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Finbold

03/28/2024

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Cardano architect slams ‘zombie blockchain’ allegations

Not long after an article came out describing multiple blockchains, including Cardano (ADA), Tezos (XTZ), Litecoin (LTC), Algorand (ALGO), Monero (XMR), Ripple, and others, as “zombies” with “few users,”...

Cardano architect slams ‘zombie blockchain’ allegations

Not long after an article came out describing multiple blockchains, including Cardano (ADA), Tezos (XTZ), Litecoin (LTC), Algorand (ALGO), Monero (XMR), Ripple, and others, as “zombies” with “few users,” Cardano founder Charles Hoskinson clapped back in his own style – with humor.

Apparently, an investigation by Forbes staff revealed that about 50 cryptocurrency platforms are “today trading at values of more than $1 billion, of which at least 20 are functional zombies,” according to the article that the popular media outlet published on March 27.

What did the report say?

Indeed, the report has slammed these blockchains and their crypto assets as “useless,” “good-for-nothing,” and with “little utility other than for speculative crypto trading,” boasting “treasuries brimming with millions” and answering “to neither shareholders nor regulators.”

Picks for you

In particular, Forbes writers had especially vicious criticism aimed at Cardano, which they argued had “brought in $3 million in fees last year, despite the Cardano Foundation itself saying it hasn’t yet completed its developmental stages,” as well as its founder, saying that:

“Hoskinson himself seems to be the main attraction. He owns an 11,000-acre ranch in Wyoming, funds self-described alien hunters and recently opened an anti-aging and regenerative medicine center in the town of Gillette. (…) He claimed to have dropped out of a math Ph.D. program (…), but the school says Hoskinson was an undergrad who didn’t complete his degree.”

Charles Hoskinson’s witty response

In response, Charles Hoskinson posted an animation featuring zombies from the hit series South Park, mentioning the other platforms called out in the article, including Bitcoin Cash (BCH), Stellar (XLM), and Ethereum Classic (ETC), saying Forbes was calling them zombies “because we got all the brains!”

As a reminder, this isn’t the first time that the media has accused Cardano of being dead, irrelevant, or failing, which its founder pointed out in August last year, sending a message to all the nay-sayers that “Cardano is here to stay,” as Finbold reported back on August 15, 2023.

In fact, the declarations of death have happened many times even to the crypto market representative and flagship decentralized finance (DeFi) asset Bitcoin (BTC), specifically 476 times since 2010, including as recently as February 2024, according to the data retrieved from 99Bitcoins.

Ultimately, the modern blockchain industry will unavoidably have plenty of critics, whether with well-founded or misplaced criticism, but also supporters who, nonetheless, should approach this market with caution and do careful research, including keeping up with Cardano news, before investing.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk. 

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