Hoskinson Draws Parallel Between Mt.Gox Crash and Ardana Halt By CoinEdition

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Hoskinson Draws Parallel Between Mt.Gox Crash and Ardana Halt

Cryptocurrency Nov 25, 2022 02:30PM ET

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Hoskinson Draws Parallel Between Mt.Gox Crash and Ardana Halt

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Hoskinson tweeted in response to an analyst’s comment that it is impossible to build a stablecoin on Cardano.
The tweet was a response to Ardana’s announcement that the company had decided to halt developments.
Hoskinson said that the analyst’s claim is equivalent to Mark Karpeles’ statement against Bitcoin for the fall of Mt.Gox.

Charles Hoskinson, the American entrepreneur and the co-founder of Input Output Global tweeted mentioning a technical analyst, who commented that it is not possible to build a stable coin on the Cardano ecosystem. Hoskinson stated that the analyst’s response to Ardana’s decision to halt developments reminded him of Mark Karpeles who blamed Bitcoin for Mt.Gox.

In 2019, Mark Karpeles, the former Chief of the fallen Mt.Gox Bitcoin exchange, had been found guilty of conducting some illegal activities within the platform. However, he reiterated his innocence and put on the blame on Bitcoin for the whole collapse of Mt.Gox.

However, the security and the stability of the exchange had made it evident that the fall of a platform that works under the umbrella blockchain cannot be directed toward the drawback of the blockchain.

Currently, Ardana, the stablecoin ecosystem and decentralized finance built on Cardano announced the platform’s decision to halt developments regarding funding and project timeline uncertainties. The company added that the builders could continue working as their “code will remain open source.”

The company added that it had been difficult for them to maintain the funding of infrastructure and security:

“Development on Cardano has been difficult with a lot of funding going into tooling, infrastructure, and security. This alongside the uncertainty around development completion has led to the best course of action being halting the development of dUSD.”

In response to the announcement, Duo Nine, an analyst expressed his views on the difficulty of building a Stablecoin on the Cardano ecosystem relating to the fall of Ardana, which made Hoskinson compare it with Karpeles’ words against Bitcoin.

The post Hoskinson Draws Parallel Between Mt.Gox Crash and Ardana Halt appeared first on Coin Edition.

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Comments (1)

Stephen Fa Nov 25, 2022 3:41PM ET

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Hoskinson Draws Parallel Between Mt.Gox Crash and Ardana Halt

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