Ark is one of those projects that sound great on paper and appears to have a solid team working on the project, regular updates and generally a positive sentiment around it. One Ark Redditor let his love for Ark lead him to start an eulogy for the project, while bashing competition and generally all other altcoins.
He started by claiming how everyone had their “scandal” (Lisk has cartels of delegates, WTC had a fake giveaway etc) while Ark is so great, works like a well oiled machine. And community got hooked and mostly started echoing his stance while bringing up some micro-issues about the project.
However, one of the Redditors was bold and brashly laid out couple of interesting findings about a potential conflict of interest among Ark delegates, cartels forming and serious centralization and collusion potential among the block producers of Ark blockchain.
Redditor with a handle malarkiebarkie brought up a fact that Ark team members are actually delegates and since they work together, there is a plausibly possibility of them colluding and in essence making a mockery of the whole decentralization mantra.
Delegates are separate from ARK.io team
What about these delegates?
chris – Kristjan Kosic, Ark core dev
If you would have bet on the right coins this year you could easily have 10xed your capital…
You could even have made as much as 100x which means you could have turned $100 into as much as 10k.
Experts believe this will happen again in 2021, the only question is which coin do you bet on?
My friend and cryptocurrency expert Dirk is personally betting on 3 under-the-radar cryptocurrencies for huge ROI in 2021..
Click here to learn what these coins are (watch till the end of the presentation).
arkx – Brian Faust, Ark core dev
yin – Brian Faust, Ark core dev, is listed in their proposal as a team member
tibonos – Scott McPherson, Ark co founder
quarkpool – Oleg Shcherbyna, Ark’s UI/UX designer
arky – Bruno Thoorens, brother of Fx Thoorens (cofounder and CTO of Ark)
ravelou – Another family member of Fx Thoorens (cofounder and CTO of Ark)
One of the members or Ark team was quick to respond, however, it was a rather weak attempt of downplaying the significance of this fact and adding all well-known narrative from proponents of delegated proof of stake consensus mechanisms – vested interest, delegates wouldn’t hurt the network bla bla.
That is of course a completely misplaced narrative as the point is not to depend and put trust in someone’s good will and his love for the project to keep it safe and secure. The point is the opposite – minimizing the trust we need to put in other humans.
The malarkiebarkei user came back with another stellar post, explaining the need for team to remove themselves from the position of delegates of the network.
The user kept insisting on the revelation of delegates identities so the community can unvote them and vote someone else into the delegate position. The Ark team member ignored that request and kept placing his arguments on the irrelevant part of the story.
The whole thread is huge and can be seen here.
It seems Ark is going down the same path as Lisk, EOS and all other dPoS coins as the design of dPoS encourages cartel-type of behaviour and there needs to be some serious redesign in order to prevent this. Otherwise, we get the current system of financial opaqueness, rulers from shadows and surveillance and censorship-inducing environment.
I expect a lot of emotional noobs, who love their Ark (or any other coin that is far from its paper-version) bed-time stories to get triggered by this post and start insulting me so I have an advice for you: work on removing those emotions from your investing decisions otherwise this market (or any market for that matter) will rob you off of your last penny – you are an ideal prey for the guys who actually know what they’re doing.
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