Ethereum’s foundation sold about 70,000 ETH a few days ago and now the foundation has been condemned for not being transparent. The coins that were sold reached $100 million at that time and are less than $10 million today as we can see in today’s Ethereum news.
Buterin talked with Eric Weinstein who is the managing director of investment company Thiel Capital:
“I did get the Ethereum Foundation to sell 70,000 ETH like basically at the top, and that’s doubled our runway now, so it was one good decision that had a lot of impacts.’’
What Buterin explained is the open-source development funding and the crashing of the net-worth along with the price. He said that he was actually relieved after he tweeted about the cryptocurrency space reaching half a trillion dollars and how he felt the high market capitalization was underserved because it didn’t create enough value. However, many people didn’t see the Ethereum’s foundation intentions positive since now they wonder whether the decision was transparent. This also prompted an interesting discussion on the issue and Eric Conner who is a product researcher at Gnosis, stated that he’d appreciate more transparency but that it will not happen in the near future and people have to account for that when purchasing ETH coins:
“Imagine thinking it’s a poor decision for the EF to sell the top and fund development work. Lol.”
People in the comments wondered why there wouldn’t be more transparency coming from the foundation in the future but also why was there no transparency in the past as well. The transparency would have been responsible to disclose the sale of the 70,000 ETH to retail investors that are coming into the market. Conner’s response to all of the questions was that everything is in a public ledger and anybody can have access to the address’ information. If someone cares about it so much, they should set up a notification on the EF’s accounts by using etherscan.
In order to receive emails, you will have to add the addresses you want to track in the account and people have offered multiple solutions as well. Matthew Graham, the CEO of the advisory company Sino Global Capital asked:
“Great, so we know after it happens? And even then we have to set up alerts for everyone’s addresses? Not sure I get it.”
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]
Discussion about this post