Charles Hoskinson Responds to Claims of Cardano’s “Death”

TL;DR

• Crypto Influencer’s Assertion: Ben Armstrong (BitBoy Crypto) claimed that both Cardano (ADA) and Polkadot (DOT) were “dead to institutions,” sparking disagreement within the crypto community.
• Community Pushback: Users criticized Armstrong’s assessment, with @cardano_whale questioning the logic behind labeling coins with governance mechanisms as “dead.”
• Hoskinson’s Defense: Charles Hoskinson, Cardano’s founder, defended the deliberate development process. He emphasized fundamentals, sustainable growth, and the evolving ecosystem.
  

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Charles Hoskinson, the founder of Cardano (ADA), has responded to recent claims by crypto influencer Ben Armstrong, also known as BitBoy Crypto. Armstrong asserted that both ADA and Polkadot (DOT) are “dead to institutions,” a statement that sparked disagreement within the crypto community.

I remember when the point of cryptocurrencies was to replace institutions instead of acting out a scene from deliverance.

I guess I got to learn the banjo to make Ben happy. https://t.co/yLMj1qAE1T

— Charles Hoskinson (@IOHK_Charles) July 3, 2024

On July 3, Armstrong took to X to share his views on leading cryptocurrencies. He labeled ADA and DOT as “dead to institutions,” suggesting that their demise as legitimate investments was imminent. However, he clarified that this did not mean the coins would completely collapse and predicted they could still offer returns to investors during the current bull run.

Community Pushback

BitBoy Crypto’s post faced criticism from users, including @cardano_whale on the same platform. The latter called Armstrong’s comments “funny” and questioned the logic behind labeling coins with governance mechanisms as “dead.”

Dave’s Defense of Cardano

Dave, a Cardano developer and decentralized exchange (DEX) enthusiast, also challenged BitBoy Crypto’s assessment. He highlighted Cardano’s strengths, emphasizing:

1. Self-governance: Cardano’s scientific approach ensures a strong foundation for its protocol.
2. Community: A robust and self-sustainable blockchain supported by a strong community.
3. Currency: ADA serves as a working and proven currency.
4. Energy efficiency: Cardano’s focus on sustainability.
5. Evolving ecosystem: Growing decentralized applications (dApps) and ongoing research projects.

Cardano’s ADA Recent Performance

At press time, ADA is experiencing a negative trend, dipping 6.24% in one day to the $0.3813 mark. Over the past month, the token has declined more than 13%, despite a 3.87% surge in the last week.

Hoskinson’s Rebuttal

Hoskinson defended Cardano’s deliberate development process, comparing it to laying a strong foundation for a skyscraper. He emphasized:

1. Fundamentals: Cardano prioritizes scientific research and peer-reviewed development.
2. Sustainable growth: Slow and steady progress for long-lasting impact.
3. Ecosystem: Highlighting dApps and ongoing research.

While some investors may be impatient, Hoskinson believes Cardano’s methodical approach will pay off. The recent hard fork implementation (Vasil) aims to improve scalability and smart contract functionality.

The debate over Cardano’s pace of innovation continues, but its passionate founder remains confident in its future. Only time will reveal whether Cardano’s cautious approach leads to mainstream adoption.