Disclaimer: I'm going to make a not so nice post here.
It turns our good old friends at Ethereum had a 70,000,000 MILLION coin premine before their public launch...that's out of a current 92,000,000 coins in circulation! Guess who controls those coins? 'The Ethereum foundation'.
What does this mean for the average joe? It means the market cap is FAKE. There was no 40 BILLION capitalization (investor funding) or speculative market for Ethereum; In laymen terms, it further means the price was artificially inflated to induce futures speculation towards legitimate investors.
End game: There are more coins in circulation then actual pecuniary subsidies vested in them. Therefore, a game of dominos & musical chairs is afoot. How long do you think it can take to launder Billions in ICO money onto legitimate investors heads to cash out their funny money?
An illustration of the basics of the scam for your inspection has been attached as picture to this post.
Berny Madoff would have been proud. DASH had nothing on this premine, DASH was being modest.
Lest we also forget, its uncapped!; Subsequently, the true amount of Ether that will ever be floating around is pure speculation, it could raise at any moment! The FED has nothing on this funny money ponzi.
Speaking of 'ICO's: What that is, legally, is called an unregistered sale of A SECURITY.
[SEC vs HOWEY CO] "An investment contract for purposes of the Securities Act means a contract, transaction or scheme whereby a person invests his money in a common enterprise and is let to expect profits solely from the efforts of the promoter or a third party... It embodies a flexible rather than a static principle, one that is capable of adaptation to meet the countless and variable schemes devised by those who seek the use of the money otf others on the promise of profits"
Do you honestly think all of the various world governments are SO STUPID that they won't be seizing all of ethereums assets, foreclosing, and likely imprisoning many of their founders? that calling something an 'ICO' (to blatantly mock an 'IPO') wouldn't set off alarms?
Ohhh...but Ethereum is decentralized, you say?
Vitalik: 'No your honor, we had no control of the network and the ICO launches. ' Judge: 'Well, it appears your name appears on many of these corporate documents as 'director'. It further appears you had full control of the network when you forked from 'Ethereum Classic' to 'Ethereum' without the consent of users or miners, and can issue new coins at will? How can you claim this is a decentralized network? Vitalik: Uhhhhh
Whalebearman also had a TON of points on the various scams being perpetuated by Ethereum. Too many to name here...Sorry, but if you've gotten taken in by this fraud, as P.T. Barnum once said: 'There's a sucker born every minute'.
Get out now before its too late. You've been warned.
Whalebear man's critique of ethereum: https://medium.com/@WhalePanda/i-was-wrong-about-ethereum-804c9a906d36
And can someone prove to me once use for a 'smart contract' asides from spawning hundreds of ICO scams? No-one can.
K Y S
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Spread this so the coin dips and I can buy more
this is why you buy litecoin faggots
>>2482281
This
While you're right, you have to think about normies.
Madoff got away with his shit for years, so will vitalik.
ETH will crash, but nobody knows when. 1 year? 2 years? 1 month?
I'm an opportunist so I'll ride the waves and get a quick buck. But longtime holding ETH is russian roulette
>>2482564
Minister you, Satoshi. Show me the way of the gains.
95% of ICOs are legit scams, ETH is a dirty crypto ponzi scheme. Yeah I know all crypto is "dirty" to an extent but Ethereum really takes the fucking biscuit.
When is everyone thinking of liquidating? I think there's at least one more bull run, but the recovery from this dip seems a little slower than all the previous ones.
My issue is that I initially wrote off ETH and only bought 14$ (so about 2 ETH, when it was still 7$) and then saw it went to $120. I have since bought more and am holding because I don't want to make the same mistake. But it does feel like the time to sell when even Vitalik and Vlad think it's too expensive