- Vitalik Buterin responded to Bitcoiners and critics of Ethereum's Proof-of-Stake, calling their claims a lie in a recent tweet.
- Nick Payton argues that Ethereum holders voting to change its properties is proof that ETH is a security.
- Ethereum tested its former all-time high, analysts have a bearish outlook on the altcoin, predicting a clean break below $1,000.
Bitcoiners 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.
Also read: JUST IN: This is when Ethereum's Merge hard fork will be activated
Ethereum is a security debate rages on
As the Ethereum merge draws closer, the "Ethereum is a security" debate is raging on. The debate has gained more traction as the transition to Proof-of-Stake draws closer. Vitalik Buterin, the founder of Ethereum, took it to Twitter to address critics and slam their claim that ETH is 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. Buterin quoted Payton's tweet and clapped back at critics.
Buterin argued that,
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.
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.
— vitalik.eth (@VitalikButerin) July 12, 2022
Nodes reject invalid blocks, in PoS and in PoW. It's not hard. https://t.co/vLEWWsWIsG
For years the crypto industry has been struggling with the Securities and Exchange Commission's position on cryptocurrencies. XRPArmy and 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.
Ethereum price is at risk of decline
Analysts evaluated the Ethereum price trend and identified a risk of further decline in the altcoin. FXStreet analysts believe Ethereum price could drop to the $1,000 level, and a clean break could confirm the bearish thesis.
@CryptoCapo_, a crypto analyst and trader, pointed that Ethereum was testing an old all-time high as a resistance level, being unable to break above there. Overall, the Ethereum price is in a bearish trend, and the analyst has predicted a clean break below $1,000.
ETH-USD price chart
For price targets and trends, check this video:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Solana price sustains recovery rally despite falling daily active addresses
Solana price shows strong bullish momentum, which has seen the Ethereum killer break out from a descending parallel channel. Strangely, the daily active addresses on-chain metric fails to mirror this optimism, which is unorthodox considering the two parameters conventionally to go hand in hand.
ImmutableX price rallies by 40% in 24 hours, but whale activity remains weak
ImmutableX price rise astonished the market as the altcoin led the crypto market rally on Tuesday. The altcoin hit a 45-day high and, managed to flip many of the resistance levels into support floors. The reason behind the rally is unknown, but the whales seem to be active once again.
US House Committee passes bill to prevent issuance of CBDC
The United States is a landmine of regulatory trouble for the crypto space, but the technology behind it was being pursued for adoption. However, the application of this technology is also being objected to by many, attempting to end things before they even begin.
Optimism price outlook as network sells 116 million OP tokens
Optimism network has revealed plans to start selling 116 million OP tokens in a private sale immediately. At current rates, these tokens are valued at approximately $162.4 million but the transfer is not expected to impact market price.
Bitcoin: BTC contemplates crash in September
Bitcoin price remains unfazed by the US CPI announcement on September 13 and continues to move in a range. The weekly chart, however, shows a potential short-term recovery rally that could set the stage for a steep correction.