Saifedean Ammous: Ethereum is a worthless scam
Glossy Ethereum in blurred closeup. Crypto-currency finance and banking as concept.

Bitcoin maximalist Saifedean Ammous called the ethereum a worthless scam and compared the POS algorithm, which is going to be introduced into the network, with the US Federal Reserve banking system.

The author of the book “The Bitcoin Standard: The Decentralized Alternative to Central Banking”, in a series of his yesterday’s tweets, questions the viability of the Proof of Stake (PoS) algorithm due to the fact that for mining a cryptocurrency, no bitcoin-like computing power is needed.

According to him, switching ethereum to PoS is suicide, which will make the network no different from current fiat currencies, where easy money is created. Moreover, cryptocurrencies operating on PoS are useless and illiquid because holders will be interested in their retention.

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