Cardano Founder Clashes with Crypto Influencer Over ‘Dead Coins’ Claim

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In a move that has caused ripples throughout the cryptocurrency world, Charles Hoskinson, the founder of Cardano (ADA), recently responded to comments made by crypto influencer Ben Armstrong. Armstrong had previously labeled Cardano along with Polkadot (DOT) as ‘dead coins.’

Armstrong, also known as BitBoy Crypto, elaborated on his previous comments in a Wednesday broadcast. In stark terms, he explained his belief that both Cardano and Polkadot were ‘dead coins,’ lacking the institutional backing that propels other, more successful tokens. This lack of backing, he believed, had lead to ADA’s disappointing performance.

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Armstrong revisited these comments in a later broadcast, reinforcing his view that these particular tokens were ‘dead to institutions.’ Yet, he also nuanced his stance, stating that these ‘dead coins’ were still capable of fetching returns to investors in this bull run, albeit moderate ones.

Charles Hoskinson, undeterred, countered this view. He responded to Armstrong’s comments directly, challenging the influencer’s position. To him, Armstrong’s viewpoint was contradictory to the spirit of the cryptocurrency industry. In response to Armstrong’s preoccupation with institutional backing, Hoskinson wrote, “I remember when the point of cryptocurrencies was to replace institutions instead of acting out a scene from deliverance.”

The contrasting opinions sparked a lively debate among cryptocurrency enthusiasts and investors. Many echoed Hoskinson’s sentiments, questioning the desirability and relevance of institutional investment in the crypto world.

Counterarguments emerged too, with some agreeing with Armstrong’s viewpoint. One respondent noted Armstrong’s value to the crypto space in terms of the content and the entertainment he brought. Criticisms were also directed towards Hoskinson and the Cardano ecosystem, suggesting a deficiency in these aspects.

Cardano supporters joined the discourse as well, reiterating the blockchain’s original intent – to cater to its users not the investors or crypto influencers. They maintained that the Cardano ecosystem hadn’t lost sight of the importance of decentralized finance or ‘DeFi.’

The debate concluded with a commonly agreed stance – strong projects backed by formidable communities and technology would naturally attract investment. The potential for institutional backing, according to this consensus, should hinge on these merits and not vice versa.

As the dust settles on this debate, the current market value of ADA stands at $0.3861, reflecting a 4.4% drop over the last 24 hours. Regardless of these figures and the crypto arguments, the true impact on ADA’s status and its investors remains to be seen.