Cardano Founder Slams Meme Coins As ‘Worthless’, Warns Speculators

by

As a seasoned researcher with years of immersion in the crypto-verse, I can wholeheartedly agree with Charles Hoskinson’s perspective on meme coins. Having witnessed the ebb and flow of countless digital currencies, I find myself nodding in agreement when he labels them as fundamentally devoid of value.

Charles Hoskinson, the founder of Cardano, delivered a scathing critique of meme coins in a live stream broadcasted on Halloween, October 31, 2024. Speaking from Colorado, Hoskinson addressed the current state of the crypto market, focusing particularly on the proliferation and perceived inherent flaws of meme-based cryptocurrencies.

Cardano, Not Meme Coins

Charles Hoskinson was blunt in his critique of meme coins, calling them fundamentally worthless. “Meme coins don’t have value, they never will, they can never have value,” he emphasized. In essence, he said, “Please stop thinking that they do, you immature investors. It’s time to mature financially.

In further detail, Hoskinson expressed his disapproval of meme coins, describing them as fundamentally volatile and susceptible to manipulative trading strategies like pump-and-dump schemes. Essentially, he argued that if you buy a meme coin token, it will temporarily increase in value due to others jumping in, but then the price will inevitably drop because people will sell their tokens back to you (a dump). This is how such coins have always functioned and always will, according to Hoskinson.

Cardano’s founder, Hoskinson, critiqued the impact of social media on the rise of meme coins. He pointed out that there is little accountability among self-appointed experts and analysts in this field, and it’s simple to create and promote these coins online. In his words, “They serve no purpose. There’s no underlying culture for someone creating a meme coin from my image for the sole intention of price manipulation.

In simpler terms, the creator of Cardano wondered why meme coins have gained such popularity during this cycle. He explained, “We are aware that these types of coins have no real worth. There’s no practical use for them. Once they lose their appeal, they drop to zero… The reason people seem interested in meme coins at the moment is because they’re bored… We’ve experienced three tough years of a bear market, and it’s been really difficult, so people are looking for ways to utilize their cryptocurrency wealth,” Hoskinson clarified.

Contrasting meme coins, Hoskinson praised Cardano’s robust fundamentals and far-reaching ambitions. “Consider something like Cardano,” he highlighted, “It has an on-chain governance system, a smart contract platform, and a network that boasts 1.4 million users, providing secure data storage. It’s been consistently operational for seven years now. This infrastructure can serve as the base to reconstruct the very fabric of our society.

In addition to discussing cryptocurrencies, Hoskinson also explored wider social issues, showing his discontent with the present quality of public conversation and responsibility. He tied the increase in meme coins to a “shallow market” and societal distractions, implying that superficial discussions – not just in crypto but across various topics – foster speculative and unproductive financial behaviors.

In wrapping up his speech, Hoskinson urged the crypto community to emphasize thoughtful interaction and sensible investment. He encouraged users to concentrate on the practical use and lasting possibilities of blockchain technologies instead of getting caught up in the temporary excitement of meme coins. “If you manage that,” he said, emphasizing the self-sovereignty ideology that forms the foundation of Cardano’s mission, “then you truly embody a crypto user – one who is deserving of being their own bank and taking control of their own life.

At press time, ADA traded at $0.3468.

Read More

2024-11-02 01:41