Blockstream CEO Adam Back has publicly stated that Ethereum and other altcoins are Ponzi schemes.Ethereum co-founders Vitalik Buterin and Charles Hoskinson have already reacted to his statements.
According to the Bitcoin maximalist, all altcoins are similar to Ponzi schemes because the founders holdIn particular, Beck noted Ethereum and Ripple, which are "competing for the title of the largest fraudulent scheme."
Over the past few years, many fraudulent schemes have left investors without investment, most notably Bitconnect and Onecoin.The claim that Ripple, Ethereum, and Cardano are also on this list has outraged Vitalik Buterin and his colleague Hoskinson.In a tweet in response, the Ethereum co-founder noted that this is "old propaganda and Ethereum is growingand is evolving into a large decentralized ecosystem through Proof-of-Stake and sharding."
Cardano founder Hoskinson has called for a halt to the spread of false and malicious information in several videos.Addressing Back, he stated that Cardano developers have been hard at work lately by releasing performance updates for the Shelley network.Cardano is gradually moving closer to full decentralization by expanding its existing functions by adopting smart contracts and decentralized applications (Dapps).
The next stage of Cardano's development is the Goguen era, which is expected to begin in the third quarter of 2020 with the release of the testnet.
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