Vitalik: “I will not be an advisor for future ICO projects.”

Vitalik no more ico
Ethereum has sparked a whole host of new startup companies to launch their own tokens
For many of these projects Vitalik signed on as an "advisor"
This sparked fears of Ethereum developers - Vitalik included - being too greedy, potentially leading to a crash
Today Vitalik announced that he'd no longer be an advisor to any new ICOs

One of the features of Ethereum is how easy it is to use the smart contract system to create your own token and from that comes a lot of new startup companies with ICOs.

ICO stands for "Initial Coin Offering" and is a means of crowdfunding a new cryptocurrency.

There's a real fear being spread right now that greed is going to lead to Ethereum crashing. It certainly doesn't help that so many of these ICOs have Vitalik - the founder of Ethereum - signed on as an advisor, even if it makes no sense for the project to have an associated token.

Today via Twitter, however, Vitalik has announced that he will no longer be signing on as an advisor to any new ICOs.

This has lead to quite a lot of backlash from the community who lost faith in Vitalik after he signed on to so many different ICOs.

Vitalik's response was to reassure people that he "didn't make a cent" from many of these projects.


  

It's important to remember that Vitalik is 23 and has a networth of around £216m. It's only natural that he'll make mistakes at such a young age, and his signing on as advisor to so many different projects is likely one of them for which is now trying to make amends.

This shouldn't have too much of an effect on Ethereum's price although we may see a slight dip for a few days as ICOs potentially underperform without Vitalik's name attached to their projects.

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About Thomas Lock 8 Articles
Seasoned cryptocurrency focused investor with a diverse portfolio covering many up and coming coins as well as Bitcoin, Ethereum and Litecoin.

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