There is a group of people who call themselves Bitcoin maximalists. They believe that any other cryptocurrency is a distraction or an attempt to extort money from people who are unaware that Bitcoin is the only revolutionary technology that can save the world. This might sound strange to some of our readers while others may identify with that very idea. In the last couple of weeks, the situation between Bitcoin maximalists and the Ethereum community became a little bit tense.
What had Michael Saylor to say about Ethereum and what was Vitalik Buterin’s response?
Ethereum is unethical and a security
During a podcast, Saylor was ranting about Ethereum and how unfair things are. In his opinion, it is completely unethical to rob miners of their jobs. Ethereum is about the celebrate the merge, possibly in late September. Once the merge is concluded, Ethereum will switch from proof of work to proof of stake. Therefore, mining will become obsolete.
But Saylor even went that far to argue that Ethereum is a security. He believes that the fact that the second biggest cryptocurrency started with an ICO and is constantly changed by a small group of people is enough to be considered security according to US laws.
In 2018 the so-called Hinman speech brought clarity to the crypto industry. Hinman said that neither Bitcoin nor Ethereum would be considered a security by the SEC. This speech also plays a vital part in the lawsuit between Ripple and the SEC because Ripples claims that Hinman provided regulatory guidance in making these public statements.
Buterin bites back
It is true that Ethereum is constantly shifting and using hard forks to implement upgrades and change direction. The idea to switch to proof of stake is almost as old as Ethereum itself. It is a long-term project that took many years and careful consideration by the developers before attempting to change the world’s biggest smart contract platform.
This seems to be only reasonable since a huge value depends on the right decision. Should the merge fail all the DeFi protocols and marketplaces are instantly screwed. Buterin replied via Twitter and addressed the accusation by asking why all the heroes of the Bitcoin community turn out to be clowns. Harsh words, but on the other hand Saylors “attack” on Ethereum wasn’t a friendly exchange either.
Keep in mind that both sides have a vested interest in each coin succeeding. Saylor went way over his head investing in Bitcoin. Buterin on the other hand gave birth to Ethereum and we all know how parents are used to defending their children.
Bashing won’t change anything
It seems that Bitcoiners feel the pressure that is rising on all sides to take ESG issues more into account. Proof of stake seems to be a reasonable answer to the environmental concerns. Some projects even actively advertise themselves as a better alternative in terms of energy consumption.
Ethereum is taking that path but is not necessarily positioning itself against Bitcoin. Both technologies serve different purposes. By constantly fighting with each other the industry not only looks weird to the rest of the world but it also doesn’t help very much.
It seems that Bitcoin maximalists don’t like to make friends with other communities but that doesn’t mean that they necessarily have to be enemies.