Vitalik Buterin Dumps $578K in MakerDAO Tokens

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Quote from: sesterceshop on September 05, 2023, 12:30:54 AM

Vitalik Buterin has sold his remaining 500 MakerDAO tokens, earning approximately $578,000, while MakerDAO considers a move to Solana-based NewChain. This sale marks a 27% gain on the tokens he divested. He initially acquired 1,071 MKR tokens in April 2018 when their price was $905 each.

Source: https://coinmarketcap.com/alexandria/article/vitalik-buterin-sells-remaining-makerdao-tokens-worth-dollar578k-as-project-considers-solana-based-newchain

How do you think the move to Solana-based NewChain will impact MakerDAO?

Vitalik Buterin is a smart man, and Solana has had many, many tech issues. He knows that MakerDAO is doomed to fail on Solana-based NewChain. He sold his MKR tokens before they become worthless.

Or maybe he's just bitter since MakerDAO left Ethereum for Solana. Bullish for Solana, if they can handle it.

Maker has to do something to prevent governance attacks because there are too many DAI in circulation in relation to the value of their governance token MKR. They can either try and give MKR more value or add a legal wrapper to their DAO using Q Blockchain's DAO Factory or Kali wrappr. 2 solutions, code is law or beyond code is law. My bet is on beyond code is law because the value of the governance token will never be enough to backstop a potential governance attack when there are billions of dollars in circulating DAI.

cryptoaddictchie

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Quote from: goaldigger on September 08, 2023, 02:17:16 AM

Not sure though if there's a conflict of interest since Vitalk is also investing with the other projects.
Probably, Vitalk sees the possible down trend with MakerDAO tokens and before it happen, taking some profit might be the ideal action.

Might be right, but I didnt see him anywhere in the past to post about something solana or praise at least. We all knew how skeptical he is when it comes to other project. But if its on market conditions, its his free will anyway to dump any tokens. I am thinking why we should problem that anyhow. :p

Godday

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I think it's a matter of profit. Why would he hold MakerDAO tokens for that long if he already has profits? He also has a lot of ETH in his wallet. I think Vitalik is selling MakerDAO tokens for profit and also maybe something is planned. Vitalik is a big crypto guy so there's bound to be something planned.

goaldigger

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Quote from: cryptoaddictchie on September 05, 2023, 05:08:12 PM

Thats gonna be conflict on interest for him in my opinion. He is the founder of ethereum and the project under his umbrella will leave now the platform so I think he is only investing on tokens or project that are somehow related to his project. Its not like he hates Solana probably but he trust his own more than a nrw player in town.

On technical side probably he isnt so bullish by the makerdao's decision. But who knows, what will happened.

Not sure though if there's a conflict of interest since Vitalk is also investing with the other projects.
Probably, Vitalk sees the possible down trend with MakerDAO tokens and before it happen, taking some profit might be the ideal action.
Let's just see the effect of this action and maybe Vitalk is planning something, they have the power to sell though and its their decisions to make.

lixer

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Quote from: Tipstar on September 05, 2023, 10:58:59 AM

Vitalik buterin is on an spree to dump everything he finds useless in near future. He dumped shiba Inu, a lot of Ethereum and now makerDAO.
He might be donating some part of it to the cause he believe in but he's also preparing for the next bull run, keeping everything that would make him a multi billionaire on next bull. It's his personal choice and his decisions should not be taken as an investment strategy but it's wise to find out what the experts are doing. Ethereum is clogged enough and won't move. He might also be working silently for a completely new blockchain.

So he thinks ETH is useless because why he is dumping it? But, that's odd because ETH is his own creation. Oh well, he is not Satoshi but he is like any other greedy developers who mostly care about the money more than everything. About donating, I think this is true, but if I'm not mistaken, he directly donated ETH.

Vitalik can also be considered as an expert because he invented the second biggest crypto and copying the strategy that he is making is not a problem. It was actually a good strategy, selling your useless cryptos before they dump hard and use the money on a much better coin. ETH is clogged and so as Bitcoin because we are still in the bear. ETH have undergone a lot of tweaks but it is seem hard to change it drastically so their decision of making a new blockchain can be a better solution to help solve the existing issues here in crypto.

