{"id":26950,"date":"2020-08-06T13:20:44","date_gmt":"2020-08-06T10:20:44","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=26950"},"modified":"2025-08-26T17:45:20","modified_gmt":"2025-08-26T14:45:20","slug":"adam-back-ethereum-resembles-bitconnect-and-onecoin","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/adam-back-ethereum-resembles-bitconnect-and-onecoin\/","title":{"rendered":"Adam Back: Ethereum Resembles BitConnect and OneCoin"},"content":{"rendered":"<p>A pioneer of the cryptocurrency industry and Blockstream CEO Adam Back placed Ethereum in the same league as fraudulent projects OneCoin and BitConnect. The statement drew a wave of criticism in the cryptocurrency community.<!--more--><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Bitconnect, Charles Ponzi, ethereum, onecoin, Cardano, ripple, Bernie Madoff, stellar, Dan Larmer. All looking very similar grade to me.<\/p>\n<p>\u2014 Adam Back (@adam3us) <a href=\"https:\/\/twitter.com\/adam3us\/status\/1290969182146891776?ref_src=twsrc%5Etfw\">August 5, 2020<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Back&#8217;s words were spoken in a conversation with journalist Laya Heilpern, who touched on the question of preferences among coins in the cryptocurrency market.<\/p>\n<p>In addition to Ethereum, Back mentioned Ripple, Cardano and Stellar. The list of comparisons included Bernard Madoff, founder of the $64 billion pyramid scheme, and Charles Ponzi, whose name became proverbial, as well as Dan Larimer, the CTO of the Block.one startup.<\/p>\n<blockquote>\n<p>\u00abMy respect for you has disappeared, as you are ready to judge me and others equally. I thought you were more prudent, more civilized and more educated\u00bb, \u2014 Larimer wrote in reply.<\/p>\n<\/blockquote>\n<p>Ethereum co-founder Vitalik Buterin also did not miss Back&#8217;s statement.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">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. <a href=\"https:\/\/t.co\/PZ11XR2Pre\">https:\/\/t.co\/PZ11XR2Pre<\/a><\/p>\n<p>\u2014 vitalik.eth (@VitalikButerin) <a href=\"https:\/\/twitter.com\/VitalikButerin\/status\/1291223375667326976?ref_src=twsrc%5Etfw\">August 6, 2020<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote>\n<p>\u00abReciting tired old propaganda is becoming less and less effective every day. Ethereum is rising, proof-of-stake and sharding are advancing, [simple_tooltip content=\u2019Layer-2 technology for scaling Ethereum\u2019]Rollups[\/simple_tooltip]  already here, and all of this works together within a large, decentralised ecosystem. The tide of history will not be on the side of maximalism\u00bb, \u2014 he wrote.<\/p>\n<\/blockquote>\n<p>Popular cryptocurrency blogger Lark Davis asked Back whether he planned to fire Blockstream&#8217;s chief strategy officer Samson Mou, who served as an advisor to the INX ICO on the Ethereum blockchain.<\/p>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\">\n<p dir=\"ltr\" lang=\"en\">Adam are you going to fire Samson for advising an Ethereum ICO? Surely since ETH is a scam that would make Samson a scammer? The hypocrisy is unreal from you lot <a href=\"https:\/\/t.co\/7a88bGTkLw\">https:\/\/t.co\/7a88bGTkLw<\/a><\/p>\n<p>\u2014 Lark Davis (@TheCryptoLark) <a href=\"https:\/\/twitter.com\/TheCryptoLark\/status\/1291206097085186050?ref_src=twsrc%5Etfw\">August 6, 2020<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote>\n<p>\u00abIf ETH is a scam, then Samson is a scammer? Your hypocrisy is simply incredible\u00bb.<\/p>\n<\/blockquote>\n<p>Earlier <a href=\"https:\/\/forklog.com\/en\/news\/adam-back-and-charlie-lee-invest-in-samson-mows-blockchain-game\">it became known<\/a>, that Adam Back and Litecoin creator Charlie Lee invested in the blockchain game Infinite Fleet, Samson Mou.<\/p>\n<p>Earlier Back denied information that he personally met Bitcoin&#8217;s creator Satoshi Nakamoto.<\/p>\n<p>Read in a special ForkLog feature about how a doctor of law organized the OneCoin pyramid and disappeared with billions of euros.<\/p>\n<p>Subscribe to ForkLog&#8217;s channel on <a href=\"https:\/\/www.youtube.com\/channel\/UCC9FnXTC8_ENzaNSO5cHQ6g\" target=\"_blank\" rel=\"nofollow noopener noreferrer\"> YouTube<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A pioneer of the cryptocurrency industry and Blockstream CEO Adam Back placed Ethereum in the same league as fraudulent projects OneCoin and BitConnect. The statement drew a wave of criticism in the cryptocurrency community.<\/p>\n","protected":false},"author":1,"featured_media":26951,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[689,708,1865,46,1088],"class_list":["post-26950","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-adam-back","tag-bitconnect","tag-dan-larimer","tag-ethereum","tag-onecoin"],"aioseo_notices":[],"amp_enabled":true,"views":"23","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/26950","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=26950"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/26950\/revisions"}],"predecessor-version":[{"id":26952,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/26950\/revisions\/26952"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/26951"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=26950"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=26950"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=26950"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}