The cryptocurrency market is witnessing new developments and discussions every day. Recently, BitMEX’s former CEO Arthur Hayes’ harsh criticism of Cardano resonated in the cryptocurrency community. Hayes called Cardano “the first Ethereum wannabe” and a “useless cryptocurrency” and argued that ADA was a “shit coin.” These remarks sparked a heated debate between those defending Cardano and those agreeing with Hayes.
Controversial words from Hayes for popular cryptocurrency
Former CEO of BitMEX, Arthur Hayes, participated in a broadcast by Coin Bureau and criticized Cardano. At the time, he called Cardano an “ETH wannabe.” Then, he could not slow down and shared X. The main points of Hayes’ criticism are as follows:
- The “First Ethereum Wannabe” Analogy: Hayes argues that Cardano is a copy of Ethereum and does not offer any original value. This argument is based on the similarity of Cardano’s Proof-of-Stake (PoS) consensus mechanism and Plutus smart contract platform to Ethereum.
- “Useless” and “Shit Coin” Claims: Hayes argues that Cardano has not provided any concrete use cases so far and is therefore a useless cryptocurrency. He also makes a “shit coin” analogy, arguing that Cardano’s high market cap is based on speculation and not real value.
- Lack of dApps: Hayes claims that there are no dApps launched and actively used on Cardano to date. This claim ignores the fact that although Cardano is still in development and the dApp ecosystem is not yet mature, some dApps are already developed and in testing.
Opinions against criticism
What is said against criticism also attracts attention. It is argued that Cardano is still under development and Hayes’ criticism ignores this fact. It is also claimed that Cardano’s technologies such as PoS and Plutus are more advanced than Ethereum and offer a more sustainable solution in the long term.
While there are still a small number of dApps on Cardano, DEXs such as Minswap, SundaeSwap and MuesliSwap, and DeFi platforms such as Meld are already actively used. Hayes’ “shit coin” analogy has been criticized for ignoring the technology and use cases behind Cardano. The cryptocurrency market is highly volatile and it is important to invest without getting carried away by the hype.
It is also discussed how Cardano is different from Ethereum and in what areas it offers innovation. As a result, it is a matter of curiosity how fast Cardano’s dApp ecosystem will grow and whether it can rival Ethereum. It is emphasized that investors should invest without getting carried away by the hype and do detailed research. Arthur Hayes’ criticisms of Cardano also bring up the difference between “hype” and “real value”, which is frequently discussed in the cryptocurrency market. It is important for investors to take these criticisms into consideration, conduct detailed research, and invest without getting carried away by the hype.
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