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Quote from: Yaunfitda on September 05, 2023, 07:09:52 AM

Not to burst the bubble but yeah, I think this is personal for him. That's why he sell his stash because they are moving to a new Solana-based NewChain. So he could have thinking, good riddance to the project and then dump everything.

And after that it's over for him, and most likely he might think that MakerDAO did make a big mistake. However, I'm not sure why the move though, perhaps they don't like what they are seeing on Ethereum or just having problems with his chain or something.

As for the development of MakerDAO, there's something on it but whether he takes it personally or not. It's on him and if this is like showing that it's his personal revenge through selling/dumping then that's it.

Quote from: shinratensei_ on September 05, 2023, 05:54:27 PM

well then I guess his main motive was money, but i could see the fact that maybe he dumps it just because the token itself serves no purpose for him now that its moving over to solana and he didn't really interested into participating in that blockchain.
i'm sure he has his own motive and i'm also sure that he has foreseen the future dumping of this token, surely if he dumping all his token the other would be attracted to do the same.
but we'll see. considering the fact that many in twitter perceived this coin to be overvalued, I guess there will be corrections.

It was all for money and that was him and his passion before that he turned into money was just part of the process. That's all the motivation ever since and whatever the issues that he's facing together with these other projects that he probably has supported before, if he sell then that's it and don't make something from it as if there's a drama.

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Quote from: blockman on September 05, 2023, 06:55:13 AM

Quote from: sesterceshop on September 05, 2023, 12:30:54 AM

Vitalik Buterin is a smart man

Yeah, he surely does and that's why he's taking profits. He's known for that but people are thinking that if he sells this and that, there must be some plans from his mind that's being built up. But the thing is that, no matter what people think of it, he's just there to dump and take profits.

Quote from: sesterceshop on September 05, 2023, 12:30:54 AM

Or maybe he's just bitter since MakerDAO left Ethereum for Solana. Bullish for Solana, if they can handle it.

Not taking it personally, he's just like us that has his own personal interest and all about the money. He has even dump his own ETH during the bull run, IIRC that was on 2017 and also on 2021. So, there's no bitterness on that. It's just that he's also a human being looking for profits if he sees the opportunity and being permitted by time.

well then I guess his main motive was money, but i could see the fact that maybe he dumps it just because the token itself serves no purpose for him now that its moving over to solana and he didn't really interested into participating in that blockchain.
i'm sure he has his own motive and i'm also sure that he has foreseen the future dumping of this token, surely if he dumping all his token the other would be attracted to do the same.
but we'll see. considering the fact that many in twitter perceived this coin to be overvalued, I guess there will be corrections.

cryptoaddictchie

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Thats gonna be conflict on interest for him in my opinion. He is the founder of ethereum and the project under his umbrella will leave now the platform so I think he is only investing on tokens or project that are somehow related to his project. Its not like he hates Solana probably but he trust his own more than a nrw player in town.

On technical side probably he isnt so bullish by the makerdao's decision. But who knows, what will happened.

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Vitalik has been dumping tokens and moving ETH around rather publicly lately. Makes me wonder if this is just him protecting against a possible failure of the Binance exchange or if he’s just moving his finances around for other reasons. Who knows, maybe this is him preparing for retirement.

el kaka22

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It is obvious that when someone like Vitalik is going out, there is no reason to get back in now. I never had it, so I can't say much about getting out, like if you have some right now and you want to get out then I can't talk about that, it would not be right and that would be a wrong mistake.

But, if we are talking about a situation where it is going to be a tough thing, then you should just simply do it yourself if you want to and that would be a lot better on the approach. I agree that it is a tough business without saying much about it. I agree that it is tough and that is why you should be careful about it as well. Getting out and not getting in are different things, I suggest not getting in, I can't talk about getting out.

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Quote from: sesterceshop on September 05, 2023, 12:30:54 AM

-cut-
Bullish for Solana, if they can handle it.

This is what i was thinking. But i wouldn't bet against Vitalik, and it's fair to assume that he can see stuff that most people can't in the techical side and if SOL is cabable of handling it or not.
I am guessing he thinks they can't if his sale happened instantly after the announcement.

