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Cardano CEO Calls Out the "Cryptocurrency Reddit Hate & FUD" Against ADA
Yesterday, a Redditor posted “Cardano has a market cap of $2.5 billion and 8th biggest cryptocurrency without a fully functional blockchain,” that not only got the crypto Reddit community talking but also the Cardano CEO Charles Hoskinson.
In this post, posted by u/Timetraveler62540000, the Redditor states that that Cardano is a blockchain with a wallet and nothing more. The Redditor further states that there are on staking and no other features apart from transferring funds only to question,
“Is it the 40 papers of research that make it the 8th biggest crypto? Please tell me what makes cardano worth 2.5 billion dollars. It had ico 4 years ago, it might be low key a scamcoin.”
Well, it got really salty for sure as one Redditor comment, “Once a project releases a functional product it tanks. So why would they release a working product?”
While another one stated, “Indeed, after release you have to face the truth that no real demand exists for that product, token is overpriced or simply not needed.”
And another one, “This is why they don't release it. Right now, Cardano could be anything... it could even be a boat!”
“Toxic Reputation Destruction Campaign by FUDsters from other Cryptos”
In order to tackle this, Hoskinson took to Twitter to say that CryptoCurrency subreddit “hate and FUD” against the 9th largest cryptocurrency by market cap remains “salty and strong,” and that “it's like confirmation bias wrapped in trolling adding a layer of spite and bile for taste.”
Well, Hoskinson had more to say as in response to a Twitter user’s comment on him “there is a reason nobody likes him...it’s just him,” he said,
“Who did I cheat? What scam did I run? All you people seem to have are rumors, baseless speculation and smoke comments. It's a toxic reputation destruction campaign by FUDsters from other cryptos seeking to hurt our products for financial gain.”
What has it Going?
Meanwhile, Reddit community had some explanation about Cardano’s slow and steady approach as one Redditor explained in detail that their mainnet has been live for about a year and a half now with a browser wallet called Yoroi, paper wallet, command line wallet for Linux, full-node graphical desktop wallet called Daedalus for Mac and windows and is also working with other third-party wallets.
The Redditor further noted two node implementations viz Haskell and Rust, several testnets, and VM for smart contracts have been developed that can be currently programmed in Solidity along with Plutus languages.
Over the course of the next three months, the plan is to make it decentralize and go completely live. In the mid-term, the focus is on smart contracts while on-chain governance and more smart contract languages is the long term aim.
For Cardano believers, paper, peer review and being methodical works in its favor. Moreover, this proof-of-stake network considering things like quantum resistance and is working with Africa further drives its support.
However, its slow approach makes people question it as well and if its bet on Africa will pay off remains to be seen.
Yahoo Finance Suspends Cardano’s Founder Interview for Lyft IPO Coverage
Yahoo Finance has decided to cut from the schedule Charles Hoskinson, the creator of Cardano (ADA), in order to provide more information about the Lyft IPO Coverage. Charles Hoskinson shared his opinion about this situation on Twitter, where he said that he will not be talking on Yahoo Finance.
Charles Hoskinson Didn’t Appear On Yahoo Finance
Charles Hoskinson was getting prepared for his Yahoo Finance interview on March 29, when things apparently changed.
The giant Lyft went public being able to raise $2.2 billion at a $20.5 billion valuation, becoming one of the biggest IPOs of the current year. At the same time, shares grew over 20%. This has clearly erased the interest of the public in Hoskinson’s interview. It is worth mentioning that Cardano raised $62.2 million in its Initial Coin Offering (ICO) a few years ago.
Clearly, Lyft has been in the media since this is one of the largest gig economy startups to go public. The proposed price range for Lyft shares was between $62 and $68 and the IPO started at $72 a share.
Now, Hoskinson recommends people to avoid Yahoo Finance in the future. He has also mentioned on Twitter that he will not be going on Yahoo Finance after losing two hours.
Nonetheless, he received another proposal. Gabor Gurbacs proposed Hoskinson to stop by a VanEck headquarters saying that they will not be bumping them for another IPO.
Hoskinson finally said that the producers did not seem to care about this issue and they didn’t apologize for wasting the time. This is why he does not recommend those in crypto going on Yahoo Finance.
