Market Cap:$2.31T(-9.45%)
24h Volume:$156.46B
BTC:$62164(-6.92%)
ETH:$2892.54(-10.01%)
BNB:$528.85(-11.26%)
BTC Dominance:52.97%
Cryptocurrencies listed:40714
Total Airdrops:1941
Published March 17, 20242 min read

Crypto Critique: Unpacking Arthur Hayes' Disdain for Cardano's ADA

CoinMooner Team

Coinmooner team took notice of a sharp remark by former BitMEX CEO Arthur Hayes, who harshly criticized Cardano and challenged Charles Hoskinson, a co-founder of the project's community, raising questions.

Hayes expressed his views on his official Twitter account, stating that none of the apps on the list he provided work on Cardano or offer their services on this platform. He claims that because of this, $ADA lacks value. In conclusion, he insulted the $ADA token with undisguised sarcasm and suggested reconsidering its status, hinting that perhaps he might be wrong somewhere.

For all you $ADA believers, what dAPP on this list originally launched on Cardano, or has a Cardano offering that is heavily used? From my very limited knowledge, looks like none of them do. That's why $ADA is dog shit. @IOHK_Charles pls educate me.

Quotation mark

Gambardello explained Cardano's unique staking system to defend against Hayes's sharp criticism. Unlike other platforms, it doesn't require locking tokens for a fixed period. He also pointed out that this system, embedded in the Ouroboros protocol, offers greater flexibility and efficiency. It ensures the safety of stakers' tokens, protecting them from confiscation for protocol non-compliance. Gambardello emphasized Cardano's appeal to long-term investors, highlighting its reliability and effectiveness.

image

Under a post where Arthur Hayes expressed his thoughts, there was also a lively discussion from many users, most of whom reacted negatively to his words, urging him to buy the $ADA token.

Understanding the essence of the Cardano (ADA) project reveals it's more than just a blockchain platform. Developed by Input Output Hong Kong with Charles Hoskinson, known for his involvement in projects like BitShares, Ethereum, and Ethereum Classic, Cardano aims for smart contracts, decentralized applications, sidechains, and multiparty computations. Its native cryptocurrency is called ADA.

Cardano's uniqueness lies in its scientific approach to development, which attracts many developers and crypto enthusiasts. It employs proof-of-stake for security and energy efficiency and strives for high scalability through a multilayered architecture. Cardano is developing its smart contract language, Plutus, which ensures security and formal verification. Additionally, the platform features governance mechanisms allowing community members to make protocol development decisions, making it attractive to investors worldwide.

Overall, these features make Cardano an intriguing project in the world of blockchain technologies. Currently, the $ADA token ranks eighth in the global cryptocurrency list, with a total market capitalization of $21,506,182,108.

Coinmooner team will carefully watch what critical figures in the cryptocurrency world and the Web3 industry say. Sometimes, these statements can change asset prices and spark unusual discussions, which could benefit society and serve as positive and adverse events indicators. We also encourage our respected readers to remember the importance of checking information from multiple reliable sources and always retaining the right to make their own decisions. With the upcoming bull run and Bitcoin halving, we want to emphasize that scammers may become more active in the Web3 industry, so it's essential to safeguard your finances and use advanced security methods.

Share This Article
Contents
Keep learning

Subscribe to our newsletter

Get the relevant crypto news and promising coins straight to your inbox

You can always unsubscribe. Check ourTerms of useandPrivacy Policyhere