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Am I the only bitcoiner that doesn’t think Ethereum is a security?

I just think it’s a failed project, with too much centralized risk in PoS and never needed a token.

But anyways

It’s 100% a security. There is an insider group, it started with a premine, and it is functionally the investment of money in a common enterprise which relies on the efforts of others with the expectation of profit.

Commodities don’t change security mechanisms or have a small group of developers in charge of making a way to unstake ETH. Commodities don’t roll back the chain or have insiders dump share at the top without disclosures. Commodities don’t require 32 ETH to run a node.

Frankly it’s a layup. It will fail either way, but I see this as a very legitimate risk to ETH. The debate around whether or not securities laws should exist and be enforced is entirely separate, but as it stands ETH is fucked.

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Discussion

JG 1y ago

Exactly, and I found it hilarious that ETHers were trying to fight the categorization that it's a security after the switch to POS and Staking. This was a nonsensical argument and was a complete distraction from the fact that it was always a security from day one under the definition of what constitutes a security.