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Bitcoin [BTC] did not need Bitcoin Foundation to be successful, says Cardano [ADA]’s Charles Hoskinson

Anirudh VK



Bitcoin [BTC] did not need Bitcoin Foundation to be successful, says Cardano [ADA]'s Charles Hoskinson
Source: Unsplash

The CEO of IOHK, Charles Hoskinson, recently appeared on an interview to share his thoughts on the Cardano Foundation. He also made comparisons with the Bitcoin [BTC] Foundation, stating that the coin did not need the Foundation to become successful.

This comes after one of the three main parties in charge of managing the Cardano [ADA] project, the Cardano Foundation, was cut off from the other two parties, IOHK and Emurgo. Hoskinson detailed his thoughts in a letter to the Foundation, to which they have not yet responded. In an interview with Crypto Insider, he stated:

“The reality is we’ve been working with this situation for two years it’s just it’s gotten to a point where Emurgo and IOHK have just normally given up on the existing leadership structure of the Foundation and we feel we have a duty to tell the community that we’re just going to move without them.”

Hoskinson alleged that the Chairman of the Board of Cardano Foundation did not comply with business ethics, reportedly employing practices of nepotism. Moreover, the Foundation did not carry out its detailed duties such as managing the meetup groups, providing timely and accurate information to the community, and carrying out regulatory outreach, leading to the split. He went on to say:

“They are no more useful to us at the moment than Bitcoin Foundation is useful to Bitcoin and Bitcoin didn’t need the Bitcoin foundation to become successful. Frankly, the hard work of other people did it.”

Hoskinson also spoke about the state of the Cardano community all over the world, stating that he traveled to 27 countries this year alone to develop the ecosystem. He stated:

“I meet the people and I see their frustration. It was inexcusable for us not to have a good presence in South Korea. When we hit the markets a lot of people bought at the top, at $1.20 and those people are loyal they’re still there. They still believe in the project even though they’ve lost a heck of a lot of money.”

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Anirudh VK is a full-time journalist at AMBCrypto. He has a passion for writing and interest towards the future of blockchain technology and cryptocurrencies. He does not own any cryptocurrencies currently.


Bitcoin’s [BTC] dump may have triggered migration of BTCs worth hundreds of millions




Bitcoin's [BTC] dump may have triggered migration of BTCs worth hundreds of millions
Source: Unsplash

Bitcoin dropped by 3.55% over 3 hours, an approximate drop of $200, causing many altcoins to dip by more than 8%. Although it might be a coincidence, thousands of Bitcoins started to migrate from wallets to exchanges, wallets to wallets, and exchanges to wallets.

Whale Alert, a Twitter user, pointed out the same in his tweets. A total of  25,000 BTC were sent in under 20 minutes, in multiples of 5000 BTC each, in a wallet to wallet transaction. Two of these transfers were initiated from an unknown wallet [3BYv2L9zCFYpvRQXakqkVWa7JyRw6Q9ZAm] to two other unknown wallets [3PWNGS2357TnjRX7FpewqR3e3qsWwpFrJH, 3CAF6ZjtJKaHiJixViXncTRwG3N5ss9vn4].

These 5 transfers were worth approximately $140 million. The third transfer took place from multiple wallets to a single wallet [3HuUiXmKN3beQSoM97kWjK1fesWWJvKvaZ].

Additionally, there were two massive transactions that took place two hours after the drop; the first transaction involved 14,999 BTC, while the second involved 11,000 BTC.

The former transaction was sent from two wallets to a single wallet [3GaB3nRWA1PLc3XQkkbpVtFwYYZEuMxD4i], which is the balance of the wallet. The latter transaction was similar to the one mentioned above, as the transaction originated from two wallets.

Another transaction containing 9,000 BTC was transferred from 357R3FeNmySYeHuRfyhFd6nMwzoLDdjfwV to 3NmHmQte2rP8pS54U3B8LPYQKkpG1pFF69. The sender has approximately 9,412 BTC after the transfer, while the recipient has 9,000 BTC.

All of the above transactions were worth approximately $332 million. The massive BTCs transferred could be due to the recent fall in the price. It can also be speculated that BTC whales were securing their profits earned from the shorts.

A Twitter user @Emperor_YZ commented,

“and who say the fee is high, just 30,360 sat ($1.67)🤔 for a $82.37 million transfer …”

Another user, @Omarin0, commented,

“It would have also been 1.67$ for a 1.67$ transfer. 100% fee. How nice”

@Emperor_YZ replied,

“wrong, you can use LN or other layer 2 apps to do small amount payments 😎 for BTC base layer, network security is always top priority, L2 is super cheap and can settle at base layer later”

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