“Ethereum is sick”, Claims Engaged Value Investor

Bill Morgan, a lawyer and digital assets enthusiast, has disagreed with a negative opinion regarding Ethereum. Using a suggestive tone, Morgan declined that Ethereum looks sick and has failed in many ways.

I wonder if you will be as wrong with this assessment as when you declared XRP is a security. https://t.co/75ED9uKxyK pic.twitter.com/X69QtJeB8w

— bill morgan (@Belisarius2020) October 9, 2023

Morgan registered his disagreement to an initial post on X (formerly Twitter) by Mike Alfred, an acclaimed Engaged Value Investor. Alfred posted that Ethereum looks sick and has failed to live up to its reputation as the world computer and ultrasound money.

Alfred said:

Ethereum looks sick. The world computer and ultrasound money narratives have failed. Defi and NFTs have largely been abandoned.

The Ethereum critic continued, noting that Vitalik Buterin, Ethereum co-founder, and other insiders are looting the protocol. He also thinks the government finds it easy to censor Ethereum transactions. Alfred believes the flagship altcoin is a disaster and said he was selling off his ETH holdings.

Morgan responded to Alfred’s Ethereum criticism by referring to a post he made over a year ago. In the referenced post, Alfred described Ethereum as a non-competitive protocol, condemned Cardano as a broken project, and qualified Hex and XRP as securities.

In his response, Morgan wondered if the critic would be as wrong with his current Ethereum assessment as he was when he declared that XRP is a security. Recall that in July, a U.S. judge ruled that XRP is not a security in the case between Ripple and the U. S. Securities and Exchange Commission (SEC). The ruling attracted celebration across the crypto community, especially among projects similarly categorized by the SEC as securities.

Apart from Morgan, many other crypto users disagreed with Alfred’s positions, with some of them sarcastically asking him to sell his ETH tokens to them. An X user with the identity Crypto King asked Alfred how many ETH tokens he had and proposed to buy them all.

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