Hoskinson bashes Saylor for claims that ADA is security.
Cardano founder Charles Hoskinson on Saturday, in an, ask me anything session, refuted claims from MicroStrategy’s Michael Saylor that ADA is security. According to Hoskinson, Bitcoin maximalists like Saylor were intellectually dishonest, and Saylor is too tied up with Bitcoin to see clearly.
“I can’t build decentralized compute; I have no identity solution. It’s not programmable, so I don’t have daps and defy. I can’t even issue an asset. So I have no NF T’s, right? It’s all outside of that,” Hoskinson said, highlighting the inadequacies of the Bitcoin network. “But don’t worry, layer two protocols that are highly centralized will somehow solve all of this. Great. So that’s great.” He also said that Bitcoin maximalists are “the most difficult, toxic and useless people to engage with.”
However, speaking on ADA, Hoskinson said, “Nobody controls it. It’s completely decentralized far more than Bitcoin has more use and utility people buy the token not to speculate, which is the only thing they can do with Bitcoin.”
According to Hoskinson, it is inconsistent to flag other assets as security and Bitcoin as a commodity when most Bitcoin holders buy it hoping the price will go up.
It is worth noting that Michael Saylor has been vocal about his support for Bitcoin and contempt for altcoins. The MicroStrategy chief has often asserted that altcoins are securities, most recently in an interview with Altcoin Daily.
Notably, Saylor’s firm MicroStrategy remains the largest corporate holder of Bitcoin. The firm added 480 BTC to its holding at the end of June, bringing its total holdings to a whopping 129,699 BTC. While it has cost the company about $3.98 billion to acquire, it is currently worth $2.83 billion at today’s prices.
The debate on which digital assets constitute a security or a commodity has raged on as lawmakers and regulators work to bring regulatory clarity to the space.
It is worth noting that US SEC chair Gary Gensler believes that most cryptocurrencies are securities. Notably, this is a claim that the regulatory body hopes to prove in its legal battle with Ripple. However, as reported by The Crypto Basic, things don’t appear to be going the SEC’s way.