Jack Dorsey Sparks Twitter Showdown Over Bitcoin and Ether

What Sparked the Debate?

In a Twitter world often filled with tweets about cat memes and dinner selfies, one tweet ignited a fiery debate: Jack Dorsey’s response to whether Ether (ETH) qualified as a security. His ‘yes’ response set off alarms in the crypto community. Talk about a plot twist – even more shocking than a cat falling off its owner’s laptop!

The Clown Show Begins

Udi Wertheimer, a Bitcoin Ordinals developer, wasted no time in labeling Dorsey a “clown” for his stance. This was like adding fuel to an already blazing fire. Dorsey’s comeback? An invitation to learn from the so-called wizard—who knew ‘teach me wizard’ would stir the pot more than a witch’s brew?

SEC’s Previous Statements Resurface

Of course, the drama escalated when Wertheimer dug up a five-year-old video of SEC Chair Gary Gensler stating that Ethereum was ‘sufficiently decentralized.’ This was like pulling out an old yearbook photo at a class reunion, only difference being the stakes—high finance instead of high school. The crux of the issue lies in Ethereum’s recent shift to a proof-of-stake model, raising the specter of securities law implications. Spooky, right?

The Ripple Effect in the Crypto Sphere

Amidst the Twitter melee, Gabor Gurbacs, from Tether and VanEck, chimed in, noting that Ethereum’s transition could re-trigger scrutiny under securities laws. It felt less like a friendly debate and more like a battle for the crypto crown.

Bitcoin vs. Altcoins: Dorsey’s Winning Streak

As if the Twitter drama weren’t enough, Dorsey took to his digital stage, quoting Coinbase CEO Brian Armstrong’s past statement that altcoins were merely distractions. Dorsey’s tweet approval of this wasn’t just a side-comment; it was akin to throwing a cherry bomb into an already simmering pot. His loyalty to Bitcoin shines like a neon sign at a midnight diner!

A Look Back: Dorsey’s Ethereum Skepticism

Let’s not forget Dorsey’s history with Ethereum; back in 2021, when he was at the helm of Twitter, the company sold 140 Ethereum-based NFTs but rejected the idea of investing in Ether. It’s like saying you enjoy pizza but refuse to eat a slice. The irony isn’t lost!

What Lies Ahead?

As Dorsey continues to push Bitcoin’s agenda, his backing of decentralized networks (like Nostr) indicates that he’s not backing down anytime soon. It seems he’s ready to tussle with anyone daring to question Bitcoin’s reign.