Cardano founder Charles Hoskinson has responded to criticism from Bitcoin supporters by disputing integrity claims and questioning Michael Saylor’s BTC buying practices.
IOG CEO Charles Hoskinson once again finds himself at the center of a heated debate in the crypto community. The current debate revolves around a statement by Bitcoin supporter Chetan Kaur. Kaul’s comments posted on X contrasted Bitcoin’s leadership with other cryptocurrencies, which led to his interaction with Hoskinson.
They never explain the poor alignment. They never explain the high integrity part. They literally worship people who just borrow money to buy Bitcoin. A major breakthrough that will change the world’s economic, political, and social systems.
Welcome to the cult https://t.co/SgYI3rqwLu
— Charles Hoskinson (@IOHK_Charles) October 3, 2024
Criticism and community reaction
For context, this conversation started when Kaul shared a post comparing Bitcoin ambassadors to those of other crypto projects, which he called “shitcoin.” He argues that Bitcoin, as “money with high integrity,” attracts ambassadors of high integrity like Michael Saylor, while “shitcoin with low integrity” attracts figures like Charles Hoskinson. said.
The comment sparked reactions, including from Hoskinson himself, who questioned the definition of integrity used in Kaul’s argument. Hoskinson noted that Bitcoin proponents are often unable to explain the definition of low or high consistency. He also criticized Saylor’s financial strategy for borrowing money to buy Bitcoin.
MicroStrategy BTC purchase behavior
Under the leadership of Michael Saylor, MicroStrategy has consistently established itself as one of the largest institutional investors in Bitcoin. The company currently holds a total of 252,220 Bitcoins as of September 20, 2024.
According to the latest data, the company has made two significant purchases recently, acquiring 18,300 Bitcoins for $1.11 billion on September 13th, followed by 7,420 Bitcoins for 4 on September 20th. Acquired for $58.2 million. These acquisitions result in total expenditures of approximately $9.91 billion at average purchase price. $39,292.18 per Bitcoin.
Community joins the conversation
In addition to Mr. Hoskinson, other community members also joined the discussion and defended his contributions to the Cardano blockchain. One notable comment highlighted Cardano’s decentralization and security, highlighting the contrast between Cardano’s technological advancements and Saylor’s use of the tradfi system to purchase Bitcoin.
Mr. Kaul’s rebuttal to these defenses still focused on his disdain for what he called “shit coins” and doubled down on his position that Bitcoin is still superior.
Hoskinson, on the other hand, has always advocated the superiority of Cardano. In a previous interview with Altcoin Daily, he discussed Cardano’s potential to surpass Bitcoin. He argued that Cardano’s community-driven approach and ability to adapt quickly will allow it to establish itself as a leader in the crypto space.
Recognition of Cardano founders at ETH10X
This recent exchange took place shortly after Hoskinson received an award at the ETH10X event in Switzerland. The event, which celebrated Ethereum’s 10th anniversary, recognized Hoskinson’s role in the development of Crypto Valley.
Along with seven other Ethereum co-founders, Hoskinson was honored for his contributions to blockchain innovation. The ETH10X event highlighted the impact Ethereum has had on the global blockchain industry, particularly in establishing Zug as a central hub for the sector.
Input Output Global, the blockchain engineering company co-founded by Hoskinson, released a statement highlighting the importance of the event and Hoskinson’s involvement. During the ceremony, Mr. Hoskinson expressed his gratitude for this recognition and acknowledged the importance of Crypto Valley’s growth over the past decade.
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