Cardano (ADA) founder Charles Hoskinson held a surprise AMA on his official YouTube channel to answer various questions from the community.
“The current drop is the result of an overheated market from the bull run”
According to Charles Hoskinson, crypto markets should ideally work cyclically against the stock market. So when stock markets go down, crypto should rise and vice versa. But that’s not what’s happening because both the stock market and cryptocurrencies seem to be on a bearish trend. This doesn’t make much sense in his opinion. He thinks this is the result of an overheated market from last year’s bull run, along with institutional pairings. Charles Hoskinson, on the question that the markets are in trouble in terms of inflation, says:
A hard life. You keep your money in US Dollars and lose 20%. They say 7% but really 20%.
Cardano inventor: Only true believers remain in crypto winter
Asked if the crypto winter is better for good projects, Charles Hoskinson replied, “Yes! Because you don’t have the moon, guys,” she replies. The Cardano founder says that during the crypto summer or spring, there are unbelievably high salaries and “crazy value assets”, but also a lot of noise.
Hoskinson states that the only people left in the crypto winter are the believers, because they are there for philosophical reasons and to build projects. The Cardano inventor says that since the ‘moon boys’ chasing money are not around, there is room for community and real people motivated by bigger things than money:
The negativity and toxicity that comes with crypto summers and springs make it difficult to recruit good people. I enjoyed $250 Bitcoin, hated $20,000 Bitcoin, $64,000 Bitcoin.
How does Atala Prism add value to Cardano (ADA)?
Charles Hoskinson says Atala Prism adds value to Cardano in three ways:
First, it adds value through user acquisition. Second, it helps to establish an identity system where there is cohesion and leads to regulated activities. Thirdly, Atala Prism helps with edited Dapps.
Charles Hoskinson believes that identity is key to all credit relationships and therefore more effort should be made in this direction.