Featured Image from Unsplash.com, Chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Cardano Founder Charles Hoskinson responded to Ben Armstrong\u2019s comments about ADA status as a \u2018dead coin\u2019. Hoskinson\u2019s reply sparked a conversation about the state of the crypto industry and what\u2019s valued in projects. Related Reading: Gala Games Announces Partnership With Animoca Brands, GALA Token Plunges 6.7% Cardano And Polkadot Labeled \u2018Dead Coins\u2019 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 \u201cdead for real.\u201d The crypto influencer believed that this time \u201cwas different.\u201d To him, investors had to question whether they were okay \u201cstanding on ideals\u201d while watching their portfolio take a hit. Per the influencer, ADA\u2019s disappointing performance was because it doesn\u2019t have the same backing as other tokens. He explained that \u201cnumbers go up\u201d for institutionally backed tokens. Armstrong also noted that, despite not having \u201cawful\u201d institutional numbers, ADA can\u2019t compete with Ethereum (ETH) or Solana (SOL). Moreover, the influencer considers that \u201ccrypto is changing,\u201d 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 \u201cdead to institutions.\u201d However, he clarified the implications of his statement. The token\u2019s dead coin status doesn\u2019t mean ADA and DOT won\u2019t pump this bull run. To him, the tokens will offer returns to investors, but they will be \u201cmid.\u201d Charles Hoskinson Claps Back Cardano\u2019s founder responded to Armstrong\u2019s comments, questioning the crypto influencer\u2019s stance. To Hoskinson, his logic goes against the ethos of crypto. \u201cI remember when the point of cryptocurrencies was to replace institutions instead of acting out a scene from deliverance,\u201d the post read. Armstrong\u2019s comments ignited a discussion in the replies, with several crypto users disagreeing with his take. One X user agreed with the Cardano founder\u2019s reply, wondering, \u201cWhen did crypto become people begging for institutional investment?\u201d Another user stated that if Satoshi Nakamoto had shared Armstrong\u2019s logic, the crypto industry and none of us would be here. \u201cHinging the success of a decentralized chain on centralized entities is hustling backward,\u201d they added. Nonetheless, some crypto investors agreed with the crypto influencer comments. A community member considered that, unlike Hoskinson, Armstrong is \u201cat least adding content and valued entertainment into the space.\u201d 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 \u201cfew that haven\u2019t lost the DeFi plot.\u201d Many also concurred that the ecosystem is not there for VC funds or Armstrong but for its users. Related Reading: FET Drops 9% As ASI Token Merger Phase 1 Kicks Off Ultimately, crypto investors agreed that if a project has a strong community and technology, more user and institutional investments \u201cwill follow the network effect.\u201d At the time of writing, ADA is trading at $0.3861, a 4.4% decline in the last 24 hours. Featured Image from Unsplash.com, Chart from TradingView.com<\/p>\n","protected":false},"author":614,"featured_media":602565,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[12333,84005,79508,90827,85786,12332,91848,1286,15983,87833],"class_list":["post-627905","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-ada","tag-ada-price","tag-adausdt","tag-ben-armstrong","tag-bitboy-crypto","tag-cardano","tag-cardano-blockahin","tag-charles-hoskinson","tag-crypto-industry","tag-crypto-investor-sentiment"],"acf":[],"yoast_head":"\n
Cardano (ADA) Founder Claps Back At \u2018Dead Coin\u2019 Comments<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n