The Professor
2 min readFeb 1, 2020

Confiscation and censorship of user during DAO was only an effect possible because of the cause — ethereum’s maximum possible centralization and irrelevance to this field.

What about centralized premine of 72 mil eth is false? Not false.

What about having to trust ICO sellers, 1 trusted party, to refuse free money by buying from their own sale for free? Also not false.

Do miners care about value of incentives the preminers can dictate on every version of chain forever? Yes. Do users care about their real world value with incentive not to go broke? Yes. Ethereum is always best example of what not to do in crypto — for example, not letting illiterate and dishonest people like Ethereum devs use a backdoored trusted distribution of the most important security resource and mechanism there is — coins and incentives. And they actually want to use that for proof of stake for guaranteed centralization in control % growth at <100% staking participation and permissioned entry by past holders. Only in Ethereum is this much failure of even the most basic logical thoughts possible.

How their minds must work:

100s of altcoin developers with actual brains refused to premine their coins, but only a community of scammers and incompetent like Ethereum’s would be promoting centralized control over incentives as decentralized.

Sign up to discover human stories that deepen your understanding of the world.

Free

Distraction-free reading. No ads.

Organize your knowledge with lists and highlights.

Tell your story. Find your audience.

Membership

Read member-only stories

Support writers you read most

Earn money for your writing

Listen to audio narrations

Read offline with the Medium app

No responses yet

Write a response