Article By Abhimanyu Krishnan
Charles Hoskinson is beloved by many in the cryptocurrency community for his candid live streams and regular communication regarding the Cardano project. Cardano, which is on the cusp of entering the next phase of its development called “Shelley” and which some consider as a strong competitor in the market, has been doing rather well all things considered. That does not mean it does not receive its share of vitriol from the schismatic cryptocurrency community, which Hoskinson recently pointed out in a tweet,
The cryptocurrency reddit hate and FUD against Cardano remains salty and strong https://www.reddit.com/r/CryptoCurrency/comments/b90xw7/cardano_has_a_marketcap_of_25_billion_and_8th/ … it’s like confirmation bias wrapped in trolling adding a layer of spite and bile for taste
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Cardano has a marketcap of $2.5 billion and 8th biggest…
Is it me or is something wrong here? It’s a blockchain with a wallet nothing more. There is no staking, no other features other than only…
Of course, there was nothing factually incorrect in the particular remark that the original poster made on Reddit, though the conclusion seem a little extreme. The cryptocommunity is well known for being feisty and tribalistic, and investors are prone to call out projects for any and all potential negatives that they might see.
This is easy to see when you remember that there are several projects out there with questionable valuations, not many of whom might be as qualified as the Cardano project. It could certainly be true that the Cardano project eventually does not amount to much, but given the nascency of the space and development of the technology, an extreme conclusion, such as the one made by the particular Redditors, seems a little unfair. It is easy to label almost every coin in the market a scamcoin, and traditional asset investors simply go one step further and call the whole cryptocurrency market a scamcoin.
Hoskinson says in a tweet further down the thread that the vitriol is an effort to damage reputation, saying,
Please do articulate. 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.
Indeed, some comments made are simply personal attacks (“there is a reason nobody likes him”) , which makes it difficult to take the specific commenter seriously.
Cardano ranks number 1 when it comes to projects most active on Github and its technical solutions are some of the most interesting in the space. True, it is taking it slow, preferring to build something with a purpose. The project is even only one of 2 tokens – the other being Binance coin (BNB) – to have 50% real trading volume on OpenMarketCap.
A better view to take for investors of all projects is to focus on the positive developments in the market and only warn others about projects when there is substantial proof that a project is behaving like a scamcoin.