Following an article characterising several blockchains, including Cardano (ADA), Tezos (XTZ), Litecoin (LTC), Algorand (ALGO), Monero (XMR), Ripple, and others, as “zombies” with “few users,” Cardano founder Charles Hoskinson responded in his signature style – with a touch of humour.
Reportedly, an investigation by Forbes staff found that approximately 50 cryptocurrency platforms are “trading at values of more than $1 billion, with at least 20 being functional zombies,” as stated in the article published by the popular media outlet on March 27.
What did the report highlight?
The report criticised these blockchains and their cryptocurrencies as “useless,” “ineffective,” and having “little utility other than for speculative trading,” with “treasuries full of millions” and no accountability to shareholders or regulators.
Forbes particularly targeted Cardano, citing that it “generated $3 million in fees last year, despite not completing its developmental stages,” and also took aim at its founder, stating:
“Hoskinson himself appears to be the main focus. He owns an 11,000-acre ranch in Wyoming, finances self-proclaimed alien hunters, and recently inaugurated an anti-aging and regenerative medicine center in Gillette. (…) He claimed to have dropped out of a math Ph.D. program (…), but the school indicates that Hoskinson was an undergraduate who did not finish his degree.”
Charles Hoskinson’s Response:
In response, Charles Hoskinson shared an animation featuring zombies from the TV show South Park, mentioning the other platforms described in the article, including Bitcoin Cash (BCH), Stellar (XLM), and Ethereum Classic (ETC), and quipped that Forbes labelled them zombies “because we’ve got all the brains!”
It’s worth noting that this isn’t the first time the media has labelled Cardano as dead or failing, as highlighted by its founder in August of the previous year, asserting that “Cardano is here to stay,” as previously reported by Finbold on August 15, 2023.
In fact, such claims of demise have been made numerous times even against Bitcoin (BTC), the flagship asset of the cryptocurrency market and decentralised finance (DeFi), a total of 476 times since 2010, including as recently as February 2024, according to data from 99Bitcoins.
Ultimately, the blockchain industry will inevitably face criticism, whether well-founded or not, but also has its share of supporters. However, potential investors should approach this market with caution and conduct thorough research, including staying informed about developments in Cardano, before making investment decisions.
