The legal status of cryptocurrencies remains mostly to be defined. With regulatory authorities in great difficulty facing this new class of digital assets impossible to catalog. Because these virtual currencies do not fit into the boxes predefined by the traditional economy. And this largely because of their decentralized nature, which is impossible to control, seize or censor. A situation that does not prevent some Bitcoin maximalists from firing red balls at the Ethereum blockchain, in full mutation towards Proof of Stake (PoS). Reason why Vitalik Buterin had to go to the battlements to condemn “shameless lies. »
No need to seek enemies in the ranks of governments and regulatory bodies, when you are part of the altcoin camp. Because Bitcoin maximalists take on this dirty work in their own camp with obvious motivation. With the Ethereum network as its main target, before and especially now that it is preparing to switch to a Proof of Stake (PoS) type system. And nothing is spared him in this playground quarrel that no longer amuses anyone.
Because it’s a fact, Bitcoin and Ethereum are not the same. And their implementation responds to totally different needs and objectives.. A reality which is perhaps the only one on which the two camps should finally agree, in order to be able to move on to more constructive things. But when the market is down, you have to find something to keep busy… or let off steam. And the latest snub comes from the editor of Swan Bitcoin, Nick Payton, who accuses Ethereum of being a financial (security) security. It was enough to ignite Vitalik Buterin, its emblematic founder.
Ethereum – A financial security
The question is still open about most cryptocurrencies. Should they be placed in the box of financial securities (security) or goods (commodities)? Nevertheless, a consensus seems to be on the verge of being found in the case of Bitcoin, recently defined as a commodity by the current director of the United States Securities and Exchange Commission (SEC). A distinction much closer to the regulatory quarrel than anything else. With the SEC on one side and the Commodity Futures Trading Commission (CFTC) on the other. Both trying to split the digital cryptocurrency pie. With as a point of contention the status applicable to Ethereum, with characteristics deemed more ambiguous.
And as some like to build an identity on the fact of rejecting their fellows, this distinction has obviously not gone unnoticed. Because at the beginning of the week, the editor of Swan Bitcoin, Nick Payton, returned to the charge in this file. This by affirming in the end that all cryptocurrencies feeding a blockchain of the Proof of Stake (PoS) type fall into the category of financial securities.
” Dear Proof of Stakers, the fact that you can vote on something to change its properties is proof that it is a security. Love, bitcoin.”
Let’s skip the fact that the latter signs his tweet on behalf of the Bitcoin network, which is supposed to be decentralized. But also on the need to defend against attacks internal to the cryptocurrency sector, using external classifications specific to regulatory bodies. A fine exercise in community and intellectual mediocrity to which Vitalik Buterin did not fail to reactwith more vigor than usual.
Vitalik Buterin – A “shameless lie”
Because obviously, Vitalik Buterin does not agree with Nick Payton’s statements. And he made it known on Twitter yesterday by posting a specific response on the subject. This is to explain why, in his opinion, the editor of Swan Bitcoin is wrong. While making it clear that he is tired of having to respond to this kind of accusations as recurrent as they are false. This about a supposed possibility to vote to modify the parameters of the Ethereum protocol, and of any Proof of Stake (PoS) type blockchain.
” It’s amazing how some PoW proponents keep repeating the outright lie that PoS includes voting on protocol parameters (it doesn’t, just like PoW doesn’t). And that so often without question. Nodes reject invalid blocks, in both PoS and PoW. It’s not difficult. »
A response in which Vitalik Buterin doesn’t fail to mock Nick Payton’s comments. And this by making a pun on the legal term of security (financial title) and that of “secure. Because he explains to the latter that one must not fall into too simplistic a grammatical error. While recalling that, according to him, the security of PoS is not to be demonstrated.
” Also, small nuance of grammar: in English when we talk about things like Proof of Stake, we don’t say “it’s a security”, (financial title, editor’s note) we say “it’s secure”. I know these suffixes are tricky, so I forgive the mistake.”
hard to know who will win SEC or CFTC over regulatory oversight of ETH cryptocurrency. But it would be wise for Bitcoin maximalists not to come and do the work of these regulators. Because they are already incompetent and aggressive enough on the subject on their own!