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.