The Crypto Community War Against Cardano Continues: Arthur Hayes Calls ADA “Dog Shit” - Crypto Economy

TL;DR 

• Arthur Hayes, ex-CEO of BitMEX, shares his views on the crypto market, its trends, challenges, and opportunities.
• Hayes predicts a bull market for Bitcoin and Ethereum, but dismisses Cardano as “the first Ethereum imitator” and “dog shit.”
• Hayes advises crypto investors to stick to their strategies, avoid greed, and take profits when appropriate.
  

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In a recent interview with Jessica Walker, the co-host of Coin Bureau, Arthur Hayes, the co-founder and ex-CEO of BitMEX, offered his perspective on the present and future trajectory of cryptocurrencies. Hayes, known for his eloquent and candid views on the crypto sector, gave a detailed analysis of the market trends, regulatory frameworks, and technological progress that are influencing the evolution of digital currencies, and referred to Cardano’s ADA as “Dog Shit”.

Hayes initiated the conversation by examining the profound influence of COVID-19 on conventional workplaces and its indirect impact on the commercial real estate and banking industries. He underscored the transition towards remote work and its consequences for utilizing office spaces, hinting at a potential financial crisis triggered by the depreciation of commercial real estate assets.

Exploring the future of the crypto market, Hayes stressed the inevitability of central banks increasing their money supply to alleviate risks in the banking system. He contended that such measures would stimulate a bull market in cryptocurrencies, with Bitcoin and Ethereum poised to gain substantially from the ensuing devaluation of fiat currencies.

Hayes also addressed the regulatory environment, specifically the launch of spot Bitcoin ETFs in the United States. He voiced doubts about the actual decentralization and impact of these financial instruments, suggesting they might consolidate Bitcoin ownership and control while providing conventional investors with access to crypto returns.

Arthur Hayes Examines the Macroeconomic and Technological Factors Influencing the Crypto Market

In terms of individual cryptocurrencies, Hayes expressed a positive outlook on Bitcoin and Ethereum, attributing their foundational roles as “crypto money” and a “decentralized computer,” respectively. However, he was more skeptical about Cardano, labeling it “the first Ethereum imitator,” and questioning its competitiveness with Ethereum and its relevance in the blockchain domain.

For all you $ADA believers, what dAPP on this list originally launched on Cardano, or has a Cardano offering that is heavily used? From my very limited knowledge, looks like none of them do. That's why $ADA is dog shit. @IOHK_Charles pls educate me.

Yachtzee 😚😚😚😚😘😚😘 pic.twitter.com/riQORI6Ipy

— Arthur Hayes (@CryptoHayes) February 21, 2024

Hayes’ controversial comment about Cardano being of low quality has sparked a discussion within the crypto community. Supporters of ADA criticized Hayes’ remarks, disputing his opinions and pointing out the absence of significant dApps on the platform. At the time of writing ADA trades at $0.5921.

At the time of writing, Charles Hoskinson, the founder of ADA, has not issued a comprehensive counterargument. Despite his reputation for a robust defense of Cardano, Hoskinson has adopted a notably restrained stance, which could be described as mild-mannered.

Hayes wrapped up the interview by advising crypto investors strategically, underlining the importance of defining clear objectives and realizing profits in line with one’s investment strategy. He warned against greed and the allure to stray from established investment tactics, advocating for disciplined trading and investment practices.