The Cardano co-founder, Charles Hoskinson says that the cryptocurrency market is disconnected from reality. Hoskinson made the assertion via a post on Twitter. The September 7 post says that the reality about the market is that it is not connected to the real world as people may be made to believe.
Cardano Has Never Been Stronger
In the post, Hoskinson said,
“A universal truth about crypto is that the markets are disconnected from reality.”
He however stated that Cardano “has never been stronger” and emphasized that there are many other projects that are “solid” even though most times, this is not reflected in the industry. He added that macro factors always win.
A universal truth about crypto is that the markets are disconnected from reality. Cardano has never been stronger and frankly many other projects are also solid across the industry, yet you don’t see that reflected- just a sea of red. Macro factors always win out. (1/2)
— Charles Hoskinson (@IOHK_Charles) September 6, 2022
Hoskinson said that the focus of a blockchain project should be its purpose and how it helps people. Then people should look at the problem that it solves that seemed impossible to solve in the past. He emphasized that the best days are still ahead for the Cardano blockchain.
Focus On Purpose of The Tech
“The focus needs to always be the true purpose of the technology. The problems it solves. The people it helps. The previously impossible new experiences that are enabled. ”
In their response to Hoskinson’s statement, a Twitter user, Paulus11235 said that many people do not give Cardano the regard that it deserves mainly because the blockchain’s currency, ADA, has not performed as they expect in the market.
Crypto Are Mainly Speculative
He said that what many people fail to understand is the scientific value of the blockchain and what it could accomplish as a use case down the line.
Another user, Mariana M. @4von2 said that cryptocurrencies are mainly speculative instruments. She said that the only exceptions are stablecoins and maintained that the only reason people are interested in cryptocurrencies is that they hope to make gains while speculating on them.
According to her,
“Markets don’t track crypto’s technical achievements because they enable only potential, unrealized utility. Non-stable cryptocurrencies aren’t currencies, they are volatile, speculative assets and it’s why the markets are “disconnected from reality”, except they’re no”