Charles Hoskinson, the founder of Cardano, has responded to comments made by crypto influencer Ben Armstrong, also known as BitBoy Crypto, about the status of ADA as a ‘dead coin’. Armstrong had previously stated that both Cardano (ADA) and Polkadot (DOT) were dead coins in a YouTube video from April, sparking a conversation within the crypto community.
Armstrong’s criticism of ADA was based on the lack of institutional backing compared to other tokens like Ethereum (ETH) or Solana (SOL). He believed that ADA’s disappointing performance was due to this lack of support and that the crypto industry was evolving towards new projects that investors perceived as being early-stage opportunities.
In response to Armstrong’s comments, Hoskinson questioned the influencer’s perspective, highlighting the original ethos of cryptocurrencies to replace institutions rather than rely on them for success. This sparked a debate among crypto users, with some agreeing with Hoskinson’s stance and others supporting Armstrong’s views.
Despite the criticism, Cardano users defended the project, emphasizing its commitment to decentralized finance (DeFi) and its focus on creating value for users rather than VC funds or institutional investors. The discussion highlighted the importance of community support and technological innovation in driving user and institutional investments in crypto projects.
As of the time of writing, ADA is trading at $0.3861, reflecting a 4.4% decline in the last 24 hours. The performance of ADA in the five-day chart indicates fluctuations in its value, showcasing the volatility of the crypto market.
Overall, the debate between Hoskinson and Armstrong underscores the ongoing evolution of the crypto industry and the different perspectives on what constitutes success in this rapidly changing landscape. While some prioritize institutional backing and market performance, others emphasize community engagement and technological advancement as key drivers of long-term value in crypto projects.
In conclusion, the response from Cardano’s founder to the ‘dead coin’ criticism highlights the diversity of opinions within the crypto community and the ongoing dialogue about the future direction of the industry. As the crypto market continues to evolve, it is essential for investors and users to conduct thorough research and analysis before making investment decisions to navigate the risks and opportunities present in this dynamic space.