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
Discussion
I don’t either
Eutheretirum™️ is an unregistered securities *printer*
mETH is the foundational security, issued for free by (and mostly to) a business, and sold to investors at 2000 mETHs per 100M sats
But semantics aside i am curious to know more about why you feel it is not
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.
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.
What about the premine??
honestly, I get Ethereum and Litecoin mixed up sometimes 😆 both failures
The existence of the Foundation, and its control of the difficulty bomb, makes it a security under Howie.
I saw people on the community, nothing new, just making transitions every day. Ethereum is Scam
It’s not even money.