Cardano [ADA] Head Focuses on Product – Isn’t Concerned with the Price of ADA

Cardano [ADA] – Cardano’s co-founder, Charles Hoskinson, has been a long-criticizer of crypto day-traders and those concerned over the daily price of coins.

The ignorance and stupidity of day traders never ceases to amaze me. I do not and legally cannot influence price. It’s not within my power. Stop looking to me as a get rich quick solution. I’m here to build Cardano and we are provably doing that every single day https://t.co/F18AoyiV1z

— Charles Hoskinson (@IOHK_Charles) March 9, 2018

Hoskinson followed his statement by saying:

The markets went from 250 dollar bitcoin to 20,000 dollar bitcoin in a year without much change in fundamentals. Add that these are thin markets, mostly unregulated, subject to black swan events and filled with retail money. = massive volatility and high risk. What’s not clear?

— Charles Hoskinson (@IOHK_Charles) March 9, 2018

Many new investors flooded the cryptocurrency space towards the end of last year, purely based on “FOMO” and because they heard the random stories of individuals making enough money to buy Lamborghinis. A large number of these investors were new to investing and hadn’t done any research or due diligence on the projects/coins they were investing in. It quickly became the gamble of which one will shoot up 1,000%, as most of them were doing Q3 and Q4 of 2017.

When the market started dropping, many of these same investors began to panic as they had never seen the crypto market in the red before and had zero experience in general market movement. These investors also had no clear understanding of the technology behind cryptocurrency and its longevity for the future.  Thus causing the market to crash $500 billion in just 30 days time.

Now, it seems investors are entering the market doing their research and believing in the projects of the coins they are investing in and also the team’s ability to execute the vision.

>> Did Tether (USDT) Manipulate the Price of Bitcoin (BTC)?

Market Manipulation

Yesterday, a new study by two professors at the Universite of Texas – Austin surfaced and displayed an argument stating that Bittrex and Tether (USDT) more than likely manipulated and influenced the price of digital currencies during the latter half of last year.

Hoskinson responded to the paper, that has now been downloaded 11,671 times, by saying:

This is a really interesting read and a significant result. If it’s true, then it’s one of the most dangerous discoveries: https://t.co/uCkDb7PMvc everyone is talking about price manipulation

— Charles Hoskinson (@IOHK_Charles) June 13, 2018

A Twitter user by the name of @Ripoff_TA responded to Hoskinson’s original post by saying, “What do, Charles?”

The Cardano co-founder then responded:

We build real value. It takes time and effort, but it sustains

— Charles Hoskinson (@IOHK_Charles) June 13, 2018

Despite probable digital asset price manipulation, the goal remains. Real value takes time to build as Hoskinson said, and the current price of ADA nowhere reflects the true value of what Cardano will be able to do in the future.

There is plenty of educational material out there nowadays that isn’t too technical and is much easier to understand. Learn the foundational aspects of blockchain technology and how it can revolutionize our world. Be content with the projects you’ve decided on, stop checking your cryptocurrency portfolio every single day, and “HODL.”

Disclaimer: I currently “HODL” a small amount of ADA.

Featured Image: UnSplash

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