Blockstream CEO Compares Ethereum and XRP With Pyramid Schemes
Main page News, Cryptocurrency
Hot topic
Aug. 6, 2020
1907 1k

Blockstream CEO Adam Back has compared the Ethereum, Ripple, Stellar, Cardano and EOS projects with large crypto pyramids.

He has said the personalities behind these startups are "very similar" to Carlo Ponzi, who is considered as the creator of pyramid schemes. Back has said through his official Twitter account:

"Bitconnect, Charles Ponzi, ethereum, onecoin, Cardano, ripple, Bernie Madoff, stellar, Dan Larimer. All looking very similar grade to me."

Back has suggested the problem with these projects lies in the allocation of assets. 70% of these cryptos was originally mined by their creators, which speaks for itself. Back has added Ethereum and Ripple are competing to become the biggest scam.

In response, Dan Larimer, CTO at, has said:

"My respect for you has disappeared if you are willing to paint me and others with the same brush. I thought you were more reasonable, civilized, and intelligent."

Ethereum co-founder Vitalik Buterin has also reacted to Back's statements:

"Reciting tired old propaganda is becoming less and less effective every day. Ethereum is rising, proof of stake and sharding are rising, and rollups are here, all through a large distributed ecosystem working in parallel. The tides of history will not be favorable to maximalism."

Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.

Read also:
Please describe the error