ETH is bad, and I am tired of pretending it's not.

I am going to open up by saying that some of the following is going to be FACT and some of it will be OPINION. However, the opinion will never prevail over the facts. Also, depending on traction I may do a second post with some more up to debate things.
I also know that the title alone will lead to downvotes, some of you won’t even read it before downvoting. It is a shame that people forgot downvotes are supposed to be used to penalize off-topic and not to punish unpopular opinions, not to create echo chambers.
So let’s get to it shall we?

ETH is shady:
Not only is ETH a security, it has always been manipulated by well connected and powerful people behind the scenes. The connections between the ETH Foundation, ConsenSys, and the SEC are totally public knowledge. Jay Clayton, the former SEC chairman, was a partner at Sullivan and Cromwell.
Joe Lubin, co-founder of ETH, also founded ConsenSys. He also bought 9.5% of ETH supply.
ConsenSys is a client of Sullivan and Cromwell.
That was the back door ETH used to get the free pass on regulations.
There are court papers about the meetings between ConsenSys and the SEC.
At the same time, the SEC was prosecuting DOZENS of ICOs that were using the exact same approach ETH was.
Hinman’s, Clayton’s Director of Corporate Finance, speech where he says ETH is not a security was partly WRITTEN by some of ETH top investors.
The plan by ConsenSys with the help of the SEC was clearly to make ETH the only crossborders payment platform by giving it a free pass, while at the same time preventing any incursion into that space with SEC lawsuits.
At the same time this was happening, Gary Gensler told an MIT audience that “XRP deserved regulatory clarity”. (I won’t go in depth with the Ripple lawsuit here).
Not only is Chairman Gensler trying to pretend he never said that, and the entire SEC trying to hide the fact they gave ETH a free pass, to date ETH is the only altcoin to have had the privilege of being formally consider a commodity/currency and not a security.
Other funny “coincidences” include: Claydon being hired by a crypto hedge fund 100% invested in BTC and ETH. SEC Enforcement Director Marc Berger being hired by Simpson Thatcher and Bartlett, part of the ETH Alliance and Hinman’s prior employer, less than a month after the Ripple lawsuit was filled. Hinman receiving $15 Million, during his service on the SEC, from Simpson Thatcher and Bartlett. AND after leaving the SEC, Hinman returned to Simpson Thatcher and Bartlett as a senior crypto adviser.

ETH is centralized:
Users and nodes have no real power to shape the protocol. This is virtually true of all protocols with a Foundation at it’s head, but we can’t forget ETH falls under this group.
The first piece of evidence here is the ETC hard fork. This fork happened because the wrong people lost money. The changed the code and the protocol for the first time to suit the wealthy whales and not the users or miners. They changed the rules to fit their goals.
The second piece comes in the form of changes to mining rewards. This was a blatant attempt to decrease supply by not paying the miners. More important than the way it impacts the economics of ETH, it points towards a centralisation of power. Rules can be changed on the fly with no consideration from the community but based on profits alone for the higher ups.
This leads us to the PoS change. This has nothing to do with energy concerns or with price of fees. This is meant to skip all the intermediate problems by getting rid of miners and let the token holders leverage their will directly. Don’t forget the LUDICROUS amount of ETH that was pre-mined.
Every hard fork the Ethereum blockchain has enacted has always been for the benefit of the few, never for the benefits of the community. You know what that looks like? Our current banking system. Where the citizens and the working class pay the price for mistakes and reap none of the rewards for profit.
People in this sub hate central bank digital currencies, failing to see that every abuse these could enact on the public, so can Ethereum upon it’s users.
To quote one of my sources “Etherium is not a decentralized peer-to-peer system. It is a system with an unaccountable ruling class exploiting the working class, making promises they can’t keep, while spinning a wonderful narrative.”

ETH recent and future design is bad:
Everyone was fooled into thinking EIP 1559 was going to be a good thing. How the Foundation pulled that off is honestly mind boggling.
This change made it so fees were more uniform. Uniformly high. And making sure that miners saw none of that profit by burning it.
Burning the fees essentially made sure that the biggest holders get they profits increased because every ETH is worth more, while miners that actually keep the network safe get a pay cut because there are less fees per block for them.
But the biggest problem is that you are getting a landlorded network to users. If you want ETH to be useful, you need to, well, use it. But this model makes it so the interests of holders are opposite to the interests of users. Users want lower fees so they can use the network to transact, but holders want higher fees, for more burn and more profit.
Taking money out of the pockets of miners decreases security. If you are paid less you have a higher incentive to get your money some other ways.
And since users and holders have different agendas, future goals benefit different people. An interesting question would be for instance what happens in the case of a block size adjustment? Bigger or smaller block sized benefit users and holders differently. Well, given ETH’s history, you know how those chips would fall. Even this decision was reached by a small amount of key players.
And PoS will only make this whole process more straight forward. The fact that the token holding are already so centralized will make changes easier for the ruling class and be baked into the system.

