I am dumping all ETH, would never hold anything that is 90% premined! 70 millions of eth was premined and own by few!
I'm pro-mining (obviously) but Ethereum isn't a scam coin*solely designed to make the developers profit. I think it's perfectly acceptable that Ethereum was premined in order to sell in an IPO fashion (60 million, in a public sale) and that another 12 million was kept for the developers. They aren't doing the work for charity, though obviously they do believe in the technology of the blockchain (ALL PRAISE BE UNTO THE BLOCKHAIN ) and smart contracts. A good portion of the pre-mining goes into funding development; Ethereum isn't a small project, so it's not unreasonable to expect that they need some funds in order to run the foundation and continue working on it. Also, it was pretty clear long before mining started that this was the situation and it's not as if they pulled a bait-and-switch.
Ethereum was created to be
used, not just mined, which is why the mining - which does use up a lot of energy at the type of mining scale you see with Bitcoin, especially as difficulty increases - is effectively being phased out in a few months by the switch to a Proof-of-Stake algorithm.
And let's not pretend that mining is any more egalitarian in nature than buying or converting a currency to Ether. It takes money for parts or systems and resources (mainly electricity, but also cooling if scaling up). Yes, it's a hobby and can be fun and interesting, but it's not necessarily less expensive than buying Ether outright. It can be significantly more expensive, actually, if you don't have the ability to deploy or convert cheap mining rigs over to ether mining or don't have access to cheap(er) electricity. And those who are interested in mining are given the opportunity to do so
now; nothing is stopping you or anyone else with the necessary hardware and knowledge from getting into a gold rush mentality and mining like crazy right now. Yes, those who literally bought into Ether early are at a greater advantage, but that's no wrong than early miners being rewarded for mining before difficulty spikes.
I don't think pre-mining is significantly worse than being able to mine very early at low difficulty as many developers have been able to do with their respective cryptocurrencies. Especially if it's made clear early on in the development process, before release and the genesis block. You are free to disagree and not participate, though I think you'll be missing out. Ethereum isn't just a cryptocurrency designed for speculation.
But if you want to give away your Ether in an act of protest, I'm more than happy to relieve you of your Ether. Let me know, I'll post my address.
* Not that I can be 100% sure of this, but the amount of development thus far makes it unlikely to be a short term pump-and-dump scheme, at least