In a spirited defense of Cardano (ADA), founder Charles Hoskinson rebuked claims that the cryptocurrency is obsolete. The dispute ignited when Ben Armstrong, known as BitBoy Crypto, declared Cardano and Polkadot (DOT) as “obsolete to institutions” on a platform.
**Armstrong Proclaims ADA and DOT as “Obsolete to Institutions”**
Armstrong reiterated his stance from an April video, suggesting that ADA and DOT are missing the institutional support that benefits rivals like Ethereum (ETH) and Solana (SOL). He insinuated that although ADA and DOT may yield profits, they won’t match those from tokens backed by institutions.
**Hoskinson Rebuts “Dead Coin” Allegations**
Hoskinson promptly contested Armstrong’s controversial remarks, challenging the emphasis on institutional endorsement and recalling the foundational goal of cryptocurrencies to circumvent traditional financial systems.
**Cardano on the Cusp of Breakthroughs**
Hoskinson highlighted Cardano’s imminent technological breakthroughs, including an upcoming hard fork, and developments in decentralized applications (dApps), layer-2 scaling solutions such as Hydra, and partner chains like Midnight and Prism.
**Community Reaction: A House Divided**
The altercation has polarized the crypto community. Cardano enthusiasts have commended Hoskinson for adhering to the project’s ethos and technological progress. A community member remarked, “Basing the success of a decentralized chain on centralized institutions is counterproductive.” Conversely, critics echo Armstrong’s viewpoint, citing Cardano’s market performance and stagnation as signs of its diminishing significance.