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In his latest blog post, Ethereum co-founder Vitalik Buterin delves into the realm of memecoins, expressing his desire to see more “good ones” that contribute positively to the cryptocurrency landscape.
Buterin begins by outlining his personal moral guideline, which entails acknowledging commendable aspects even among groups or individuals one might not favor. He specifically voices his aversion to memecoins associated with totalitarian ideologies, scams, or short-lived excitement that ultimately leads to disappointment.
While memecoins have gained significant attention recently, Buterin acknowledges a growing concern over the emergence of deliberately offensive memecoins, including those with racial slurs or insensitive references to tragic events like the Holocaust or 9/11.
Despite recognizing the potential for negativity within the memecoin space, such as fostering racism or facilitating rugpull scams, Buterin also acknowledges the importance of fun and entertainment in the crypto community. He suggests that rather than resisting this trend, the crypto space could benefit from embracing it by fostering “high-quality fun projects” that contribute positively to the ecosystem and society at large.
Buterin emphasizes the need for more “good” memecoins that support public goods and charitable causes, rather than merely enriching their creators and insiders. He cites charity coins as a potential example, wherein a significant portion of token supplies or ongoing fees are allocated to charitable initiatives.
This commentary from Buterin follows recent expressions of disdain toward memecoins within the industry. Notably, CryptoQuant’s founder and CEO, Ki Young Ju, recently criticized memecoins for overshadowing legitimate projects and harming the industry’s reputation.
However, despite criticisms, memecoins continue to attract regulatory scrutiny, with the U.K.’s Financial Conduct Authority issuing warnings about the need for approval from authorized representatives prior to promoting financial products or services on social media, including crypto, by so-called “finfluencers.”
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