5 ms·

Yes, 70% premine. Absolutely unethical

by yaa_minu 5y ago

knowaveragejoe 5y ago
How does one learn this information? Do you have a link?
- deleted 5y ago
  [deleted]
- DennisP 5y ago
  https://blog.ethereum.org/2014/07/22/launching-the-ether-sale/ https://blog.ethereum.org/2014/07/22/launching-the-ether-sal...
  - nullc 5y ago
    "We are not blocking the US after all. Yay." I hope you can see why many people believed the US was prohibited.
    - DennisP 5y ago
      Yes, 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.
DennisP 5y ago
Only a small portion went to the early devs, and an equal amount to the nonprofit foundation. The rest of that 70% went to the presale, which was open to anyone and well-advertised. First-year bitcoiners had a way bigger advantage than ETH presale buyers. https://blog.ethereum.org/2014/07/22/launching-the-ether-sale/ https://blog.ethereum.org/2014/07/22/launching-the-ether-sal...
- Tenoke 5y ago
  In all fairness, a presale effectively means it went to them and then they sold it for money at the earliest price.
  - DennisP 5y ago
    The bitcoins that people paid went to the nonprofit foundation, not to individuals. The foundation paid people salaries in exchange for work, and is still funding Ethereum development today. I.e. it was a crowdsale raising funds for development, much like projects on Indiegogo except that it was a nonprofit instead of a business.
nocommentguy 5y ago
Describing a public crowdsale as a premine is unethical.
- nullc 5y ago
  Something doesn't stop being a premine once you sell it. Once they've finished selling their premine to the public would it be accurate to say it wasn't premined at all? Of course not. So it's not accurate to exclude the partially sold portion now. This massive understatement of their premine is a well known example of the dishonesty of ethereums operators and advocates.
  - tromp 5y ago
    Exactly. Selling a premine to "the public" is indistinguishable from selling only a fraction to the public, and the rest to yourself. While there is an opportunity cost to the latter, it may also serve to create an impression of large demand that further benefits the preminer.
deleted 5y ago
[deleted]

Yes, 70% premine. Absolutely unethical

knowaveragejoe 5y ago

How does one learn this information? Do you have a link?

deleted 5y ago
[deleted]
DennisP 5y ago
https://blog.ethereum.org/2014/07/22/launching-the-ether-sale/ https://blog.ethereum.org/2014/07/22/launching-the-ether-sal...
- nullc 5y ago
  "We are not blocking the US after all. Yay." I hope you can see why many people believed the US was prohibited.
  - DennisP 5y ago
    Yes, 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.

DennisP 5y ago

Only a small portion went to the early devs, and an equal amount to the nonprofit foundation. The rest of that 70% went to the presale, which was open to anyone and well-advertised. First-year bitcoiners had a way bigger advantage than ETH presale buyers. https://blog.ethereum.org/2014/07/22/launching-the-ether-sale/ https://blog.ethereum.org/2014/07/22/launching-the-ether-sal...

Tenoke 5y ago
In all fairness, a presale effectively means it went to them and then they sold it for money at the earliest price.
- DennisP 5y ago
  The bitcoins that people paid went to the nonprofit foundation, not to individuals. The foundation paid people salaries in exchange for work, and is still funding Ethereum development today. I.e. it was a crowdsale raising funds for development, much like projects on Indiegogo except that it was a nonprofit instead of a business.

nocommentguy 5y ago

Describing a public crowdsale as a premine is unethical.

nullc 5y ago
Something doesn't stop being a premine once you sell it. Once they've finished selling their premine to the public would it be accurate to say it wasn't premined at all? Of course not. So it's not accurate to exclude the partially sold portion now. This massive understatement of their premine is a well known example of the dishonesty of ethereums operators and advocates.
- tromp 5y ago
  Exactly. Selling a premine to "the public" is indistinguishable from selling only a fraction to the public, and the rest to yourself. While there is an opportunity cost to the latter, it may also serve to create an impression of large demand that further benefits the preminer.

deleted 5y ago

[deleted]