- Michael Saylor opened up on why he believes Ethereum is unethical.
- Saylor claims that the securities laws have their basis in the Decalogue.
- The basis of securities laws is thou shall not lie, cheat or steal.
In a recent tweet, noted cypherpunk Michael Saylor opened up on why he believes Ethereum is unethical. Saylor, the CEO of enterprise software company MicroStrategy, has been an outspoken critic of Ethereum and other cryptocurrencies.
In his tweet, Saylor said that Ethereum is “inherently unethical” because its existence violates securities laws. He added that Ethereum is “a textbook example of fraud.”
Saylor’s comments come as Ethereum has been embroiled in controversy over its recent hard fork. The hard fork, which was intended to upgrade the Ethereum network, resulted in the creation of two competing blockchain networks: Ethereum and Ethereum Classic.
In a video clip, Saylor claims that the securities laws have their basis in the Decalogue, a set of biblical principles relating to ethics and worship. “The basis of securities laws is thou shall not lie, cheat or steal. That’s the basis of the law. That’s the basis of the law,” Saylor said. Hence, he doesn’t buy the popular argument that the securities laws are antiquated. This is why Saylor views Ethereum as inherently unethical. Earlier this month, he said that the second-largest cryptocurrency was obviously “a security.”
The Ethereum co-founder Vitalik Buterin has hit out Michael Saylor in a recent tweet, calling the prominent Bitcoin maximalist “a total clown.”
Saylor’s MicroStrategy holds a stash of 129,218 bitcoin (BTC) worth about $2.8 billion at current prices, noted that he was speaking as an institutional investor and in that regard, one would “have to wait until the protocol is complete.”
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