Ethereum co-founder, Vitalik Buterin has responded to critics who claimed that Ethereum is a security. Bitcoin fans believe Ethereum is a security, after Ethereum holders changed the properties of the altcoin in a vote.
Ethereum’s transition from Proof-of-Work to Proof-of-Stake is being considered evidence for ETH being a security.
Nick Payton, a Bitcoiner, explained on Twitter that users of Ethereum voted to change to Proof-of-Stake, which in his opinion makes it a security. This got a quick response from Vitalik who quoted the tweet by clapping back.
Nick had tweeted, ”Dear Proof of stakers,… the fact that you can vote on something to change its properties is a proof that it’s a security”
Vitalik Buterin’s reply reads, ”It’s amazing how some PoW proponents just keep repeating the unmitigated bare-faced lie that PoS includes voting on protocol parameters (it doesn’t, just like PoW doesn’t) and this so often just goes unchallenged. Nodes reject invalid blocks, in PoS and in PoW. It’s not hard.”
For years the crypto industry has been struggling with the Securities and Exchange Commission’s position on cryptocurrencies. Several members of the crypto community have argued that ETH is a security and should be considered as such, but that is an open question. However, Buterin and Ethereum proponents argue that is not true.