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'Maybe I Was Wrong About Cardano' Cybercapital CIO Admits After Saying It Lagged Behind

Fri, 12/23/2022 - 13:09
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Tomiwabold Olajide
Justin Bons appears to be changing his tune on his criticism of Cardano
'Maybe I Was Wrong About Cardano' Cybercapital CIO Admits After Saying It Lagged Behind
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Justin Bons, the founder and CIO of CyberCapital and an outspoken figure in the cryptocurrency community, appears to be changing his tune on his criticism of Cardano.

He responded to a user who pointed out his disingenuous take on Cardano, stating, "I might be wrong in some cases, but I suspect that in most of those cases, there was a bias involved. Maybe I was wrong about Cardano, but I certainly was not disingenuous, even if you cannot read my mind."

In April of this year, Bons took to Twitter to say that the Cardano network was propped up by false promises and remained outdated and "least capable" among several competitors.

CyberCapital CIO Highlights Why Cardano Is Lagging Behind Other Networks

He further criticized Cardano for its "slow and steady" approach, emphasizing that it lagged behind other projects. "If ADA continues to develop at this pace, it will only get even further behind in the future. As the competition is innovating much faster now. It is clear that ADA has gained its prominent position based on the promises of its founder," he wrote.

Cardano is often reputed for its ''slow and steady'' approach. In response to this view, Cardano builder and IOG CEO Charles Hoskinson often stated that the company's "slow and steady" approach to development has proven to be considerably better in the long term.

The recent events, notably the FTX implosion, has in a way vindicated Cardano. The imploded FTX exchange did not have any spot ADA pair listed, being the only major cryptocurrency without a spot listing.

Not Listing Cardano (ADA) “Tightly Correlated” with Bankruptcy, Charles Hoskinson Says

Cardano is also often criticized for being a "ghost chain." However, recent reports have indicated 1,151 projects are building on the Cardano blockchain. The number of Plutus scripts has risen by 394% since 2021, while native tokens are now over 7.3 million, with minting policies at 66,950.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.