Charles Hoskinson replies critics that call Cardano (ADA) a scam

By: Ali Raza
Ali Raza
Ali plays a key role in the cryptocurrency news team. He loves travelling during his spare time and enjoys… read more.
on Apr 23, 2021
  • Hoffman discredits Cardano but praises Polkadot for it doesn’t have fake marketing.
  • Hoskinson said people who are criticizing Cardano should know that the platform still has many projects.
  • Cardano’s criticism is coming when the platform is doing better than Ethereum in terms of smart contracts.

Chief executive officer of IOHK Charles Hoskinson has hit back at David Hoffman and other critics who claimed that Cardano is a “Scam.”

He stated that cryptocurrency’s foiled reputation in the mainstream is a result of extreme baseless views.

Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.

“It’s one thing to say you’re skeptical. It’s another to call us criminals.” He added in a tweet.

While Hoffman’s criticism drew Hoskinson’s interest, it also reignited the heated competition between Ethereum (ETH) and Cardano (ADA) among the crypto community. This is coming when Cardano has made headway in the introduction of smart contracts to its platform.

Hoffman discredits Cardano but praises Polkadot

Hoffman was speaking to Scot Melker when he was providing facts to support Ethereum’s viability. He also shared his thoughts on the much-talked-about Ethereum Improvement Proposal (EIP) 1559.

The project aims at improving wallet UX with the implementation of a more stable and predictable gas fee system. Additionally, it features a deflationary element that will not necessarily pay out miners, but burn base fees instead.

Some miners, who feel their revenue will be slashed, opposed the proposed feature. But when the question was thrown to him about Ethereum competitors, Hoffman immediately dismissed any notion that Cardano was a strong contender. He stated,

I will put on my very skeptical hat and call Cardano perhaps a blatant scam.

While appearing to disrepute Cardano, Hoffman seems to shower praise on Polkadot (DOT).

He said Polkadot does not have the fake marketing used by Cardano, which makes it a viable alternative. Additionally, Hoffman discredited another platform, Ripple, by saying it uses unethical techniques.

Alonzo stage will be launched first

Hoffman’s criticism was addressed by Hoskinson a few weeks ago during a live stream he hosted. He stressed particularly the criticism of Cardano for its lack of apps. He stated that some parts of Cardano are still under development and no one should criticize it for not having what a finished project should have.

Hoskinson reiterated that the platform intends to include DEXes, oracles, stablecoin offerings, and NFT marketplaces in the future, but the Alonzo stage will be launched out first.

Invest in crypto, stocks, ETFs & more in minutes with our preferred broker, eToro
67% of retail CFD accounts lose money