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Ethereum founder talks disguising purchases to make them look like a legit ICO
- drdeca 5y agoWait, so did they do a statistical test somewhere comparing it to the formula they wrote, or is that just by eyeballing it?
- mgh2 5y agoPrevious thread: https://news.ycombinator.com/item?id=29868324 https://news.ycombinator.com/item?id=29868324
- rvz 5y ago> If true, this means that much of Ethereum’s promise to decentralize the web is in fact a lie: it may instead be controlled by a group of elites whose existence has been purposefully concealed. > This also means that if Eth switches to proof of stake, the larger hodlers will have the power to determine consensus. Absolutely correct and this is where the web3 hype origins were from. They are using web3 to pump their bags to get late comers buying into the Ethereum dream of 'decentralisation'. First it was the ICOs, then ERC-20 tokens, NFTs, The DAO scandal and now you have web3. Sounds like 'decentralies' from the start. This article [0] summarises the entire problems in 'web3' and the mismatch of its proposed goals. [0] https://blog.mollywhite.net/blockchains-are-not-what-they-say/ https://blog.mollywhite.net/blockchains-are-not-what-they-sa...
- tata71 5y agoTaking problem with this ignores the other 6500 coins that ETH has helped turn from worthless into ETH-comparable money.
- defaultprimate 5y ago>helped turn from worthless into ETH-comparable money So still worthless.
- cinntaile 5y agoHow do you explain all the money floating around in an industry supposedly worth $0?
- Lurkars 5y agoI think this is the definition of a bubble.
- defaultprimate 5y agoSpeculation does not impart value. Price and value are not the same
- cinntaile 5y agoYou could put your house up for sale at $20 million but if people aren't buying it, then that's not what it's worth. Then value and price don't match. This isn't the case for cryptocurrencies that are traded on liquid markets, price discovery is happening all the time. Maybe it's worth $100 tomorrow or $5000, it doesn't really matter. It's still what it's worth at the time.
- defaultprimate 5y agoMaybe you didn't see what I said the first time: Price and value are not the same. Ponzi schemes require buy in but still have no underlying value. Also lol at crypto markets being liquid. In stablecoins maybe. Liquidity literally means volume has very limited effects on the price of an underlying. $100 or $5000 tomorrow is definitionally illiquid
- cinntaile 5y agoI read what you said, please don't assume I didn't read your reply. Regarding liquidity, that's not really contradictory to the definition. That's only if I meaningfully impact the price by selling, so I would have to personally cause the change to $100 or $5000 for it to be considered illiquid. If Alphabet goes down or up 50% because of a bad report it doesn't make Alphabet illiquid.
- capableweb 5y ago> First it was the ICOs, then ERC-20 tokens, NFTs, The DAO scandal and now you have web3. You have it backwards. Web3 is what Ethereum called it's client APIs since as far as I can remember.
- capableweb 5y agoWorth noting, as it's unclear: Neither Preston Byrne (who wrote the tweet in the submission) nor Stefan W. Huber (quoted in the submission tweet) is part of the "founders" of Ethereum. However, the presentation quoted by the quoted submission tweet was made by Joseph Lubin who is one of the founders of Ethereum.