Cardano Is “Wannabe Ethereum,” Arthur Hayes Says

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Con­tents

Dur­ing a recent dis­cus­sion with Coin Bureau, Arthur Hayes, the for­mer CEO of Bit­MEX, has labeled Car­dano as the “first wannabe Ethereum.”

He fur­ther ques­tioned the very sig­nif­i­cance of Car­dano in the dig­i­tal cur­ren­cy space, argu­ing that it “may be the first one to be irrelevant.” 

Substance over promotion 

Beyond his caus­tic Car­dano com­ments, Hayes extend­ed his scruti­ny to the alt­coin mar­ket at large, cau­tion­ing investors about the allure of projects with more buzz than substance. 

He stressed the impor­tance of dis­cern­ing between gen­uine tech­no­log­i­cal advance­ment and clever marketing. 

Accord­ing to Hayes, the cryp­to indus­try is rife with projects that promise rev­o­lu­tion­ary break­throughs with­out the back­ing of sol­id engi­neer­ing or cryp­to­graph­ic achievements—a trend he sees as a red flag for investors nav­i­gat­ing the alt­coin terrain. 

“When you detect that you’re being mar­ket­ed to too heav­i­ly, that should give you a bit of pause,” he advised. 

He offered the exam­ple of EOS, which employed famous fig­ures for glob­al pro­mo­tions, as a cau­tion­ary tale of how mar­ket­ing can over­shad­ow sub­stance in the cryp­to world.

Dismissing Bitcoin ETFs

On the top­ic of Bit­coin ETFs, Hayes dis­cussed the evo­lu­tion of invest­ment prod­ucts in the cryp­to space, not­ing the sig­nif­i­cant mile­stones and the dif­fer­ences in reg­u­la­to­ry treat­ment and mar­ket accep­tance over the years. 

At the same time, he crit­i­cized the recent approval of Bit­coin ETFs not as a vic­to­ry for finan­cial free­dom but as a mech­a­nism for tra­di­tion­al finan­cial insti­tu­tions to prof­it from the inter­est in cryp­tocur­ren­cies. “It’s a trad­ing prod­uct that makes fees for Black­Rock and Fideli­ty and all the oth­er major asset man­agers,” he said. 

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