In conclusion:
ETH’s had a shady start, has been controlled by a group of shadow players on the background, is becoming less and less secure and has no intention of not being.
At any point, any decision can be hard forked in. The miners don’t matter. Your nodes don’t matter.
ETH is INTENDED to shackle you the exact same way the current banking system does.
Don’t be fooled.


EDIT: I was enjoying the discussion in the comments, but I am getting spam downvoted so I will have to stop. This is the state of this sub.

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Wow! Die meisten Ausbildungsberufe sind scheiße und werden grottenschlecht bezahlt. M.E.n steht Deutschland vor dem Systemkollaps.

Ich bin leitender Software-Entwickler in einem Software-Unternehmen und, wie alle IT-Unternehmen auch, suchen wir händeringend nach weiteren Mitarbeitern und Mitarbeiterinnen. Seit beginn unserer aktiveren Suche bewerben sich auch ganz viele Quereinsteiger/innen aus anderen Berufen. Ich wundere mich oft was jemanden dazu bringt mit 35-45 Jahren einen gelernten (und oft technischen bzw. industriellen) Beruf zu verlassen und versuche mir schon vor dem Bewerbungsgespräch ein Bild von dem aktuellen Beruf zu machen.

Dabei sehe ich nur so Sachen wie

So verdienen rund 25 Prozent aller Schlosser weniger als 2.000 Euro monatlich und im Durchschnitt 2.800 Euro monatlich.

Mechatroniker können dabei mit einem Einstiegsgehalt von etwa 24.000 bis 30.000 Euro brutto pro Jahr rechnen. Erfahrene Mechatroniker verdienen im Durchschnitt 3.000 Euro brutto im Monat.

Das durchschnittliche Jahreseinkommen eines Tischlers liegt bei 24.000 EUR bis 33.000 EUR

Das Gehalt als Arzthelfer/in beträgt 2.448 € brutto im Monat.

und das zieht sich durch fast alle Ausbildungsberufe durch. Dazu kommen noch die vergleichsweise schlechten Arbeitsverhältnisse wie Schichtarbeit, Nachtbereitschaft, Ausbeutung, körperliche Schäden, etc. Als ich das einem meiner erfahreneren (dt. älteren) Kollegen erzählt habe, sagte er nur: "Krass, oder? Für die Summe würde ich nicht mal aufstehen - und das schon vor über 10 Jahren."

Vor 2 Jahren ist meine jüngere Schwester mit ihrer Klasse für eine Art Berufsorientierungstag zur IHK gegangen. Dort haben sich wohl einige Schüler verleiten lassen nach der 10. Klasse eine Ausbildung anzufangen und von denen sind ausnahmslos alle wieder dabei ihr Abitur nachzuholen; die haben durch die Bank ihre Ausbildung abgebrochen. Wenn ich sie und ihre Freunde frage, was sie denn mal machen möchten, höre ich nur: "Lieber probieren mit Twitch und YouTube 700 Euro zu verdienen, als für 700 Euro als Lackierer/in oder so was zu ackern." Ich kann diese Meinung absolut verstehen. Als die Twitch-Leaks rausgekommen sind, hat man gesehen, dass sogar relativ unbekannte Streamer ganz gut verdienen.

Ich bin mal gespannt was in 10-15 Jahren auf uns zukommt, wenn die erste Masse an Menschen langsam vom Arbeitsmarkt verschwindet. Es gibt immer wieder Leute, die sich vor der Automatisierung fürchten. Es sieht aber eigentlich eher so aus, als wäre mehr Automatisierung und Digitalisierung absolut notwendig, um einen Systemkollaps zu verhindern.

Manchmal wird von dem mystischen Ausländer gesprochen, der ja unbedingt nach Deutschland kommen und diese undankbaren Berufe ausüben will, "schon alleine nur um aus dem Djungel fliehen zu können."(echtes Zitat von meinem ehemaligen Chef) Da wird echt darauf gesetzt, dass das Leben in Entwicklungsländern so miserabel sein wird, dass Menschen gar keine Wahl haben als unsere schlecht bezahlten Berufe in Deutschland auszuüben. Ja, nice!

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