Ben Armstrong Weighs in on Cardano’s Resilience and Challenges

According to prominent crypto commentator Ben Armstrong, the sentiment around Cardano has been polarized, with claims of its demise and allegations against its founder, Charles Hoskinson.

Armstrong acknowledged the vocal detractors in one of his recent videos, stating,

Cardano is finished. Charles Hoskinson is officially a scammer, and the platform is vaporware. ADA is basically a stablecoin at this point and never moves.

Contrary to the detractors, Armstrong emphasized ADA’s historical consistency, labeling it “one of the most consistent performing coins in the history of crypto with one of the strongest communities.” In his view, ADA holds a position among the most consistently performing coins with a strong community to rival the XRP Army.

As the eighth-largest cryptocurrency, boasting a market capitalization exceeding $21.5 billion, ADA has weathered the storms of the crypto market, as highlighted by Armstrong. He also noted its resilience during the tumultuous years of 2017 and 2018.

Armstrong mentioned that Charles Hoskinson’s journey from the early days of Ethereum adds credibility to Cardano. Despite criticisms of the project’s deliberate development pace, the community remains steadfast, driven by a shared belief in Cardano’s long-term vision.

Technical nuances took center stage as Armstrong delved into Cardano’s smart contract platform, Plutus. Operated on Haskell, a language with roots dating back to the late 1990s, Plutus is positioned as a secure alternative to Ethereum’s Solidity.

ADA’s utility spans various functions, from transaction fees to token creation and governance participation. The growing Cardano ecosystem boasts applications like Minswap, Indigo Protocol, jpeg stores for NFTs, and Book., catering to diverse user needs.

Cardano’s long-term trajectory positions it as a blockchain yet to succumb to centralization pressures. Armstrong also spoke about ADA leading the next bull run, which he expects to happen in 2028.

Challenges are not absent from Cardano’s journey, with two SEC lawsuits challenging the ADA’s classification as a security. According to Armstrong, “There are two SEC lawsuits that allege ADA is a security, one versus Binance and one versus Kraken. However, it’s believed that Charles and Cardano haven’t done anything wrong, but they could still potentially face issues with the SEC.”

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