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Vitalik Buterin criticizes Michael Saylor “Why do maximalists always choose total clowns as their heroes?”

 


Vitalik Buterin is known for firing live ammunition on Twitter. The latest target of Ethereum founder: Michael Saylor. The controversial CEO of the software company MicroStrategy is considered the face of the Bitcoin maximalists. His company is the largest hodler in the world with almost 130,000 Bitcoin in its possession.


For many in the scene, the mind behind MicroStrategy is a hero. For Vitalik Buterin: a “clown”. Literally : "Why do maximalists always seek out as their heroes people who turn out to be total clowns?"


Michael Saylor rails against Ethereum

The bone of contention: an appearance by the MicroStrategy CEO on the crypto podcast “Not investment advice”. There he leaves no good hair on Ethereum. The second largest cryptocurrency is in the midst of a gigantic transformation process. With the so-called “Merge” update, the entire network is to be switched to a different consensus algorithm in September .


Instead of computing power as with Proof of Work, the network secures itself from then on with ether deposits - the stake. Power-intensive mining at Ethereum ends. Many in the scene see it as a revolution, especially ecologically. Ethereum is said to consume 99 percent less energy. Michael Saylor, on the other hand, sees it more as an original sin.


"Protocol never stops changing," he said on the podcast. In the next three years, Ethereum will go through several serious updates. Many questions are still open, for example how staking works in detail and over a long period of time. If there were a central entity, in this case the Ethereum Foundation, making these decisions, then the protocol would not be decentralized. He calls Ethereum a “monstrosity”.


In comparison, Bitcoin has been running more or less unchanged since its inception. "To achieve true decentralization, you need a protocol that's been running exactly the same for at least ten years," says Saylor.


Ethereum is a security

He also warns that Ethereum is actually a form of security, like most altcoins. Legally, what the Foundation does is illegal. According to Michael Saylor, the head of the US financial regulator has already made this assessment. However, that is not true. Gery Gensler spoke about the fact that most altcoins should be classified as securities because of their characteristics . He has never specifically mentioned Ethereum.


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