Today we discuss the hypocrisy surrounding Ethereum and how the Ethereum Foundation is pushing this narrative that ETH is Ultra Sound Money.
1. Prologue: How Ethereum Scams Everyone
12 Million ETH for Ethereum Developers
+
60 Million ETH for Ethereum Investors
=
72 Million ETH at Launch
ETH Total Supply Today: Unknown ?
Best Guess: 112 Million ETH
62% of the Current Supply was PreMined and was distributed before the first ETH Block was mined.
2. The Greatest Ethereum Scam Ever Pulled
3. Introducing Justin Drake
The Ethereum Foundation is re-creating The Cantillon Effect on Ethereum. Issuance is inflationary on Ethereum and causes price depreciation of ETH. Justin Drake and the Ethereum Foundation understand this and reply that they will take out supply elsewhere by burning transaction fees (EIP 1559), seemingly unaware of the other ills of inflation, namely the distortion of the capital structure and Cantillon effects. Economic activity, investment, and the capital structure will be distorted to favor the source of the inflation (in ethereum's case that would be Proof of Stake.)
Which is right in line with the Green Finance Movement that is being pushed by all central bankers around the world. The Ethereum Foundation are moving into a world where they govern the entire worlds monetary network. By pushing the DLT-DeFi-Bankless narrative.
4. Ethereum and the continuation of Fiat Currency and Debt Slavery
State Sponsored Attack on Bitcoin is Ethereum
If “The State” cannot feed itself, if it cannot fund itself. If it cannot fund itself, then it cannot perpetrate the crimes it continues to commit.
This is the core of the game.
You and I cannot win a game of monopoly if there is a player who plays the bank. The best we can hope to do is make friends with the banker and join him in screwing everyone else over.
That’s where we are today.
On a Fiat Money standard, the incompetent fools in government (and it’s cronies or affiliates) can continue to fund themselves with the wealth we, and our future generations, produce. They will keep trying to substantiate their existence by getting in the way of free individuals, by robbing 1 Peter to pay 4 Paul’s under the guise or “the greater good”, and when that doesn’t work, they will resort to violence or force to get what they want.
- Aleksandar Svetski
Citations: David Gerard, World Economic Forum - Digital Assets, DLT and the Future of Capital Markets, Hasu - Ethereum Presale Dynamics Revisited, Preston Byrne - Whether Ether is a security, Adriana Hamacher - So, what is the Ethereum (ETH) total supply?, Justin Drake - ETH Peak Supply, Bitcoin and Markets, Pomp Podcast, Keiser Report, Aleksandar Svetski, JW Weatherman