- Charles Hoskinson called out Bitcoin maxis for their double standards.
- The Cardano Founder revealed that Bitcoin maxis lobbied with US regulators to criminalize projects in the crypto space.
- Hoskinson raised many solid points and called for collaboration and acceptance instead of perpetuating a divisive narrative.
In a recent AMA, Cardano Founder Charles Hoskinson took direct aim at US regulators, singling out the Securities and Exchange Commission (SEC) for handing out passes to Bitcoin and Ethereum while labeling everything else in the space as securities.
The founder’s remarks ignited a firestorm within the community, drawing criticism from Bitcoin maximalists. In response to the escalating drama, the crypto pundit once again turned to social media, expressing his frustration with what he sees as the community’s double standards.
Hoskinson Calls Out Bitcoin Maxis
Cardano Founder Charles Hoskinson recently took to 𝕏 to confront the escalating trends of maximalism within the crypto space, addressing the fallout from his earlier controversial comments. Hoskinson expressed his concern, stating,
“We have a bizarre situation in the cryptocurrency space right now where absurdity seems to exist, and maximalism is at an all-time high.”
Responding to the scrutiny from the Bitcoin community, the founder questioned the decentralized nature of Bitcoin. He argued that some of the bitcoins issued through mining were done in a completely centralized manner because only one actor had total control over the network during its early stages.
“Bitcoin maximalists ignore the fact that the network was run by a sole operator for a non-trivial amount of time who has 10% of the entire supply,” added Charles Hoskinson.
Challenging Bitcoin maximalists, the rowdy founder pointed out their dismissive attitude toward altcoins. He emphasized the community promoted cult-like advocacy that only Bitcoin held long-term value, and everything else was a scam.
The Cardano Founder further highlighted that because of the cult-like behavior exhibited by Bitcoin maximalists, regulators didn’t apply equal standards. He disclosed that individuals within the Bitcoin community actively engaged in lobbying with Congress and the US federal government, advocating for criminalizing all cryptocurrencies except Bitcoin.
The crypto founder also alleged that influential figures within the Bitcoin community held meetings with lawmakers’ staff, explicitly expressing that everything besides Bitcoin should be deemed illegal in the United States.
Hoskinson Shares Why US Regulators Favor Bitcoin
Charles Hoskinson expressed the ongoing situation is because ‘people who run the world’ understand that if the world gets back control of its money, identity, and data, it will be hard to establish a global regime over humanity.
He highlighted that the governments are comfortable with Bitcoin because of its ‘un-upgradable’ nature and incompatibility with additional layers like smart contracts. Hoskinson added that the US government faces issues with smart contracts and projects featuring programmable ledgers, asserting,
“They have the capability to displace and replace most of the capabilities of sovereign governments.”
In a direct challenge to Bitcoin maximalists, he questioned their judgmental stance towards Cardano, emphasizing that his network brought tangible benefits to Bitcoin’s technology, particularly with Extended UTxOs.
“I would bet every dollar I have that Satoshi would have used it [Extended UTxOs] to put smart contracts on Bitcoin when he launched it on January 3rd of 2009,” Hoskinson claimed.
The Cardano Founder concluded with disappointment and grief over the impact of the US regulator’s crypto crackdown, lamenting the potential loss of a crucial pillar for the industry’s future.
On the Flipside
- Earlier this year, Charles Hoskinson shared that the SEC’s crypto crackdown was motivated by an agenda to implement CBDCs.
- Charles Hoskinson indicated that the Democratic Party, which has notably received huge donations from FTX’s disgraced founder Sam Bankman-Fried, is trying to clear its name and has shifted from its bipartisan approach to crypto regulation.
Why This Matters
Charles Hoskinson brings up some valid points about how Bitcoin maximalists tend to brush off altcoins. The crypto space is all about decentralization and openness, so there’s no reason to be dismissive of other projects doing their thing. Hoskinson’s call for acceptance and collaboration is reasonable and deserves more attention.
Catch up on Charles Hoskinson’s drama with the XRP community:
Cardano’s Hoskinson and XRP Community Exchange Punches, Agai
Are Web3 games dying? Read More:
CoinGecko Report Declares Web3 Gaming a Dying Trend