Cardano Should be pennies not dollars:
https://www.stateofthedapps.com/dapps Ethereum has thousands of functional dapps
https://cardanocrowd.com/dapps?page=7 Cardano has static web pages
https://www.sundaeswap.finance/coming-soon
NFT working but that’s just tokens it’s not smart contracts
https://www.politikoz.io/search
Wallets but again we’ve had this for ages it just shows it a functional ledger not a smart contract platform:
OK so you know me so let’s go down the rabbit hole so you can understand the toxic garbage can of Cardano and the lying snake oil salesman who is the CEO of this thing Charles Hoskinson.
Charles claimed thousands of dapps would migrate to ADA never happened, heart of defi, never happened, full smart contract capability never happened.
This garbage can of lies was launched in 2015. By 2018 they had a centralised blockchain and a buggy wallet daedalus. Hoskinson claimed within 1 year it would have fully decentralised, smart contracts, multi sig, lots of liquidity, hardware wallets, delegations, mobile support and compete pound for pound with btc and eth all by 2019 EOY. Yeah he actually said that. The year after he claimed he would have sharding up and running in 2020 and all finished lmao. It took them until september 2021 to get basic smart contracts out NOT full smart contracts like eth that’s why there’s no DeFi.
In october 2019 there were 5 people working on Cardano. 5 ethereum has around 1,243 at this time. How could 5 people possibly hope to make something as comprehensive as 1,243.
Why did Charles claim such a lofty goal for completion by october 2020. Well because IOHK was contracted to work on the project only up until 2020. Charles before IOHK was part of the Bitshares project (funded by Li Xaiolai) from July 2013-October 2013 and was let go.
On june 2 2013 Dan Larimer came up with the idea of a fiat and bitcoin exchange without the need for fiat deposits. Charles sent the idea to a Chinese investor and within 3 months they parted ways. In 2013 Vitalik Buterin wrote the white paper for eth to expand the financial capabilities of blockchain through smart contracts. There were 8 founders ( I won’t list them here) that Vitalik put together and Charles is one of them. He then kicked off a war of controversy with this post shortly after joining eth.
Bit shares responded with this (whoops breach of NDA)
And from Dan Larimer
All what Dan says here will be proved right once again.
Now how long does he last at ethereum… 6 months Dec 2013-May 2014. Vitalik and the team wanted to keep eth as a not for profit foundation and keep the crypto punks mantra going. Charles on the other hand saw the sweet sweet cookie jar of the ethereum foundations treasury and wanted to dip his fat little fingers in. So on your bike Charles. He was entitled to 293k ether and claims he didn’t take it at the time Eth was not trading or released so it was not worth much at the time. He later admits he was pissed off in the below forbes article and even refers to the market cap. I think he underestimated how much money he turned down and probably thought Eth would be worthless under a not for profit model.
Here’s an article at the time. Note at the end he runs ethereum classic and Cardano at that point and made his money from BTC dumping at the top. It also states IOHK (input output Hong Kong) owns a lot of cardano. The most masterful PnD of his career.
Here’s Vitaliks comments from the time.
If you follow the link it takes you to this
Yes the spiteful little man funded 7 full time Devs on eth classic for 1 year before pulling the rug on the funding and focusing on Cardano oh and guess what ADA ICO funds paid for this and oh ADA was more or less sidelined during this period. During this time he attempted to make IOHK to et classic as the ethereum foundation is to eth. By end of feb IOHK submitted a proposal to have a treasury within the protocol layer. The core devs of the fork had massive opposition as it would create an inflationary model. Charles ended up writing a letter of apology to try and explain the reasoning for the changes (to line his pockets most likely) but by the end of the letter he ended up insulting the core devs. https://etherplan.com/2021/06/01/ethereum-classic-treasury-response-to-charles-hoskinson/15909/ here the devs response if youre interested. He retired the eth classic team at the end of 2018 when he realised his takeover attempt and rugpull of the funds failed.
And how did eth classic perform… well 5 sybil attacks later not well. That’s an attack where a malicious actor takes control of the network basically making it non-secure and the ledger changeable at their will. Imagine if all the tesla cars spontaneously set fire it’s kind of that bad.
Not looking like a man you want to invest in so far is he?
Now IOHK he partnered with Jeremy Wood to start IOHK aka input output Hong Kong which claims to have built blockchain tech for governments and corporations and was paid in BTC? Nah it was the Cardano ICO that did that. Go look for yourself what projects did they build and why would anyone pay in BTC back in 2015. Also when did it launch September 1st 2015 Input Output Hong Kong "IOHK" | StartUs haha same day as ADA ICO paid in BTC my ass. They made the money from the Cardano ICO. Lies on top of lies on top of more lies.
