Cardano Founder Reacts as Forbes Brands Him ‘Cult Leader’ and Cardano an ‘Ethereum Clone’

Cardano founder Charles Hoskinson challenges Steven Ehrlich, Forbes’ crypto research director, following belittling comments made in a recent publication.

For context, Forbes recently published a vivid portrayal of the cryptocurrency landscape, highlighting the reverence shown to its pioneers. The article described Satoshi Nakamoto, the enigmatic creator of Bitcoin, as having achieved mythical status as the industry’s forerunner.

It lauded Ethereum’s founder, Vitalik Buterin, as the intellectual spearhead of his blockchain, which boasts a market capitalization of $283 billion, portraying him as a pivotal figure in the sector.

Cardano Founder a Cult Leader?

Conversely, Charles Hoskinson, the founder of Cardano, was characterized less favorably. Forbes labeled him a “cult leader” for supporters of his blockchain, which it described as an “Ethereum clone,” currently valued at $11.5 billion.

This description has sparked considerable debate within the crypto community. This online confrontation has sparked significant discussion within the cryptocurrency community, with many coming to Cardano’s defense, emphasizing its technological distinctions from Ethereum.

For instance, Cardano’s implementation of a proof-of-stake model predates Ethereum’s similar transition, marking a fundamental difference in their blockchain architectures. Enthusiasts also noted Cardano’s use of the eUTXO model and its low, deterministic fees compared to Ethereum’s high transaction costs and variable fee structure.

Meanwhile, Hoskinson himself has reacted to the publication, remarking that Steven Ehrlich’s portrayal of him as a cult leader and Cardano as merely an Ethereum clone is a significant mischaracterization.

Steve, you are seriously calling Cardano an Ethereum clone and me a cult leader? @Steven_Ehrlich pretty low blow manhttps://t.co/NxerAFiTXX

— Charles Hoskinson (@IOHK_Charles) August 8, 2024

Historical Altcoin Criticism by Forbes

This latest incident is part of Forbes’s larger pattern of skepticism toward altcoins. The publication has previously targeted other cryptocurrencies, such as XRP, in a critical light.

In a report earlier this year, Forbes branded XRP as a “zombie crypto” with little to no utility, arguing that it has not fulfilled its promise to revolutionize global remittances and rival the SWIFT network.

Forbes has even described Ripple Labs as failing to meet its lofty ambitions despite significant interest from financial institutions. These critiques have consistently provoked strong reactions from the crypto community, reflecting deep divides in perspectives on the viability and impact of different blockchain projects.

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