Saturday August 6, 2022

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Yuri Molchan

Cardano founder takes a jab at market experts who claim Cardano is nothing but “religion”

Charles Hoskison, head of IOG, the company that built Cardano proof-of-stake blockchain, has taken to Twitter to respond to the critics who claim that Cardano misses the tech part, offering only religion to its community.

They also clam that “big investors” do not even consider Cardano an investment option.

“Cardano is only religion, it has no tech”

In a recent episode of “Crypto Banter” podcast, several experts came together (founder of Messari Ryan Selkis, managing partner at Dragonfly Capital Haseeb Qureshi and Avichal Garg – a managing partner at Electric Capital, serial entrepreneur and an angel investor). The podcast was hosted by host CNBC crypto trader Ran NeuNer, who founded “Crypto Banter”.

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In the video extract published on Twitter by user @StakeWithPride Haseeb Qureshi stated that “all big smart money investors” do not think about Cardano. “They don’t spend time on it, they don’t investigate it”.

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Considering the question why these people allegedly do not think about the biggest proof-of-stake blockchain and its native token ADA, he then shared his belief that crypto is “a combination of technology and religion”. Any crypto has to have both, Qureshi claimed.

“Cardano has religion without technology”, he claimed with the host agreeing with him. After that, Ran NeuNer shared that he believes that unlike Ethereum and Solana, Cardano and Charles Hoskinson have taken a slow approach to do build their blockchain in a profound and academic way with no rush and attention to every detail. Thus, “we are very early in the race”, he said.

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However, what concerns him about Cardano is that he does not see lots of development activity on this chain or a lot of venture capital money in it. He also stated that he does not see a lot of projects being built on Cardano.

Hoskinson posts his response

Cardano founder posted a sarcastic tweet in response to that video, saying that since Cardano only has religion without tech, all dev teams should pack their bags and he should probably also shut down all academic research centers and fire hundreds of IT engineers.

Whales buy $138 million in ADA

As covered by U.Today earlier, shark and whale crypto addresses purchased a staggering $138 million worth of ADA in mid-June after the major price fall. Around $80 million in ADA was then also purchased in early July.

Santiment agency believes that if this trend continues in August, the situation could “get interesting”.

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