is no stopping ETH.

What needs to be understood is what is it being criticized for and what is it being praised for? Can it make a lot of people lose or can it change market conditions for the worse? this is what you must analyze first so that you can praise and criticize it.

burning 90% is very profitable news as supplies will get smaller and prices will likely increase over time

Unfortunately, this Shiba inu token burn news is not in the proper condition because the bitcoin price is being dumped, so the news doesn't really affect the price. I also read that vb has released all of his Shiba tokens, which means vb no longer holds Shiba tokens in his wallet.