Charles Hoskinson, the founder of Cardano, recently went on a rant about the problems plaguing the cryptocurrency industry. He believes the issues run much deeper than just technical limitations.
The Culture of Gossip and Outrage
Hoskinson’s main point? The crypto industry’s biggest problems aren’t technical (like transaction speeds or block sizes). Instead, he blames a culture that prioritizes spreading rumors and outrage over facts and evidence. He specifically called out certain crypto media outlets for irresponsible reporting, claiming they’re more interested in sensationalism than truth.
A Scathing Attack on Crypto Media
He didn’t hold back, accusing outlets like CoinMarketCap and Cointelegraph of publishing false information – a $600 million ADA theft allegation – without proper verification or even contacting Cardano for comment. He famously declared that crypto media is “absolutely unredeemable and it has to be burned to the ground.” He even suggested a solution: “veracity bonds” that would make publishers financially responsible for accurate reporting.
Facing Legal Pressure and Finding Legislative Hope
This outspoken criticism comes at a time when Cardano is facing legal scrutiny. An investigation is underway into allegations of ADA misuse. Hoskinson dismissed these claims as false and offensive. However, he also expressed optimism about recent positive developments in US legislation, specifically praising the progress of the GENIUS Act, which he believes could bring much-needed regulation and legitimacy to the crypto space.
Beyond the Headlines: A Deeper Problem
Hoskinson lamented how easily accusations spread on social media, often without consequences. He contrasted this with the past, where accusations required more substantial evidence. He feels this culture of instant judgment and lack of accountability is harming the industry.
A Call for Change and Resilience
Despite the challenges and his own personal struggles (he mentioned health issues and exhaustion from travel), Hoskinson remains optimistic. He urged the crypto community to persevere, emphasizing the need for a more ethical approach to cryptocurrency, moving beyond a purely profit-driven model. He believes Cardano’s best days are yet to come.
ADA’s Current Price
At the time of this writing, ADA was trading at $0.7635.
