Ethereum (ETH) creator Vitalik Buterin says Ripple and XRP lost the right to be protected by the crypto community from overrun by the government several years ago.
Buterino tells Its 4.2 million followers are delighted to see Ethereum supporters express their support against unfair cryptocurrency regulation harming legitimate projects.
“I am happy to see Ethereum people opposing regulations that favor ETH over other legitimate cryptocurrencies.
(I haven’t gone into the details of what’s going on specifically and to what extent. It’s a government thing compared to a company’s compliance decision, but either way …) “
However, Buterin He says XRP is an exception to the rule, citing Ripple screenshots describing Bitcoin (BTC) and Ethereum as “China-controlled virtual currencies.”
“XRP has already lost the right to protection when it tried to throw us under the bus as ‘controlled by China’, in my opinion.”
It looks like the Ripple / XRP team is sinking to new levels of weirdness. They are arguing that their shitcoin should not be called a stock for * public order reasons *, namely because Bitcoin and Ethereum are “controlled by the Chinese”. ?? https: //t.co/ts02JqrTrB pic.twitter.com/mKwEzGIetk
– vitalik.eth (@VitalikButerin) 22 December 2020
In response to Buterin’s criticism, Ripple CTO David Schwartz He says that proof-of-work (POW) cryptocurrencies such as Bitcoin and Ethereum resemble private entities, which implies that BTC and ETH resemble unregistered securities.
“Also, I think it’s perfectly fair to compare miners in PoW systems to corporate shareholders. Just as eBay shareholders gain from residual friction between buyers and sellers that eBay does not remove, so do miners in ETH and BTC.
Just as eBay shareholders want to leave as much friction as possible between buyers and sellers because this is their revenue stream, so do miners in ETH and BTC. This is part of the reason why they have higher fees than XRPL. “
In late 2020, Ripple was sued by the United States Securities and Exchange Commission (SEC) for allegedly issuing XRP as an unregistered security.
Don’t miss a beat – sign up to receive cryptographic email alerts sent directly to your inbox
Check out the price action
Follow us on TwitterFacebook and Telegram
Navigate Hodl’s daily mix
 
Disclaimer: The views expressed by The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and transactions are at your own risk and any losses you may incur are your own responsibility. The Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock / KDdesignphoto