Charles Hoskinson, co-founder of the Cardano blockchain, has labeled the decentralized computing platform Ethereum Classic (ETC) a scam that is benefiting “insiders who dump on those they recruit.” Hoskinson claimed that “Ergo is what ETC should have been and continues to innovate, has a purpose, good ethical leadership, and funding for the future.”
The POW Summit
According to Cardano founder Charles Hoskinson, the decentralized computing platform Ethereum Classic (ETC) is now a scam and “its only purpose is for insiders to dump on those they recruit with blind hope of some magical future that will never come.” In his rant against ETC on Twitter, Hoskinson, himself one of the co-founders of Ethereum, also slammed what sees as the platform’s lack of a roadmap or vision.
— POWSummit (@PowSummit) May 18, 2023
The remarks by Hoskinson were an apparent response to Bob Summerwill, the executive director at ETC Cooperative. In his tweet on May 18, Summerwill seemingly took umbrage at two Twitter users for mentioning or asking if the programmable blockchain Ergo is going to be represented at the upcoming Proof of Work (POW) Summit. Summerwill then attacked Ergo Foundation for ditching “their own 60K follower account to squat on stolen goods from Charles.”
As explained on its official website, Ergo is described as “a next-generation PoW smart-contract contract platform that enables new models of financial interaction.” The platform is said to be underpinned by “a safe and rich scripting language and flexible and powerful Zero-Knowledge proofs (Σ-protocols).”
ETC Is Now ‘Just Anger and Toxicity’
In subsequent tweets, the ETC Cooperative executive director also doubled down on his belief that Ergo was not only handed stolen property by Hoskinson but was also complicit in hurting the ETC community.
However, in his response to Summerwill’s taunts, Hoskinson sought to draw Twitter users’ attention to what Ergo has achieved and how this epitomizes what ETC should have been doing over the years.
“ETC is now a scam and its only purpose is for insiders to dump on those they recruit with blind hope of some magical future that will never come. There is no roadmap, innovation, team, or vision. It’s just anger and toxicity. The Twitter account was built up from years of effort and marketing at IOG. It wasn’t ethical to inflict upon those followers a project that is now a scam. Ergo is what ETC should have been and continues to innovate, has a purpose, good ethical leadership, and funding for the future,” Hoskinson said in his response.
Although some followers of Ergo and Hoskinson on Twitter have bemoaned the absence of Ergo from the event that will run from Sept. 25-27, an official website for the summit shows that the meeting will still be graced by the crypto industry’s biggest names. Some of the high-profile individuals that are expected to speak at the summit include Charlie Shrem, Jameson Lopp, Litecoin founder Charlie Lee, and Caitlin Long of Custodia Bank.
What are your thoughts on this story? Let us know what you think in the comments section below.
TapTax - Cardano Crypto Taxes Made Simple. Available Now!
Simplify your Crypto Tax experience! From a passive holder, to day trader, to NFT project, we have your taxes covered.BUY NOW!