Charles Hoskinson is not pleased with Cointelegraph’s errors about ADA staking.
A Cardano enthusiast, Philippe Le Long, shared a screenshot of Cointelegraph’s recent article, highlighting “the risks of staking Cardano.”
Cointelegraph’s Assertions on ADA Staking
The cryptocurrency media outlet noted that while users can earn passive income by staking ADA, some risks are still associated with the service. It claims that staking ADA attracts a high transaction fee, adding that Cardano stake pools are vulnerable to attacks since they are required to be available on a 24/7 basis.
In addition, Cointelegraph claims users can lose their ADA coins if a stake pool operator is not focused on enhancing its security.
Reacting to the article, Long knocked Cointelegraph for making three major errors in five sentences. Long said he was unsure whether the crypto news outlet made a mistake because it lacked access to credible information. However, he provided corrections to the errors made by the crypto news outlet.
It is worth noting that Cardano transaction fees are relatively lower compared to other prominent Proof-of-Stake networks, including Ethereum. Cointelegraph’s claim that Cardano staking pools must be online 24/7 is false. Cardano’s Ouroboros, the consensus protocol powering the blockchain, creates room for dynamic availability, allowing staking pool operators to have some downtime without threatening the blockchain’s security.
In contrast to one of Cointelegraph’s claims, users do not risk losing their funds due to pool operators’ negligence, as staking on Cardano is non-custodial.
Cardano Founder Reacts
Reacting to the development, Hoskinson said: “Cointelegraph gonna Telegraph.”
Contelegraph gonna Telegraph https://t.co/YlDbp4kmBP
— Charles Hoskinson (@IOHK_Charles) March 26, 2023
Hoskinson has been vocal about crypto media outlets’ hostilities toward Cardano. For Hoskinson, Cardano has not received much support from media outlets, including CoinDesk.
In December 2022, CoinDesk described Cardano as a vaporware network. It also predicted that Cardano might eventually become a Zombie Chain this year. CoinDesk noted that as “speculative money” leaves Cardano, the prominent blockchain may fall below the top 10 crypto rankings.
Furthermore, following Cardano’s brief network outage earlier this year, Coindesk staff sparked wild laughter and mocked the blockchain during an episode of The Hash, discussing whether the Cardano is centralized. Their attitude did not sit well with many ADA supporters, who threw jabs at them. Cardano’s founder also reacted to their attitude by indirectly calling them “high school kids.”
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
-Advertisement-
