Vitalik Buterin Sends 30,000 Eth to Bitstamp


Ethereum’s inventor, Vitalik Buterin, transferred 30,000 eth, currently worth $22 million, to one of crypto’s biggest exchange, Bitstamp, around 12 days ago.

That’s just days before Litecoin’s founder declared he had sold all his LTC, with price then crashing for nearly all cryptos by around 50% before somewhat recovering today.

Vitalik Buterin has not publicly confirmed whether he sold the 30,000 eth or otherwise, but his known public address shows he still has some 375,003 eth, currently worth almost $300 million.

Around the time he made the transfer Buterin publicly commented the then market cap was too high and strongly implied it was not deserved:

“So total cryptocoin market cap just hit $0.5T today. But have we *earned* it?” Buterin asked before concluding that:

“The answer to all of these questions is definitely not zero, and in some cases it’s quite significant. But not enough to say it’s $0.5T levels of significant. Not enough.”

It is very unlikely Buterin is a trader and it may well be that the funds were used to perhaps pay contractors with him so stating around two days before the transfer:

“I just paid ~10 contractors in ETH with amounts calculated based on exchange rates from USD, SGD and TWD today.”

But it may be more probable that he simply diversified some of his holdings (around 10%), potentially perhaps because he thought price was too high and might fall lower.

Nor is this the first time he has sold. He cashed out 25% of his eth holdings back in April 2016 when price was just $10, stating at the time he needed to diversify.

Yet publicly today he commented implying price was not much of concern to him in the context of a quote by Amir Taaki who said:

“Bitcoin is turning into a failed project. The seeds of its destruction among the debris of a community blinded by numerical price increases, and imminent divine reclamation. One day you will all understand my words but it will be too late, the ship would have sailed.”

In reply to it, Buterin said: “*All* crypto communities, ethereum included, should heed these words of warning. Need to differentiate between getting hundreds of billions of dollars of digital paper wealth sloshing around and actually achieving something meaningful for society.” He further added:

“If all that we accomplish is lambo memes and immature puns about “sharting”, then I WILL leave. Though I still have a lot of hope that the community can steer in the right direction.”

It is unclear why he publicly suggests that all ethereum has so far achieved is “lambo memes,” but ethereum, or any other decentralized public blockchain currency, doesn’t really depend on any one individual or any one opinion, with the diverse free market usually giving them a life of its own.

Work on sharding, however, would assist, and might do far more towards “achieving something meaningful” than implicit or otherwise comments on price by coders after they secure 20 lambo worth sums of money.


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