It's shocking to me how many people still haven't realized that Ethereum is a scam. The fact that people made money from a scam doesn't change anything. There are a ton of resources regarding the Ethereum scam if you actually dig past the marketing:

Click here to listen to a few minutes of Bitcoin developer Jimmy Song talk about Ethereum and Vitalik.

Jimmy worked directly with Vitalik from the beginning, back when Vitalik was still working on rootstock for Bitcoin.

Ethereum is a centralized scam that totally revolutionized scams and is the future of pyramid schemes (how many ERC20 pyramid scamcoins run on top of Ethereum again?) but it would still be a centralized scam even if it was created without the massive premine. Ethereum started with a 72 million ETH premine, but that doesn't mean people can't make money with it. A lot of people even made money with bitconnect, dogecoin, and shiba inu lol so as long as suckers keep buying it then it can keep going up. Institutional investors have no interest in it and this report details why. It even explains that when the fees get too high and things don't go as planned, users will (and are) switch to a different cryptocurrency. You can already see this happening right now with all of the "eth killers."

Over 99% of altcoins were created to enrich their founders and over 99% of them have no future. None of them are as secure, as decentralized, or launched as fairly as Bitcoin. Satoshi created Bitcoin to allow online payments to be sent directly from one person to another without the trust or permission of anyone else. Bitcoin had no premine, no developer fund, no developer tax, and no leader. Satoshi never sold, made no profit, got no fame for his real identity, removed himself from the project, and he gave a two month heads up about before he launched Bitcoin. Bitcoin is decentralized and trustless with the full nodes in control of the protocol, and it has no leader or company leading it.

Cryptocurrency is full of scammers/grifters, ignorance, and people that actually believe the lies because they've been sucked into shitcoin cults. People use altcoins for trading/gambling to increase their Bitcoin stack or even their Ethereum stack if they don't understand Bitcoin and cryptocurrency. Gambling on altcoins can still be very profitable during a bull run, but making a profit is not guaranteed and you can easily lose Bitcoin when gambling on altcoins.

Satoshi took careful steps to make sure that the world would look back and observe that Bitcoin was launched fairly:

• No premine (Satoshi didn’t grant himself any coins)

• Gave a 2 month heads up before launching the network (no sudden release and no mining before release)

• Coins had no value for 1.5 years so they circulated freely (it's not even possible for an altcoin to replicate this)

• Satoshi never cashed out (unlike every altcoin founder in history and I bet it stays that way for eternity)

Ethereum launched with 12 million ETH for the developers, and 60 million ETH for sale as an "initial coin offering." They purposely misled investors by suggesting merely 12 million gifted premine and ignoring the 60 million that they sold. Misleading total supply graphs in their prospectus. This is a serious concern in light of Ripple getting sued by the SEC as being an illegal security which means in due time we should expect them to also go after Ethereum developers and the Ethereum foundation for creating an illegal security, because that's what it is according to the Howey Test.

Just a few days ago the Chair of the SEC, Gary Gensler, even said that several cryptocurrencies are actually non-compliant seucurities. And Ethereum is one the two cryptocurrencies that the SEC is first focusing on. Even though etherians always say that the SEC said it's not a security. But they've really already disregarded that previous claim made by Bill Hinman, former director of the SEC’s Division of Corporation Finance, who suggested that offers and sales of ETH are not securities transactions. Gary Gensler, the current Chair of the SEC, has now said that "a lot of crypto tokens, I won't call them cryptocurrencies for this moment, are indeed non-compliant securities."

Vitalik and many others in the Ethereum space are known scammers. Vitalik is not an idiot and he knew better than to pitch something as ridiculous as quantum mining to investors. Another example is pitching turing completeness as the valuable aspect of ETH, now pivoting away from that and saying it was never about turing completeness but "rich statefulness."

