Rethereum Exposed

What's up Sons it's blindroid with son Of a tech once again and uh today we Have yet another talking hey video [Music] I need to make a correction about a Statement I made regarding ethereum it Definitely does have a developer fund a Foundation fund and that is thanks to Being brought to my attention by Cryptojego on Twitter I made a mistake There but it also brings up another Point that I want to rant about a little Bit and that is the sneaky practice that A lot of developers utilize when talking About the amount of funds that are going Into the developer wallets so like I Said just a really quick overview here I Had a tweet from cryptojego here that Did post a snippet from the white paper That I did miss and I apologize for that On ethereum so I went ahead and verified That it is under number eight on the White paper it's issue allocation or Issuance allocation which goes on to say That one of the aspects of ethereum's Currency emission model is the issuance Of coins to the foundation wallets these Are special wallets that belong to the Initial team of developers and Facilitators of the project the purpose Of these wallets is to fund the Development maintenance and promotion of The network as well as to reward Contributors and supporters of ethereum

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In this particular case the total amount Of coins issued to the foundation Wallets is 2.1 million rth which Represents 1.68 percent of the total Supply after nine years and here is Where I take issue with the issuance Allocation and that is this practice That developers of cryptocurrencies Utilize where they State the percentage Of whatever the foundation or the Developers or whatever they want to call It right get based off of the total Allocation further on down the line 9 Years 10 years whatever it may be so but When the scams take place the actual Amount the percentage is much higher a Really easy visual of this was the iron Fish statement surrounding their Tokenomics and I will say this while Iron fish has terrible tokenomics they Are they do break it down to the point To where you are aware of how much is Initially coming out I mean even them They push it out 12 months to make it Look better because if you looked at it Within the first 12 months you'd say oh Man this is extra bad but you can see This like the Total distribution they're Like oh look at this 83 percent is Mining rewards yeah but in the first Year it's really only 28 percent and There's a whole bunch that's that's Allocated to the to the foundation Etc and that's no different here right

1.68 or 2.1 million rth is a much higher Percentage of the rate or of the actual Circulating Supply when we start to talk About it right so if I go into like Markets for example and we go to rth Real quick let me see if I can pull it Up for you guys this won't be fully Indicative of it right but just to give You an idea the total volume of our th That's currently like in an exchange is Only 67 248 in the exchange that has the Most amount so if you have 1.68 percent Of the total which is the 2.1 million It's way above what's currently in Exchanges right and this is the thing When we talk about these proof of work Currencies it's very important like all State again if it's very hard to get Scammed if you're Mining and selling Projects like this on a daily basis However in the case of rth it might not Be profitable to do that so some people Might want to hold but if you're going To hold it's important to understand That the foundation controls a majority Of the current circulating Supply and That can be a huge problem and this is Not just a problem with ethereum or just A problem with iron fish any Cryptocurrency that's not fully Fair Launch for example anything that's not Like I guess Caspa in most recent History that I can think of where you Got a fair launch where everybody can

Start mining it right off the bat you're Going to run into this issue and so it's Way above 1.68 percent and that Calculation is way off and it's it's Frankly deceptive and I don't like that And and that's kind of where I sit it's A it's an issue that I've taken with a Lot of cryptocurrencies that I really Want to get off my chest for the first 12 months after the network goes live The foundation wallets will be locked in Inaccessible this is pretty common Practice that they State however we have Found in the past that there are work Workarounds around this even in most Recent history we figured out that you Know from the perspective of of ethereum 3M itself with vitalik and getting rid Of some of his Shiba Inu early on it was Evident that he was able to access that Wallet even though it was a multi-sig Wallet right and in this particular case They say no transactions involving these Coins can be made during this period I Think that's for the first 12 months so Here's the here's the kicker right if You're gonna tell me that it's not Accessible for 12 months but then you Want to put a representation of the Percentage over nine years then Obviously we have a problem you need to State clearly what the percentage of That will be after the 12 months which Is the 12 months when you unlock it okay

Otherwise your numbers make no sense Anyways like it's like we're just gonna Make it up so everything looks good Right you can adjust the numbers to make Everything look better than it should so This is what I want to bring to your Attention we have an unlock after 12 Months but the 1.68 percent on ethereum Is not based after 12 months is based Set or not based after yeah 12 months is Based after nine years so the amount of Circulating Supply that the 2.1 million Rth will be will be much higher than the Stated 1.68 percent okay so these are The manipulation tactics that a lot of These foundations utilize to trick People into thinking that you know it's A conservative number when in fact it Really is not a conservative number and That does mean in the case of something Like rth your biggest threat as somebody That's holding on to it is that 12-month Unlock period but even then you still Have to trust that the devs actually Can't unlock these funds and as we've Seen in the past like I stated with Vitalik it that it's that's not not Always true right this one does say that Once the Locking period ends the coins Will enter a soft unlock phase where the Final unlock of the funds can be done by Invoking a smart contract the soft Unlock phase is designed to prevent a Sudden influx of coins into the market

Which could cause price and stability And inflation it also ensures that the Foundation has a long-term commitment Incentive to support the and improve the Network the soft unlock phase also Allows for some flexibility and Adaptability as the foundation can Decide when and how to use the unlocked Coins depending on the needs of the Priorities of the network so there's no Voting process going on here it seems to Be up to the devs solely on you know What these specific use cases could be And that's not dissimilar from anything You know even if you have something like Casper where it's a donation run a Dev Fund for specific things that go into Certain buckets it's still like once You're in that specific thing what does That go to does that go to you know Developer salaries what are all the Different aspects of this you know how Much is going to be allocated to Salaries right is in a in orbitant Amount that sort of thing these are the Questions that need to be answered more Clearly I think in white papers Especially if you're going to take the Route of some sort of fund for Foundations or developers whatever it Might be so there's my rant I got that Off my chest I made the correction for The mistake that I made apologies for That please hit the like comment

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