What do you think algebraic effects are, if they're not continuations?
EDIT: Ah, based on your comment at https://news.ycombinator.com/item?id=48334737 you might say they're a feature of an intermediate language? So you might take a surface language and "compile to an intermediate language of lambda calculus + algebraic effects", without specifying how that intermediate language is implemented (because it may not even be implemented, per se).