Cardano (ADA) Founder Claps Back At ‘Dead Coin’ Comments, Issues Reminder To The Community
04 Julho 2024 - 10:00PM
NEWSBTC
Cardano Founder Charles Hoskinson responded to Ben Armstrong’s
comments about ADA status as a ‘dead coin’. Hoskinson’s reply
sparked a conversation about the state of the crypto industry and
what’s valued in projects. Related Reading: Gala Games Announces
Partnership With Animoca Brands, GALA Token Plunges 6.7% Cardano
And Polkadot Labeled ‘Dead Coins’ On Wednesday, crypto influencer
Ben Armstrong, known as BitBoy Crypto, shared his thoughts on
Cardano (ADA) and Polkadot (DOT). The influencer took X to explain
his previous comments, stating that both cryptocurrencies were
dead. In a YouTube Video from April, Armstrong said that ADA was
“dead for real.” The crypto influencer believed that this time “was
different.” To him, investors had to question whether they were
okay “standing on ideals” while watching their portfolio take a
hit. Per the influencer, ADA’s disappointing performance was
because it doesn’t have the same backing as other tokens. He
explained that “numbers go up” for institutionally backed tokens.
Armstrong also noted that, despite not having “awful” institutional
numbers, ADA can’t compete with Ethereum (ETH) or Solana (SOL).
Moreover, the influencer considers that “crypto is changing,”
investors are turning their heads toward new projects to feel like
they are early. On X, Armstrong reiterated his opinion about ADA
and DOT, stating that both were “dead to institutions.” However, he
clarified the implications of his statement. The token’s dead coin
status doesn’t mean ADA and DOT won’t pump this bull run. To him,
the tokens will offer returns to investors, but they will be “mid.”
Charles Hoskinson Claps Back Cardano’s founder responded to
Armstrong’s comments, questioning the crypto influencer’s stance.
To Hoskinson, his logic goes against the ethos of crypto. “I
remember when the point of cryptocurrencies was to replace
institutions instead of acting out a scene from deliverance,” the
post read. Armstrong’s comments ignited a discussion in the
replies, with several crypto users disagreeing with his take. One X
user agreed with the Cardano founder’s reply, wondering, “When did
crypto become people begging for institutional investment?” Another
user stated that if Satoshi Nakamoto had shared Armstrong’s logic,
the crypto industry and none of us would be here. “Hinging the
success of a decentralized chain on centralized entities is
hustling backward,” they added. Nonetheless, some crypto investors
agreed with the crypto influencer comments. A community member
considered that, unlike Hoskinson, Armstrong is “at least adding
content and valued entertainment into the space.” This has been a
constant criticism toward the Cardano ecosystem and its founder.
Cardano users defended the project, claiming that the blockchain is
one of the “few that haven’t lost the DeFi plot.” Many also
concurred that the ecosystem is not there for VC funds or Armstrong
but for its users. Related Reading: FET Drops 9% As ASI Token
Merger Phase 1 Kicks Off Ultimately, crypto investors agreed that
if a project has a strong community and technology, more user and
institutional investments “will follow the network effect.” At the
time of writing, ADA is trading at $0.3861, a 4.4% decline in the
last 24 hours. Featured Image from Unsplash.com, Chart from
TradingView.com
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