Vitalik Buterin applauds the “Ethereum is a security” argument
The “Ethereum is a security” debate has been going on for a while now. With the switch to proof-of-work proof-of-stake closer than ever, thoughts and thoughts around these have intensified significantly in recent weeks. It started to gain traction when some notable figures in the crypto community spoke out in favor of Ethereum being a security and founder Vitalik Buterin now took to Twitter to respond.
Buterin strikes back
Vitalik Buterin responded to those who keep saying that Ethereum is safe. This school of thought arose because Ethereum is now moving towards a new proofing mechanism and many prominent figures have argued that this makes the digital asset a security. One of them was a Twitter user and Bitcoin supporter who goes by Nick Payton on Twitter. According to Payton, the fact that network users could vote to switch to proof-of-stake made it a value.
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This obviously struck a nerve with founder Buterin, who had gone after Payton. In a dating tweet, the Ethereum founder explained that believing the network was moving to a proof-of-stake mechanism meant users could vote on protocol parameters was a “brainless lie.” He explained that Proof-of-Stake does not work any differently than Proof-of-Work in this regard, saying: “Invalid blocks are rejected by nodes, both in PoS and PoW. Is not difficult.”
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In another tweet, the Ethereum founder also corrected some potentially confusing grammatical usage. “When we talk about things like proof-of-stake, we don’t say ‘it’s a value,’ we say ‘it’s secure,’” Buterin said, alluding to words often used to describe moving to proof-of-stake. . “I know these suffixes are difficult, so I forgive the mistake,” he concluded.
But is Ethereum a security?
For the most part, the debate over whether Ethereum is a security has taken place in dense Bitcoin maximalist circles. However, his support for bitcoin does not mean that his stance on Ethereum as a security has not been taken seriously and won the support of crypto investors.
Along with the move to proof of stake, which is supposed to give users the right to vote on the protocol settings after the merger, there is also the fact that Ethereum had an ICO when it was first launched. It was not incredibly popular at the time, but many people had started digital ICOs in 2014. For this reason, many believe that Ethereum can be called safe.
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Another prominent figure in the space who has spoken is Michael Saylor, CEO of MicroStrategy. According to Saylor, Ethereum can be classified as a stock due to a number of things. “It was issued through an ICO », said the CEO. “There is a management team. There was a pre-mine. There is a hard fork. There are ongoing forks that will be postponed.
“For it to be a commodity, there cannot be an issuer, and the truth is that decisions cannot be made. One of the core ideas of the cryptocurrency industry is that you can trade it, that’s what makes it safe,” Saylor added.
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