He said in the note, according to The New Zealand Herald: 'I don't want to be a locus of power of that kind.'Ĭryptocurrency tokens are notorious for their volatile price swings. In a transaction note, Buterin urged other coin developers not to send him any more tokens unless he consented first, and recommended contacting a charity instead. It is similar to stock repurchasing in the world of traditional finance, whereby companies purchase shares of their own common stock to increase the scarcity, and potentially the value, of shares already held by investors. As such, burning can be used as a way of controlling inflation. In the world of cryptocurrency, 'burning' a token means to purposefully take that token out of circulation, often by sending it to a cryptocurrency wallet to which no-one has access.īurning large amounts of cryptocurrency tokens can have the effect of increasing the scarcity of that token. Shiba Inu tokens were priced around $0.000016 each at the time of writing, according to CoinMarketCap.

Shiba Inu is a meme cryptocurrency that describes itself as a competitor to Dogecoin, though it is currently worth a lot less. In a note attached to another transaction he had made, Buterin said he had decided to burn 90 percent of his total Shiba Inu portfolio and send the other 10 percent to a charity he had not yet decided upon, according to Coindesk. The transaction, made on Sunday, can be viewed on Etherscan, which keeps track of Ethereum transactions. Now, Buterin has also burned a further 410 trillion of his Shiba Inu tokens-worth around $6.5 billion at the time of writing-taking them out of circulation. Vitalik Buterin, Ethereum Founder, Donates 500 ETH to India's COVID Fund.'Elon Musk' Bitcoin Scam Sees Woman Lose Thousands of Dollars to Fraudsters.

Elon Musk Confirms Tesla Has Not Sold Bitcoin After Price Crash.

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