Buterin Warns Against Investing in Shitcoins Like BITE
- Ethereum co-founder Vitalik Buterin says BITE is a [expletive]coin.
- Vitalik Buterin says [expletive]coins have no redeeming cultural or moral value.
- According to Buterin, investors in BITE will probably lose most of their capital.
Ethereum Co-Founder Vitalik Buterin has described BITE, the community token built on the Binance Smart Chain (BSC) as [expletive]coin. In a post on Reddit, the social news aggregation and discussion platform, Vitalik categorized BITE and most of the coins discussed on the Reddit forum as tokens with no redeeming cultural or moral value.
$BITE and most other coins discussed on this forum are [expletive]coins, have no redeeming cultural or moral value, and will probably lose you most of the money you put into them. I anti-endorse these projects to the greatest extent.
Vitalik’s anti-endorsement of BITE comes a few days after he reportedly dumped a significant amount of tokens considered to belong to the same category. The popular crypto figure sold nearly $700,000 in [expletive]coins comprising Cult DAO (CULT), Mops (MOPS), and Shikoku (SHIK), according to multiple reports.
The crypto community reacted to Vitalik’s token sell-off, with users probing the reasons for the token dump. As expected, the price of the affected tokens depreciated by significant amounts following the sell-off as the ripple effect took over with the propagation of depreciation. Some crypto users even suggested that Vitalik’s dump could turn around and become a blessing in disguise for the tokens involved.
Vitalik’s BITE criticism appears to have a similar effect on the token’s social capital. It has triggered discussion around the cryptocurrency, with some supporters suggesting that the token’s price could pump.
In a considerably light mood, one of BITE’s supporters on Reddit congratulated the Ethereum co-founder for announcing himself as a member of the BITE community. The user welcomed Vitalik, asking him to grab a bag of BITE tokens and “enjoy the ride”.
Vitalik did not only consider BITE a [expletive]coin. He advised users against investing in the crypto, warning that they would probably lose most of the money invested in the project. He seized the opportunity to dissociate himself from the token and, by extension, the project.
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