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FSIC Summary : CRYPTOCURRENCY AND CONFLICTS OF INTEREST AT THE SEC:


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Something that would be interesting to know about Lubin and Consensys would be how much BTC / ETH he personally had after the ETH token launch. Because what it seems like to me is that he effectively created a company (Consensys) that funded much of the development on ethereum, as a way to sidestep centralization. 

So was he or Consensys selling any of the BTC/ETH raised at launch in order to fund new projects through Consensys? How much ethereum development after the token launch was funded through Lubin's "central-but-not-central" company?

Consensys did not raise external funding until earlier this year, notably after the Ripple case was announced. JP Morgan was the primary investor as part of $65M in fresh funding. So from 2014 through 2020, I wonder how Lubin funded ethereum development (but through Consensys of course). 

This from a Forbes article about their fresh funding round...(link to article)

Quote

Joseph Lubin, a cofounder of Ethereum, the second-most valuable cryptocurrency network next to Bitcoin, started ConsenSys in 2014. For much of its existence, the venture has been self-funded by Lubin, who is widely believed to be a multibillionaire based on his holdings of Ether, or ETH, the cryptocurrency that fuels Ethereum.

So to recap...

1. Does an ICO, markets it and everything, little press tour to announce it, facebook posts, etc. - All illegal

2. Creates a third-party company and funds development of the ethereum blockchain just so that it's not attached to the name Ethereum. Sounds like pretty centralized control. Sounds like funding via money raised through an illegal securities offering. Sounds shady. 

3. ALLEGEDLY helps to write the guidance from the SEC (already proven to have conflicts of interest with Ethereum) that gives ether a golden ticket and slams the door on all competition. 

4. Pisses on the graves of said competition afterwards. 

5. Snuggles up with JP Morgan to the tune of $65M in order to continue funding development of the ethereum network...but not centrally of course. 

ANSWER THE GODDAMN QUESTION, SEC: IS ETH A SECURITY??

Edited by RipMcGillicuddy
hit the "central-but-not-central" point harder
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2 hours ago, Cambridge said:

I don't understand how the SEC can continue this sham. They aren't helping the retail investor. I just don't get this. What a sad croc. 

C’mon @Cambridge, it’s not that difficult to understand.

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