Cardano (ADA) Founder Fires Back at ‘Dead Coin’ Remarks, Sends a Reminder to the Community
Cardano founder Charles Hoskinson has responded to comments made by crypto influencer Ben Armstrong, also known as BitBoy Crypto, regarding ADA’s status as a ‘dead coin’. Hoskinson’s reply has sparked a discussion about the state of the crypto industry and the factors that contribute to a project’s value.
Armstrong had previously stated that ADA and Polkadot (DOT) were dead coins. In a YouTube video from April, he claimed that ADA was “dead for real” and questioned the value of standing on ideals while watching portfolios suffer. According to Armstrong, ADA’s underperformance is due to the lack of institutional backing, highlighting the preference for tokens with institutional support.
Hoskinson, however, challenged Armstrong’s stance, asserting that his logic goes against the fundamental ethos of cryptocurrencies. He questioned when crypto became about begging for institutional investment, emphasizing that the initial aim of cryptocurrencies was to replace institutions rather than replicate their flaws.
The disagreement sparked a conversation among crypto users, with some expressing their agreement with Hoskinson’s reply. They questioned the shift towards depending on centralized entities for success, stating that if Satoshi Nakamoto shared Armstrong’s logic, the crypto industry would not exist.
Nevertheless, there were also those who supported Armstrong’s comments, claiming that he adds valuable content and entertainment to the industry. This has been an ongoing criticism towards the Cardano ecosystem and its founder.
In defense of Cardano, users highlighted that the blockchain has not lost sight of its decentralized finance (DeFi) objectives. They emphasized that the project’s focus is on its community and users, rather than VC funds or individual influencers.
Overall, the consensus among crypto investors is that strong community and technology will attract more user and institutional investments, ultimately driving the network effect. At present, ADA is trading at $0.3861, reflecting a 4.4% decline in the last 24 hours.