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Is Ethereum a Security? Vitalik Buterin slams critics on Twitter

  • 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.

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

ETH-USD price chart 

For price targets and trends, check this video:

Author

Ekta Mourya

Ekta Mourya

FXStreet

Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.

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