Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
  • TRADE
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
  • TRADE
Crypto Flexs
Home»ALTCOIN NEWS»Cardano’s Charles Hoskinson warns of cryptocurrencies ‘eating legacy’
ALTCOIN NEWS

Cardano’s Charles Hoskinson warns of cryptocurrencies ‘eating legacy’

By Crypto FlexsFebruary 15, 20242 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Cardano’s Charles Hoskinson warns of cryptocurrencies ‘eating legacy’
Share
Facebook Twitter LinkedIn Pinterest Email

reporter

Posted on: February 15, 2024

Charles Hoskinson, co-founder of Cardano (ADA), highlighted in a recent YouTube stream on February 13 how traditional financial institutions can undermine the fundamental spirit of cryptocurrencies by encroaching on them.

As serious concerns about the cryptocurrency space continue to grow, asset-backed stablecoins have asserted their dominance in the market, but are often overlooked by mainstream cryptocurrency enthusiasts.

Hoskinson also criticized the recent enthusiasm surrounding a spot Bitcoin (BTC) ETF and expressed concerns about the potential expansion of Wall Street’s influence.

he said,

“The more you go back to legacy systems, the more you realize you’ve lost control.”

Risks Associated with Asset-Backed Stablecoins

Addressing the dominance and centralized nature of asset-backed stablecoins, Hoskinson emphasized:

“Asset-backed stablecoins have two properties. It is a regulated central issuer and cannot go piecemeal.”

He also discussed the impact of stablecoins, their impact on the DeFi ecosystem, and how they may affect the outcome during a blockchain fork.

“Stablecoins cannot exist on multiple branch chains without compromising support.”

Algorithmic Stablecoins — A Potential Solution?

Charles Hoskinson juxtaposed this with algorithmic stablecoins, arguing that they better fit the decentralized spirit of cryptocurrencies. He emphasized,

“Algorithmic stablecoins are something essential we need to look into.”

Algorithmic stablecoins are governed by on-chain algorithms that are not influenced by any central authority that can skew the results in their favor.

Conversely, Colin LeMahieu, founder of Nano (XNO), criticized algorithmic stablecoins and said:

“It is impossible, or at least “unfair,” to have a trustworthy algorithm-based stablecoin. This is because the Treasury holds asymmetric price information.

Therefore, if cryptocurrencies lose their decentralized nature, they may start to look exactly like the traditional financial systems they were originally intended to change.

Next: To the Moon? BTC market cap rises to $1 trillion due to spot Bitcoin ETF inflows

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

SEI tokens have soared more than 100% in June -the highest catalyst explained.

June 26, 2025

$ 438m XRP Transfer Sparks Panic- Ripple?

June 19, 2025

Solana Price Eyes 103% Rally $ 300: Here is the reason.

June 12, 2025
Add A Comment

Comments are closed.

Recent Posts

No Altcoin Season 2025 ? Why Bitcoin Dominance Is Holding Strong In The Crypto Market

June 28, 2025

Why It Matters For Every Crypto Investor

June 27, 2025

Why It Matters For Every Crypto Investor

June 27, 2025

Safe smart account audit summary

June 27, 2025

CARV’s New Roadmap Signals Next Wave Of Web3 AI

June 27, 2025

CARV’s New Roadmap Signals Next Wave Of Web3 AI

June 27, 2025

Bybit Expands Global Reach With Credit Card Crypto Purchases In 25+ Currencies And Cashback Rewards

June 27, 2025

BYDFi Joins Seoul Meta Week 2025, Advancing Web3 Vision And South Korea Strategy

June 27, 2025

Earns $9,800 Per Day With BTC Breaks Through $107,000, GoldenMining Global Market.

June 27, 2025

Why Bakkt Holdings can buy Bitcoin with a $ 1 billion increase

June 27, 2025

NVIDIA RTX strengthens FITY’s AI -centered innovation in Cooler Design.

June 27, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

No Altcoin Season 2025 ? Why Bitcoin Dominance Is Holding Strong In The Crypto Market

June 28, 2025

Why It Matters For Every Crypto Investor

June 27, 2025

Why It Matters For Every Crypto Investor

June 27, 2025
Most Popular

DOT price (Polkadot) surges 5% and is poised to surge to $6

December 1, 2023

BlackRock’s IBIT reached $50 billion in record time as Bitcoin surpassed $100,000.

December 5, 2024

CFTC designates Ethereum as a commodity, causing regulatory conflict with SEC

March 29, 2024
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.