A popular crypto analyst has criticized two major altcoin projects. Charles Hoskinson, the founder of Cardano, one of the targeted altcoins, reacted to the criticism.
Heavy criticism from Pentoshi to two major altcoin projects
Pentoshi, a popular crypto analyst, described XRP and ADA as successful on “empty promises” in a tweet. In this context, the analyst shared the following:
If you’re starting a crypto project, my best advice is to never, ever surrender. Empty promises are the best FA. Look at XRP and ADA. Don’t over-promise, under-deliver, and never deliver. Then people always have something to look forward to. Delivering takes hope.
My best advice if you’re starting a crypto project is to never, ever deliver. Empty promises are the best FA. Look at $XRP and $ADA. Over promise, under deliver, and never deliver. Then people always have something to look forward to. Delivering takes away hope
— Pentoshi 🐧 (@Pentosh1) November 10, 2021
Charles Hoskinson reacts to criticism
Cardano founder Charles Hoskinson reacted to popular analyst Pentoshi’s criticism of XRP and ADA. The founder of Cardano seemed quite taken aback by the tweet. He likened such attitudes to ‘religious beliefs’ that are accepted regardless of evidence. Hoskinson responded to Pentoshi’s criticism:
What’s extraordinary to me is that the people who tweet this stuff really believe it regardless of the evidence given. Basically like religious beliefs. We moved mountains together every year, but he can’t see any of them. I’m wondering what’s causing this.
What is extraordinary to me is that the people who tweet this stuff actually believe it regardless of the evidence given. It's basically like religious beliefs. Every year, we have moved mountains together, but he can't see any of it. I wonder what causes it https://t.co/WZRCRNMvJb pic.twitter.com/FdYwZGb1S6
— Charles Hoskinson (@IOHK_Charles) October 1, 2022
A Twitter user also reacted to Pentoshi’s criticism. The user said, “In what way was XRP missing? “Look at all the ODL corridors currently installed and used in the real world,” he said. Volume increased significantly, while Ripple’s On-Demand Liquidity (ODL) grew more than 9x annually. Also, Q2 of 2022 was a record quarter for ODL. Alongside signing and growing collaborations, Ripple remittance technology has entered new territories, including Lithuania.
Moreover, cryptocoin.com As you follow, Cardano hard forked Vasil on the main-net on September 22. After that, on September 27, all Vasil abilities were activated. Cardano has also signed major partnerships with Stanford University and Georgian Wine. It also topped the list of stock brokerage app Robinhood.
“This altcoin will never deliver”
A fairly common anti-Cardano narrative in the industry. Namely, the belief that Cardano developers never deliver on what they promised in the first case. It mostly occurred because some projects related to Cardano were different from what was promised to users. But in most cases this was due to the immaturity of the network and the solutions offered to it. The most notable representative of the Cardano DeFi industry was SundaeSwap, which initially had many problems and even some bottlenecks.
Most of Cardano’s problems stem from its eUTXO model, which does not require fitting multiple transactions into the block. Therefore, Cardano developers had to find alternative solutions that would enable DeFi in ADA.
Are the markets disconnected from reality?
Cardano founder Charles Hoskinson mentioned that the markets were disconnected from reality as ADA prices underperformed during the year. Hoskinson also claimed that Cardano ‘never been this strong’. Moreover, he said that his best days are still ahead of us.
The Cardano creator added that many of them are ‘solid’, although their current prices don’t reflect that. He also gave praise for other altcoin projects. Hoskinson also emphasized that macroeconomic variables are primarily responsible for current market behavior. In the third quarter of 2022, the crypto market depreciated significantly due to macroeconomic headwinds.
