Cardano (CRYPTO: ADA) has fallen by 24% in the past week, taking it to a five-year low of $0.16. Sure, cryptocurrency prices have taken a dive across the board, but Cardano has dropped more than 75% in a year, and what's happening goes beyond its price: Cardano's model is failing. In an emotional video, Cardano's founder Charles Hoskinson described the ecosystem as a "toxic **** scape" and called on the community to make major changes to stop Cardano from dying.
When you hear such dire warnings from the face behind a project, it is time to think about selling your crypto. I've held Cardano for years because I believed there's long-term potential in a research-driven crypto that aims to use the blockchain to make a difference in the world. I admire Hoskinson, and I still think Cardano has strong technology and the know-how to solve big problems in the sector. But it is shooting itself in the foot with ongoing infighting and an inability to make key decisions.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
Cardano's issues came to a head this week with the news that TapTools, a key **** ytics and price-tracking platform, will cease operations. After the departure of key personnel, the team said the economics of keeping it running no longer worked. It isn't just TapTools; this follows last month's closure of JPG Store, and Hoskinson warned that more projects will fail.
It matters for two reasons. First, project closures reflect a shrinking ecosystem, which is the opposite of what Cardano needs. Having lots of applications, users, and developers is how cryptocurrencies build value and continue to innovate. Cardano is already trailing its competitors in key metrics, like the amount of funds on its network and stablecoin issuance.
When you hear such dire warnings from the face behind a project, it is time to think about selling your crypto. I've held Cardano for years because I believed there's long-term potential in a research-driven crypto that aims to use the blockchain to make a difference in the world. I admire Hoskinson, and I still think Cardano has strong technology and the know-how to solve big problems in the sector. But it is shooting itself in the foot with ongoing infighting and an inability to make key decisions.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
Cardano's issues came to a head this week with the news that TapTools, a key **** ytics and price-tracking platform, will cease operations. After the departure of key personnel, the team said the economics of keeping it running no longer worked. It isn't just TapTools; this follows last month's closure of JPG Store, and Hoskinson warned that more projects will fail.
It matters for two reasons. First, project closures reflect a shrinking ecosystem, which is the opposite of what Cardano needs. Having lots of applications, users, and developers is how cryptocurrencies build value and continue to innovate. Cardano is already trailing its competitors in key metrics, like the amount of funds on its network and stablecoin issuance.
4 months ago
