Vitalik Buterin describes the process of selling SHIB for $6.7 billion that is both scary and exciting
In an episode of the UpOnly podcast, Vitalk Buterin explained the intricacies of sending ETH and SHIB securely.
Just getting out of nearly $7 billion worth of crypto you don’t want? According to Ethereum co-founder Vitalik Buterin, it’s probably a lot harder than you think.
On yesterday’s UpOnly podcast, Buterin discussed a range of topics during a nearly two-hour interview with hosts Cobie and Ledger, including his sale of $6.7 billion in SHIB tokens (there are times when it’s much more valuable is).
SHIB is a DOGE-inspired Ethereum-based meme token that has seen massive appreciation in value over the last year. At its peak last year, SHIB was up over 40,000,000%, making early investors in this cryptocurrency very rich in a very short period of time.
Last May, anonymous developers gave Buterin 50% of the total SHIB token supply, bringing Buterin’s total holdings to about 505 trillion SHIB, or about $8 billion at the time. The developers do this because they believe that sending tokens to Buterin is like effectively burning it (i.e. phasing it out), reducing supply and increasing demand.
Later that month, Buterin sent SHIB and other crypto donations he received to various charities, including SHIB 50 trillion (about $1.2 billion at the time) to the Covid India Cryptocurrency Relief Fund. Buterin also burned about 90% of his remaining SHIB tokens. He said in the note attached to one of the transactions:
“I don’t want to reach such a position of power.”
But how exactly Buterin got rid of these tokens should be interesting.
Buterin explained to Cobie and Ledger the complicated process he had to go through to access and then deposit the SHIB tokens, including buying a new laptop to complete the transaction.
“It was both scary and exciting. It’s scary because it’s more money than I’ve ever had.”
Originally, the funds in a cold wallet were as two numbers written on separate pieces of paper. Buterin has to combine two numbers to get the private key.
“I keep one of these and my family keeps the rest in Canada. So I had to call my family in Canada and tell them to read my number.”
Buterin entered the numbers into a calculator purchased from Target after putting the two numbers together.
“I sent my ETH by creating a transaction on my computer that I bought from Tarjay (Target) for about $300 just for this purpose.”
Before completely disconnecting the laptop from the Internet, Buterin said he downloaded a program to generate QR codes. After creating an ETH transaction, he scanned the QR code with his phone, copied it to his laptop, and then put it in etherscan.io/push Tx. Finally, Buterin has started sending out tokens.
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