The well-known founders of the cryptocurrency market are debating whether Cardano and Ethereum are securities.
Reply to Cardano founder Michael Saylor
Cardano founder Charles Hoskinson shared his thoughts on Michael Saylor’s recent naming of Cardano as a security. MicroStrategy CEO referred to ADA as a security. Hoskinson then compares Michael Saylor to Tone Vays, a renowned analyst. Formerly a popular analyst, Tone Vays considers anything but Bitcoin a scam.
Hoskinson also reminded that Cardano is much more decentralized than Bitcoin, and even has much more benefits than BTC, which is a store of value. He noted that people continue to buy ADA to spend, not just to speculate.
@IOHK_Charles on @saylor claiming #Cardano as a Security pic.twitter.com/f5VnxxJPa3
— $RealADAWhale (@RealADAWhale) July 16, 2022
Yet while Michael Saylor calls ADA a security, the only real use case for Bitcoin according to Hoskinson is speculation, and yet no one calls BTC a security. The Cardano founder also warns that if Bitcoin Saylor doesn’t work as he expects, it will go bankrupt.
At Monglia’s recent AMA session, where the above statements were made, Hoskinson stated that he did not pay much attention to Saylor’s claims. He says arguing with Saylor about the ADA is not fruitful. Hoskinson also shared his view on Bitcoin maximalists. He described this group as “the most difficult, toxic, and useless people to relate to.” Tensions are still high between the two.
Is Ethereum a secure network?
Elsewhere, there is discussion between Vitalik Buterin and the community about how secure the Ethereum network is. The reason for this discussion is the upcoming Ethereum Merge. Vitalik Buterin, the founder of Ethereum, was on Twitter to respond to the critics. Nick Payton, a Bitcoin maximalist, claims that the network has become insecure as users vote to switch to PoS. Buterin quoted Payton’s tweet and responded to the critics:
It’s surprising that some PoW proponents continue to repeat the sheer, outspoken lie that PoS includes voting on protocol parameters (not like PoW does), and that this often goes unquestioned. Nodes reject invalid blocks in PoS and PoW. 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.
Nodes reject invalid blocks, in PoS and in PoW. It's not hard. https://t.co/vLEWWsWIsG
— vitalik.eth (@VitalikButerin) July 12, 2022
According to Vitalik Buterin, is ETH a security?
The cryptocurrency market has struggled for years with the SEC’s position on cryptocurrencies. Ripple and several members of the crypto community argue that ETH is a security and should be treated as such. However, this is an open-ended question. On the other hand, Buterin and the Ethereum community argue that this is not true.
By the way, the date for Ethereum Merge is September 19. Vasil hard fork, an anticipated update for the Cardano network, entered the testing phase on July 3. This boost is expected to pass on the mainnet by the end of July. We have given the details for Vasil hard fork in this article as Kriptokoin.com.
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