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Ether is in part premined. Before the token went public, a select few insiders were able to buy lots of it at practically no cost. Here the co-founder explains
by fleddr 5y ago
Ether is in part premined. Before the token went public, a select few insiders were able to buy lots of it at practically no cost.
Here the co-founder explains how to buy more than the agreed maximum per holder, by simply creating multiple accounts to buy them. The founder actively encourages fraud and does it on record.
- gregjor 5y agoIt’s decentralized and totally transparent. Do the research first.
- grubles 5y agoThe point is that the founders apparently intended for large whales to disguise their purchases. This means individuals bought into a system that was advertised as being decentralized, when it was apparently intended to merely /appear/ to be decentralized. Remember Ethereum is planning on moving to "proof of stake".
- gregjor 5y agoYeah I intended sarcasm. The only amazing thing about crypto is that so many people fall for it.
- wcoenen 5y agoEverybody was able to pre-buy Ether at the time, not just "a select few insiders". https://www.coindesk.com/markets/2020/07/11/sale-of-the-century-the-inside-story-of-ethereums-2014-premine/ https://www.coindesk.com/markets/2020/07/11/sale-of-the-cent...
- grubles 5y agoMaybe, but it was under the pretense that the project was intending to be "decentralized", not controlled by whales who followed the founders' advise of disguising their purchases.