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Important to note that Vitalik massively gains from Ethereum transitioning to Proof-of-Stake since he controls a large percentage of total ETH due to premining
by grubles 5y ago
Important to note that Vitalik massively gains from Ethereum transitioning to Proof-of-Stake since he controls a large percentage of total ETH due to premining it before the project launched.
- meowkit 5y agoImportant to note that anyone who holds ETH gains if the price goes up. I salute you Sherlock.
- fredfoobar 5y agolooks like you missed "controls a large percentage of total ETH"
- hanniabu 5y agoExcept he doesn't
- grubles 5y agoVitalik, just one person, owns billions in ETH. That is the top 0.1%.
- SwagtimusPrime 5y agoAnd Satoshi, just one person, owns tens of billions in BTC. That is the top 0.01%.
- yaa_minu 5y agoSatoshi mined every single one of it and anyone would have been able to do same also he never sold his coins and left the project early on to avoid having too much control. Quite the opposite with Vitalik who on the other hand premined his eth, has been selling them Ever since, and continues to have significant control over ehereum.
- hanniabu 5y agoSatoshi did the equivalent of ninja mining.
- rawtxapp 5y agoSatoshi is not actively working to move Bitcoin to PoS though. And for all practical purposes, his stash is as good as gone.
- vbuterin 5y agoThere's definitely ETH holders who have more ETH than I do, including those who did _not_ benefit from the premine. (And there's BTC holders with more than 0.3% of all BTC)
- fredfoobar 5y ago> (And there's BTC holders with more than 0.3% of all BTC) And yet, they can't stake their Bitcoin gain influence in the network. They're just another user in user-land
- vbuterin 5y agoWhat kind of "influence in the network" do you gain by staking? (Keep in mind that in present-day Ethereum, the influence that PoW miners have in protocol governance is pretty minimal)
- tornato7 5y agoZuckerberg owns 30% of Facebook! And he stands to gain the most from Facebook earning profits!!! It's all a scam!! See how ridiculous it sounds?
- Salgat 5y agoThat's fine as long as we agree that Ethereum is not a form of currency, otherwise it becomes terribly regressive for one person to have that much stake that continues to collect even more ether in the process.
- fredfoobar 5y agoHow can you verify that? currently everybody just listens to what he has to say, when he decided to undo the DAO hack, the original "immutable" chain just died off because Vitalik put his vote on ETH. Sincerely, I really wish he hadn't done that. (I'm guessing vbuterin is THE vbuterin here)
- suikadayo 5y agoVitalik didn't decide to undo the DAO hack, there was a community vote (http://v1.carbonvote.com/ http://v1.carbonvote.com/), unlike Satoshi who singlehandedly rolled back the chain in 2010 after the 184 billion BTC hack. https://bitcointalk.org/index.php?topic=823.msg9573#msg9573 https://bitcointalk.org/index.php?topic=823.msg9573#msg9573
- grubles 5y agoCoinvotes in the context of massive insider premines is completely useless. Of course a coinvote would reflect "Yes to censoring the DAO hacker" because the DAO hacker controlled more ETH than the top 3 current ETH accounts. And the insiders stand to benefit the most from proof of stake because it's a system designed to further enrich the already rich.
- fredfoobar 5y agoSatoshi fixed a bug (that reverted it back to the initial rules everyone agreed upon). The DAO hack actually was an exploitation of the rules that everyone agreed upon in the DAO, recursively calling a function in your smart contract layer is not a bug. This brings us to an interesting topic, bugs are common in software, * Should you make the protocol layer so complex that it increases the probability of bugs being found, being harder to understand and potentially grind the whole system to a halt if a bug is found. OR * Should you break them up into layers where each layer has one responsibility (base monetary layer, a smart contract layer, a micro payments layer etc.)
- fredfoobar 5y agoI want to add to this, some additional material, anyone interested in the current state of DeFi can understand this https://medium.com/coinmonks/demystify-the-dark-forest-on-ethereum-sandwich-attacks-5a3aec9fa33e https://medium.com/coinmonks/demystify-the-dark-forest-on-et...
- grubles 5y agoVitalik in particular stands to gain from the system switching to rewarding those with more wealth in the system. And shockingly (/s) Vitalik allocated a disproportionate stake relative to 99% of people. It's the rich getting richer but on the blockchain <tm>.
- SwagtimusPrime 5y agoYou mean the same guy that just donated $1.2b to the indian covid relief fund is just in it for the money? I have a hard time believing that. Vitalik doesn't even own half a percent of the circulating supply. And shockingly, you are a toxic bitcoin maximalist that bought in early & massively profits from trying to discredit Ethereum and pushing the "btc is a world reserve currency" narrative. Fuck outta here.
- yaa_minu 5y agoNo, he donated an illiquid pump and dump shitcoin that was sent to him by the scammers who created it. There's little to praise about this.
- SwagtimusPrime 5y agoThat, and a lot of his ETH. The illiquid shitcoins are still worth a couple hundred million at the very least. +$200k in ETH.
- lobocinza 5y agoUntil they try to sell and dump the price to 0.
- vbuterin 5y agoIsn't this just saying "the Ethereum proof of stake transition benefits ETH holders"?