Cardano (ADA) Founder Claps Back At Dead Coin Comments, Issues Reminder To The Community
Cardano Founder Charles Hoskinson responded to Ben Armstrongs comments about ADA status as a dead coin. Hoskinsons reply sparked a conversation about the state of the crypto industry and whats valued in projects.
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, ADAs disappointing performance was because it doesnt 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 cant 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 tokens dead coin status doesnt mean ADA and DOT wont pump this bull run. To him, the tokens will offer returns to investors, but they will be mid.
Charles Hoskinson Claps Back
Cardanos founder responded to Armstrongs comments, questioning the crypto influencers 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.
Armstrongs comments ignited a discussion in the replies, with several crypto users disagreeing with his take. One X user agreed with the Cardano founders reply, wondering, When did crypto become people begging for institutional investment?
Another user stated that if Satoshi Nakamoto had shared Armstrongs 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 havent lost the DeFi plot. Many also concurred that the ecosystem is not there for VC funds or Armstrong but for its users.
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.
Source: NewsBTC.com
The post Cardano (ADA) Founder Claps Back At Dead Coin Comments, Issues Reminder To The Community appeared first on Crypto Breaking News.
Text source: Crypto Breaking News
