Cardano founder Charles Hoskinson is known for his sharp tongue. Now he has taken aim at Bitcoin (BTC) and the US Securities and Exchange Commission (SEC) – and believes that ADA is being unfairly disadvantaged in regulatory terms.
Once again, it is the notorious Charles Hoskinson of Cardano (ADA) who is taking on the community of another cryptocurrency. Hoskinson’s latest outburst of anger is making the rounds on X, in which he indirectly mocks Bitcoin (BTC) and at the same time wants to talk the US Securities and Exchange Commission (SEC) into the ground. The background: Like many other altcoins, the SEC classifies Cardano as a security, whereas it has given Bitcoin a free pass.
Hoskinson cannot understand this. Bitcoin is not as decentralized as the SEC thinks. The merger of three Bitcoin mining pools is enough to carry out a 51 percent attack on BTC, says Hoskinson. “Team Orange” is only out to make a profit, says Hoskinson in the direction of the Bitcoin community. The SEC’s preference for Bitcoin is a “fucking pathetic joke”. A few days ago, Hoskinson had already picked a fight with the Ethereum (ETH) community, emphasizing that Cardano is much more decentralized than other cryptocurrencies.
In his view, the “war” that the SEC is waging against the crypto industry is comparable to the US wars in Vietnam, Afghanistan and Iraq. It would just go on and on. The SEC will lose one lawsuit after another, then stop at some point, “there will be no apology, there will be no money returned”, is Hoskinson’s prediction. In fact, ADA has been under pressure since the summer due to voluntary delistings such as Bakkt and Robinhood. Hoskinson and Input Output, the crypto company behind Cardano, have announced legal resistance to the SEC.
Conclusion: Hoskinson turns free – will he become a burden for Cardano?
The comments on Hoskinson’s angry speech speak volumes. He seems to have forgotten that Bitcoin did not have an initial token sale, unlike Cardano. He seems to have ignored the fact that the CEO of Cardano is called Hoskinson and that there is no boss at Bitcoin. The Bitcoin supporters he mocks as “orange pill moon boys” wish Cardano trouble with the SEC now that they have been attacked by Hoskinson. This somewhat overlooks the fact that the SEC can certainly be accused of overzealousness. But to equate his Cardano project with Bitcoin as the mother of all cryptocurrencies is simply hubris. Hoskinson’s failures seem to be becoming more and more frequent and cannot hide the fact that Cardano has caused losses for most investors. ADA is currently trading 88% below its all-time high from September 2021 and Cardano is failing to create momentum through unique use cases. Meanwhile, Hoskinson is making a lot of enemies for himself and Cardano – and is probably not doing ADA any good.
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