Members of the Ripple community turned on Ethereum (ETH) co-founder Vitalik Buterin’s tweet about XRP.
XRP already lost its right to protection when it tried to throw us under the bus for being “under Chinese control.”https://t.co/t6cbMtjsEV
—vitalik.eth (@VitalikButerin) August 17, 2022
While praising members of the Ethereum community, Buterin said that XRP lost its right to protection after “trying to throw us under the bus as ‘Chinese controlled’.”
Members of the XRP community are skeptical of this, as evidenced by Ripple CTO David Schwartz hinting that ETH will urge governments to “punish projects that don’t agree with[their]explanation.” I didn’t take the statement lightly.
“Governments should punish projects that go against our narrative” seems to fit the ETH brand pretty well.
— 𝙳𝚊𝚟𝚒𝚍 𝚂𝚌𝚑𝚠𝚊𝚛𝚝𝚣 (@JoelKatz) August 18, 2022
Continuing the analogy that ETH and Bitcoin (BTC) are securities, Schwartz said miners can be compared to eBay shareholders.
He said miners in proof-of-work systems benefit from the friction between buyers and sellers, much like eBay does.
He ended the tweet by asking if Buterin wants the government or the market to determine the status of ETH.
Ethereum Status Is Controversial
The CTO’s statement is not the first time that a major player in the industry has declared ETH to be a security.
In an interview, Michael Thaler, a well-known Bitcoin maximalist, said Ethereum is a security.
The presence of a management team alongside the network’s constant hard forks ensures security, Thaler said.
Meanwhile, Ripple has accused the SEC of favoring ETH over other digital currencies.
The payments firm has requested access to a speech by former agency director William Hinman in which he said ETH is a commodity.
However, the Commission has not yet responded to this request.
Ripple Community Attacks Buterin, Ethereum
Members of the XRP community have accused Buterin, with some implying that he stole the “smart contract” idea from Ripple’s Codius.
It’s not strange to look at Cordius and think. Perfect!Steal that smart contract “stuff” #xrp https://t.co/Rg980pBBiX
— 🇲🇽 🐺FREKI.hbar.xrp.ada.eth.btc🐺(ℏ)(X) (@Freki_OG) August 18, 2022
Another community member made fun of the historically high gas prices on the network.
You and eth lost me when I tried to buy $100 worth of coins and was asked to pay a $380 gas bill. Once the network is loaded, Eth is garbage.
— Frankie Sposari (@SposariFrankie) August 18, 2022
ETH sucks!!!! I tried it and it cost me $28 to send $15. @Vitalik Buterin
— cryptogrumpa🏴☠️😇 (@apmurgotpyrc) August 18, 2022
Some have hinted that the SEC received a $15 million kickback to give ETH a “regulatory free pass.”
@RepTomEmmer @ Warren Davidson We live in a country where senior SEC officials receive $15 million kickbacks. @Ethereum Regulation free pass. @ethereum joseph openly boast of it. Don’t you care about the piece of paper in his pocket????
— xrpbreezy (@xrpbreezy) August 18, 2022
Ethereum is as secure as Ghislaine Maxwell’s customer list.
— XRP Logic (@hurt_by_the_SEC) August 18, 2022
