Ethereum Critics Voice Their Anger Online After CFTC DecisionApplied cryptography consultant Peter Todd (@peterktodd), said proactively that “ETH makes neutral people turn bad.” He was responding to CEO of Atlantic Financial, Bruce Fenton, who claimed that many are too quick to throw around the word ‘scam’ to things they just don’t like.
Mr. Hodl (@MrHodl), known for being a Bitcoin evangelist on Twitter, also took aim at Fenton.
Ethereum is *worse* than Fenton's definition of a scam.— Peter Todd (@peterktodd) October 10, 2019
Pure scams that just take money and run are less dangerous to society than ETH style dishonesty. The former are obviously bad; the latter corrode the morals of those around it.
ETH makes neutral people turn bad. https://t.co/tFsmO4yKoy
Critics also pointed out that something can be both a commodity and a security, implying that Ethereum could still be considered as the latter down the road. However, as lawyer Jake Chervinsky (@jchervinsky) points out, the SEC already told us Ethereum is not a security last summer. Case closed, it would seem.
Ethereum most definitely is a scam.— mr.hodl 🌕🍿 (@MrHodl) October 10, 2019
Others are just happy that this controversy lets the rest of the cryptocurrency market breathe a little bit other than being so Bitcoin-centered all the time. https://twitter.com/TraderEscobar/status/1182309742238003201
The CFTC calling ETH a commodity has nothing to do with securities laws at all. Securities are a *type* of commodity. Financial instruments can be one, both, or neither. Not to mention that the SEC already said ETH isn't a security last summer.— Jake Chervinsky (@jchervinsky) October 10, 2019
Former Bitcoin Core Developer Joins the CriticsThe CFTC announcement comes just a day after a former Bitcoin Core developer called Ethereum 1.0 a ‘scam’ due to apparently lying about scalability. He questions whether Ethereum 2.0 will do the same, as previously reported on BeInCrypto. However, it is hard to ignore Bitcoin’s own issues with scaling which, far from being settled, is the whole reason we have so many Bitcoin clones, to begin with. So, is this just tribalism? A concerted campaign to discredit competition in the cryptocurrency space? It’s hard to say, but frankly, it doesn’t matter: in the eyes of the law, Ethereum is officially legitimate. What do you think of the controversy? Let us know your thoughts in the comments below.
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