Ethereum ICO premine + an additional premine of 12M ETH or 17% of current supply

[hankman]

I just learnt of an additional premine on the ETH blockchain of 12M ETH (17% of current supply).

It's very surprising that ETH doesn't have the "** Significantly Premined" associated with it on coinmarketcap due to this significant premine.

You can see here:
https://coinmarketcap.com/currencies/ethereum/

The total amount of coins is 72 million when it should be around 60 million.

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[hankman]

I believe this is a link showing the 17% premine hidden inside of an ETH contract:
https://www.etherchain.org/tx/0x9c81f44c29ff0226f835cd0a8a2f2a7eca6db52a711f8211b566fd15d3e0e8d4

[Fuserleer]

If you did just a little digging you would see that it was actually included in the genesis.

https://www.etherchain.org/account/0x5abfec25f74cd88437631a7731906932776356f9

I'm all for exposing blatant wrong-doing, but it does help to check facts first!

[benthach]

ton of free money on their way. ethereum is their bank for the rest of their life and all their kids life. amazing!
ethereum will have endless coins and the dev team can also issue contract with endless coins to themself

[hankman]

If you did just a little digging you would see that it was actually included in the genesis.

https://www.etherchain.org/account/0x5abfec25f74cd88437631a7731906932776356f9

I'm all for exposing blatant wrong-doing, but it does help to check facts first!

Are you a bit slow in the brain? Of course this premine was included in the genesis block. That's what a premine is! DUH!

They included the 60 million ETH premine for the ICO. Then they included a 12 million ETH premine for the devs. Most people didn't know about the devs premine so I thought I'd show them proof of it.


https://www.etherchain.org/account/0x5abfec25f74cd88437631a7731906932776356f9 << That is the facts right there. It's called a block explorer. Learn how to use it.

[rdnkjdi]

They included the 60 million ETH premine for the ICO. Then they included a 12 million ETH premine for the devs. Most people didn't know about the devs premine so I thought I'd show them proof of it.

Does anyone read anything before searching blockchain for shit?  It was in the presale ... .09 for project contributors (there are dozens) & .09 for foundation to pay for future development.

[hankman]

They included the 60 million ETH premine for the ICO. Then they included a 12 million ETH premine for the devs. Most people didn't know about the devs premine so I thought I'd show them proof of it.

Does anyone read anything before searching blockchain for shit?  It was in the presale ... .09 for project contributors (there are dozens) & .09 for foundation to pay for future development.

There was a 12 million Ether (17% of current total supply) premine for the devs/foundation. What is this 0.09 that you're talking about?

[joust]

Is this a good coin to invest money in?

[Blazed]

Is this a good coin to invest money in?

Never ask that and trust the answers you get. Do some research and decide for yourself.

[joust]

Is this a good coin to invest money in?

Never ask that and trust the answers you get. Do some research and decide for yourself.

That is the problem, i dont know when a coin is good. I will search on google and hope that helps.

[Blazed]

Is this a good coin to invest money in?

Never ask that and trust the answers you get. Do some research and decide for yourself.

That is the problem, i dont know when a coin is good. I will search on google and hope that helps.

It has some potential, but wait to invest if you decide to. This coin will keep getting dumped for a while.

[hankman]

Is this a good coin to invest money in?

It's up to you to decide what you think about the massive Ethereum premine.

Positives: Current ETH devs are motivated to get rich. They can sell ETH to get new devs.

Negatives: No one new will join for free. Poor community support. Increases chances of a clone doing better than ETH.


Since ETH already has a bad reputation from the ICO I guess they should keep going with these "company" style moves. Vitalik is already talking about making "private blockchains that can be modified" so that governments can continue to hold power with financial abuse. I say screw Vitalik Buterin and his greedy "corporate" ways.


Let me know what you think. Is this massive 12 million Ether premine good or bad?



I believe ETH is good technology and worth purchasing. I find it hard to support them any further than that though. I was hoping for some world changing thing but instead we ended up with another greedy company.

[hiddensphinx]

waiting to see the price bottom out before i buy

[Jammalan the Prophet]

waiting to see the price bottom out before i buy

You want free coins? Cause that's where price is heading

[K210]

Is this a good coin to invest money in?

No its a premined scam

[Fuserleer]

If you did just a little digging you would see that it was actually included in the genesis.

https://www.etherchain.org/account/0x5abfec25f74cd88437631a7731906932776356f9

I'm all for exposing blatant wrong-doing, but it does help to check facts first!

Are you a bit slow in the brain? Of course this premine was included in the genesis block. That's what a premine is! DUH!

They included the 60 million ETH premine for the ICO. Then they included a 12 million ETH premine for the devs. Most people didn't know about the devs premine so I thought I'd show them proof of it.


https://www.etherchain.org/account/0x5abfec25f74cd88437631a7731906932776356f9 << That is the facts right there. It's called a block explorer. Learn how to use it.

My brain is just fine thanks!  Perhaps its yours, spending too much time using it trying to sound like a smart ass than actually putting it to good use to prevent yourself looking stupid.

The 12M you question was included in the genesis, and the total ether in the genesis adds up to 60M, then this 12M you are ranting about is part of that 60M, so it cant be an additional pre-mine can it.

[Robin,Hood]

waiting to see the price bottom out before i buy

You want free coins? Cause that's where price is heading

Well with unlimited supply bottom will be very low.

[freespirit]

Well with unlimited supply bottom will be very low.

It is not unlimited: https://blog.ethereum.org/2014/04/10/the-issuance-model-in-ethereum/

[fartbags]

If you did just a little digging you would see that it was actually included in the genesis.

https://www.etherchain.org/account/0x5abfec25f74cd88437631a7731906932776356f9

I'm all for exposing blatant wrong-doing, but it does help to check facts first!

Are you a bit slow in the brain? Of course this premine was included in the genesis block. That's what a premine is! DUH!

They included the 60 million ETH premine for the ICO. Then they included a 12 million ETH premine for the devs. Most people didn't know about the devs premine so I thought I'd show them proof of it.


https://www.etherchain.org/account/0x5abfec25f74cd88437631a7731906932776356f9 << That is the facts right there. It's called a block explorer. Learn how to use it.

My brain is just fine thanks!  Perhaps its yours, spending too much time using it trying to sound like a smart ass than actually putting it to good use to prevent yourself looking stupid.

The 12M you question was included in the genesis, and the total ether in the genesis adds up to 60M, then this 12M you are ranting about is part of that 60M, so it cant be an additional pre-mine can it.

I don't want to be mean but @Fuserleer is ignorant and likes to talk without knowledge of things.

I was looking for a way to check coin totals and to look at blocks with geth but couldn't figure out how. I decided to run a script to tally up the numbers on https://www.etherchain.org/block/0. The total amount came out to 72008990.49947993 ether coins in the ethereum genesis block.

[HCLivess]

Wait wait wait. Did Vitalik say something on slack about 60 + 15 mil to mine? Why would he do that? Is he under threat by mafia? Maybe we should help him.