Blockstream CEO Adam Back Labels Ethereum and Ripple as Scams

By Abhimanyu Krishnan | News | 6 Aug 2020


Blockstream CEO Adam Back, in a Twitter discussion with journalist Layah Heilpern, put Ethereum (ETH), Ripple (XRP), Stellar Lumens (XLM), Cardano (ADA) and other projects in the same group as Bitconnect and the scams perpetrated by Charles Ponzi and Bernie Madoff.

  • Back clubs Bitconnect, Charles Ponzi, Ethereum, Onecoin, Cardano, Ripple, Bernie Madoff, Stellar, Dan Larimer as “very similar grade” to ponzis
  • Of the crypto projects on the list, Bitconnect and Onecoin are notorious ponzi schemes
  • When asked about Ethereum’s value through DApps, Back pointed to 70% of the supply being pre-mined
  • Follows up with “Which would you say is a bigger scam ripple or ethereum?”
  • Vitalik Buterin responds by saying the tides of history will not support maximalism and that the whole tirade is “tired old propaganda”

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Abhimanyu Krishnan
Abhimanyu Krishnan

Technophile, cryptocurrency enthusiast and journalist.


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