“It’s not a professional operation,”
Cardano is the 10th largest cryptocurrency with a market capitalization of $1.55 billion. Each ADA coin can be purchased for $0.0233.
Cardano's Charles Hoskinson Taunts Ethereum Amid Constantinople Launch on Twitter
The Ethereum community is ready for the launch of its biggest upgrade in a good time now, Constantinople, which will happen tomorrow, but some people are simply not too happy with this. The CEO of IOHK and Cardano, Charles Hoskinson, seems to be one of these people.
Hoskinson, which is the public face of Cardano the same way that Vitalik Buterin is the faced of Ethereum, has used the opportunity to launch some jabs at the ETH community, which is a sort of a rival of Cardano (ADA).
According to Charles Hoskinson, ETH’s upgrade might be important, but he will not be able to do what Ethereum has been promising for years: to implement its proof of stake system. He spoke on Twitter today about it and also used the opportunity to attack the critics of the proof of stake method, which believe that it may cause some inequality among node operators.
He claims that one of the main complaints that proof of stake receives is that it is less egalitarian and it makes the rich richer but, according to a paper that was co-authored by academics from Athens and the Edinburg Universities, proof of stake cryptos can be perfectly egalitarian for the parameters of the crypto world.
The main reason for the jab at Ethereum is because the proof of stake is a very old promise that simply was not developed and the Casper protocol, which is supposed to make it true, will only be launched in 2020 or after. The new protocol may be important, but it will still not bring to ETH the most important change that it needs.
What it is bringing, however, is more resistance against ASIC mining algorithms, which can make it more resistant against ASIC miners, which are not viewed with so much joy in the community.
However, it should be noted that Hoskinson may be “throwing stones from a glass house” since Cardano is still heavily centralized even when compared to Ethereum, which has proved to be better at decentralization.
The goal of the network to be more decentralized is still too far and the Shelley protocol, whose goal is to finish the decentralization process, is still far from completion. The official road map affirms that the Shelley testnet is only 20% complete and the mainnet was not even started, so it may be years before Hoskinson can actually talk about Ethereum without sounding like a hypocrite.
This does not mean that Cardano is in a bad place, necessarily. The network is known for being backed by scholars with important academic credentials. In fact, most of its decisions are backed by science instead of a consensus from the “community” alone.
It is still too early to know whether this will pay off or not because the network is very young still, but the expectative is that Cardano will be among the winners in the blockchain market.
At the moment, ADA is up 1.3% in the last 24 hours, a lot than Ethereum, which is rising up to 9% and having a great day.
Cardano's Charles Hoskinson Clashes with Ethereum’s Vitalik Buterin on Reddit and Twitter
Two of the most prominent members of the crypto community are behaving badly on the internet today. Ethereum’s Vitalik Buterin and Cardano’s Charles Hoskinson are engaged in a heated debate across Reddit and Twitter.
The debate began with the release of Cardano 1.3, as announced by Cardano founder Charles Hoskinson on August 6. After the release of Cardano 1.3, IOHK – the main development team behind Cardano – took a shot at the Ethereum Network.
IOHK, which was founded by Charles Hoskinson, published a blog post comparing the Ethereum’s Network’s Casper and with Cardano’s Ouroboros. Both protocols achieve proof of stake-style consensus in different ways. Cardano’s team feels their protocol is superior, while the Ethereum team understandably disagrees.
This is where the fight began.
After IOHK posted that comparison online, Ethereum co-founder Vitalik Buterin took to Reddit to defend Ethereum’s Casper.
Buterin’s argument was simple: Casper is an unknown technology, and there’s no good description of that technology available online. Nobody knows much about the protocol except those actually working on it. This makes all debates about the technology pointless.
On August 9, Hoskinson issued a “rebuttal to Vitalik” on Twitter, claiming that Reddit was “not the proper place to have a debate.”
You can view Hoskinson’s rebuttal here. It covers the differences between the Ethereum protocol and Cardano’s consensus algorithm.
In that rebuttal, Hoskinson came out swinging against Casper, Buterin, and Ethereum – although he admitted they know very little about the Casper protocol itself:
“Regarding Casper, we are not aware of any currently published source that sufficiently describes the protocol’s mode of operation nor any provable guarantees about it. Still, from what has been presented about Casper until now, as compared to Ouroboros, we can safely conclude that Casper provides much weaker guarantees in terms of how much stake the adversary needs to control in order to disrupt the protocol. Below, we compare the two protocols along several dimensions; for lack of proper documentation, many properties of Casper have to be assumed to the best of our knowledge.”