So the cardnao ICO and a lucky timing with 2017. With the ICO it was 100% marketed in Japan and other asian countries and it was difficult to know who contracted IOHK to build cardano. It could have been the Japanese venture arm Emergo, cardano foundation or Charles himself. Now they started to seek funding from Japanese investors and the lead company to jump in first was Attain corporation which to me looks like a fake one as i can’t find anything about it but it had a facebook at the time
Around the time Michael Parsons joined the cardano foundation as the chair. “Attain” partnered with a japanese Crypto shill Tadashi izumi (might not be right spelling)
Who marketed investing in crypto as a stress free life and compared cardano to bitshares which had 5.4x at the time and eth which had 60xed. He also marketed Charles as a genius mathematician.
Here’s some links from concerned Japanese investors who saw it as a scam. After it flying more red flags than a Spanish bullfighter. The calls for fraud stopped after the massive pump when the coin hit the exchanges and got its ass saved by the 2017 IOC bull run as the vesting release was set to end in Q1 2017 if it wasn’t for that bull run he might be in a Japanese prison for massive fraud. Problem is that 90% plus of all the coins have been released to the Japanese investors. This means the network is effectively in their stranglehold (well unless charles has a few extra coins wink wink). The ICO raised $63 million and the investors got vouchers for the tokens but nor tokens from the outset.
Here’s a nice pic of Charles with the scammy Japanese shill man (who he claims he does not know lmao) and Michael Parsons who resigned after allegedly misappropriating funds from the foundation.
So we previously looked at his revenge play with eth classic (revenge on Vitalik) and rugpull takeover attempt of eth classic while he pissed some of the ADA ICO funds up the wall with that he more or less abandoned cardano which was meant to be ready by Q1. Remember that fake company Attain well, they were the main point of contact for the Japanese investors and they went cold in Q1 2017 as their contract stated it would cease to be the lead investor at that time. Well this coupled with the lack of development and price action lead to the investors suspecting a scam as previously listed. However their fears went away when Chales go lucky and BTC mooned in 2017 and the ICO craze started when any old crap could moon even ADA and one of Charles’ redeeming features is he can sell sand to the desert. So lucky timing a moon mission and the investors got out with a profit. I mean they did promise retirement level returns lol. The daedalus wallet was rushed out in 2017 to get the vouchers redeemable and cash in on the moon mission of crypto. Here’s the sentiment around the wallet at the time bear in mind this is the first thing they made in 4 years.
In 2018 the guardians of cardano (who were invested in and wanted to save the project) were concerned about the structure of how funds were distributed and who had control of the network. Charles Hoskinson wrote an open letter in which he asked Michael Parsons (formally best buds) to resign voluntarily as he was misappropriating funds.
Heres a transaction of the ADA held by IOHK from jul 2020 Transaction | Cardano Explorer
2.4 billion ADA and its growing with staking and for some reason they keep it moving (got something to hide Charles?) at the time $288 million oh BTW he took a PPP loan at the time
Hopefully by now it’s starting to make sense why they never hit targets and continuously delay aka kick the can down the road. There are no dapps NFTs are tokens not Dapps. It’s smoke and mirrors and lies. And even if they do get dapps big deal layer 1’s are 10 a penny at this point (none come close to eth, well Dot maybe a couple of others).
Smelly shelly delays.
And his past of screwing people is catching up to him
Oh and by the way it’s Professor Michael Mainelli former partner and director of research suing them.
But the techs really good what about the white papers
It doesn’t work there’s no dapps. Go on reddit or anywhere really there’s technical issues all over the place, did i mention there’s no Dapps. I’m not going to waste time deconstructing his technobabble when there’s no dapps and it does nothing other than move tokens. Thats a blockchain not a smart contract platform. Also the smart contract launch was not full smart contracts. Again i would detail more but why bother it’s obvious there’s no dapps. Could you get this thing to work, yeah eventually but why invest in this when there’s so many better platforms. I bought a bag in 2020 and rode to $1.50ish and made some nice profits because as i say Charles has many downfalls but selling well that’s not one of them. But eventually the fundamentals will come into play and people will wonder what have I actually bought?
Feel free to present the counter case. I know I’m very harsh in the above and I have nothing against holders, purchasers or traders of ADA (I mean I had some) so please don’t take this as any affront to you ADA bulls. Who knows if you bulls can gore this bear with your horns maybe you can make another Bull.