DECRED coin ($DCR) Largest whales control 85% of supply

[Minermaxer]

One of the altcoins Decred coin ($DCR) used to support ASIC mining, but their leadership has decided to brick all the miners and keep the rewards for staking.

It was a big shock since they were the ones to invite miners, but now they abandoned Proof of Work. They did "governance voting" with people owning the DCR supply. Turns out that over 85% of the supply are owned by the main Dev Team Leaders. Only 15% of staked is owned by public users who use their Decrediton wallet as a voting service.

Smart people can tell 85% of supply belongs to Devs and their affiliates: Small # of solo staking nodes, but yet controlling majority of the staked supply. Running a solo staking node is a specialized Dev task with 24/7 uptime requirements, and even a Dockerized version would require deploying and keeping up with server monitoring and node upgrades. 16M of their coins 21M supply is already in circulation, so this is a big deal.

See the data:
https://www.reddit.com/r/decred/comments/uajqf1/voting_stats_decrediton_vs_commandline/.




The biggest whales are also their forum admin. List of biggest Decred holders identified are:

#1: Jake Yocom Piatt (Project Founder, estimated own 2M - 3M DCR coins)
#2: Jonathan Zeppettini (Head of Operations, estimated own >1M DCR coins)
#3: Companyzero Developers (single dev team for 7 years, who all got the premine)



It would be better business to refund the miners, but instead they dishonoured and insulted Proof of Work. This proves to be another bad altcoin business lesson.

[cryptoaddictchie]

If your one of the holders then might thinking of changing into other altcoins since this could be dominantly control by them and whatever they wanted to do with the project. Governance my ass if this process is where their protocol lies upon. Imaginr that every votes on what the progress would be turn out a majority fecision. How could the public holders would like that?

[Minermaxer]

If your one of the holders then might thinking of changing into other altcoins since this could be dominantly control by them and whatever they wanted to do with the project. Governance my ass if this process is where their protocol lies upon. Imaginr that every votes on what the progress would be turn out a majority fecision. How could the public holders would like that?

Yes The Decred coin voting is a rigged game, where the big founder whales can change the rules to benefit themselves. The small holders and miners are fools for them.


Since the Decred founder owns 2-3 million DCR, they must be getting over 150,000 DCR year (conservative), with the current DCR price of $20 USD. This is a multi million scheme to make themselves rich.


I wonder if they are paying taxes on this or evading the laws like criminals.

[wheelz1200]

Wow that's kind of crazy even in crypto lol.  Honestly I haven't heard from this coin in years I just assumed it was just another dead altcoin in the graveyard.  In terms of what you can do, nothing really except to abandon the coin and sell off everything you have.  Let them three have an exclusive party and pass the coins around to themselves.  Wish I could short this coin now

[cryptoaddictchie]

Yes The Decred coin voting is a rigged game, where the big founder whales can change the rules to benefit themselves. The small holders and miners are fools for them.

Since the Decred founder owns 2-3 million DCR, they must be getting over 150,000 DCR year (conservative), with the current DCR price of $20 USD. This is a multi million scheme to make themselves rich.

I wonder if this info has been leaked to investors or they are aware of it. Cause the good thing on this project is they are manipulating the price to increase good for retailers who are just passing by but for investor or baggers of this token this is worse cause they can experience a big hit once in a while especially the developer need some cash for holiday.

[cakravothy]

with expensive coin mining hardware, not to mention expensive electricity costs, people are reluctant to mine coins, let alone altcoins. even bitcoin, whose price is expensive, miners are still calculating electricity costs and purchasing expensive hardware.
so pos coins aka stake coins are more interested in than pow coins

[Husires]

Proof of Work does not only remove power from the currency team, but it also contributes to the decentralization of the network by making the decision from more than one party, and if they are planning to move to POS and most of the currency is controlled by the developer team, there is no difference between them and BSC, and therefore unless the currency is the real Proof of Work, then there is no You're wasting your time mining it.

[o48o]

That's embarassing for them. This sort of news could finish any coin but luckily marketcap that dropped from $3B+ ath to current $244M doesn't seem to have anywhere to drop. And the team most likely wants to pump it at this point and not exit, but this reveal came at worst possible time for them, as it was primed for a pump like most altcoins.

But then again, i am not sure if people even care. People buy anything if chart looks good. Markets are funny that way. Technical analysis often overpowers fundamental analysis.

[Kavelj22]

Moving from energy-hungry Proof-of-Work (PoW) to sustainable Proof-of-Stake (PoS) validation is always the hardest step, especially if the largest supply is for only a few whales. I can't remember a few who have successfully moved to POS without the same problems and considerations. This seems to be the case with Decred today.

Unfortunately, there is no logical explanation for this, and accordingly, the currency project is a SCAM project par excellence and can be described as a SCAM scheme. Soon its value may fall to record levels.