Cardano (ADA) is a purposeless “shitcoin” that has no clear advantage over its competitors, according to BitMEX co-founder Arthur Hayes.
“Who cares? Zero?” Hayes said when asked “What about Cardano?” in a interview with Coin Bureau published on Sunday.
Cardano is a shitcoin, says Hayes
Continuing to describe the cryptocurrency, one of the top ten digital assets by market capitalization, Hayes did not mince words: “The first contender for ethereum, and probably the first to go, will be irrelevant,” he said.
The popular cryptocurrency essayist and trader is generally well known as one of the most vocal long-term bulls of bitcoin (btc) and ethereum (eth), often expressing interest in small-cap cryptocurrencies for short-term trading.
During the same interview, Hayes even expressed interest in the “dogwifhat” memecoin, calling it the “best dog money of this bull cycle.”
“I love Rare Pepe's… I think we'll see a resurgence in nft trading volumes,” he added.
The writer's one-off comment about Cardano ruffled some feathers online, especially with the network's founder, Charles Hoskinson. On Tuesday, Hoskinson asked Hayes why he was “throwing shade” at Cardano.
“Because your currency is a piece of shit,” Hayes. answered. “Just buy some eth and relax.”
What makes Cardano unique?
Like ethereum, Cardano is a smart contract platform for developing decentralized applications. It also became popular as one of the first well-developed proof-of-stake cryptocurrencies, which uses cryptocurrency instead of energy to secure its network.
However, many popular blockchains today use the same mechanism, and ethereum will undergo a massive upgrade in 2022 to adopt proof-of-stake. In terms of market size and DeFi TVL, Cardano is still surpassed by competitors such as ethereum, Solana, and Binance Smart Chain (BSC).
On Tuesday, Hayes published a list of the most popular Dapps in the world and asked which of them had originated or become most popular on the Cardano blockchain.
“From my very limited knowledge, it appears that none of them do,” he said. saying. “This is why the ADA is dog shit.”
As for bitcoin, however, Hayes remains bullish and expects heavy money printing by the Federal Reserve to boost the asset's price soon.
“When money is printed and the value of human time and labor is degraded, we rejoice and say great, fuck you, we'll take bitcoin to a million,” he told Coin Bureau.
Late last year, Hayes predicted that bitcoin would reach between $750,000 and $1 million by the end of 2026.
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