Accéder au contenu principal

Cardano Founder Declares Crypto Under Attack: ‘Legacy Is Eating Crypto’

In a recent video titled “Legacy is Eating Crypto,” Cardano founder Charles Hoskinson has expressed concerns about the increasing centralization of power in the cryptocurrency industry. Hoskinson specifically highlighted the dominance of a few top companies in the Bitcoin and stablecoin sectors, arguing that this poses risks to users and undermines the decentralized nature of crypto.

Centralization Of Stablecoins

Hoskinson pointed out that asset-backed stablecoins, such as Tether (USDT) and USD Coin (USDC), control a significant portion of the stablecoin market. He noted that USDT and USDC alone account for 70% of on-chain volume while representing only 10% of the entire crypto industry.

Hoskinson expressed concerns about the regulatory risks associated with these centralized stablecoins. Since the issuers of these stablecoins are regulated entities, they are subject to the laws and regulations of the jurisdictions in which they operate. This means that the holders of these stablecoins could be affected if the issuers are required to comply with certain local policies.

On Spot Bitcoin ETFs And Institutional Involvement

Hoskinson also criticized the recent surge in popularity of spot Bitcoin exchange-traded funds (ETFs). He noted that large institutional players, such as BlackRock and Fidelity, have amassed significant amounts of Bitcoin, which has contributed to the recent price rally. However, Hoskinson warned that this trend is leading to the centralization of power in the Bitcoin sector, with a small number of institutions controlling a large portion of the market.

Cardano currently trading at $0.55 on the daily chart: TradingView.com

Challenges To Decentralization

Hoskinson argued that the increasing centralization of the crypto industry poses a threat to its decentralized nature. He believes that the dominance of a few large players could stifle innovation and limit the potential of crypto to revolutionize finance. Hoskinson emphasized the need for the crypto community to remain vigilant and to work towards preserving the decentralized ethos of the industry.

Cardano’s Approach

In contrast to the centralized approach of many other crypto projects, Hoskinson highlighted Cardano’s commitment to decentralization. He explained that Cardano is designed to be a decentralized platform that empowers individuals and communities to participate in the development and governance of the network. Hoskinson expressed confidence that its decentralized approach will enable it to thrive in the face of the challenges posed by centralization.

Hoskinson’s analysis of the crypto industry raises important questions about the risks of centralization and the need to preserve the decentralized nature of crypto. As the industry continues to evolve, it remains to be seen how these concerns will be addressed and whether Cardano’s decentralized approach will prove to be successful.

ADA Short-Term Price Analysis

Meanwhile, Cardano (ADA) finds itself in a technical tussle, trapped between a descending channel and key support levels. A recent attempt to break free above the channel fizzled, leaving the near-term outlook clouded.

Currently, ADA hovers around $0.56, facing immediate resistance at $0.62. Overcoming this hurdle is crucial for a potential climb towards $0.68. However, the 50-day SMA ($0.53) acts as a strong support, with recent buying interest suggesting potential for a bounce.

Ultimately, sustained momentum above $0.62 will determine if bulls can regain control or if bears pull ADA back into the descending channel. Remember, these are short-term technical indicators, and broader market forces and fundamental developments can significantly alter the price trajectory. Always conduct your own research before making any investment decisions.

Featured image from Adobe Stock, chart from TradingView




Source link

The post Cardano Founder Declares Crypto Under Attack: ‘Legacy Is Eating Crypto’ appeared first on Job From Home Blog.

Libellés :

Commentaires

Enregistrer un commentaire

Posts les plus consultés de ce blog

Hong Kong SFC Raises Alert Over MEXC Imposter

The Hong Kong Securities and Futures Commission (SFC) has issued an alert on a suspected fraudulent platform impersonating the presence and operations of a popular cryptocurrency exchange MEXC. This development comes from a joint operation between the Hong Kong regulator and the local police force aimed at uncovering illicit activities of virtual asset trading platforms (VATPs). SFC Warns Hong Kong Citizens Of Fraudulent Trading Platform According to an announcement on February 9, the SFC is warning crypto enthusiasts and investors of an ambiguous trading platform that operates under the name “MEXC.” In a joint investigation with the Hong Kong police, the securities market regulator discovered that “MEXC” has lured several investors into becoming members of group chats in which it claimed to offer “free investment advice.” Through this medium, “MEXC” was able to direct unsuspecting investors into depositing funds through fraudulent websites in order to purchase cryptocurrencies. Th...
Enregistrer un commentaire
Lire la suite

What’s In Store For Bitcoin With 85% Of Holders In Profit

Amidst a renewed wave of optimism sweeping through the broader cryptocurrency landscape, the resurgence of Bitcoin (BTC) to the pivotal $37,500 price threshold has become a catalyst for positive shifts. At present, a staggering 85% of Bitcoin holders find themselves in a profitable position, a testament to the resilience and potential of the leading cryptocurrency. Encouragingly, key indicators hint at the likelihood of this percentage expanding in tandem with Bitcoin’s upward trajectory. Making Money With Bitcoin As the market plummeted from its all-time high in November 2021, the amount of Bitcoin supply in profit has reportedly hit levels last observed two years ago, according to Glassnode. The analytics service also stated that the amount of unrealized profit contained in these currencies is still very small. Based on the latest figures from blockchain analytics website IntoTheBlock, some 85% of Bitcoin holders are profitable at the current price of the first cryptocurrency,...
Enregistrer un commentaire
Lire la suite

Instagram Is Experimenting With an Option To Add Files to DMs

What if you could send files in your IG DMs? That may soon be an option, with app researcher Alessandro Paluzzi uncovering this process in the back-end data of the app. As you can see in this example, Instagram’s experimenting with a new option that would let you add files to your messages as attachments. Which is not overly surprising. You can already send documents within WhatsApp , and on Messenger (in limited capacity), and with Meta still working to integrate all of its messaging platforms into a single system , it makes sense that it would also need to replicate the functionality of each, to ensure full parity. So, basically, every function within Messenger, IG Direct and/or WhatsApp will eventually be available in each other app, as that will then enable Meta to link them all together into a singular messaging system. As such, I do think this is coming, and is more than just an experiment, which will provide expanded functionality within your IG DMs, and could be handy...
Enregistrer un commentaire
Lire la suite