Some believe that Ethereum’s shift to proof of stake (PoS), may allow it to surpass Bitcoin (BTC), but others use this opportunity to post snarky comments on Twitter. This triggered a response from Vitalik Buterin (co-founder of Ethereum).
Bitcoiner Nick Payton tweeted “Proof of-Stakers” that he claimed that voting to alter the properties of PoS platforms proved that PoS assets were securities.
Dear Proof of Stakers: The fact that you have the ability to vote on a property to alter its properties is proof it’s secure. Bitcoin, love
— Nick (@NickDPayton), July 11, 2022
Buterin replied to the post and described Payton’s ideas as “unmitigated, naked-faced lies.” The Ethereum Buterin stated that PoS doesn’t include voting on protocol parameters, just like proof-of-work does. Buterin explained that invalid blocks are rejected in PoS as well as PoW.
PoS was also attacked by Jimmy Song, a Bitcoin book author, last week. He questioned the decentralization and consensus. Song claims that the mechanism does not solve the Byzantine generals issue. Buterin criticized Song’s ideas in a tweet.
Pro-tip: If there is a long-standing tradition of people debating about A vs. B, based on deep arguments touching math, economics, and moral philosophy and you decide to say that “B is dumb because of one-line technicality involving définitions”, then you are probably wrong. https://t.co/22N0OaHyz1
— Vitalik.eth (@VitalikButerin), July 3, 2022
Charles Hoskinson, a PoS founder and fellow Ethereum founder, also offered his opinion. He said that Song’s tweet was “beyond explanation”.
Related: BTC bull Michael Saylor – Ethereum is an ‘obviously security’
While many people are scathing about PoS prior to Ethereum’s Merge, a researcher in decentralized finance offered some positive comments on the upcoming shift. Vivek Raman stated in a thread that Ethereum’s economic structure will be challenged by Bitcoin by the PoS change.
Ethereum had completed an important trial for the Merge using the Sepolia testnet earlier in July. This brings Ethereum closer to the PoS consensus mechanism. The developers stated that there may be some technical issues, but these will not slow down the Merge.