Sometimes I wonder about things like this:

  • The DAO was responsible for the generation of Ethereum Classic. This gave anyone who had invested in Ethereum prior to the fork a major investment boost.
  • The DAO was funded primarily Consensys. Consensys was founded by Joe Lubin, a former Goldman Sachs banker, and the main investor of Ethereum. He probably held close to 40% of the Ether within the genesis block of Ethereum at the time of the fork. You could never prove this, because blockchains are anonymous. But anyone familiar with the industry knows how centralized the crowdsale really was, and more importantly, how long these coins remained unmoved.
  • When Ethereum forked, Consensys and Joe profited way more than anyone else. Because they had coins in the genesis block, they now had just as much of both Ethereum and Ethereum Classic, effectively doubling their investment.
  • Consensys then created a business offering for "smart contract audits". Again profiting off the hack of their own system.
  • Consensys remains the primary blockchain consulting company for smart contract audits. Not only does this allow them to charge fees, but it allows them to fully understand the intellectual property of blockchain startups before their product is released.

We know that Vital talks of unnamed people in the early days of Ethereum "only wanting to make a big pile of money". If your personal mantra is that "financial incentives are everything", then you can't deny that all the above bullets correspond to Joe and Consensys's logical course of action. That can still be your mantra, if you're okay with giving them enough wealth to move entire markets without you getting a say.

We also know that that Casper is most likely named after "Casper the friendly ghost", meaning it's basically ghostware meant to hold up Ethereum's price. Even if it's released mid-2019 (not sure why anyone would believe that), it's still ghostware for being two years late.

Why should you care about any of this? Because cryptocurrency is the last bastion for humanity to undo the planet-destroying, wealth-pyramidizing effects of Joe Lubin's generation. People like to talk down to populists like me and say "that isn't the way the world works" -- I'm saying, with a programmed economy, there's no reason it can't be. Nash's theory of equilibrum proves it. It amazes me how any community could cling to the word of a 55+ white dude as if he's the one who's going to build an internet currency that finally catches on. He dropped over a million dollars in Civil lol.

Vital is cool, if only temporarily corrupted by Joe. Ethereum's code is great, and so is the code put out by Consensys. But Joe Lubin's snakeoil speak, and the intitial distribution of Ethereum's coin, are two very good reasons to seek out other blockchain projects.

Can anyone give a good reason how Consensys's control over Ethereum's markets allows for true decentralization?


Browse other questions tagged or ask your own question.