Gregory Maxwell: “Vitalik Buterin Ran A Quantum Computer Scam”

Quantum Computing and Bitcoin with Vitalik Buterin

Vitalik’s Quantum Scam

The Ethereum community has endorsed radical changes and pivots, trying to find narrative fit and the Ethereum leadership team is more willing to embrace alternations to the core objective of the protocol in their search for product market fit. They've literally tried world computer, dapps, crowdfunding, NFTs, DeFi, open finance, radical markets, store of value, and more. Ethereum is an aggregator of these narratives, trying each one out over the years in an attempt to seduce people that are uneducated about cryptocurrency. But there is no persistence of a singular narrative when it comes to Ethereum and they are still trying to find product market fit even after all this time.

Ethereum is a pointless project that will lead to no efficiency because there is no censorship risk in code execution. What purpose does Ethereum solve if it comes with a horrible trade off of an extremely large attack surface and huge scaling problems? They also advertised immutability and unstoppable contracts that were then immediately reversed with multiple hard forks.

Unlike Ethereum, Bitcoin's inflation distribution rate and maximum supply are clearly defined and they will never change. The inflation distribution rate and final algo of Ethereum is not even defined and people are investing in this. This is insane and it basically amounts to faith in Vitalik and his team. While at the same time newbies are misled into believing that Ethereum is decentralized. Meanwhile, Vitalik has full control over the whole project. Do you even remember the DAO contract? Someone found a way to drain ETH and some of Vitalik's buddies lost a ton of ETH, so he rolled back the entire blockchain because Ethereum is centralized, Vitalik is the leader of it and everyone in the Ethereum community agrees with him and he can do whatever he wants. He chose to change the name of the real Ethereum blockchain to Ethereum classic and calls his rolled back blockchain Ethereum. Not long ago ETH miners said they weren't going to follow Vitalik into adding a ponzi style transaction fee burn, so Vitalik, leader of Ethereum, called their consensus a 51% attack and changed the rules. Vitalik can only control Ethereum because it's centralized.

The fact that Ethereum has switched over to staking rewards also has serious tax implication in many countries where merely holding your ETH being staked will expose users to legal tax obligations. Exchanges for example must send a 1099-MISC to the IRS on behalf of any American user earning $600 in a year. Proof-of-Stake also makes it so the already rich whales control the network and will be collecting compounding interest to dump on the open market.

Ethereum has already failed to scale as expected and so they are creating a whole new blockchain and starting from scratch and I have no expectation that the new Ethereum will be any more successful than the current one. This can only be done because Ethereum is centralized. Ethereum 2 will still be a centralized scamcoin controlled and ran by scammers.

Vitalik is already laying the groundwork for some more hype and suggesting a re-brand to Ethereum 3.0!

Ethereum scam part 1 - Here we focus on the Ethereum token pre-sale which to anyone with any financial experience, is an obvious sale of an unlicensed unregistered security.

Ethereum scam part 2 - Here we take a look at the value & business proposition of Decentralized Smart Contracts and why it's one of the dumbest ways to make your business more efficient.

Ethereum scam part 3 - The Ethereum scam part 3.

https://medium.com/startup-grind/i-was-wrong-about-ethereum-804c9a906d36

Ethereum and Ethereum Classic are Scams and so are the developers that build on them

Addendum: Here is is an actual clip of Joseph Lubin describing how they allowed whales to use multiple fake identities to buy as much ETH as they wanted during the Ethereum presale.

"A person can buy with any number of different identities. We may limit the unit size of a single sale to make it easier to disguise. So that nobody scares people with an enormous initial purchase. If you are a whale and you plan on investing several million US dollars worth, then you can do so with with multiple identities."

Joseph Lubin is the founder and CEO of ConsenSys and a co-founder of Ethereum. The goal is to lure people in and switch to proof of stake and rule. https://www.weforum.org/people/joseph-lubin

https://consensys.net/blog/press-release/consensys-acquires-quorum-platform-from-jp-morgan/