[cryptobeanbaby]

Technically the Ethereum network is majority owned by Vitalik Buterin and the folks who payed 0.50 USD (likely much less, if paid in BTC mined earlier).

72,009,99 of the 101,684,297 Ether means the Ethereum network has a worse Gini coefficient than North Korea or really any Fiat based economy.

See also: "Quantifying decentralization"

https://news.earn.com/quantifying-decentralization-e39db233c...

[jobserunder]

>likely much less, if paid in BTC mined earlier).

You realize that bitcoin is money, right?

It's like saying "You can afford to sell me your house for $10k today, afterall you only bought it for $5k back in 1910".

When the BTC was spent at the time of the ETH crowdsale... the person doing the buying compared options of:

A) Selling BTC at prevailing prices

B) Doing nothing

C) Spending BTC on ETH at prevailing prices

Another analogy:

Because you bought a car today for 30k, funded by the 150 shares of AAPL you sold just now.... means you only realy paid 3k for that car because you bought AAPL shares cheaper in the 1990's.

I'm just pointing out the absurdity of the statement and the significant misunderstanding about the nature of capital.

Then going on to talk about the Gini coefficient as though it means anything at all seals the deal that you are out of your depth and just trying to sound smart

[cryptobeanbaby]

You realize Bitcoin/Ethereum are simply computer software right?

And you missed the essential caveat; aprox 4.11% of Bitcoin addresses control 96.53% of all BTC in circulation. This is a conservative estimate, as anyone familiar with how Bitcoin addresses and wallets work, would know one user is likely controlling many addresses.

A perfect example of this, is a few days ago 1933phfhK3ZgFQNLGSDXvqCn32k2buXY8a created a script to subdivide 111,114 BTC into several hundred addresses, from 60,000 / 30,000 / 20,000 / 10,000 / 5,000 / 500 and then to 100 BTC accounts, over the course of a few hours. [2] Following the movement here now leads to recent deposits into the Binance and Bitfinex wallets.

And most importantly, on the computer science behind Ethereum - In any DLT network with an adversarial threat model it's impossible to create a smart contract with any functionality relying on external data inputs (betting on the outcome of a sports game, or tracking any real world data input) within the network as there's no way to validate the authenticity of that data unless a trusted 3rd party is designated, at which point the network becomes useless. Not even to mention the question of why anyone would want to use a token with such wildly fluctuating market price, and who's supply is controlled by a small userbase of oligarchs.

Additionally, the entire cryptocoin market has an Achilles' heel.. Tether, and Bitfinex are widely suspected of counterfeiting aprox $4,000,000,000 USD (by producing USDT for free anytime they want) [3] [4] [5]

[1] https://www.sec.gov/rules/sro/cboebzx/2018/34-83520.pdf

[2] https://www.reddit.com/r/Bitcoin/comments/9bfnff/near_1b_are...

[3] https://medium.com/@bitfinexed/latest

[4] https://blog.chainalysis.com/reports/tether-aug

[5] https://www.bloomberg.com/news/articles/2018-08-24/not-even-...