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Missing the point. These things are supposed to exist for pure marketing blitz, it doesn't matter if they're actually decenteralized or even outright fraudulen
by nullc 6y ago
Missing the point. These things are supposed to exist for pure marketing blitz, it doesn't matter if they're actually decenteralized or even outright fraudulent.
It just has to help bring in enough new suckers to allow the recipients of ethereum's huge pre-mine (now valued at about one quarter trillion dollars) to exit more of their positions without collapsing the price.
- chrisco255 6y agoNo one person controls more than 1% of ETH supply. Satoshi still owns 1M BTC, or 5% of all BTC and it's said that the Winklevoss twins control about 1% of BTC supply.
- nullc 6y agoWe don't actually know much about who controls the eth supply. Their pre-mine recipients were mostly anonymous and with the fast majority going to a few addresses. For all you know they recycled received funds back out in their crowd sale and bought multiple times. Participation was limited because US residents-- by far the largest population of cryptocurrency users-- were prohibited from participating (though of course some did). [Edit: A comment below claims otherwise, I don't actually see support for that in my source, and my own correspondence from the time states that it wasn't. I'm not sure if something changed around the launch, or if I'm somehow mistaken.] I dunno anything about winklevoss speculation, people often include funds held in custody as if they're owned by the custodian and reach weird conclusions. It's easy to list ethereum accounts that hold >=1% of all ethereum: 0x281055afc982d96fab65b3a49cac8b878184cb16, 0x6f46cf5569aefa1acc1009290c8e043747172d89, 0x90e63c3d53e0ea496845b7a03ec7548b70014a91, 0x53d284357ec70ce289d6d64134dfac8e511c8a3d, 0xab7c74abc0c4d48d1bdad5dcb26153fc8780f83e, 0xfe9e8709d3215310075d67e3ed32a380ccf451c8; while the largest Bitcoin address is under 1%. (Of course, parties can have multiple addresses, and as mentioned some parties hold coins for many other people) Moreover, regardless of the distribution Bitcoin had no premine: Everyone who has Bitcoin received it in a open process available to the whole world with no particular privilege other than knowing and caring about it when it was almost worthless before other people did. (well, I suppose except for those people who stole theirs :)). We don't actually know how many Bitcoin Satoshi-- if he's still alive-- owns: there are guesses based on assuming various earlier miners might have been him, but they're guesses. The 1M claim specifically is flat out false: it comes from counting up every coin mined during the first year that was still on spent at the time the figure started circulating a few years ago. It includes many coins known to have been mined by other people, including likely myself.
- DennisP 6y agoU.S. residents were not prohibited. Here's the official announcement saying so: https://blog.ethereum.org/2014/07/22/launching-the-ether-sale/ https://blog.ethereum.org/2014/07/22/launching-the-ether-sal...
- nocommentguy 6y agoHi Greg, > For all you know they recycled received funds back out in their crowd sale and bought multiple times. Actually we know that they didn’t and so do you, because the funds didn’t leave the multisig until the sale ended
- nullc 6y agoTurns out that money is fungible. The moment the crowdsale ended the CEO paid himself out a million dollars and left. ...
- knowaveragejoe 6y agoDo you have a source for this claim?
- seigando 6y agoWow. that puts him in the top 30 richest people on earth...according to https://www.forbes.com/real-time-billionaires/#233e45c53d78 https://www.forbes.com/real-time-billionaires/#233e45c53d78 which i randomly googled.
- anotha1 6y agoI hope your wrong, for the sake of all the folks that invested in this.
- nocommentguy 6y agoThank you for looking out for my financial well-being, internet stranger
- knowaveragejoe 6y agoEthereum's pre-mine is worth more than half of ETH's market cap?
- yaa_minu 6y agoYes, 70% premine. Absolutely unethical
- knowaveragejoe 6y agoHow does one learn this information? Do you have a link?
- deleted 6y ago[deleted]
- DennisP 6y agohttps://blog.ethereum.org/2014/07/22/launching-the-ether-sale/ https://blog.ethereum.org/2014/07/22/launching-the-ether-sal...
- nullc 6y ago"We are not blocking the US after all. Yay." I hope you can see why many people believed the US was prohibited.
- DennisP 6y agoYes, if they weren't paying attention. There was serious concern that the Ethereum Foundation would get in trouble with the SEC if they sold in the US. They delayed the crowdsale for several months while they consulted lawyers, who finally signed off on a way to keep them out of SEC trouble. There was a lot of discussion about this in the community. The presale was open for 42 days and very well known in the crypto community. Within the first few days it was clear that it was going to be one of the largest crowdsales to date, so it got regular media attention too.
- nocommentguy 6y agoThis user is Greg Maxwell, who works full-time on internet arguments on behalf of AXA ventures, the organization that deliberately crippled Bitcoin in an attempt to monetize sidechains. Since that failed, he has been relegated to simple FUD while his handlers accumulate ETH.
- nullc 6y agoI've never spoken to anyone at AXA as far as I know, FWIW. Of course, the rest of your smearing is similarly nonsense.
- miohtama 6y agoI did a thread on the evolution of cryptocurrencies today. I cover the term “premine.” Your arguments do not make sense. https://mobile.twitter.com/moo9000/status/1389571466002325510 https://mobile.twitter.com/moo9000/status/138957146600232551...