from Hacker News

Ethereum founder talks disguising purchases to make them look like a legit ICO

by grubles on 1/10/22, 2:00 PM with 24 comments

  • by rvz on 1/10/22, 3:09 PM

    > 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-sa...

  • by capableweb on 1/10/22, 4:48 PM

    Worth 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.

  • by drdeca on 1/10/22, 4:47 PM

    Wait, so did they do a statistical test somewhere comparing it to the formula they wrote, or is that just by eyeballing it?

  • by mgh2 on 1/10/22, 6:14 PM