Cardano Founder Fires Back at 'Dead Coin' Claims, Defends Community-Focused Vision
Cardano and Polkadot Labeled 'Dead Coins'
Crypto influencer Ben Armstrong, known as BitBoy Crypto, recently declared that Cardano (ADA) and Polkadot (DOT) are "dead" coins. Armstrong expressed his views on social media, emphasizing that these tokens no longer hold institutional appeal. In a YouTube video from April, he claimed that ADA's current situation is different and questioned the value of holding onto ideals while portfolios suffer losses. Armstrong argued that ADA's poor performance is due to its lack of institutional backing compared to tokens like Ethereum (ETH) and Solana (SOL).
Hoskinson's Response
Charles Hoskinson, the founder of Cardano, responded to Armstrong's comments, arguing that the original purpose of cryptocurrencies was to replace institutions, not seek their validation. Hoskinson’s post sparked a debate within the crypto community, with many users supporting his perspective. They emphasized that the success of decentralized chains should not hinge on centralized entities' investments. Some users pointed out that if Satoshi Nakamoto had shared Armstrong's logic, the crypto industry would not exist today.
Community Reactions
The crypto community had mixed reactions to Armstrong's statements. While some agreed with his view that institutional investment is crucial, others defended Cardano’s ethos of decentralization. Cardano supporters highlighted the project's focus on users and its commitment to decentralized finance (DeFi), arguing that Cardano has not strayed from its original vision.
Read More: https://onthenode.com/news/cardano-founder-fires-back-at-dead-coin-claims-defends-community-focused-vision
Cardano and Polkadot Labeled 'Dead Coins'
Crypto influencer Ben Armstrong, known as BitBoy Crypto, recently declared that Cardano (ADA) and Polkadot (DOT) are "dead" coins. Armstrong expressed his views on social media, emphasizing that these tokens no longer hold institutional appeal. In a YouTube video from April, he claimed that ADA's current situation is different and questioned the value of holding onto ideals while portfolios suffer losses. Armstrong argued that ADA's poor performance is due to its lack of institutional backing compared to tokens like Ethereum (ETH) and Solana (SOL).
Hoskinson's Response
Charles Hoskinson, the founder of Cardano, responded to Armstrong's comments, arguing that the original purpose of cryptocurrencies was to replace institutions, not seek their validation. Hoskinson’s post sparked a debate within the crypto community, with many users supporting his perspective. They emphasized that the success of decentralized chains should not hinge on centralized entities' investments. Some users pointed out that if Satoshi Nakamoto had shared Armstrong's logic, the crypto industry would not exist today.
Community Reactions
The crypto community had mixed reactions to Armstrong's statements. While some agreed with his view that institutional investment is crucial, others defended Cardano’s ethos of decentralization. Cardano supporters highlighted the project's focus on users and its commitment to decentralized finance (DeFi), arguing that Cardano has not strayed from its original vision.
Read More: https://onthenode.com/news/cardano-founder-fires-back-at-dead-coin-claims-defends-community-focused-vision
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