Are guys saying ETH is a scam because 70m coins were not mined?
FYI, those 70m coins were ethereum's ICO. They were sold to the public, not hoarded by Vitalik.
Its as simple as that.
Your eschew from reality is admirable, actually, only 60 million of those coins were 'sold', the rest were pocketed by Vitalik and the Ethereum foundation, which they freely admit, and is viewable
on their blockchain; asides from your rather vain attempt at sophistry, yes, the majority were in fact
sold by 'Ethereum Foundation' to 'anonymous' investors (cough cough), all the whilst said 'Ethereum Foundation' was formed as a
NON-PROFIT corporation; thus according to law, inappropriately and illegally selling their 'shares' in Ethereum as a product or security; exclusively on the terms that future investors would make the initial investors profit; which is polymorphously illegal in both US and Swiss Law.
You people don't seem to yet grasp the illegality of selling products/securities to investors from a centralized mechanism (corporation), solely on the promise of future profits; Don't worry, the SEC see's it, that's why they have specifically
declared it illegal.
Ethereum is not decentralized, it was created and sold by a corporation, which in turn incurred a hefty profit. There was an issuer, or sale, according to the law. This thing is nothing like bitcoin, not even close; there are liable parties who made a surreptitious profit on a sale. Wait until they go 'proof of stake', then the fun really begins as the law now has preferred stock holders to go after.
Ethereum is literally
the definition of a ponzi.
People's only argument that it isn't a scam is 'people buy it, therefore it isn't a scam'. Yet most of you cannot see the flaw in this line of reasoning?
This is a logical fallacy of an immutable apex, it is propounded as an '
appeal to popularity', which is a flaw in critical thinking.
Why is this fallacy applicable? Since logically, simply because a newb populous 'buys' into something, doesn't factually make it
not a scam.
Bernie Madoff was in business from 1960 until 2008 before the Feds caught up with him. Subsequently, if ETH isn't a scam, why did the Ethereum Foundation,
a NOT FOR PROFIT corporation founded by Americans, have to sell their product on the promise of profit from future investors? This wasn't launched 'decentrally', not even close, it was sold by a for-profit corporation. This is not cryptocurrency in the slightest sense.
This is how corporate stock issues work, period.
The
SEC has contemporaneously declared ICOs' an illegal offering of a security; Ethereum itself therefore consummated an illegal ICO offering, as have the hundreds of pseudo-companies releasing their ICOs' on Ethereum's very centralized platform; which was created and
sold by the 'Ethereum Foundation'; Which in turn, according to law, makes them a
very liable party for all of the ICO scams running today.
This is why Vitalik can fork or modify Ethereum at will, as proven by what he did after the DAO hack; Ethereum is not decentralized in the slightest, it has ownership in the eyes of the law. (How vulnerable is Ethereum, really?)
Further, why hasn't a single 'dapp' been released as speculated in the whitepaper? There has been ubiquitous purchasing of this product based on 'hype' alone, yet no actual substance; which again, is the definition of a ponzi. This is why people don't want to admit it's a scam, it's hard to admit you got taken in by the hype, whilst the reality of the situation screams otherwise.
Why were
smart contracts invented by one '
Nick Szabo' in 1996, whilst Vitalik usurped his work, propounded a simulacrum, and precluded giving due credit for the already existing technology?
Smart contracts are computer protocols intended to facilitate, verify, or enforce the negotiation or performance of a contract. Smart contracts were first proposed by Nick Szabo in 1996.Why does the Ethereum network crash constantly and is unable to handle the most basic of ICO launches, despite the millions supposedly poured into it? Wouldn't it crash even more if a 'dapp' ever got released? As of today all of the 'hype' that ethereum promised is nugatory upon delivery, it is literally vaporware.
Why is the Ethereum blockchain already larger than Bitcoin's, making it unpractical for mining, let alone using or downloading a private user wallet?
Why is there not a single working stable user wallet outside of a
centralized website (myetherwallet), or
closed-source 'multi-wallets' that are highly vulnerable, while the 'official' mist wallet hardly works, despite the
millions in profit these people have made?
Again, why did a group of
US citizens form a non-profit corporation in Switzerland to evade taxes and sell their product? They did so in violation of not only US Law, but also the Swiss law for non-profit corporations. These people have proved they are not only willing, but ready and able to run off with hard-earned legitimate money, en perpetuity. Buy at your own risk.
How is any of this
not a scam?
'There's a sucker born every minute' -- P.T. Barnum
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