1 upvotes, 1 direct replies (showing 1)
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I believe current distribution of ETH and BTC are quite similar. It’s true ETH had a 70% premine, but most of this was sold during the ICO in 2015. The Ethereum Foundation does not somehow control Ethereum because of the premine.
Comment by ethereumfail at 19/05/2020 at 08:57 UTC
1 upvotes, 1 direct replies
this is not possible to verify who controls what, but premine gives control to 1 party for a fact of the design
This is why all developers refused to premine and always described premines (including ico which are free for sellers) scams
it's literally a backdoor to control value of incentives, the only thing that secures blockchains
they introduced a backdoor and, since it's impossible to prove otherwise, they are lying everytime they say control is decentralized. their design literally does the opposite
Ethereum Foundation does not somehow control Ethereum because of the premine
If they kept the premine, yes they do. The design literally gives them control over being able to keep control, and you have to rely on only trust that they do not. Minimizing dependence on trust is the only reason decentralized tech was invented, while Ethereum literally chose to do the opposite for profit.