Crypto enthusiasts see Cardano from two different perspectives. One group has always had a lot of confidence thanks to the impressive developments of the platform. Developers have worked on scaling issues, and increased transaction speed and what not.
On the contrary, many others still consider Cardano a shitcoin. In doing so, this group focuses on the alleged lack of real utilities.
Who’s laughing at Cardano?
Popular Bitcoin podcast host Peter McCormack falls into the second category, recently calling the cryptocurrency a “shitcoin.”
“Cardano is objectively a shitcoin,” tweeted the What Bitcoin Did podcast host on March 7 after pseudonymous Twitter user ‘ADA whale’ highlighted the host’s bias against the altcoin.
Cardano is objectively a shitcoin.
— Peter McCormack ☠️ (@PeterMcCormack) March 7, 2022
The above screenshot underlines two different stories.
According to the one on the right, McCormack believes Cardano is a “sham project,” with the podcaster repeating insults such as “Even shitcoiners laugh at Cardano.” In a later tweet, he noted that his 4-year-old thinks no one uses Cardano.
In addition, he claimed that Cardano shills are the ‘new Nano shills’. In fact, McCormack believes that the technology and the supposed onboarding of 5 million Africans only justifies Cardano’s claims as a “stupid shitcoin”.
What’s his point? Well, Cardano is referred to by many as a cryptocurrency that has little to no value and no real use. Many have even labeled Cardano as a ‘Ghost of Blockchains’. Others have criticized it for its reported lack of assets or dApps operating on the blockchain.
Yet many in the Cardano community continue to support the blockchain. Needless to say, McCormack isn’t happy about that either, claiming that’s how budding investors destroy The image of Bitcoin.
Bashing the ‘maximalist’
Is there any truth in what he says? Is there any basis for his diatribes? Well, according to one community member, McCormack’s understanding of Cardano is way below par. Another claimed,
“Cardano solves a different problem than bitcoin – unlike you, Charles celebrates Bitcoin’s success and only points out areas he believes in.”
Others went on to highlight a few advantages to championing Cardano as one of the promising blockchains on the market.
Among them are security features with no reported hacks, low transaction fees, and scaling solutions that “Bitcoiners only dream about”. Some have even argued that this is why new investors prefer Cardano over Bitcoin and/or Ethereum.
This can be evidenced by the fact that less than a few weeks ago ADA surpassed ETH and BTC in terms of transaction activity (adjusted transaction volume).
Finally, the number of non-fungible tokens (NFTs) minted on top of the flagship network crossed the 800,000 mark also as activity on the cryptocurrency’s network soared.
More than 800,000 #NFTs have been beaten using https://t.co/MAZ1ocF75R pic.twitter.com/MJaZlOy1Qb
— NFT-MAKER – $NMKR – Whitepaper Now Available! (@nftmakerio) March 6, 2022
However, despite such an impressive profile, ADA’s price action was disappointing. The #8th largest token past another 2.5% correction at press time, below the $0.8 mark.