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I wonder if there isn't a more ethically sound way of rewarding the founders of cryptocurrency initiatives. A percentage of the total value of the whole currenc
by Freak_NL 9y ago
I wonder if there isn't a more ethically sound way of rewarding the founders of cryptocurrency initiatives. A percentage of the total value of the whole currency seems disproportionally large if you consider the value of the total coin offering possible if they ever attained a status akin to the Euro, Dollar, Yen, or Pound Sterling. While that may or may not ever happen, it certainly seems to be a goal for many of these initiatives.
To me it makes all cryptocurrencies seem like Ponzi schemes designed to profit its founders first and foremost; regardless of any merits.
> […] are the founder's supposed to just eat that cost?
Ideally, some philanthropist driven by idealism would work with a bright bunch of crypto enthusiasts like them to fund development, precisely to prevent the ethical problem of a founder's reward. Alternatively, perhaps a capped value that is based on a fair estimate of the initial costs of development with a fair profit margin (to compensate for the risk) would encounter less resistance than the current trend of an open-ended percentage.