Blockstream CEO suggests that many alt-cryptocurrencies such as ethereum could be pyramid schemes

• Adam Back has compared ethereum, as well as other alternative cryptocurrencies, to pyramid schemes. 
• Saying that didn’t go well with the co-founder of ethereum, Vitalik Buterin. 

The chief executive officer of Blockstream, Adam Back has compared ethereum, as well as other alternative cryptocurrencies, to pyramid schemes. 

Taking to Twitter this week, the CEO said the following: 

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

— Adam Back (@adam3us) August 5, 2020

There have been many famous Ponzi schemes in the crypto space over the past few years with Bitconnect being at the forefront. Saying that Ripple, Cardano and other alternative cryptocurrencies are also in the same lane as Bitconnect didn’t go well with the co-founder of ethereum, Vitalik Buterin. 

He responded saying:

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. 

According to the CEO, some of the biggest projects in the space are fraudulent Ponzi schemes. The odds of this being true are very unlikely as the communities for these projects are massive and have a strong fan base behind them.

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