Topic: Charles Hoskinson's Take on Bitcoin (Read 340 times)

Cardano is more or less 6 years old as far as I know, so we could say that it's too "early" for Cardano. Compared to it's competitors though, some smart contract platforms are like half the age of Cardano but yet they all have those so called "apps" working already. Maybe Cardano is taking the sort of "play safe" approach in terms of development? Alright, that's  probably a good strategy to prevent bugs and breaches and such. But him calling out Bitcoin for slow development LOL? Just disingenuous.

The platform began development in 2015 and was launched in 2017 by Charles Hoskinson, a co-founder of Ethereum.

How old is Cardano compared to Bitcoin? Maybe that's where he's coming from?

Bitcoin may become the most important invention in the 21st century, or it may fade into obscurity or be reduced to nostalgia. People that pin their hopes and dreams on Bitcoin are missing the point.

Short-term, yes they might suffer. If you bought at $60k, your portfolio doesn't look that good right now. But why are you thinking short-term? It's been proven time and time again that its value increases over several years.

And don't forget that when bitcoin falls by 10%, alts fall by 20%. When bitcoin falls by 50%, alts fall by 80% or 90% and some never recover. Bitcoin has recovered every time and reached new highs.  

Exactly, his ADA has taken a slow step on improving it's performance, so it doesn't make sense for Charles to say that bitcoin lacks improvement because as a dev, he should know that it is not easy to make iterations especially as bitcoin is a prime mover in space.

Okay, but how can his opinion affect the crypto industry?

Short-term, yes they might suffer. If you bought at $60k, your portfolio doesn't look that good right now. But why are you thinking short-term? It's been proven time and time again that its value increases over several years.

And don't forget that when bitcoin falls by 10%, alts fall by 20%. When bitcoin falls by 50%, alts fall by 80% or 90% and some never recover. Bitcoin has recovered every time and reached new highs. 

And as far as I know, based on 'store of value', it should be for long term and not just for a month or 30 days. So still, it falls under the definition if you are going to hold for years, just like the majority here.

In any case, Charles Hoskinson take is not new to us, so what else is expected, not just from him but from the rest of those who are going to criticised bitcoin. And it seems that there argument sounded like a broken record already.

Short-term, yes they might suffer. If you bought at $60k, your portfolio doesn't look that good right now. But why are you thinking short-term? It's been proven time and time again that its value increases over several years.

And don't forget that when bitcoin falls by 10%, alts fall by 20%. When bitcoin falls by 50%, alts fall by 80% or 90% and some never recover. Bitcoin has recovered every time and reached new highs. 

Bitcoin is not a store of value, and anyone that confuses it for such will suffer dramatically.

If you fast-forward the podcast to 1:38:50 Charles begins to discuss his issues with Bitcoin and what he finds to be the "problems" with Bitcoin. Initially, this really excited me because I love a good argument against Bitcoin from one of the cryptospace's most popular. While I was hoping for a unique, fresh take on Bitcoin's issues, I ended up getting the same progressive response aimed at Bitcoin's lack of "improvement". This turned out to be the same regurgitation of words mixed with some clever verbiage, which I found boring put quite frankly.

Whatever. I definitely am suffering though, for sure. From 3k to 63k down to 39k. It's just so so sad that I'm only left with a 1200% increase instead of the 1933% peak.   /s

Everyone has a right to hold their opinions and just like Elon, Warren Buffet, Jack Dorsey, you and me etc we all have our opinions on the subject of bitcoin, though not all are correct but the greatest revealer is time, and time will surely tell whose opinion was correct.

He talks about how Taproot should have happened a long time ago and is shocked at how long it takes this community to produce upgrades for a system that is already so far behind.

Exactly, his ADA has taken a slow step on improving it's performance, so it doesn't make sense for Charles to say that bitcoin lacks improvement because as a dev, he should know that it is not easy to make iterations especially as bitcoin is a prime mover in space.

Bitcoin can still be sound money for majority, store of value, an assets. And yet with that argument that there is no development, from average joe to whales to huge management asset funds, bitcoin is still the king. Maybe he just wanted to shift investors to his ADA in a subtle way.

Quite disingenuous for him for him to say that Bitcoin lacks improvement and that improvements should be applied sooner(which going the slow route totally justified, because you know, $700b marketcap, hence we really can't afford to screw this up); knowing that Cardano itself is known for taking the slow heavy-researched route in terms of development to make sure that the updates have no bugs and such.

For those of you who listen/watch the Lex Fridman Podcast, he just uploaded an episode where he interviews Charles Hoskinson, the founder of Cardano (ADA).

If you fast-forward the podcast to 1:38:50 Charles begins to discuss his issues with Bitcoin and what he finds to be the "problems" with Bitcoin. Initially, this really excited me because I love a good argument against Bitcoin from one of the cryptospace's most popular. While I was hoping for a unique, fresh take on Bitcoin's issues, I ended up getting the same progressive response aimed at Bitcoin's lack of "improvement". This turned out to be the same regurgitation of words mixed with some clever verbiage, which I found boring put quite frankly.

He sites that the community has become a religion to the maximalists, resistant to change in any meaningful way. He talks about how Taproot should have happened a long time ago and is shocked at how long it takes this community to produce upgrades for a system that is already so far behind. He argues that a currency with a single-use-case scenario (Bitcoin) will eventually be left in the dust to more ambitious projects that aim to solve more problems. Brushing off the fact that Bitcoin is the strongest reserve currency in crypto or the world.

I expected a little more respect for Bitcoin from Hoskinson. I really thought someone of his mental stature would see that Bitcoins single purpose is its only needed purpose. Being a store of value is far more than enough. While the institution of Smart Contract Platforms will inevitably grow and explode in the years to come, you are simply not able to rule out Bitcoin in any way, shape, or form.

Go visit his Podcast's page and listen for yourself because there is much more that he talks about that you all may find quite interesting. Let me know what you guys think.