Cardano (ADA) is considered by the crypto community in two ways. Due to the tremendous development of the platform, a group of projects is always with you. Developers focus on Cardano on issues such as scaling and transaction speed, among other projects. Many others still see Cardano as a “worthless” crypto. Popular Bitcoin analyst Peter McCormack is among those who take sides on Cardano. The recent “worthless coin” statement drew attention and backlash on social media…
Bitcoin analyst harshly criticized Cardano
Peter McCormack, host of the popular Bitcoin podcast, joined the latter group, referring to Cardano as “shitcoin”. On March 7, the host of the “What Bitcoin Did” podcast drew attention to his bias towards the altcoin project, tweeting below saying “Cardano is clearly a shitcoin.”
Two alternative stories are highlighted in the screenshot above
According to the podcast publisher, McCormack considers Cardano a “fake project” and repeats obscenities such as “even the shitcoiners laugh at Cardano”. In the next tweet, he says his 4-year-old believes no one uses Cardano. According to McCormack, Cardano’s technology and the claim that 5 million Africans are participating bolster its label as “a shitcoin.” Despite this, many members of its community continue to believe in Cardano…
Community responded to accusations
According to one member of the community, McCormack’s understanding of Cardano is far from realistic. A member of the Cardano community responded to the Bitcoin analyst with the following statements:
Unlike you, Charles Cardano praises Bitcoin’s progress and points to areas where he thinks there is room for improvement.
Others went on to list a few advantages, arguing that Cardano is one of the most promising projects on the market. These include security features such as zero hacking, cheap transaction fees and scaling solutions that “Bitcoiners only dream of”. Some even suggested that this is the reason why new investors flock to Cardano via Bitcoin and/or Ethereum. This is illustrated by the fact that ADA has recently outstripped ETH and BTC in terms of trading activity (adjusted trading volume). Finally, as activity on the Cardano network increased, the number of NFTs generated on the mainnet exceeded 800,000.
But despite such an impressive profile, cryptocoin.com As we have mentioned in our analysis, the price action of ADA is quite weak. The 8th largest cryptocurrency has been trading well below the $1 psychological level in recent weeks.
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