Ethereum prior to the Merge
Copyright @BoringSleuth 4/28/24
@VitalikButerin tells us POW was Centralized. He forgot to tell you the rest of the Story.
https://twitter.com/BoringSleuth/status/1784473018690928985
Did you know that the Top 10 Mining address’ on Ethereum prior to the Merge, were over 24,000 times more likely to mine the next block, than the average of all other Ethereum mining address’?
The AVERAGE % share of Blocks Mined, for All Mining Address’, between their First and Last Block Mined: 0.00049%.
The Average for the Top 10: 11.9%
The result of this in terms of ETH?
The Top 10 Mining reward address’ received over 78% of the $ETH rewards from the Genesis block up until the Merge —> 39.77M ETH in total.
While the majority of the Top 10 address’ were Mining Pools, the Pools themselves were Centralized. The majority of the ETH rewards paid out from these mining pools flowed to entities like Consensys, Wanxiang, and Ethereum’s “masked” whales.
Maybe you didn’t talk about it because you feared what would also come out, and you knew how damaging it would have been?
Copyright Dr. Huber @Leerzeit
https://twitter.com/Leerzeit/status/1784447269380423932
This now really should be the final nail in the coffin for Ethereum crooks. Remember the call between Bill Hinman and the SEC with Vitalik Buterin?
Hinman wanted to clarify whether Buterin was aware of
1) the centralization of holdings and
2) the centralization of mining.
Less than a week after the call, Bill Hinman gave an unique freepass BASED ON DECENTRALIZATION for an ICO and declared that the token itself was not a security. Something that the SEC never did before and after. Ever! However, Vitalik Buterin knew, and he must have either lied about how
1) Joseph Lubin had called to “disguise the major investors so people are not scared”, and that
2) mining was “actually quite centralized”.
So, how can anyone still claim that Bill Hinman and other SEC staff weren’t bribed to monopolize crypto on top of Ethereum?