Ethereum’s Vitalik Buterin has been berated for claiming to be baffled with some sect of people having a larger percentage of the world’s wealth, stylishly referencing Bitcoin, a statement his attackers condemned claiming he’s a pot calling kettle black.
On September 9, Vitalik Buterin cut into a discussion on totalitarian where some people views Bitcoin’s power has been in the hands of some few people.
As per Vitalik’s contributions to the compelling discussion, Bitcoin won’t be totalitarian if it gets hyperbitcoinization-level network effects.
The creator of Ethereum, the second largest cryptocurrency by market cap, said all tyranny is ultimately of network effects, referring to Bitcoin network and some countries perceived to be tyrannous i.e. DPRK.
Vitalik is of the opinion that oppressed individuals, according to theories, have the right to stay out, but because they do not have something to leave to, they continue to stay in that condition.
Few People Owing a Large Percent
Commenting further, Vitalik, whose blockchain technology is one of the most used, said the above mentioned reasons are why he’s pro-freedom and obliged to antagonize any form of monopoly in every important industry including cybercoins.
He ended the comment saying just a few individuals across the world own “a large percentage” of the world’s total money supply and it is scary and pissing off.
Counter Argument: But Ethereum’s is 100% Premined
After Vitalik had raised these observations, twitterratti took him to the cleaner, saying Ethereum’s co-founders premined 100% of Ethereum supply before the firm began its Initial Coin Offering (ICO).
70% of Eth was premined. https://t.co/BObz6KHX8t
— Bitcoin Bolsa (@bitcoin_bolsa) September 9, 2019
Gathered information has it that Vitalik and his colleagues who created Ethereum had premined around 70% of the whole Ethereum supply before pushing for ICO.
A separate report states the Ethereum project, which was proposed around 2013, had 72 million premined coins (around 67% of its total supply).
Not the First time
This is not the first time Vitalik was disparaged for premining Ethereum, an action the programmer has not regretted.
In fact, in 2018 when Vitalik Buterin was condemned for such, the Etheruem developer, however, did not feel remorseful for such. At that time, Vitalik said premine is legitimate, condemning Bitcoin minners in return. Not long, Vitalik said XRP is better a currency than Bitcoin.
Author: Olayode Yusuff