Disclosure
Cryptocurrency trading is speculative and your capital is at risk when you trade. We may earn affiliate commissions from some of the products on this page - at no extra cost to you.
Hoskinson snaps back as Bitcoin Beach takes aim at Cardano

Cardano founder Charles Hoskinson is embroiled in a cryptocurrency debate on social media X, formerly known as Twitter, with an El Salvador project built on Bitcoin dubbed as Bitcoin Beach project.

Tension arose when the Bitcoin Beach project criticized Charles Hoskinson about the enthusiasm surrounding Ordinal Inscriptions on the BTC blockchain, referring to them as “shitcoins.” They also questioned the community’s belief in Cardano’s potential success.

Per CoinMarketCap, Cardano stands as the world’s #8 cryptocurrency with a live market cap of $ 20,068,814,009. It currently trades at $0.5491, but trader Ali Martinez anticipates Cardano’s bullish momentum can drive it toward $0.7. However, the forecast also cautions investors about the risk of ADA dropping below the $0.613 descending triangle support level.

Its decentralized finance (DeFi) sector has experienced a more than 180 percent surge in total value locked (TVL), climbing from $188.65 million on October 17 to $431.44 million on December 15, 2023.

Meanwhile, El Salvador’s Bitcoin Beach is a project established in 2021, aiming to build a sustainable, Bitcoin-powered economy, offering financial freedom where traditional banks fall short. The project gained traction for showcasing everyday Bitcoin use and its impact on economic development in the region.

Cardano community members criticized the unnecessary demeaning comments, before Hoskinson eventually countered the barb to defend the coin. His response, filled with sarcasm, suggested that Bitcoin maximalists hinder innovation by targeting new projects developed on BTC.

“Whenever an innovator says ‘Hey I want to try to use Bitcoin for my project,’ BTC Maxis’ typical response is ‘How dare you shitcoin on Bitcoin, take your community and project somewhere else!!!'” he wrote on X.

According to Hoskinson, this standpoint contradicts industry principles by discouraging inclusivity, interoperability, and the innovative potential intrinsic to blockchain technology.

The emergence of Ordinal Inscriptions on Bitcoin traces back to earlier this year. These asset classes have stirred controversy, with Bitcoin Core developer Luke Dashjr referring to them as a code mistake. He even outlined plans to eliminate them.

Hoskinson’s latest crypto dispute

Hoskinson’s frequent clashes with other crypto communities, including the recent spat with Bitcoin Beach, as one of the most controversial crypto leaders in the Web 3.0 space.

A year ago, Hoskinson made headlines by bluntly criticizing the XRP community, describing it as “toxic and petty.” He even firmly rejected any potential partnership or technical collaboration between Cardano and XRP. When Ripple’s David Schwartz tried to mediate, Hoskinson only offered a brief “no comment.”

His harsh criticism persists today. He emphasized the absence of technical alignment and divergent market focuses between Cardano and XRP. He also highlighted that projects such as Tezos, Algorand, Polkadot, Ethereum, and Cardano tackle comparable challenges, unlike Ripple, which serves a distinct purpose.

Recently, Hoskinson faced severe backlash from members of the XRP Army after he opposed the conspiracy theory suggesting that the U.S. Securities and Exchange Commission (SEC) favored Ethereum over XRP in regulatory matters.

Despite the SEC categorizing Cardano as an investment contract, Hoskinson said that early Ethereum developers did not engage in any form of “bribery” to impede XRP’s competition, a viewpoint that many XRP proponents still maintain.

He emphasized differentiating between the speculation about Ethereum’s preferential treatment by the SEC and the potential influence of Ethereum-related entities on the SEC’s decision regarding XRP, mentioning the importance of factual, evidence-based discussions over conjecture.

As per Cryptopolitan, Hoskinson’s push for a more grounded discourse in the cryptocurrency realm highlights the increasing demand for clarity and fact-based assessments in the industry. His position champions a more logical and evidence-oriented conversation in the wider cryptosphere.

Cardano (blockchain platform)

Cardano is a public blockchain platform. It is open-source and decentralized, with consensus achieved using proof of stake. (wikipedia)

Charles Hoskinson

Charles Hoskinson is an American entrepreneur who is a co-founder of the blockchain engineering company Input Output Global, Inc. , and the Cardano blockchain platform, (wikipedia)