Ethereum Co-Founder Vitalik Buterin lambasted BTC Maximalists particularly MicroStrategy CEO Michael Saylor by calling him a ‘Total Clown’ in reference to the latter’s comment on Ethereum being “inherently unethical”.
In a YouTube video, Saylor designated all cryptocurrencies other than Bitcoin as missing good ethical foundations and a “biblical” basis.
The chief exec argued that the basis of the securities laws is the Decalogue, a series of ethical and worship-related values founded on the holy scripture.
On why he doesn’t agree with the popular argument that securities laws are outdated, Saylor said, “The basis of securities laws is thou shall not lie, cheat, or steal. That’s the basis of the law.”
In response, Buterin wrote, “Why do maximalists keep picking heroes that turn out to be total clowns?”
Earlier Saylor classified Ethereum as a security, due to being issued through an initial coin offering [ICO], hard forks, having a management team, and so on.
Again, during a recent speech at the Blockchain Economy Summit in Istanbul, the head of MicroStrategy criticized Ethereum just prior to the Merge update.
He stated that institutional investors preferred to see the finished version of the protocol that would run without hacks for over 5–10 years. Massive upgrades at the Merge level provide new opportunities for hackers, he added.
Ethereum Community Reminded Saylor Of His History With The SEC
He also spoke on the monetary policy of cryptocurrency and that change is inevitable, while the principles for issuing and mining bitcoin are determined for the next 1000 years.
Saylor claimed that Ethereum could become unstable in the next three years which created a huge backlash.
The Ethereum community swiftly reacted to the comments and reminded the entrepreneur of how he was accused of securities fraud by the SEC all the way back in 2000.
It needs to be mentioned that Saylor paid a fine to settle with the regulator without admitting or denying charges. The firm allegedly earned massive profits despite losing money, thus artificially boosting its value.
Saylor famously lost a record-breaking $6 billion in a single day after inaccurately booked revenue was exposed.
