Why Cardano/ADA coin’s launch on Bittrex represents what I detest about cryptos

[hous26]

I don't the price either.  12 Billion is a lot considering there is no working product yet. 

[cryptohunter]

I’m not a cryptographer, mathematician or a coder. I can’t review or comprehend Cardano’s open source and ‘patent-free’ code. I can’t gauge if it’s truly evolutionarily groundbreaking since it yet needs to be used and openly reviewed by the community, not just a select few from the elite scientific / cryptographic house of lords.

Which is why probably when I went through Cardano’s website and documents it caught my interest – it hit all the right notes! ‘First crypto in highly secure Haskell, industrial strength’, ‘unit of account settlement layer, control layer for smart contracts’, ‘geared towards privacy protection rights of users, also taking into account needs of regulators’, ‘can evolve and adapt quickly without schisms by way of soft forks’, 'multi-purpose modular and flexible proof of stake Ouroboros', ‘airtight democratically governed blockchain model’ are just a few conspicuously outstanding statements.

Charles Hoskinson, CEO of IOHK – someone I admire (his Udemy course on bitcoin was one of my early researches into crypto) – tends to be politically correct which is good in the crypto sphere.

However when you wake up in the morning and see a half a billion dollar market cap ADA coin just jump in, launched on Bittrex - a highly reputable exchange at what I presume is over 10x the ICO price, you actually begin to wonder if Jamie Dimon and the other crypto-naysayers have a point.

Seeing as Cardano has some of the most respected members of the crypto-community, with a history of being through the ups and more importantly the downs; you’d think they’d take care while launching onto a prominent exchange, because when half a billion dollars appear overnight at exponential pricing, people are going to lose money and get hurt. And calling them plebes who have to do their due diligence isn’t something that’s expected from such leaders of the community.

The space is unregulated and needs responsible leaders and community members alike, or else we continue to raise red flags to bodies like the SEC, have more China like ICO refunds, and lot of people losing faith in something as revolutionary and disruptive as blockchain and cryptonougat.
 

I thought the same exact thing as you (and I found this thread)... now market cap is: $12.974.632.055 USD. One thing is sure: we were damn wrong. We should have bought it without thinking as all people in the world are doing. That's crypto world. The mistake is to be rational.

Price stablility means nothing either. A few whales can hold projects at 5 trillion for their entire life span if they choose to.

They often pause projects at a certain price for months so psychologically it sinks in this is the correct price and realistic.

Im not saying ada is a bad project but any ICO is totally open to this kind of gaming.

ICOS can't burn fast enough for me.

What was the ada distribution like. How long did the ICO last and how much did it raise?

The more narrow the inital distribution is the more likely it is a manipulated and colluded false cap. I have not looked into this one. But from zero to hero in a day projects are often dangerous.

[hdclover]

I really appreciate threads like these because they fairly express feelings without trying to be hostile. The reality is that Cardano has been an ongoing project since mid-2015 in one capacity or another and only recently did the initial participants have a chance to exercise liquidity. The price didn't suddenly go up exponentially due to a big pump rather it was a reflection that two years of progress have occurred from setting up research centers to developing the core client since the last price signal.

Finally there original market was scoped to Asia and now a much larger set of people are considering Cardano. It's reasonable to assume a dramatic shift and lots of volatility.

Why so many coins?

It's their strategy actually. But which one do you think more like viewable 3 ADA or 0.0003 ADA? I think the first one. More coins with less price that is marketcap which is very important when trading and not only total number of coins. Cardanao fits perfectly in that category.

[ukiert]

I really appreciate threads like these because they fairly express feelings without trying to be hostile. The reality is that Cardano has been an ongoing project since mid-2015 in one capacity or another and only recently did the initial participants have a chance to exercise liquidity. The price didn't suddenly go up exponentially due to a big pump rather it was a reflection that two years of progress have occurred from setting up research centers to developing the core client since the last price signal.

Finally there original market was scoped to Asia and now a much larger set of people are considering Cardano. It's reasonable to assume a dramatic shift and lots of volatility.

Why so many coins?

It's their strategy actually. But which one do you think more like viewable 3 ADA or 0.0003 ADA? I think the first one. More coins with less price that is marketcap which is very important when trading and not only total number of coins. Cardanao fits perfectly in that category.

If I still do not think up over there if I apapaun the strategies he used it doesn't matter as long as it is indeed for the good or let his coin prices rise not crucial not to harm one another only

[disconnectme]

I still feel the price is over priced at the moment, the marketcap is crazy, though the valuation in this space is very different from the traditional market, here I think what they do is a comparative pricing

[cryptohunter]

I really appreciate threads like these because they fairly express feelings without trying to be hostile. The reality is that Cardano has been an ongoing project since mid-2015 in one capacity or another and only recently did the initial participants have a chance to exercise liquidity. The price didn't suddenly go up exponentially due to a big pump rather it was a reflection that two years of progress have occurred from setting up research centers to developing the core client since the last price signal.

Finally there original market was scoped to Asia and now a much larger set of people are considering Cardano. It's reasonable to assume a dramatic shift and lots of volatility.

Why so many coins?

It's their strategy actually. But which one do you think more like viewable 3 ADA or 0.0003 ADA? I think the first one. More coins with less price that is marketcap which is very important when trading and not only total number of coins. Cardanao fits perfectly in that category.

If I still do not think up over there if I apapaun the strategies he used it doesn't matter as long as it is indeed for the good or let his coin prices rise not crucial not to harm one another only

all coins are playing this game....

because they know a lot of noobs dont get that cheap per unit tokens dont understand the project is very expensive and not a good deal.

[ehab.co]

Can some of these projects start generating large amounts of revenue? If so then the valuations can start to be justified. The hype is keeping them afloat for now but there will have to be real world value added at some point. I hope these projects can justify high valuations because it will prove that blockchain and crypto are game changers. Hopefully the whales don't disrupt their chances out of greed...

[fracas]

Can some of these projects start generating large amounts of revenue? If so then the valuations can start to be justified. The hype is keeping them afloat for now but there will have to be real world value added at some point. I hope these projects can justify high valuations because it will prove that blockchain and crypto are game changers. Hopefully the whales don't disrupt their chances out of greed...

I don't think there is a real use of ADA\Cardano at the moment, just many "documents" about it.