Ethereum is shady, has misaligned incentives, and is full of red flags. It starts with Consensys.

Consensys is the company that controls most of the Ethereum infrastructure, like MetaMask and Infura. MetaMask is the the most popular ETH wallet which routes transactions through Consensys owned Infura, the largest Ethereum node.

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Joe Lubin is a co-founder of both Ethereum and Consensys. In other words, an Ethereum insider controls the ETH wallet and node infrastructure.

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To top it all off, major investors in Consensys include banks JP Morgan, UBS, and HSBC.

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Reflecting on this, I can see why Ethereum went though with the terrible decision to switch to proof-of-stake; it’s because the banks told them to.