Cardano founder responds to comments about ‘dead coin’
By ForGeeks Cardano founder Charles Hoskinson has responded to Ben Armstrong’s comments about ADA’s status as a «dead coin». Hoskinson’s response sparked a discussion about the state of the crypto industry and the values that are important in the projects.
Cardano and Polkadot: «dead coins»?”
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On Wednesday, crypto creator Ben Armstrong, known as BitBoy Crypto, shared his opinion on Cardano (ADA) and Polkadot (DOT). In his X post, he stated that both cryptocurrencies are dead.
He stated that both cryptocurrencies are dead.
In a YouTube video from April, Armstrong claimed that ADA is indeed «dead». He believed that this time «things are different». In his view, investors should consider whether they are willing to «stand by their ideals» as they watch their portfolios fall. Armstrong explained that ADA’s disappointing performance is due to a lack of support from institutional investors. Institutionally backed tokens are showing growth, he said.
So far, he said.
He also noted that despite not «terrible» institutional performance, ADA can’t compete with Ethereum (ETH) or Solana (SOL). Armstrong believes «crypto is changing» and investors are increasingly turning their attention to new projects to get a feel for first.”
One of the most important things about ADA is that it’s not just a cryptocurrency.
On X, Armstrong reiterated his opinion on the ADA and DOT, saying both cryptocurrencies are «dead to institutional investors». However, he clarified that this doesn’t mean ADA and DOT won’t show growth in this bull market. He believes the tokens will bring investors a return, but it will be «average».
The tokens will bring investors a return, but it will be «average».
Charles Hoskinson’s response
The Cardano founder has responded to Armstrong’s comments, questioning his position. For Hoskinson, Armstrong’s logic goes against the nature of cryptocurrencies. «I remember when the purpose of cryptocurrencies was to replace institutions, not to play out a scene from Deliverance,»” he wrote in the post.
Armstrong wrote in a post.
Armstrong’s comments sparked discussion in the replies, with many cryptocurrency users disagreeing with his views. One X user supported Hoskinson’s opinion, asking, «When did crypto start getting scavenged for institutional investment? »
Hoskinson’s opinion was also supported by one user, who asked, «When did crypto start scavenging for institutional investment?
Another user stated that if Satoshi Nakamoto shared Armstrong’s logic, the crypto industry and all of us wouldn’t exist. «Relying on the success of a decentralized chain on centralized structures is a step backwards,»” he added. Still, some cryptocurrency investors agreed with Armstrong’s comments. One community member noted that, unlike Hoskinson, Armstrong «at least adds content and valuable entertainment to the space». This has been a constant criticism of the Cardano ecosystem and its founder.
Armstrong’s comments were a constant criticism of the Cardano ecosystem and its founder.
Cardano users defended the project, saying the blockchain is one of the «few that has not lost the DeFi plot». Many also agreed that the ecosystem does not exist for venture capital funds or Armstrong, but for its users.
Many also agreed that the ecosystem is not there for venture capital funds or Armstrong, but for its users.
