Ethereum co-founder recorded explaining how to “disguise” ICO ETH purchases

This isn’t about moving the market or efficiency. This happened before ETH was available on any exchanges. Lubin was explaining how to disguise large whales buying a big proportion of ETH. This has major implications, especially after the supposed move to proof-of-stake as few whales would have undue influence over the consensus.

> if a giant wallet pops up or transfers out to known exchanges - meaning a sale is taking place

I’m rusty, but exchange deposits are probably to unique addresses and might not consolidate into known exchange addresses until after the sale.

Proof of stake.

PoS a flawed idea from the outset, but you can kind of try to fake it and make it work for a while if people believe that the coins are well distributed. Over the long term, the large whales will eventually consolidate more and more power, but hey, that's tomorrow's problem.

But if in reality there's just a handful of silicon valley tech bros and VCs who control the majority of the supply, and thus can collude to control the network state, then it destroys the idea that it is a decentralized, and trust minimized system.

This was a similar reasoning for justifying the DAO fork. The hacker who broke the code stole ~4% of all Ethereum at the time. Having a known, and impossible to deny, whale of that size would have severely hurt their ability to legitimize the planned migration to PoS.

Specifically from this source, "We may limit the size of a single purchase to make it easier to disguise. *So that no one is scared.*"

Why do you say that you hate ETH and everyone else does? Any backround?

It looks like it means that even the founders of Ethereum intended to enable fraud, disguising large institutional investors as many individual investors so that the market would be mislead about the popularity of ethereum.

Or to be frank - the messsage to the non-crypto audience is this:"Yet again, the crypto guys seem to be scamming each other, stay the hell away".

It means that Ethereum is a super shady project and probably an illegal, unregistered security, not a commodity property like bitcoin.

It's a mystery why the SEC hasn't torn them apart.

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.

even the founder sees the scam value in the scam crypto

Honestly?, in three years?, probably dick.

>27-year-old Russian kid who looks like a tweaker

This increases my trust in the tech if anything. Shame about the rest though.

Good thing he doesn't even choose the codenames of the sub projects, let alone do all of the work or hold all of the keys to the kingdom.

Realistically, the validators do.