I take no pleasure in saying this, but I'm duty-bound to speak the truth.
Cardano?
It's finished. It's done. Extinct.
In fact, let's call it "Cardodo".
And look, we supported them forever, but it's time to face the facts.
Charles has been selling us snake oil.
After six years of so-called R&D, a pseudo-scientific peer review approach,
Cardodo has some serious cryptocurrency issues,
and it can't even handle a simple DEX.
Time to sell your bags?
Absolutely not.
Don't fall for the FUD, people!
Because far from being a dodo,
Cardano's a go-go.
And it's gearing up to fly.
Smart contracts are only a few days away.
The update proposal has been submitted.
#ReadyForAlonzo is trending among nerds.
And the hard fork combinator event is locked in for September 12.
It’s the end of a long and winding chapter
and the beginning of an exciting new era
for one of the most promising blockchains around.
Let's get it!
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In this video, we take a look at what's happening with Cardano.
After reaching new all-time highs above $3 just a week ago,
Cardano has had a pullback along with the rest of the market,
and the FUD coming in from Twitter was the sneaky first jab.
In the latest Bitcoin correction,
manipulation was the right hook combo that brought the price down back below $2.
At the time of this recording, ADA is sitting around $2.40.
As to where it will be by the time this video comes out,
well, crypto moves pretty fast and a lot can change in the blink of an eye.
As with most of the alts not being pumped by the forces of the financial cartel,
we'll have to see what the IMF does first.
So, what's been going on?
Well, let's clear up some of this FUD.
The drama unfolded on Twitter when multi-pool DEX Minswap,
literally the first dApp on the mainnet, went live on September 3
Exciting times for about 90 minutes.
Because then came the follow-up tweet.
Turns out due to the massive influx of users,
people are seeing the message "UTXOs are being used this block"
and being asked to try again. Why?
Well, it turns out there was a concurrency issue.
Think of it as two people using the same ATM at the same time.
It just doesn't work.
And sure as the sun will rise,
the ETH maxis on Twitter were pretty quick to celebrate this so-called glitch in the system.
But this wasn't a flaw in Cardano's code.
Far from it.
In fact, it's just a reality of these baby projects encountering some teething issues.
And I'm talking about Minswap here, not Cardano.
In simple terms, they don't have a concurrency issue.
It's just a new way of doing things with an eUTXO protocol the devs need to adapt to,
something an unusually well-groomed Charles went into detail on during a livestream to the community.
But even that wasn't good enough for the haters like this guy
who gave his two cents on what Charles should have said.
The response was as straight up as you'd expect from a man once scheduled for an all crypto MMA brawl.
"We're not responsible for Minswap.
And there's nothing to fix.
There is no problem.
You guys aren't getting it."
As well as, "You don't accept blame when people are outright lying about the facts.
Everything that has been claimed like one transaction per block is a straight up lie."
You tell them, Charles.
Put on your garden shirt.
Anyway, this was in response to misinformation going around
that (A) the concurrency question was Cardano's fatal flaw
and (B) they could only handle one transaction per block,
which is clearly not the case.
IOHK defused the FUD with a 25-part tweet
that touched on the overall ledger approach,
the benefits of their UTXO system,
as well as some of the upcoming developments in the weeks and months ahead.
Look, the concurrency question is no news to any of the nerds building on Cardano.
Just ask SundaeSwap, Ergo, or OccamFi,
or any of the other teams who've got it done.
SundaeSwap were talking about it back at whitepaper stage
and went on to develop a scaling solution of their own.
They even just dropped an article called "Concurrency, State, & Cardano"
in response to the straight up lies going around online.
Or you can check out Plutus OG OccamFi's articles from way back when
which includes a cool analogy about a Coca-Cola vending machine to explain the issues at hand.
Maladex put it well.
Cardano actually have concurrency.
It's for us to design protocols that use it.
In short, to design a concurrent system.