In other words, based on what Cardano’s team knows about Casper, they feel it’s an inadequate solution and unlikely to compete with Cardano’s Ouroboros.
The rebuttal goes into significant detail about the perceived differences between Casper and Ouroboros, including why IOHK feels Cardano’s Ouroboros consensus algorithm is superior.
Vitalik Buterin Responds, Saying “This is Pathetic”
Ethereum co-founder Vitalik Buterin was quick to respond to Hoskinson’s rebuttal. In a tweet, Buterin said, “Sorry, Charles, this is pathetic.”
Buterin specifically took issue with the passage we quoted above, where Hoskinson admitted to knowing little about Casper, and admits that there’s no verifiable source of information about Casper available online.
Buterin then linked to a paper titled, “Optimal Selfish Mining Strategies in Bitcoin,” published in 2015. The paper highlighted a flaw in bitcoin’s proof of work incentive system: participants (nodes) can selfishly increase their revenue by selectively withholding blocks.
The drama continues to unfold on Twitter, where the two are arguing across a thread of tweets.
“”Casper requires a ⅔-fraction of deposited stake to be controlled by honest parties. Ouroboros is proven to achieve persistence and liveness under the assumption of honest majority" This completely misses (i) *incentive* properties, (ii) network synchrony assumptions”, explained Buterin on Twitter.
In follow-up tweets, Buterin emphasizes the accountability created by Casper:
“The incentive properties of finality, enabled by accountability, are also crucial. Once a Casper block is finalized, you need 1/3 to *sacrifice their deposits* to reinstate it. With chain-based algos, you don't have this property.”
Vitalik Buterin consolidated all of this information into a post on Reddit. That post is easier to read than the string of tweets. You can view the post here.
“They're very clearly writing a hit piece, and not genuinely engaging with any of the actual tradeoffs in consensus design or trying to understand Casper, as I tried with Cardano here (notice how that Reddit post still has no answers).”
Hoskinson, of course, feels Reddit is an inappropriate place to have a discussion and prefers to argue over blog posts and Twitter. Hoskinson still hasn’t responded to Buterin’s posts on Reddit, and it seems unlikely he will.
Overall, Buterin is skeptical that Ouroboros is the superior proof of stake consensus algorithm, and Hoskinson is skeptical that Ethereum’s Casper is able to achieve secure consensus. The drama continues to unfold across Twitter and Reddit.
ADA Coin Leader Charles Hoskinson Says We Shouldn’t Push For Decentralization Without a Reason
During an interview with Analysis in Chain, Mr. Hoskinson talked about the ideals of its company and the plans they have for Cardano. Hoskinson is also the Chief Executive Officer of IOHK.
Charles Hoskinson Talks About Decentralization
Decentralization is one of the main discussed topics in the virtual currency and blockchain world. Although decentralized systems seem to have very positive things, if they are not implemented where they are needed, they could be worse than a centralized system.
He said that the IOHK company uses to be very unusual in some ways since it works as a research company and also as an engineering company. It also works designing different things for Cardano as well. He mentioned that they are also working with Ethereum Classic (ETC) on many basic principles.
He explained that both Cardano and IOHK are trying to solve many problems that are prevalent in the crypto world. Hoskinson mentioned that they also want to solve issues related to the remittance and financial market side that includes micropayments and more.
Mr. Hoskinson stated that all the work they do at IOHK has a political view behind it. According to him, a decentralized world must be welcomed to allow free expression. Nonetheless, he said that decentralization without reasons generates more problems than solutions.
On the matter, he commented:
“If we push for decentralization for no reason, then we will get a solution that is worse than a centralized system. No one really cries for decentralized solutions unless the centralized ones fall. People in war-torn areas like Syria need it though because never before in history do we need a solution that will allow people to carry their value and assets wherever they go.”
At the time of writing this article, Cardano is the 9th largest digital asset in the market. It has a market capitalization of $2.33 billion and each ADA can be purchased for $0.089.