[lordofgibbons]

I like to hate on ETH as much as anyone else, but isn't it also normal for stock market "whales" to buy/sell in smaller chunks to not move the market by much with a giant order?

Since ETH is based on a completely transparent ledger and not a privacy focused coin like XMR, all wallet amounts are public so you can see if a giant wallet pops up or transfers out to known exchanges - meaning a sale is taking place. So, it's natural to break it up into multiple wallet addresses.

Am I missing some other context here? I don't see what's wrong with using multiple wallet addresses to not let the whole world know about your large orders.

[anonporridge]

Proof of stake.

PoS a flawed idea from the outset, but you can kind of try to fake it and make it work for a while if people believe that the coins are well distributed. Over the long term, the large whales will eventually consolidate more and more power, but hey, that's tomorrow's problem.

But if in reality there's just a handful of silicon valley tech bros and VCs who control the majority of the supply, and thus can collude to control the network state, then it destroys the idea that it is a decentralized, and trust minimized system.

This was a similar reasoning for justifying the DAO fork. The hacker who broke the code stole ~4% of all Ethereum at the time. Having a known, and impossible to deny, whale of that size would have severely hurt their ability to legitimize the planned migration to PoS.

Specifically from this source, "We may limit the size of a single purchase to make it easier to disguise. *So that no one is scared.*"

[przeor]

I know many ppl from ETH ICO.

Most of them sold it under 20 usd per eth

SO your probable worries are not valid. There were 2 bear markets since eth ico.

Solana has this exact issue though... since launch it goes only up (relatively) and money raised from VC were much bigger (eth ico was only circa 10mln usd)

FYI

[btoiled]

This isn’t about moving the market or efficiency. This happened before ETH was available on any exchanges. Lubin was explaining how to disguise large whales buying a big proportion of ETH. This has major implications, especially after the supposed move to proof-of-stake as few whales would have undue influence over the consensus.

[scintill76]

> if a giant wallet pops up or transfers out to known exchanges - meaning a sale is taking place

I’m rusty, but exchange deposits are probably to unique addresses and might not consolidate into known exchange addresses until after the sale.

[antman]

Why do you say that you hate ETH and everyone else does? Any backround?