Ripple’s community turns on Vitalik Buterin over XRP tweet
Ripple CTO David Schwartz said Bitcoin and Ethereum were securities, with other community members poking fun at ETH gas fees.
Ripple community members have turned on Ethereum (ETH) co-founder Vitalik Buterin for his tweet on XRP.
XRP already lost their right to protection when they tried to throw us under the bus as "China-controlled" imo:https://t.co/t6cbMtjsEV
— vitalik.eth (@VitalikButerin) August 17, 2022
Buterin, while praising Ethereum community members, said XRP lost its right to protection after it tried to “throw us under the bus as ‘China-controlled.'”
XRP community members did not take this statement lightly, as evidenced by the response of Ripple’s chief technical officer David Schwartz who implied that ETH urges the “government (to) punish projects that disagree with (its) narrative.”
"The goverment should punish projects that disagree with our narrative" seems pretty on brand for ETH.
— 𝙳𝚊𝚟𝚒𝚍 𝚂𝚌𝚑𝚠𝚊𝚛𝚝𝚣 (@JoelKatz) August 18, 2022
Schwartz continued with an analogy that ETH and Bitcoin(BTC) were securities, saying miners could be likened to eBay shareholders.
According to him, miners in a proof-of-work system profit from the friction between buyers and sellers, just like eBay “stockholders earn from the residual friction between buyers and sellers that eBay does not remove.”
He concluded his tweet by asking if Buterin wanted the government or the market to determine the status of ETH.
Ethereum’s status draws debate
The CTO’s statement is not the first time a major player in the industry declared that ETH was security.
In an interview, Michael Saylor, a renowned known Bitcoin maximalist, said Ethereum was a security.
According to Saylor, the presence of a management team alongside the continual hard forks of the network makes it a security.
Meanwhile, Ripple has accused the SEC of favoring ETH over other digital currencies.
The payment company has requested access to a speech of the agency’s former director William Hinman where he said that ETH was a commodity.
However, the commission is yet to accede to this request.
Ripple community bashes Buterin, Ethereum
XRP community members are bashing Buterin, with some implying that he stole the “smart contract” idea from Ripple’s Codius.
— 🇲🇽 🐺FREKI.hbar.xrp.ada.eth.btc🐺(ℏ)(X) (@Freki_OG) August 18, 2022
Another community member poked fun at the historic high gas fees of the network.
You and eth lost me when I tried to buy $100 worth of a coin…. And I was asked to pay a $380 gas fee. Eth is rubbish when the network loads up.
— Frankie Sposari (@SposariFrankie) August 18, 2022
ETH sucks!!!! I tried it, cost me $28 to send $15, that’s bullchittttttt @VitalikButerin
— cryptogrumpa🏴☠️😇 (@apmurgotpyrc) August 18, 2022
While some implied that the SEC had received a $15 million kickback to give “ETH a regulatory free pass.”
@RepTomEmmer @WarrenDavidson We live in a country where Senior SEC officials take $15 million kick backs to give @ethereum a regulatory free pass. @ethereumJoseph brags about it openly. Are you not curious about the piece of paper in his pocket????
— xrpbreezy (@xrpbreezy) August 18, 2022
Ethereum is as protected as the Ghislaine Maxwell client list.
— XRP logic (@hurt_by_the_SEC) August 18, 2022