Topic: Why Cardano/ADA coin’s launch on Bittrex represents what I detest about cryptos - page 2. (Read 9831 times)

Fresh news from Bitcoin Magazine:

https://bitcoinmagazine.com/articles/iohk-launches-cardano-blockchain-ada-now-trading-bittrex/

 

If you dont like ADA because you think that its half a billion total market value is too much then dont invest. Ignore it.

If the market value was 100 million dollars or less would you invest in it? Its not the developers' fault that there are many people like you who considered buying ADA. The market value simply reflects the interest of the investors.

Yes, I noticed the same too. Have you seen HShare's list of investors? Quite notable other than Bitmain is Citic; Citic is a Chinese state owned corporation with a dubious history of forex trading. This coin is quite likely to be highly centralised and I won't be surprised if it is affected by wild swings. Also, still too premature in its development for its valuation. A lot of traders are going to buy into this and lose money.



Hi Charles, kind of you to reply - delightfully surprised to see you here! However I don’t think the market played a role in the pricing, traders were and are mislead. Which isn’t really too difficult to do. When launched on Bittrex the price of ADA coin was arbitrarily anchored at a much higher price to establish higher trading levels than it would have if done fairly. I don't know if Bittrex or Cardano is responsible for this.

I think Cardano has a lot of things going well for it and could have fairly reached these heights maybe with a little more time, but instances such as this really makes a lot of us lose trust - one of the cornerstones of decentralisation is to ensure a powerful exchange or crypto elite do not manipulate pricing; if so we may as well as have banks and governments shelling us coins. 

Well, i dont trust in ICO's at all... i believe in the old school mined coins and development team
i will start investing in ICO's only after Komodo platform will run
thats when the change will really begin.
i see how the superNET team respects their platform, and the coins that will run on it, and i see a better future =]
when its safe enough to the world to really move into that technology, and not only start-ups

Why so many coins?

I really appreciate threads like these because they fairly express feelings without trying to be hostile. The reality is that Cardano has been an ongoing project since mid-2015 in one capacity or another and only recently did the initial participants have a chance to exercise liquidity. The price didn't suddenly go up exponentially due to a big pump rather it was a reflection that two years of progress have occurred from setting up research centers to developing the core client since the last price signal.

Finally there original market was scoped to Asia and now a much larger set of people are considering Cardano. It's reasonable to assume a dramatic shift and lots of volatility.

I do not feel as strongly as you do on this matter but I too have similar thoughts. When Hshare showed up at 1 billion and top 10 marketcap that also scared me and was like wait where did this come from? Now look where

it has gone, doubt it will make it back up. It does suck when the industry is highly unregulated and maybe this means we need to head towards some regulation but not an overwhelming amount. Also do note that legitimate

projects can show up on coinmarketcap just like that overnight. For example IOTA did a similar thing and they are still in the top 10 which shows strength for that cryptocurrency. As well SALT did the same thing and showed

up with nearly 200m mcap and is looking to be a strong and promising project. Therefore I think it works both ways but yeah I would agree that some regulation is necessary in the near future here.

I’m not a cryptographer, mathematician or a coder. I can’t review or comprehend Cardano’s open source and ‘patent-free’ code. I can’t gauge if it’s truly evolutionarily groundbreaking since it yet needs to be used and openly reviewed by the community, not just a select few from the elite scientific / cryptographic house of lords.

Which is why probably when I went through Cardano’s website and documents it caught my interest – it hit all the right notes! ‘First crypto in highly secure Haskell, industrial strength’, ‘unit of account settlement layer, control layer for smart contracts’, ‘geared towards privacy protection rights of users, also taking into account needs of regulators’, ‘can evolve and adapt quickly without schisms by way of soft forks’, 'multi-purpose modular and flexible proof of stake Ouroboros', ‘airtight democratically governed blockchain model’ are just a few conspicuously outstanding statements.

Charles Hoskinson, CEO of IOHK – someone I admire (his Udemy course on bitcoin was one of my early researches into crypto) – tends to be politically correct which is good in the crypto sphere.

However when you wake up in the morning and see a half a billion dollar market cap ADA coin just jump in, launched on Bittrex - a highly reputable exchange at what I presume is over 10x the ICO price, you actually begin to wonder if Jamie Dimon and the other crypto-naysayers have a point.

Seeing as Cardano has some of the most respected members of the crypto-community, with a history of being through the ups and more importantly the downs; you’d think they’d take care while launching onto a prominent exchange, because when half a billion dollars appear overnight at exponential pricing, people are going to lose money and get hurt. And calling them plebes who have to do their due diligence isn’t something that’s expected from such leaders of the community.

The space is unregulated and needs responsible leaders and community members alike, or else we continue to raise red flags to bodies like the SEC, have more China like ICO refunds, and lot of people losing faith in something as revolutionary and disruptive as blockchain and cryptonougat.