Charles Hoskinson discussed the rapid growth of the Cardano (ADA) ecosystem in a recent YouTube video, as well as the concerns made by other members of the crypto community during the past year.
When it comes to the government’s view on cryptocurrencies, Hoskinson calls them an arbitrary group of individuals who get to be fact-checkers and decide what’s valid. He pointed out that the US dollar and other fiat currencies are used in the great majority of financial crimes.
He also stressed the importance of changing Silicon Valley’s “bizarre motto of move fast and smash things” in crypto, which led to $10.5 billion in losses in the decentralised finance (DeFi) market in 2021. Hoskinson emphasised Cardano’s deliberate and slow approach, saying:
“That’s why VCs don’t even actually understand that Cardano has a community. They think it’s just me behind a microphone.”
Plans for Cardano in 2022
Cardano will gradually transition into a permanent open source project, according to Hoskinson, who compared it to the Linux operating system. He intends to move away from a hierarchical system and toward open-source DApps created by Cardano community members.
In the long run, Hoskinson believes that this “small resource commitment” will speed up the fulfilment of the Cardano roadmap.
Hoskinson’s reply to critics
“We’re number one for GitHub commits,” he said, addressing YouTubers, podcasters, and VCs who have questioned Cardano’s growth.
He says that if you’re going to remark on the quality of our comments, tell us which ones are incorrect, which ones are meaningless, and which portions of the roadmap we’re drastically failing at.
He also talks about the overall crypto market as he says, the crypto ecosystem’s growth this year may be slower than in 2022
In his opinion it’s difficult to argue with a $2.5 trillion industry and predict where it’ll go. He believes we will just accept as an industry the repercussions of being so large so quickly, for better or worse.
ADA Price Action
Cardano’s price is presently trading at $1.36, up by 3.3% in the last 24 hours. ADA’s resistance level is $1.38; if it can break through this level, it could break through to $1.40 and beyond.The support levels are at $1.28 and $1.20 on the downside.