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Most coins are just defacto stock tickers for the founders, including Ethereum.

Altcoins like Ethereum launched as a VC funded tech-startup company with a defined roadmap to show investors how the founders plan on growing the project with their funds. When the founders print themselves 10-50% of the supply and slowly cash out to “fund the growth of the project”, what makes the project any different than a stock ticker like TSLA or WMT?

The Ethereum Foundation sold $115,000,000.00 of ETH on Kraken at the literal top on May 17th. Jed McCaleb, founder of XRP, also sold about $275,000,000.00 dollars worth of XRP at the top in the month of May. Worst of all, most token holders don’t own anything or have any rights to the company, unlike shareholders. ICOs are not cryptocurrencies any more than TSLA stock is a cryptocurrency.

Founders are too greedy not to take advantage of the opportunity of printing themselves all the money to benefit from the speculation wave. A truly decentralized project doesn’t need a roadmap, a roadmap is just justification/excuse for the founders controlling the money printer. Bitcoin developers are privately funded and most do it for free as a hobby. They don’t need to print themselves money.

What do you think?

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5 Comments

  1. Sure but also a reason for them to keep it alive as long as possible.

    We’re still in the early stages of implementation, I doubt this is the decentralised vision we talk about.

  2. Vitalik holds less than 0.5% of the ETH supply and has been HODLing since, IF he wanted to sell he’d have done so lone before now but instead he’s been donating and donating.

    Investors on the other hand invest for mainly one reason – to make money and nothing else

  3. This post fundamentally misunderstands what the Ethereum blockchain is and what it does. The Ethereum foundation doesn’t own or run Ethereum. The foundation funds grants for projects that develop the network, so the sale described is a good thing for the entire ecosystem, it generated money to fund further development of the decentralized ecosystem. The comparison to the XRP is ridiculous.

  4. Bitcoin had a road map it was the white paper. Although satoshi didn’t have a detailed visual of the bitcoin plan he talked about the lightning network and a bunch of future concepts.

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