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Getbig Main Boards => Gossip & Opinions => Topic started by: obsidian on September 20, 2022, 07:42:37 PM
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Would love to debate Saylor.
He claims Ethereum is a security and Bitcoin is not. However what work is he doing to secure the Bitcoin network? Is he a miner? No, he bought his Bitcoin with cash. Why did he do it? Obviously, because he expected to profit from it. So if he profits, was it not because of the work of others - the Bitcoin miners and developers?
He also says Ethereum is a security because it can be upgraded and modified. Well, that literally has happened to Bitcoin numerous times. Bitcoin has also forked which created Bitcoin Cash.
His arguments do not hold up under scrutiny. If he wants to claim Ethereum is a security then he can't exclude Bitcoin.
Gary Gensler also claimed Bitcoin is not a security. Well then by that same criteria he can't claim Ethereum is a security.
The switch to Proof of Stake does not change that. Ethereum staking validators are computing hardware devices that require an electrical source and internet connection. They have to be configured and maintained to secure the Ethereum network the same way miners secure the Bitcoin network. Ethereum validators are still working to secure the network, they are just doing it in a more energy-efficient way via a staking mechanism.
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I’m dumb in this regard but I didn’t think any crypto could be a security because there is no dividend and it isn’t a business?
Therefore it’s not an equity, It isn’t debt and it isn’t a derivative.
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Never liked this guy. He never allows any interviewer to have a debate and just go into his regular scripted speech.
His passive-aggressiveness towards Ethereum was always grating, but like the rest of the BTC Maxipads he's now going out of his way to attack it.