Tipstar

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Vitalik buterin is on an spree to dump everything he finds useless in near future. He dumped shiba Inu, a lot of Ethereum and now makerDAO.
He might be donating some part of it to the cause he believe in but he's also preparing for the next bull run, keeping everything that would make him a multi billionaire on next bull. It's his personal choice and his decisions should not be taken as an investment strategy but it's wise to find out what the experts are doing. Ethereum is clogged enough and won't move. He might also be working silently for a completely new blockchain.

Yogee

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Quote from: sesterceshop on September 05, 2023, 12:30:54 AM

[...]Or maybe he's just bitter since MakerDAO left Ethereum for Solana.

I can see why this has become a subject of speculation but it's basically just converting an ERC-20 token to ETH for me. It's a logical move since they plan on migrating anyway.

Quote

Bullish for Solana, if they can handle it.

I thought this NewChain will be forked from Solana. Is it going to be a completely different chain or just another layer like the L2s?

Yaunfitda

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Quote from: blockman on September 05, 2023, 06:55:13 AM

Quote from: sesterceshop on September 05, 2023, 12:30:54 AM

Vitalik Buterin is a smart man

Yeah, he surely does and that's why he's taking profits. He's known for that but people are thinking that if he sells this and that, there must be some plans from his mind that's being built up. But the thing is that, no matter what people think of it, he's just there to dump and take profits.

Quote from: sesterceshop on September 05, 2023, 12:30:54 AM

Or maybe he's just bitter since MakerDAO left Ethereum for Solana. Bullish for Solana, if they can handle it.

Not taking it personally, he's just like us that has his own personal interest and all about the money. He has even dump his own ETH during the bull run, IIRC that was on 2017 and also on 2021. So, there's no bitterness on that. It's just that he's also a human being looking for profits if he sees the opportunity and being permitted by time.

Not to burst the bubble but yeah, I think this is personal for him. That's why he sell his stash because they are moving to a new Solana-based NewChain. So he could have thinking, good riddance to the project and then dump everything.

And after that it's over for him, and most likely he might think that MakerDAO did make a big mistake. However, I'm not sure why the move though, perhaps they don't like what they are seeing on Ethereum or just having problems with his chain or something.

blockman

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Quote from: sesterceshop on September 05, 2023, 12:30:54 AM

Vitalik Buterin is a smart man

Yeah, he surely does and that's why he's taking profits. He's known for that but people are thinking that if he sells this and that, there must be some plans from his mind that's being built up. But the thing is that, no matter what people think of it, he's just there to dump and take profits.

Quote from: sesterceshop on September 05, 2023, 12:30:54 AM

Or maybe he's just bitter since MakerDAO left Ethereum for Solana. Bullish for Solana, if they can handle it.

Not taking it personally, he's just like us that has his own personal interest and all about the money. He has even dump his own ETH during the bull run, IIRC that was on 2017 and also on 2021. So, there's no bitterness on that. It's just that he's also a human being looking for profits if he sees the opportunity and being permitted by time.

crwth

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This is a pretty interesting thing to consider, knowing that Vitalik of course is more on ETH. But maybe they are just going to create this drama and introduce some speculations in order for it to be talked about. Having been able to sell it at a high price still is a great thing. Maybe they are just seeing the potential in Solana.

I think time will be the one to be seen if it's better to be in the ETH chain or SOL chain.

sesterceshop

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Vitalik Buterin has sold his remaining 500 MakerDAO tokens, earning approximately $578,000, while MakerDAO considers a move to Solana-based NewChain. This sale marks a 27% gain on the tokens he divested. He initially acquired 1,071 MKR tokens in April 2018 when their price was $905 each.

Source: https://coinmarketcap.com/alexandria/article/vitalik-buterin-sells-remaining-makerdao-tokens-worth-dollar578k-as-project-considers-solana-based-newchain

How do you think the move to Solana-based NewChain will impact MakerDAO?

Vitalik Buterin is a smart man, and Solana has had many, many tech issues. He knows that MakerDAO is doomed to fail on Solana-based NewChain. He sold his MKR tokens before they become worthless.

Or maybe he's just bitter since MakerDAO left Ethereum for Solana. Bullish for Solana, if they can handle it.

Topic: Vitalik Buterin Dumps $578K in MakerDAO Tokens (Read 139 times)