Cardano Founder Defies Crypto Critics Despite Bank Failures - CoinCu News
Key Points: Charles Hoskinson, the founder of Cardano, has taken a swipe at critics of cryptocurrencies in a recent tweet. Hoskinson drew comparisons between the operations of major crypto firms like Circle,...
Key Points:
- Charles Hoskinson, the founder of Cardano, has taken a swipe at critics of cryptocurrencies in a recent tweet. Hoskinson drew comparisons between the operations of major crypto firms like Circle, Paxos, and Tether and those of banks.
- Crypto critics have raised concerns about the unregulated nature of the industry and the risks posed by cryptocurrencies such as money laundering and fraud.
Charles Hoskinson, the founder of Cardano, has taken a swipe at critics of cryptocurrencies in a recent tweet. Hoskinson drew comparisons between the operations of major crypto firms like Circle, Paxos, and Tether and those of banks.
He highlighted that despite facing similar conditions that caused banks to fail, these crypto firms have remained resilient.
— Charles Hoskinson (@IOHK_Charles) March 13, 2023Circle/Paxos/Tether: “we’re going to hold collateral mostly in cash and T-bills.”
Nothing happens.
Government: “CRYPTO IS SUPER RISKY.”
Banks: “we’re going to hold collateral mostly in longer-dated TradFi bonds.”
Banks fail.
Government: “SEE, CRYPTO IS SUPER RISKY.”
Hoskinson expressed his frustration that despite this, the perception of cryptocurrencies has not changed much. In January, the White House released a statement titled “The Administration’s Roadmap to Mitigate Cryptocurrencies’ Risks,” which primarily targeted the US Congress with legislative advice.
While the statement aimed to mitigate the risks posed by cryptocurrencies, it has done little to change the perception of skeptics. Hoskinson’s tweet is just one of many voices in the crypto community that believe there is a need for greater understanding and recognition of the potential benefits of cryptocurrencies.
Crypto critics have raised concerns about the unregulated nature of the industry and the risks posed by cryptocurrencies such as money laundering and fraud. However, proponents of cryptocurrencies argue that they have the potential to revolutionize the financial industry and provide greater financial inclusion for people who are unbanked or underbanked.
As the crypto industry continues to mature and evolve, there is hope that greater understanding and recognition of its potential benefits will emerge. However, it is essential to address concerns around risks and regulations to ensure the continued growth and stability of the industry.
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