Cardano Ambassador Addresses FUD Surrounding The Project
November 30 2021 - 6:00PM
NEWSBTC
Cardano has been in the middle of some major FUDs these past weeks
and this has not been good for the value of the digital asset.
Numerous negative news circulated around the asset, the most
prominent being the delisting of ADA for U.S. users from the eToro
crypto exchange. Since then, the altcoin has suffered massive dips
that have sent the price of the digital asset towards three-month
lows. Related Reading | Cardano Founder Addresses Liquidity
Concerns Over eToro Delisting Although news of the delisting is a
week out, the FUD surrounding the project has not subsided. This
has prompted a Cardano ambassador to take action and has led to a
run-down of why the FUD around the digital asset has refused to die
out. Cardano Is A Legitimate Alternative To Ethereum The Cardano
ambassador took to Twitter to address all of the FUDs that have
been circling the altcoin in recent weeks. For one, they explain
that most of it have been because Cardano presented the only
legitimate alternative to the leading smart contracts platform,
Ethereum. This leans into the fact that Cardano has often been
proposed as an “Ethereum killer” after smart contracts capability
has debuted on the blockchain. They pointed to the network activity
that showed that Cardano’s activity has consistently been on the
rise in the past few weeks. While Ethereum had maintained momentum
in the same time period, Cardano had spiked significantly, pointing
to increased adoption. Yet, the market continued to treat the
digital asset like it is a failing project. Furthermore, Cardano
had recorded such heavy spikes in network activity despite still
being a bit away from the first decentralized exchanges launching
on the network. Right now, NFTs are the only avenue with which both
blockchains compete and Cardano has already recorded more activity.
Cardano network activity spikes above Ethereum | Source: Twitter
The ambassador closed out the Twitter thread by saying pointing out
that the network has not really been given any benefit of the doubt
since it launched. Nevertheless, the project has proved the market
wrong and will continue to do so. We have never been given the
benefit of the doubt by the industry. We were told we could never
do PoS and our consensus will never work – we proved them wrong.
Now we are told our ecosystem will not have any worthwhile dapps
and we will prove them wrong again. — Southrye – (₳) (@Southrye)
November 28, 2021 ADA continues to suffer dips | Source: ADAUSD on
TradingView.com ADA Struggles Against FUD The impact of all the FUD
that has been circling the project has shone through in the price
of ADA. The digital asset had dipped below $1.5 for the first time
in three months and had touched the low $1.4 before recovery back
up again. All progress that Cardano had made during this period had
been buried underneath the FUD and panic among investors as
sell-offs continued. Related Reading | Cardano Active
Addresses Shoots To New Highs Amid Downtrend Despite this, the
asset has not lacked support from its community. Taking to Twitter,
others expressed their outlook for the future of the
cryptocurrency. Choosing to focus instead on the potential of the
blockchain instead of the current situation. $ADA can be more
scalable than #ETH. #Cardano uses a fraction of the energy of $BTC
& $ETH. Ether’s fees are high & #ADA is a strong
competitor. $ADA's scarcity of 45B coins will lead to an increase
in value & demand, and will also provide banking services to
the Worlds unbanked — Andrew | Investing, Stocks & Crypto
(@FluentInFinance) November 28, 2021 Cardano founder Charles
Hoskinson also took time out to approve of the message being
passed. The founder tweeted that others were terrified of Cardano
due to being a self-sustaining project that doesn’t need outside
help to grow. And they are terrified because there doesn't need to
be some magical Cardano 2 to survive. It's a future proof design
and we are systematically building towards it together with the
strongest and most engaged community brick by brick
https://t.co/JDOKhAwrZA — Charles Hoskinson (@IOHK_Charles)
November 28, 2021 Featured image from Bitcoin News, chart from
TradingView.com
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