Bitconnect, Charles Ponzi, Ethereum, Onecoin, Cardano, Ripple, Bernie Madoff, Stellar, Dan Larmer. They all look alike. ”
Not only does Ethereum take a beating, Cardano, Stellar and Ripple also suffer in this tribalistic rant.
Charles Ponzi and Bernie Madoff have become famous (or infamous) for their fraudulent practices. Ponzi was so good at this that this form of fraud is named after him. Bitconnect and OneCoin are two famous cryptocurrency projects that have been revealed to be Ponzis. Back compared such practices with altcoins Ethereum, Ripple and Stellar. Dan Larmer was also mentioned, which is probably a reference Daniel Larimer, he is involved in the development of EOS.
Back was in conversation with journalist Layah Heilpern.
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
She went into this and asked Ethereum to find a scam if it added value to the ecosystem because of DApps. Back responded simply:
“Well, 70% already mined already says it. What is a bigger scam, Ripple or Ethereum.”
Ethereum’s Vitalik Buterin hit back, calling Back’s view of tired old propaganda:
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. https://t.co/PZ11XR2Pre
– vitalik.eth (@VitalikButerin) August 6, 2020
Someone is angry …
It is not the first time that the Adam Back has raged against Ethereum. In November last year, he compared Ethereum to now defunct biotech startup Theranos, who created a fake medical device.
Back argued that management went too far in exaggerating what it could do, he also felt that the state of Ethereum was too rosy.
The computer scientist has been a real bitcoin maximalist from the start and is even suspected of being Bitcoin inventor Satoshi Nakamoto. Back claims he once had a beer with Satoshi Nakamoto in London.
Market speaks out
Could there be a link between bitcoin maximalists’ Twitter tribalism and the rise in the ethereum rate?
Since the beginning of the year, Ethereum’s price has more than doubled, with most of that gains made last month. Bitcoin has also gone up in price, but not by much. The momentum for Ethereum is being driven by, of course, DeFi, and the hope of launching ETH2.0. This is expected to happen within months and investors can use their ethers to generate passive income. If the launch goes well, more transactions per second can be processed than on the bitcoin network.
Is Ethereum the real second layer of bitcoin?
Fun fact: On the second layer of bitcoin, the Lightning Network, 993.25 bitcoins are currently held. That equates to a value of $ 11.7 million. Last month, that was still $ 9 million. The Liquid Network, another sort of second layer of bitcoin, held approximately $ 23 million in bitcoin last month.
Compare that to the bitcoins that are stored on the Ethereum network by users. The so-called wrapped bitcoins alone were worth more than $ 100 million last month.
Bitcoin is definitely the largest currency, there is no doubt about that and it may always stay that way. But when it comes to applications outside of the first layer, more is done with bitcoin on the different layers of Ethereum.