Cardano founder Charles Hoskinson responded to Ben Armstrong’s comments regarding ADA’s status as a “dead coin.” Hoskinson’s response sparked a discussion about the state of the cryptocurrency industry and what is valued in projects.
Cardano and Polkadot labeled as “dead coins”
On Wednesday, crypto influencer Ben Armstrong, known as BitBoy Crypto, shared his thoughts on Cardano (ADA) and Polkadot (DOT). The influencer took X to clarify his previous comments, stating that both cryptocurrencies are dead.
In a YouTube video from April, Armstrong he said that ADA “really died.” The crypto influencer believed that this time “it was different.” According to him, investors had to ask themselves if they were okay with “standing on ideals” while their portfolio took a loss.
According to the influencer, ADA’s disappointing performance was due to the fact that it doesn’t have the same support as other tokens. He explained that “the numbers are growing” for institutionally backed tokens.
Armstrong also noted that despite the lack of “terrible” institutional numbers, ADA cannot compete with Ethereum (ETH) or Solana (SOL). Furthermore, the influencer believes that “crypto is changing,” investors are turning their heads to up-to-date projects to feel like they are early.
WX Armstrong reiterated his opinion on ADA and DOT, stating that both are “dead to institutions.” However, he explained the implications of his statement. The token’s dead coin status does not mean that ADA and DOT will not pump up this bull market. According to him, the tokens will provide returns to investors, but they will be “average.”
Charles Hoskinson responds
Founder of Cardano he replied to Armstrong’s comments questioning the crypto influencer’s position. According to Hoskinson, his logic contradicts the ethos of crypto. “I remember when the goal of cryptocurrencies was to replace institutions, not to act out a liberation scene,” the post reads.
Armstrong’s comments sparked discussion in the replies, with several cryptocurrency users disagreeing with his stance. One user X agreed with the Cardano founder’s response, wondering, “When did crypto become people begging for institutional investment?”
Another user he stated that if Satoshi Nakamoto shared Armstrong’s logic, the cryptocurrency industry and none of us would be here. “Basing the success of a decentralized chain on centralized entities is going backwards,” they added.
Still, some crypto investors agreed with the crypto influencer’s comments. Community member considered to be that unlike Hoskinson, Armstrong is “at least adding content and valuable entertainment to the space.” This has been a consistent criticism of the Cardano ecosystem and its founder.
Cardano users defended the project, saying the blockchain is one of the “few that haven’t lost the thread of DeFi.” Many also agreed that the ecosystem doesn’t exist for VCs or Armstrong, but for its users.
Ultimately, cryptocurrency investors agreed that if a project has a sturdy community and technology, more investment from users and institutions will “follow the network effect.”
At the time of writing, ADA is trading at $0.3861, down 4.4% in the last 24 hours.
Featured image from Unsplash.com, chart from TradingView.com
