By Tobi Loba
Adam Back, a popular Bitcoin maximalist, has received a lot of criticisms from concerned cryptocurrency enthusiasts, including CEOs and founders such as Charles Hoskinson and Vitalik Buterin, for calling Cardano a Charles Ponzi, and categorizing the crypto project, Ethereum, Ripple and Stellar with Bitconnect, Onecoin, and others.
The long conversation was started on Twitter by a popular cryptocurrency journalist, Layah Heilpern. In the tweet, she emphasized on some crypto enthusiasts that do not like someone else for preferring a different coin.
Adam Back then weighed in by referencing Charles Hoskinson’s effort in creating what he termed as a Ponzi. He wrote, “Imagine not liking Charles Ponzi, because he liked his own coin. Not laughing somehow…”
Imagine not liking Charles Ponzi, because he liked his own coin. Not laughing somehow…
— Adam Back (@adam3us) August 5, 2020
Adam Back went further to categorize Ethereum (ETH), Cardano (ADA), Ripple, Stellar with Bitconnect, and Onecoin.
He tweeted, “Bitconnect, Charles Ponzi, ethereum, onecoin, Cardano, ripple, Bernie Madoff, stellar, Dan Larmer. All looking very similar grade to me.”
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
Layah Heilpern pushed Back further by asking him if he thinks Ethereum is a scam or adding value to the crypto ecosystem through DApps that are built on its network.
“Do you think ethereum is a scam, criminal and illegal? Or do you think it’s adding value to the ecosystem in terms of DAPPS that are being built on it etc?” Layah Heilpern asked.
In response to the question, Adam Back wrote, “Well 70% pre-mined says it all. Which would you say is a bigger scam ripple or ethereum.”
Well 70% pre-mined says it all. Which would you say is a bigger scam ripple or ethereum.
— Adam Back (@adam3us) August 5, 2020
Vitalik Buterin and Charles Hoskinson Hit Back At Adam Back
Expectedly, Adam Back’s opinion angered a lot of concerned cryptocurrency enthusiasts, such as the co-founder of Ethereum (ETH), Vitalik Buterin, and the CEO of IOHK, Charles Hoskinson.
Buterin said the efforts of Bitcoin maximalists in demining new innovation is becoming effective on a daily basis. He then reiterated the rising and acceptance of Ethereum, Proof-of-Stake (PoS), and sharding.
Vitalik Buterin tweeted, “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.”
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
On the other hand, Charles Hoskinson, the co-creator of Cardano (ADA) termed Adam Back’s mindset as pathetic.
Hoskinson tweeted, “Cardano, Charles Ponzi, Madoff on Adam’s list together. Damn Adam, that’s sad and pathetic.”
Cardano, Charles Ponzi, Madoff on Adam's list together. Damn Adam, that's sad and pathetic. https://t.co/sXviObIaTP
— Charles Hoskinson (@IOHK_Charles) August 6, 2020
Cardano (ADA) and Ethereum (ETH) are Progressing
Both Cardano (ADA) and Ethereum (ETH) are progressing with their upgrade to the Proof-of-Stake (PoS) protocol. Cardano community just welcomed the full decentralization of Cardano network after the successful Shelley hard fork on 29th July 2020. And over 700 registered stake pools were recorded within 5 days of the hard fork.
On the other hand, Ethereum is also moving towards its much-anticipated upgrade from Proof-of-Work (PoW) to Proof-of-Stake (PoS) protocol. Medalla, the final public testnet of Ethereum 2.0 was officially launched about 2 days ago, indicating that Phase 0 of ETH 2.0 may go live as early as November 2020.