MultiversX Tracker is Live!

Ethereum needs an audit.

Etherum Reddit

More / Etherum Reddit 203 Views

So many rumors; information impossible to find; most questions on Ethereum subs on Reddit not answered. Ethereum need an actual audit to answer questions we have. This would help with the trust we need to keep putting our money into this project. I don't know who would do this, as there are so many accounting firms that are just corporate tools. Are there any honest ones?

Some points that need to be cleared up:

  1. Who uses Ethereum? Lots of answers to the question, "Who is actually using Ethereum, other than other Coin projects and Ethereum miners?" is answered with links to major banks and companies than are heavily invested in blockchain tech, with huge companies and '80%+' of the top 100 corporations in the world." But Ethereum and blockchain are two separate things. Companies and banks are using blockchain, but it's their own blockchains. They are verified by the Ethereum chain; it seems like they just copy and pasted the open-sourced software that other chains use. I know that blockchain will eventually run everything, but how does Ethereum fit into that? If Wells Fargo or Walmart use blockchain, will it be verified by the Ethereum blockchain? Why? To show us that they're honest? If that was the case they would just post the opensourced software underneath their blockchain to show us it's real number
  2. Keep reading rumors that the new Ethereum 2 blockchain has pre-mined and that over 70% that will go straight to Mr Buterin and some other big players who will effectively control over 51% of the Ether created in Eth2. Is this true? Not true? Some 'white paper' that spells this out? Vitalik Buterin looks like a decent enough guy but that's not enough to quell my fears that he's not a Elon Musk in training. Musk and other billionaires need to be seen as cool or interesting with good PR to keep being billionaires. It's all part of the game to convince us that having vast amounts of wealth is somehow OK. So is this 70%of new Eth2 being pocketed real?
  3. Ethereum is decentralized and that no-one runs in it. Utter nonsense. Obviously there are changes to the project and new things are introduced all the time. All we hear or read tells us that 51% have control over any changes with Ethereum, but who decides? Obviously someone like Buterin gets a huge say. Any questions I have about how 'voting' is done for changes are met with terse answers like, "No one controls it! You need more than 51%!" Or, "The miners control what they mine and which software they use!" So, miners get a vote? Are they sent emails asking if new changes in Ethereum is OK with them? Or is it a group somewhere that decides? If so, who are they? How does the whole process work? Again, answers are all in the vein of, "Once level 5 ei77543 are implemented in the new iteration of m653 protocols then the MMG protocols will be integrated with the ENS system on block 557689." Made that up, of course, but the deep insider codespeak helps no one who isn't that deep into it understand anything about changes.
  4. How is this funded? There are obviously a lot of coders working on this. Do the leaders (and please don't tell me there 'are no leaders, dummy!") make money? Promises of a share of Eth? Eth they already own? And if so, how will that work for the future of our Ethereum? Again, where does the money come from? Where is it going? In the future, if Ether becomes a security, how will the average buyer get paid if the cost of Ether goes up? What is the end game, if not becoming a new currency.

These are probably questions that have been already asked and answered in clearly defined language that I just haven't found yet. Just like to know how much money the developers and management people have and where they got it and how much they will get in the future and how. If it's a big payday for them then great, they deserve it, for creating and developing it. But where is the open-sourced immutable blockchain open ledger of all money spent on Ethereum and where it came from and where it went? Isn't that one of the purposes of Ethereum? I know that it's supposed to be untraceable, as we're reminded daily, that Ethereum is only for drug lords and money launderers, which is why we should give our money to it. This, again, is complete nonsense. Ethereum starts in a bank. It is absolutely traceable. If someone scammed me out of $500.00 and I complained, nothing would be done. If I lost $20 million dollars the hashes would be traced a thousand times to find out where my stolen money was and be recovered in a week.

If everything I'm saying has already been addressed, please send links to what basic questions have been answered and how I can find it explained without being a inner-circle coder/developer.

Still a big fan and pouring more money than I should into it, although I still have my original stake, which I took out during the highs, and then some. Enough to get a new car and the laptop I'm typing this on. But at this point I think a clear, well written explanation of Ethereum and the entire project needs to be written up in clear language by some independent auditor that has experienced people in virtual currency and methods. I mean, as opposed to a regular accountancy firm that has no fucking clue what or how the internet works.

That's why I joined Reddit a month or so ago. I had to wait a month before posting (I can see that- due to bots and paid trolls) but really, I can't seem to get a straight answer on Reddit, message boards, etc, etc. I guess I'm just not a 'just trust us!' kind of guy. Although, to be fair, I do kind of trust you. I mean, Vitalik does give off a kind of 'good guy/ Pewdiepie' sort of vibe.

It just seems sometimes that Ethereum prices jump up really fast, like whales are investing to pump it up. Then, once we've invested it suddenly drops dramatically. It seems that we fill up the coffers with our money; the whales take their profit, then the whole cycle starts all over. I personally put money in when I see everyone online, (and on late night TV shows) make jokes about what losers we are for investing in crypto. Then, when I see lots of stories and articles about the future of Ethereum and how the 'flippening' is happening and how some country somewhere is going to make crypto their new money, or some bank is going to integrate it into their portfolio; (normally a slew of Yahoo Finance articles touting crypto's rise); then I sell.

Again- still love me some Ethereum and DCA-ing. Just want more of it and everything involved out in the open. Don't want to find out years from now that five billionaires discovered that this was the future and decided to buy it out, giving themselves the lion's share and us, again, being in the 99%, with them in the 1%.

Thanks if you can clear up newbie questions. Again, no 'insider' codespeak answers. this is strictly for us 'Explain it like I'm 12" answers we're looking for.

submitted by /u/Library_Liner
[link] [comments]
Get BONUS $200 for FREE!

You can get bonuses upto $100 FREE BONUS when you:
πŸ’° Install these recommended apps:
πŸ’² SocialGood - 100% Crypto Back on Everyday Shopping
πŸ’² xPortal - The DeFi For The Next Billion
πŸ’² CryptoTab Browser - Lightweight, fast, and ready to mine!
πŸ’° Register on these recommended exchanges:
🟑 Binance🟑 Bitfinex🟑 Bitmart🟑 Bittrex🟑 Bitget
🟑 CoinEx🟑 Crypto.com🟑 Gate.io🟑 Huobi🟑 Kucoin.



Comments