8-BitMania | CNFT

🚨 Cardano fanboys have no clue that ADA is just a VC coin! They will yell & disagree, but the facts remain. ADA is owned by three entities holding the genesis key: 🔸 Cardano Foundation 🔸 Emurgo 🔸 IOG That's why the SEC called it a security. The last two are VCs that raised the money for ADA. A total of $62 mil was raised in various ICOs between 2015-2017, and in late 2017 ADA chain was launched. Cardano never took off due to lack of adoption. Developers and projects are leaving their ecosystem because "it's hard to build" on Cardano. Those that stay are usually bought or paid by the above three entities. This comes at your expense since they sell ADA to finance their costs. ⚠️ Here's a key question to enlighten you. Why does Tron (lol) have native USDC and USDT on its network, but Cardano does not after almost eight years since it went live? Tron network is seeing TRILLIONS in stablecoin transfer volume per year. ADA? 20 mil in stablecoin mcap. 🤣 I could stop this post right here, but there's so much more to cover! Cardano is number 10 in terms of DeFi TVL at $368 mil, much of it thanks to ADA's recent price pump. That's 0.37 bil out of a 53 bil DeFi market or 0.7%. That's not even 1% after eight years of development! Do you now understand why developers are leaving? This slow adoption, if we can even call it that, is blamed on Charles - the ADA CEO - due to his time-consuming "academic approach". He cashed-in big after leaving ETH early on and then built his own chain now known as ADA. He cashed-in big again. lol While ETH went out and broke things to grow, ADA published research papers. Seriously - no joke. 🤯 This is why ADA has many fanboys. Because they say it's "superior". Guess they never heard of meme coins that saw more adoption. This lack of adoption is why Cardano is now FULL ON revising their governance system to "decentralize". Their latest update is called Voltaire or Cardano Improvement Plan (CIP) 1694. Note the word "revise" used in their documents. You must understand that those VCs have every interest to farm this for as long as possible. After eight years, they need to do something, else more money will leave their chain for good. The best part about the Voltaire update? It will have a "constitutional committee" that will likely consist of the current genesis key holders at first: Cardano Foundation + Emurgo + IOG. Funny how that works, right? Charles says their keys will be destroyed as new members will displace current incumbents. A "constitutional committee" was not on my decentralization bingo card this year. But it fixes one big problem for Charles. Cardano is no longer a security! Charles says CIP 1694 makes it irrelevant who holds the keys. I say it just obfuscates more the truth and reads like an exit for the VCs. eToro, Robinhood, and Revolut delisted Cardano in the past. VCs know they are on borrowed time to "decentralize" or exit. Once the community takes over, they won't care anyway. Right now, all efforts are on "decentralization" or CIP 1694 while Cardano's adoption continues to suffer in the midst of a new bull market. By the time the VCs exit, the community will not be left with much but a ghost chain with an inflated market cap thanks to its 45 billion tokens. There are no independent Layer-2 solutions on Cardano. Why? Because Cardano does not need to scale. What's there to scale? The L2s that exist (Hydra + Mithril) are both developed by... wait for it... IOG or Charles. See the problem? The most striking part of all this is how little Cardano has integrated with the rest of the crypto space. It's an abandoned island in the middle of the Pacific ruled by three entities and Charles as its king. Basically a security, remember? Even Tron did better which already says a lot since that's a one man show without much interest in "research" or "papers". If this is news to you, then you haven't seen Coin Bureau's latest video about Cardano which inspired this post. Those are some hard truth pills to swallow. Hit a follow @duonine, join my discord, subscribe to my newsletter for similar content, all links in bio. P.S. I respect the ADA community and this is not intended as FUD. But please wake up. Don't marry your bags.