News for hackers. Stuff that matters.

A comment on Whether Ethereum is a security.

Re:Whether Ethereum is a security by thisisit on Tuesday April 24, 2018 @06:14AM (#16911295)
> But the Ethereum pre-sale looks perfect – and that’s what makes it worth querying. “Donations” from Eth-heads around the world not only flowed into the Ethereum Project’s wallet in great quantities, but they flowed in with the mathematical precision of a power function, 24 hours a day, 7 days a week, for two weeks straight.

I went through holdings of top 5 ICOs on Ethereum. One of things struck me was that many of the ICOs had huge amount of cross holding. So, X was holding a lot of Y and Z coins, while Z was doing the same with other ICOs. The number of inter-connections was astounding.

So my opinion is that something is off with the ethereum ICO system. I know that sounds tinfoil hat wearing conspiracy and I don't have solid proof or graphs. But given the evidence of Ethereum's distribution it looks more likely.

[ Parent | on HN ]
Re:Whether Ethereum is a security by nivertech on Tuesday April 24, 2018 @07:26AM (#16911623)
Dotcom-style revenue swaps?

"Internet infrastructure companies were simply swapping equipment and putting it on their books as revenue. They essentially handed pieces of paper back and forth and called it money."

https://www.inc.com/niel-robertson/brilliant-failures/dot-co...

[ Parent | on HN ]
Re:Whether Ethereum is a security by thisisit on Tuesday April 24, 2018 @02:02PM (#16914970)
That was an illuminating read. I think the whole ICO system might be something similar.
[ Parent | on HN ]