Ethereum co-founder dismisses Bitcoiner’s PoS criticism

By:
on Jul 12, 2022
Updated: Aug 2, 2022
  • Ethereum co-founder Vitalik Buterin has responded to remarks that Proof-of-Stake (PoS) means ETH is a security
  • Bitcoin proponent Nick Payton had made the comments in a tweet on Tuesday.
  • Recently, MicroStrategy CEO Michael Saylor said Ethereum was "obviously a security."

Ethereum co-founder Vitalik Buterin has responded to another critique of the Proof-of-Stake (PoS) mechanism, referring to the criticism as an “unmitigated bare-faced lie.”

Buterin’s comment tweeted on Tuesday, was in response to remarks also shared on Twitter that noted Ethereum’s PoS voting as a “proof” of it being a security.

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Swan Bitcoin’s Nick Payton had earlier in the day posted his views about PoS and the voting that allows for changes to the network, saying that this proves such networks are security.

Dear Proof of Stakers, the fact that you can vote on something to change its properties is proof that it’s a security,” Payton tweeted.

Voting on protocol parameters, NOT PoS,  says Buterin

The Ethereum co-founder categorized the criticism and notion as nothing but a lie.

According to him, the idea that “PoS includes voting on protocol parameters – which isn’t the case – is something Proof-of-Work (PoW) proponents have so often repeated, with the claims going “unchallenged.”

He noted that PoS, like PoW, does not include voting on protocol parameters, and that in both consensus mechanisms, “nodes reject invalid blocks.”

This is the second time in as many weeks that Buterin has responded to remarks targeted at Ethereum and other PoS blockchains.

Recent comments from SEC Chair Gary Gensler about cryptocurrencies and the issues of what is a commodity and what’s not resurfaced the harsh critiques from Bitcoin bulls on Ethereum and most cryptocurrencies.

In his comment on the topic, MicroStrategy’s Michael Saylor – one of the most vocal BTC advocates – said that it was “obvious” Ethereum is a security. Read our article on how to purchase Ethereum to learn more.

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