The analysis company K33, in a recent analysis, comes out with a clear slaughter of the Cardano network. “Lack of meaningful activity,” “No evidence that Cardano is being used for anything,” and “Why Cardano is never going to be big either,” are among the statements in the report. We at Kaupr will be following up with comments from Cardano founder Charles Hoskinson. We will also seek comments from the Norwegian Cardano community.
Cardano is a “Layer 1” alternative to blockchains such as Bitcoin and Ethereum, and is, according to Congecko, one of the 10 largest cryptocurrencies, measured in total market capitalization. Charles Hoskinson, who was also a co-founder in the development of Ethereum, is the founder behind Cardano. But there is also an evolution in the Cardano network towards a decentralized management system. In Norway, there is a large Cardano community that often hosts conferences and meetups. In November 2022, Kaupr visited one of these, and wrote a trending article under the title “Cryptovinter in Lillestrøm?“.
Scroll further down the article to see the main points of the K33 analysis. You can also find the english version here.
Information from the Editorial Board: Kaupr is a journalistic medium edited after the editor poster. We don't give financial advice. We cover ongoing news and analysis within web3, including emerging technologies such as blockchain, AR/VR/XR, AI/KI and Data/IoT, because our analyses indicate that these technologies are the building blocks of the internet of the future. We also cover the growing integration between the crypto economy and classical finance, because both the news picture and trends indicate that the digital economy of the future will consist of both. However, we neither recommend nor discourage companies, projects, protocols or cryptocurrencies.
Already in the introduction of his analysis, K33 gives his recommendation and rationale for “why you should sell all your ADA”. (Red note: ADA is the cryptocurrency in the Cardano network). “The Cardano network's total lack of meaningful activity will render the ADA token worthless over time,” the report says, and continues: “A smart contract network needs meaningful use of its native token for it to have any value. However, the Cardano network has no meaningful use or any credible track to achieve it.”
K33 also claims that there is no evidence that the Cardano network is being used for anything: “There is nothing going on in the Cardano network other than transfers and a group of containers that fabricate blockchain activity. How can we know this? There is no external evidence of anything happening. It's just blockchain data and trading on exchanges.”
“Without progress, but with many years of history, there is no hope,” K33 continues. “There have been countless projects over the years, which started without any progress and promised heaven and earth later when some technological updates were added, or some partnerships were secured. All of these have failed”.
K33 states that ADA is a well-established coin that can be traded “everywhere”, even on smaller exchanges, “making it one of the coins being pushed towards aspiring crypto investors”,
Cardano, according to K33, also has an appealing history for newcomers, but the analytics company also describes this story as a scientific “munbo-jumbo story.” According to K33, this story could trick more people into choosing Cardano, “but the best tip is that the number is probably decreasing day by day”.
K33 also sees no hope in the price indicators and believes that “Cardano will gradually disappear from the crypto map” and concludes the report with the following statement: “The market is not killing these coins quickly; rather, it is draining the life out of them.
Information from the Editors: As mentioned at the outset, Kaupr will follow up this article with comments from Cardano founder Charles Hoskinson. We will also seek comments from the Norwegian Cardano community.
The analysis company K33, in a recent analysis, comes out with a clear slaughter of the Cardano network. “Lack of meaningful activity,” “No evidence that Cardano is being used for anything,” and “Why Cardano is never going to be big either,” are among the statements in the report. We at Kaupr will be following up with comments from Cardano founder Charles Hoskinson. We will also seek comments from the Norwegian Cardano community.
Cardano is a “Layer 1” alternative to blockchains such as Bitcoin and Ethereum, and is, according to Congecko, one of the 10 largest cryptocurrencies, measured in total market capitalization. Charles Hoskinson, who was also a co-founder in the development of Ethereum, is the founder behind Cardano. But there is also an evolution in the Cardano network towards a decentralized management system. In Norway, there is a large Cardano community that often hosts conferences and meetups. In November 2022, Kaupr visited one of these, and wrote a trending article under the title “Cryptovinter in Lillestrøm?“.
Scroll further down the article to see the main points of the K33 analysis. You can also find the english version here.
Information from the Editorial Board: Kaupr is a journalistic medium edited after the editor poster. We don't give financial advice. We cover ongoing news and analysis within web3, including emerging technologies such as blockchain, AR/VR/XR, AI/KI and Data/IoT, because our analyses indicate that these technologies are the building blocks of the internet of the future. We also cover the growing integration between the crypto economy and classical finance, because both the news picture and trends indicate that the digital economy of the future will consist of both. However, we neither recommend nor discourage companies, projects, protocols or cryptocurrencies.
Already in the introduction of his analysis, K33 gives his recommendation and rationale for “why you should sell all your ADA”. (Red note: ADA is the cryptocurrency in the Cardano network). “The Cardano network's total lack of meaningful activity will render the ADA token worthless over time,” the report says, and continues: “A smart contract network needs meaningful use of its native token for it to have any value. However, the Cardano network has no meaningful use or any credible track to achieve it.”
K33 also claims that there is no evidence that the Cardano network is being used for anything: “There is nothing going on in the Cardano network other than transfers and a group of containers that fabricate blockchain activity. How can we know this? There is no external evidence of anything happening. It's just blockchain data and trading on exchanges.”
“Without progress, but with many years of history, there is no hope,” K33 continues. “There have been countless projects over the years, which started without any progress and promised heaven and earth later when some technological updates were added, or some partnerships were secured. All of these have failed”.
K33 states that ADA is a well-established coin that can be traded “everywhere”, even on smaller exchanges, “making it one of the coins being pushed towards aspiring crypto investors”,
Cardano, according to K33, also has an appealing history for newcomers, but the analytics company also describes this story as a scientific “munbo-jumbo story.” According to K33, this story could trick more people into choosing Cardano, “but the best tip is that the number is probably decreasing day by day”.
K33 also sees no hope in the price indicators and believes that “Cardano will gradually disappear from the crypto map” and concludes the report with the following statement: “The market is not killing these coins quickly; rather, it is draining the life out of them.
Information from the Editors: As mentioned at the outset, Kaupr will follow up this article with comments from Cardano founder Charles Hoskinson. We will also seek comments from the Norwegian Cardano community.
