Cardano founder Charles Hoskinson has taken the crypto community by storm, revealing important “truths” about bitcoin's centralized origins and its regulatory perceptions in the United States.
Hoskinson reveals the truth about bitcoin
Cardano Founder and CEO Charles Hoskinson has recently posted a live video titled 'About bitcoin, ethereum and Cardano' via its main X account (formerly Twitter). In the video, Hoskinson delved into the decentralized nature of bitcoin and the current regulatory landscape of cryptocurrencies.
He emphasized the growing criticism from bitcoin maximalists, who constantly glorify btc but condemn other cryptocurrencies such as Cardano. Hoskinson revealed that one of the reasons bitcoin's pseudonymous inventor, Satoshi Nakamoto, remains unidentified is due to the lack of clarity about cryptocurrencies in the US financial regulatory landscape.
The founder of Cardano revealed that at some point btc It was centralized because Satoshi had full control of the bitcoin network with 100% hash power in its preliminary stages.
“The reason Satoshi remained anonymous, by his own admission, was the legal ambiguity of issuing a currency.” Hoskinson stated.
He added:
“Some of the bitcoins issued through the mining process were done in a completely centralized manner because only one actor was mining them and had full control over the network and at any time could have made arbitrary decisions to change the network in any way.”
<img fetchpriority="high" decoding="async" class="aligncenter size-medium" src="https://technicalterrence.com/wp-content/uploads/2023/12/Cardano-founder-reveals-hard-truths-39Bitcoin-was-very-centralized-at" alt="bitcoin Price Chart by Tradingview.com (Founder of Cardano)” width=”2650″ height=”1530″/>
btc price continues upward rally | Source: BTCUSD on Tradingview.com
Hoskinson Claims US Regulations Pose Threat to crypto Revolution
In his video, Hoskinson also emphasized his belief that the crypto/grayscale-ceo-highlights-us-opportunity-to-lead-crypto-space-through-regulation/” rel=”nofollow noopener” target=”_blank”>American regulatory system was blocking its ability to become a globally superior economy by impeding the advancement of blockchain technology and cryptocurrencies.
“It gives me no pleasure to see my nation declare war on an industry that would not only be freed of many of its biggest problems but also guarantees that we will miss out on a multi-trillion-dollar revolution that is the future of the global economy. economy,” Hoskinson said.
Hoskinson revealed that the United States Securities and Exchange Commission (SEC) does not see bitcoin as a value due to its decentralization. However, they labeled other altcoins with similar structures and decentralized nature as values.
The Cardano founder revealed that if cryptocurrencies were allowed to evolve to their full potential in the US, they could transform several sectors, including politics, medicine, finance, security, and more.
Hoskinson further added that the recent regulatory crackdown on cryptocurrencies is aimed at reducing the power of the people, encouraging dependency and adoption of cryptocurrencies like bitcoin which could be easily controlled.
“They understand that if the world regains control of its money, its votes, its identity and its data. That it's going to be really difficult to impose a global regime on humanity and have a small group of people running the whole show,” Hoskinson said.
“They try to make sure that there are no long-term projects or programs that give power back to the people, make the people their own bank, push power to the limit, they are very comfortable with things like bitcoin because it is very clear how to control that.”
Featured image from, chart from Tradingview.com