That's all.
There's no issue.
Projects need a game plan.
It's a technical challenge they need to rise to if they're going to shine.
It's just a complete opposite to Ethereum.
With Cardano, you can have as minimal of a state as you want.
Plus you've got finality.
But with great power comes great responsibility.
Clearly, they've been listening to Uncle Ben.
Then you should all listen to him when he tells you that you can stake your ADA right here in the BitPool,
the very best staking pool in all the Interwebs.
Click the link in the description below
on how you can join the BitSquad and earn those sweet rewards.
But back to the fake FUD.
The FFUD.
And look, the long and the short of it is this,
anyone expecting Cardano to fail or not work properly has a pretty good chance of losing that bet.
By no means 100%,
but they're taking a substantial risk
with increasingly worse odds as the hardfork approaches.
Either they don't understand the tech, or they stand to lose out from its success.
BitTorrent founder and Chia CEO recently likened Cardano's approach to academic peacocking.
As if a strategy based on serious research was some kind of bad thing.
You all know I love Ethereum, but, man, they've definitely had their issues.
As SundaeSwap wrote just a few days ago,
it's an unhealthy aspect of our industry that many people, often with prominent voices,
are maximalists on one technology.
It gets so toxic out there
that commitment to only one project comes at the expense of all others,
making it impossible to back down and still save face.
That's why they'll cling on to the tiniest thing and blow it way out of proportion,
which is exactly what we've seen this week.
A whole lot of hot air coming from the anti-ADA brigade.
Anyway, I mentioned Ergo had no such problems,
and all signs point to them being a major, major player in Cardano's DeFi ecosystem.
After all, they've been aligned with IOHK pretty much since inception
due to their overlapping communities,
shared values, and, of course, extended UTXO protocol.
Well, any nerds watching might be interested in the second Ergo hackathon
that was just announced for October.
A chance for you to meet like-minded people,
swap funny basement stories,
and play Magic: The Gathering until as late as 10PM when your mom says you have to come home.
And if that wasn't exciting enough,
you can also submit project proposals and workshop new tools and dApps
for the Ergo ecosystem.
The last hackathon in June saw proposals ranging from data notarization tools and NIPoPoWs.
I think that's how you say it.
A non-custodial, pseudo-ETF platform, as well as a blockchain-based raffle
where a portion of the funds go straight to charity.
Plus many more.
Ergo's tech is so good,
even Charles called it a marvel and the spiritual successor to Bitcoin.
So if you've got the chops and want to change the world for the better,
this event should 100% be on your radar.
Their philosophy is everything that's so great about blockchain and crypto,
a desire to create a monetary system that empowers the average person,
especially those who are at a financial disadvantage in our societies,
ending the cycle of economic abuse that's at the very heart of the fiat system.
Plus, you stand a chance to win crypto prizes,
get a job interview in a super fast growing ecosystem,
and generally upgrade your skills and acquire new knowledge.
It's a win all around.
Application close on September 15,
so go get them, BitSquad.
As for those of you who don't even know what code is but still claim to be here for the tech,
let's talk price action.
And look, it's hard to call anything while Bitcoin is calling the shots right now.
We're probably going to have to let things cool off before making any plays.
But I'll say this,
ADA has come off a massive rally to all-time highs the September 12 date will have been priced in,
so even if Bitcoin was sitting above $52,000 right now,
I wouldn't necessarily expect a crazy pump for ADA in the next week
as much as I would expect to sell the news kind of dumb.
My guess is we'll stay in a range for a while
and see things begin to pick up as the ecosystem takes off,
which should happen pretty quickly
given the number of dApps, DeFi exchanges and NFTs that will be ready at launch.
Once these start getting established on Cardano,
we can probably expect the huge impulse move to the upside.
They say patience is a virtue.
Anyone HODLing ADA for a while already proved they got it in spades.
That's all I got.
Be blessed.
BitBoy out.